Associate Executive Editor, CNBC TV18 Journalist for last 18 years
Followers: 61,282
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GQG's Top India holdings will see churn in March filling- Entry of Adani STKs & exits of few 👇 ITC1.3%, Cipla 1.2% HDFC .9%, Tata Steel .7% Sun Pharma & Power Grid 0.6% NTPC & Coal India 0.5% JSW Steel & I BK 0.4% Bharti Airtel & SBI 0.4% RIL & Bajaj Finserv 0.2% @CNBCTV18Live
Even before investing in Adani group, Rajiv Jain was actively churning India Portfolio Key highlights👇 In EM Fund- India exposure down to 24.9% in Feb vs 34% in Dec22 Reduced stake in ITC, RIL & SBI Increased stake in HDFC & ICICIC BK @ShereenBhan @latha_venkatesh @CNBCTV18News
MS on Life Insurance Cut VNB forecasts across life insurers by 3-6% & TPs by 3-8% SBI Life (OW) - Top Pick OW on IPru Life & HDFC Life Potential catalysts 1. Favourable outcome on representation by industry 2. Pick-up in retail protection growth 3. 15-20% APE growth in 1HF24
CLSA on IT (Accenture read through) Healthy managed services rev/bookings is +ve read-through Infosys, HCL & TCS preferred picks CITI on IT (Accenture read through) Managed services bookings strong but 3Q guidance broadly in line Infosys, only Buy @CNBCTV18News @Reematendulkar
MS on IT (Accenture read through) More +ves than -ves for India IT Preferred picks -LTIM, Infosys & HCLT Nomura on IT (Accenture read through) Demand continues to shift towards cost optimization Top picks: Infy, & TechM, Coforge & Persistent @Reematendulkar @CNBCTV18Live
Jefferies on RIL Buy, TP cut to Rs 3060 from Rs 3100 While cut Jio's est. by 1-6% to factor tariff hike delays, reiterate BUY RIL offers 36% upside to revised PT of Rs 3,060 & 28% upside even if tariff hikes don't materialize till Mar-25 @CNBCTV18News @_soniashenoy
Interglobe Aviation(Analyst meet takeaways) Jefferies U-P – TP Rs 1615 1) 4Q seasonal dip in yields higher; 1QFY24 may see strength again 2) targets north of mid-teens Cap growth in FY24; to double fleet by 2030 3 ) targets strong growth in Int'l segment @_soniashenoy
CITI Buy, TP Rs 2400 Mgmt noted co’s cost structure & expansive network are clear differentiating factors Mgmt expects FY23 capacity to be 18% above FY20 (pre Covid) levels By 2030, IndiGo plans to double its size @CNBCTV18News
Similar view from BoAF Sec A further 6% correction to Nifty would make it attractive for ‘Buying the Dip’ Revised Nifty yr-end target of 18k Expect Nifty to register a flat yr & UPF EMs/Debt Sectors with high earnings risks (IT, Cons, Telecom) could deliver -ve returns/UPF
Jefferies on Asian Paints U-P, TP Rs 2500 Potential Tailwind from Input Price Deflation is an Opportunity to Sell Competition from Grasim is just 12-mths away which clouds medium term outlook on growth & margins 4Q should see better margin trends, Est. GMs to inch up to >40%
Jefferies on IndusInd BK Buy, TP Rs 1550 CEO highlighted even though extension of tenure by 2yrs, bk is on track to deliver healthy growth, improvement in core franchise & ROA Continue to build on domain specialization to ramp up on liabilities Vals attractive at 1.3x FY24E PB
JPM on M&M OW, TP Rs 1520 EV fundraise continues, this time in last-mile mobility biz More importantly, it enables M&M to maintain its strong position in EV 3W segment, where EV penetration is rising at a rapid pace (7.4% in Feb-2023, ex-e-ricks) @_soniashenoy @CNBCTV18News
Nomura on M&M Buy, TP Rs 1718 Incorporate last-mile mobility biz as a sub., with Rs 6bn investment from IFC Co’s last-mile mobility biz is well suited for electrification Core biz trading at 1x FY23F EV/Sales Est. ‘NewCo’ valuation could be 2.5x FY23F EV/sales @_soniashenoy
MS on M&M OW, TP Rs 1472 IFC To Invest US$73 mn in New Last Mile Mobility Subsidiary LMM forms 2.2% of M&M's total net worth & revenue Given FY22revenues of Rs13bn, the deal is valued at 4.6x EV/Sales @_soniashenoy @CNBCTV18News @CNBCTV18Live
MS on HAL OW, TP Rs 3216 Size is less than market expectations of >5%, & removes an overhang Remain OW & would look to use any weakness to add to positions @VivekIyer72 @CNBCTV18News @CNBCTV18Live
MS on HAL OW, TP Rs 3216 OFS floor price of Rs2,450/share for maximum 3.5% stake sale Above development would increase free float of stock. At OFS floor price, stock is valued at P/Es of 17.4x & 15.4x our EPS est. for F24 & F25 @VivekIyer72 @CNBCTV18News @CNBCTV18Live
MS on GAIL OW, TP Rs 124 New integrated tariff implies an 36% increase It implies Rs20bn in revenues & 14%/12% upside to street F24 & F25 EPS est. See further triggers from chemical price increases & cheaper gas supporting margins @sonalbhutra @CNBCTV18News @CNBCTV18Live
Jefferies on GAIL Hold, TP Rs 110 PNGRB notified unified tariff at Rs 58.6/mmbtu, slightly below proposed tariff See 17% Ebitda increase in FY24E with part of benefit offset by higher operating cost @sonalbhutra @CNBCTV18News @CNBCTV18Live
CITI on GAIL Buy, TP Rs 125 30% integrated tariff hike should put to rest skepticism around regulatory upsides Mgm’t presented +ve outlook across businesses (vol recovery + steady growth thereafter in gas transmission; upsides from lower spot LNG & APM prices in petchem & LPG
Brokerages on GAIL(Post tariff hike) JPM Neutral, TP Rs 115 Tariff hike &lower spot LNG prices +ve, but earnings to remain volatile With combination of new tariff order & sharply lower spot LNG prices, earnings should improve sharply Raise FY24/25 EPS est. by 11/16% @sonalbhutra
Associate Executive Editor, CNBC TV18 Journalist for last 18 years
Followers: 61,282
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