#SharekhanResearch retain Buy on Mahindra Logistics with 12 months Price Target of Rs 600, B2B express biz acquisition at attractive valuation, In-line with tripling network services bizs by FY26, EM consolidation to improve operational profitability #StocksToWatch #Investment picks

Torrent Pharma buys 100% stake in Curatio Health Care for Rs2000cr having strong focus on cosmetic dermatology; will be funded thru internal accrual & debt; Valued 6.9x its FY23 EV/sales is expensive; earnings dilutive in the near term #Investment Picks

CS on Torrent Pharma Outperform, Target Price Rs 1750 Acquired 100% stake in Curatio for Rs20bn It is a dermatology portfolio, with focus on paediatrics (60% of total sales) Acquisition provides scale in fast-growing dermatology segment Cost of acquisition high at 23x FY23E EV/EBITDA CITI on Torrent Pharma Neutral, Target Price Rs 1700 Curatio: Strategic […]

CLSA on Cement Ultratech – O-P, TP Rs 7200 Dalmia Bharat – O-P, TP Rs 1730 Shree Cement – U-P , TP Rs 21300 Ramco cement – Sell, TP Rs 675 Ambuja’s cost & capacity leadership target priced in CLSA on Cement Upgrade ACC to O-P, TP Raised to Rs 2700 Downgrade Ambuja to Sell, […]

Morgan Stanley on DLF Over Weight, Target Price Rs 417 Premium Gurgaon Phase V Launch– Momentum Continues Co launching new residential projects at a steady pace to benefit from strong demand tailwinds Plus, building new office & retail assets to ensure rental growth Focus remains on FCF & de-leveraging

CLSA on HCL Tech (management meet takeaways) Outperform, Target Price Rs 1000 Order booking remains healthy in North America but seeing some uncertainty in Europe Management confident to meet its 12%-14% CC rev growth guidance for FY23 While Ebit margin could be at lower-end

Jefferies On Dixon Buy, TP Rs 5305 Investors Seem Enthused About Indian Indigenisation & PLI Opportunity Co Has A Diversified Product Mix & 5 PLI Approvals Mobile Division Seems To Be Ramping Well Margin Is Expected At 4%, As 75% Mix Is OEM

Jefferies on Indian Hotels (Investor meet takeaways) Buy, TP raised to Rs 380 Raise FY23-25 EBITDA est. by 14-19% Runrate of occupancies/ARRs strong Confident on margins, biz mix under Ahvaan-25 strategy Focused on BS/FCF Resolution for Int’l & Searock Inv in 2-3yrs

MS on M&M Fin OW, TP Rs 225 Cut EPS forecasts, due mainly to lower NIM & higher costs RBI’s ban likely to cause higher F23 provisions with reversals in future, net impact being low Fears of moral hazard & macro volatility could weigh on stock in near term Jefferies on M&M Fin U-P, TP […]

MS on Banks Loan growth acceleration sustained, +16.2% YoY vs. 15.5% YoY last fortnight Deposit growth steady at 9.5% YoY & remains a key item to monitor Expect strong rev growth acceleration for banks over next few yrs Top picks: ICICI, Axis, BOB & SBI