Consistent improvement in financial performance of NSL in spite of cyclical nature of textile industry signifies NSL’s ability of optimum asset utilisation leading to sustainable profit growth. In line with its superior fundamental performance, the stock price has grown at 15% CAGR over last five years

Consistent business growth with focus on efficient operations coupled with relatively lower cost and strong underwriting to benefit earnings and return ratios

Introducing FY25E and rolling over our valuations, we now value the Nifty at 21,500 i.e. 21x P/E on FY24-25E average EPS of Rs 1020 with corresponding Sensex target at 71,600; offering a healthy potential upside of ~19%.

A stellar run up by PSU banks had all eyes glued towards them. We tried to analyse the factors leading to the rally and what is in store ahead

History does not repeat but it rhymes: Indian equities are likely to display the same rhythm that the US and Nikkei did in 1990-2000 and 1980-1990, respectively, i.e. delivering a decadal move of 5x on headline indices. Our prognosis of various Technical studies leads us to the conclusion that the Nifty is poised to reach towards 50000 by CY30. More so, the performance of 2021 and 2022 further adds strength to our argument given the Nifty is mimicking our forecast trajectory. What is more exciting is that we are entering 2023, which, as per decadal studies, has turned out to be a strong year

With capex cycle revival under way domestically and increasing acceptance of India as a credible, quality driven manufacturing hub (export opportunity), we stay constructive on overall markets. We believe any dips should be used to build a long term portfolio of quality companies that have lean balance sheets, are capital efficient in nature and possess growth longevity

PNC Infratech has established itself as a strong executor in the roads, water infra and airport runway segments. Additionally, superior execution capabilities via ownership of modern equipment and in-house teams enables PNC to deliver projects on time. PNC has executed 70 major infrastructure projects till date.

Globus Spirits (GSL) is the largest grain based ENA manufacturer in India with a capacity of 250 million litre. The company is also a supplier of Indian made Indian liquor (IMIL) and premium IMFL in India.

We expect HAL to deliver revenue and EBITDA CAGR of 10.3% and 14.7%, respectively, over FY22-25E. PAT is likely to grow at 14.2% CAGR (FY21-25E). Increase in profitability with strong asset turnover is expected to result in healthy return ratios over FY23-25E

The Navy’s big projects in pipeline give a longer term visibility to defence shipyard companies like Mazagon Dock, Cochin Shipyard and Garden Reach. Moreover, the need of new aircraft for INS Vikrant like twin engine deck based fighter (TEDBF) to be manufactured by HAL. With these new high tech aircraft & warships, players like Bharat Electronics & Data Patterns will also benefit significantly in the future.