Morgan Stanley on Avenue Supermart Overweight, Target Price Rs 4590 2QF23 Post-Quarter Update – Revenue Up 20% on 3-year CAGR basis Estimate that implied SSSG was 15% Co added 8 new stores net (10 in 1Q) during 2Q , taking its network to 302

Morgan Stanley on IDFC First BK Underweight, TP Rs 34 Q2 update Growth in overall funded assets & retail funded assets was strong, in line with expectations. QoQ growth in CASA deposits was stronger. Asset quality remains strong

Goldman Sach on Delhivery Downgrade to Sell from Neutral, TP cut to Rs 480 from Rs 520 Near- to medium-term growth challenges to both express parcel & PTL biz have emerged Cut FY24/FY25 est (GSe lowered by 6%-7% cumulatively on rev & 20%-28% on EBITDA).

Morgan Stanley on M&M Fin Overweight , Target Price Rs 225 F2Q23e disbursements ahead of MSe Disbursements & collections remained strong in Sept, aided by macro tailwinds Collection efficiency in Sept rose MoM, with Gross Stage 3 at 7%(vs F1Q23 at 8%) Both AUM & asset quality better than MSe BoFA Sec on M&M Fin […]

CLSA on OIL & Gas Saw $5/bbl reduction in windfall tax for domestic crude oil output compared to $4/bbl fall in avg Brent price vs last fortnight This implies post-tax realisation of $74.9/bbl ONGC & Oil India top BUYs, with 55-65% potential upside+ double-digit dividend yields

CS on NBFCs RBI announced list of 16 NBFCs to be classified as ‘Upper Layer’ under scale-based regulations Expect only LICHF & AB Fin to be adversely impacted While increase in int. rates + LICHF’s near-term margin outlook, concerned on high leverage & low provisioning cover

Morgan Stanley On Cyient Over Weight, TP Rs 700 See a potential part divestment of DLM biz as incrementally +ve given it would provide greater flexibility to scale up that business and may unlock shareholder value However, it is still at a very early stage

Morgan Stanley on Gujarat Gas Under-Perform, Target Price Rs 466 Has passed peak challenges, but demand growth will struggle until global petrochemical demand recovers – which is key to making gas more competitive See a tough few qtrs ahead; long-term gas sourcing remains a challenge Prefer IGL

CLSA on Hindalco Buy, Target Price Rs 525 Stk corrected 18% over past month, driven by concerns over Novelis’ profitability, volatile aluminium prices & expected weakness in 2Q earnings Believe any uptick in metal prices or clarity on Novelis’ outlook would likely to lead to a rerating

Jefferies on Power Grid Buy, Target Price Rs 260 Finance & Power Ministry have rejected PGCIL’s proposal to buy PFC’s Rs144 bn stake (52.63%) in REC Believe this is +ve PGCIL is a beneficiary with asset monetisation & 6.6% div. yield as added sweeteners