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Conviction Idea - Aarti Pharmalabs Limited
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Aarti Pharmalabs Limited (APL) is the leading developer and manufacturer of Xanthine derivatives (~44 % of the business) with global market share of ~15-20%......more
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Conviction Idea - Azad Engineering
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Azad Engineering is one of the key manufacturers of qualified product lines supplying to global original equipment manufacturers......more
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Shubh Nivesh - Heidelberg Cement
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Heidelberg Cement India, is a subsidiary of global building materials company......more
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Shubh Nivesh - VA Tech Wabag
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VA Tech Wabag (Wabag) leader in the total water management industry, ranked 3rd globally, caters a complete portfolio of water solutions with technological (~81% of revenue) and operational expertise (~19% of revenue)......more
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Conviction Idea: Astral Limited
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Astral, established in 1996 by Sandeep Engineer, introduced CPVC piping in India......more
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Shubh Nivesh - Tata Steel
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Tata Steel (TSL), the flagship company of TATA group, is amongst top 10 global steel companies and one of the world's most geographically diversified steel producers with operations and presence across the regions......more
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Conviction Idea - Dynamatic Technologies
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Dynamatic Technologies (DTL), is primarily into designing and building highly engineered products for Automotive, Aeronautic, Hydraulic and Security applications......more
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ITC Hotels
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ITC, established in 1975, is the second largest hotel company in India with 13,382 keys in 90+ destinations......more
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Shubh Nivesh - Nippon Life India Asset Management
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Nippon Life India AMC (Nippon) is among the largest asset managers in India with an AUM size of ? 6.54 lakh crore as on FY25......more
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Shubh Nivesh - KEC International
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KEC International (KEC) is one of the EPC majors in key infrastructure sectors such as power T&D, railways, civil, urban infrastructure, solar, smart infrastructure, oil & gas pipelines and cables......more
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Conviction Idea - Adani Ports & SEZ Ltd.
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Adani Ports & SEZ ltd (APSEZ) is the largest commercial port operator in the country, handling more than 27% of the total cargo volume as on FY25......more
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Conviction Idea - Vedanta Ltd.
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Vedanta Ltd (VEDL), a subsidiary of Vedanta Resources, is a diversified natural resources conglomerate with presence across aluminium, zinc-lead-silver, oil and gas, power, iron ore, steel, ferroalloys, and copper......more
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Conviction Idea - Dixon Technologies
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Dixon technologies (Dixon) is the leading electronic manufacturing services (EMS) company of India with specialized focus on consumer electronics... ...more
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Jubliant Pharmova
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Jubilant Pharmova (JPL) is an integrated, multi-dimensional pharmaceuticals company with global presence......more
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Conviction Idea - Aadhar Housing Finance
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Established in 2010, Aadhar is the largest player in affordable housing space with AUM of ?23,975 crore. Diversification in terms of business mix, customer base and distribution remain core strength......more
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Conviction Idea - Syrma SGS Technology
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Syrma SGS Technology (Syrma SGS) is a technology-focused engineering and design company, specialised in electronic manufacturing services (EMS). It was formed as a merger between Syrma and SGS Tekniks......more
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Conviction Idea - Chalet Hotels Ltd
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Chalet Hotels Ltd (Chalet) is an owner, developer and operator of premium hotels, commercial office spaces and residential properties in India......more
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Conviction Idea - Aditya Birla Real Estates
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Aditya Birla Real Estates (CENTEX), is the real estate arm of the Aditya Birla group, having two major verticals viz. Real Estate and Paper & Pulp......more
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Conviction Idea - Affle (India) Ltd.
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Affle (India) Ltd. (Affle) is a global ad-tech company specializing in consumer intelligence and engagement solutions......more
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Conviction Idea - DLF Ltd.
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DLF, founded in 1946, is the largest publicly listed real estate company in India, with presence across residential, commercial and retail properties......more
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Budget Review 2025-26
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The Government in Budget 2025-26 has tried to balance the three cornerstones of the economy......more
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Conviction Idea ? Gland Pharma Ltd.
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Gland Pharma is one of the largest generic injectable-focused B2B company, with a global footprint across 60 countries, including the US, Europe, Canada, Australia, India and other markets......more
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Shubh Nivesh: Indian Hotels Company
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Indian Hotels Company (IHCL) and its subsidiaries bring together a group of brands and businesses that offer fushion of warm Indian hospitality and world class services......more
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Shubh Nivesh: KPR Mills
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One of the largest vertically integrated textile manufacturing companies in India present across the value chain from "fibre-to-fashion"......more
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Shubh Nivesh - Jindal Steel & Power
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Jindal Steel & Power (JSPL) is one of India's leading steel producers. With crude steel capacity of 9.6 million tons per annum (MTPA) it has major plants located in Angul (Odisha, 6 MTPA capacity) & Raigarh (Chhattisgarh, 3.6 MTPA)......more
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Conviction Idea - Jindal Steel and Power
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Jindal Steel & Power (JSPL) is one of India's leading steel producers. With crude steel capacity of 9.6 million tons per annum (MTPA) it has major plants located in Angul (Odisha, 6 MTPA capacity) & Raigarh (Chhattisgarh, 3.6 MTPA)......more
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Conviction Idea - Max Estates Limited
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Max Estates Limited (MEL), is the real estate arm of Max Group, primarily focused in the Delhi-NCR region across residential and commercial developments......more
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Shubh Nivesh - Just Dial
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Just Dial (JDL) generates revenues from advertisers on various subscription and fee-based packages. JDL is the market leader in local search engine segment in India......more
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Market Strategy 2025
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CY24 witnessed a roller-coaster year for domestic equities with markets scaling new highs of ~26,300 levels in September 2024, and then giving up half the gains thereafter and closing the year with ~10% returns. Notably,Mid and small caps continued ...more
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Shubh Nivesh - The Ramco Cements
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Company?s sales volume growth impacted during H1FY25 (-0.6% YoY) due to elections, monsoon, extended heatwave and pressure on cement prices. However, we expect company?s sales volume to pick-up...more
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Conviction Idea - Protean eGov Technologies Ltd.
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Protean eGov Technologies Ltd. (Protean), erstwhile known as NSDL e-Governance focuses on developing / modernising digital public infrastructure (DPI) and e-governance initiatives for various governmental bodies in India......more
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Shubh Nivesh - JSW Steel
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JSW Steel (JSW), the flagship company of JSW group, is one of the largest and most diversified steel producers' companies in India......more
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Yearly Technical Strategy
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Markets set for double digit gains to 28800......more
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Shubh Nivesh - Astra Microwave Products
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Astra Microwave Products (AMPL) is engaged in design, development and manufacture of sub-systems for Radio Frequency and microwave systems, primarily used in defence, space & meteorology......more
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Shubh Nivesh - Federal Bank
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Deposit mix optimization with improvement in CASA & NR deposits leading to a granular liabilities franchise combined with...more
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Shubh Nivesh - Saregama India
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Saregama India (Saregama) is India's oldest music label owned by RPSG Group with ~1.6+ lacs songs, which is monetized over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television......more
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Shubh Nivesh - HPL Electric & Power
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We believe that smart meters segment will remain the key growth driver for HPL in the coming period. Company?s execution remains healthy in smart ...more
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Shubh Nivesh - Bank Of Baroda
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Advances witnessed growth at 11.6% YoY to ?11,43,039 crore in Q2FY25. This growth is led by growth in RAM segments including...more
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Shubh Nivesh - Engineers India
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We believe that Engineers India is well positioned to benefit from the large pipeline of refinery & petrochemical capex in India. The company remains focused on...more
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Shubh Nivesh - Nippon Life India Asset Management
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Nippon Life India AMC is among the largest asset managers in India with an AUM size of Rs 6.54 lakh crore. Focus on strong distribution network (~107800+ distributors) and passive schemes (Market share of ~17.8% on QAAUM basis) remains key strategy...more
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Muhurat Picks 2024
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Indian equity have faced some jitters in last 1 month, amid the heavy FII selling of close to Rs 1 lakh crore amid escalated geopolitical tensions and talks of incremental flows into China given the stimulus......more
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Shubh Nivesh - Action Construction Equipment
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Action Construction Equipment (ACE), established in 1995, is India?s leading manufacturer of cranes, material handling and construction equipments......more
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Shubh Nivesh - Narayana Hrudayalaya
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Narayana Hrudayalaya operates a chain of multispecialty, tertiary & primary healthcare facilities that focuses on cardiac, renal, cancer, neurology, neurosurgery, orthopaedics and gastroenterology specialties......more
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Shubh Nivesh - JK Laksmi Cement
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Company volume growth at consolidated level is expected to pick-up significantly in the coming period (~10% CAGR during FY24-26E vs 4.5% CAGR during FY21-24), primarily led...more
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Conviction Idea - Aeroflex Industries Ltd
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Aeroflex Industries Limited (AERIND), incorporated in 1993, is engaged in the business of manufacturing and supply of metallic flexible flow solutions made with stainless steel......more
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Shubh Nivesh - L&T Finance
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L&T Finance has achieved retailization goal of 95% in Q1FY25, led by growth in retail segments and run-down of wholesale book. Expect further run down in...more
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Shubh Nivesh - Lumax Auto Technologies
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Lumax Auto Technologies (LAT), is a leading auto ancillary player with diversified portfolio serving both OEMs and aftermarket......more
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Shubh Nivesh - HG Infra Engineering Ltd
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HG Infra Engineering Ltd is a Jaipur (Rajasthan) based infrastructure company having primary focus on Roads and along with railways and solar sectors......more
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Shubh Nivesh - Hikal Limited
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Hikal is predominantly a product cum CDMO player that provides intermediates and active ingredients to global pharmaceutical, animal health, crop protection and specialty chemical companies......more
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Shubh Nivesh - Kalpataru Projects
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Kalpataru projects (KPIL) is amongst the leading EPC players in infrastructure sectors such as Power T&D, Buildings & Factories, Oil & Gas, Urban Infra, Water and Railways......more
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Shubh Nivesh - Star Health Allied Ins. Co.
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Star Health is the largest standalone health insurer in the country with a robust in-house claim management system and strong agency network. Strong geographical presence with 718 thousand agents, 887 branches, and 20,000-plus healthcare footprint......more
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Shubh Nivesh - Sonata Software
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Sonata Software (Sonata) provides IT services and product licensing services to its clients in BFSI, HLS (Healthcare & Lifesciences), RMD (Retail, Manufacturing, Travel & Distribution & TMT) segments......more
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Shubh Nivesh - Piramal Pharma
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Piramal Pharma Limited (PPL) is a carved-out Pharma entity from Piramal Enterprises limited and is a part of Piramal group of companies. The company operates in 3 major segments......more
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Shubh Nivesh - NTPC
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NTPC is Indias largest power generation company with a total installed capacity of ~76000 MW at the group level as of Q1FY25......more
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Shubh Nivesh - Jamna Auto
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Jamna Auto Industries Ltd (JAI), is a manufacturer of suspension products i.e. leaf & parabolic springs for Commercial Vehicles (largely M&HCV)......more
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Budget Review 2024-25
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The spotlight of the Union Budget 2024-25 was anchored on pillars of a) Youth skilling and Job creation, b) Tax simplification, c) Consistent capex momentum & d) Smooth and Efficient accessibility of credit to MSME......more
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Shubh Nivesh - Firstsource Solutions
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Firstsource Solutions provides business process services to BFSI, communication, media, tech and healthcare......more
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Result Update - Bajaj Auto
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Bajaj Auto reported healthy performance in Q1FY25 with EBITDA margins coming in ahead of street estimates. Total operating income for the quarter came in at...more
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Result Update - HDFC Asset Management
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HDFC AMC reported a robust set of numbers amid rising equities and gain in market share. AUM growth reported at...more
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Result Update - HDFC Life Insurance
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HDFC Life deliver a balanced performance between business growth, driven by unit linked product, and VNB margin through...more
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Shubh Nivesh - Indian Bank
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Addressing challenges amid tight liquidity market, focus on maintaining CASA at ~40%, increasing proportion of RAM (retail, Agri, and MSME) and higher...more
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Shubh Nivesh - Mishra Dhatu Nigam Limited
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Mishra Dhatu Nigam (Midhani) is one of the key manufacturers of critical metals such as special steels, super alloys (nickel base, iron base and cobalt base), titanium alloys etc......more
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Shubh Nivesh - VA Tech Wabag
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VA Tech Wabag (Wabag) leader in the total water management industry, ranked 3rd globally, caters a complete portfolio of water solutions with technological (~83.5% of revenue) and operational expertise (~16.5% of revenue)......more
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Conviction Idea - IREDA
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IREDA is a systemically important non-deposit taking non-banking financial company engaged in financing of renewable sector......more
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Conviction Idea - Ratnaveer Precision Engineering
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Ratnaveer Precision Engineering, established in 2002, is a Gujarat based stainless steel (SS) product manufacturer focused on producing finished sheets, washers, solar roofing hooks, pipes and tubes......more
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Technical Strategy- Structural uptrend intact 25200
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As envisaged in Feb-24 report, Nifty sailed through election based volatility and approached our target of 23400......more
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Shubh Nivesh - PCBL Ltd
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PCBL Ltd (erstwhile Phillips Carbon Black) is the leading manufacturer of carbon black, which is used as a reinforcing material in tyres......more
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Shubh Nivesh - Elgi Equipment
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Elgi Equipment (Elgi) manufactures a wide range of air compressors (~92.5% of revenue) and automotive equipment (~7.5%)......more
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Shubh Nivesh - Birla Corporation
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The company commissioned its new cement facility of 3.9 mtpa capacity at Muktaban (Maharashtra) in Apr-22 to reach 20 mtpa. With this, company has expanded...more
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Shubh Nivesh - Granules India
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Flat revenues but notable improvement in US sales, overall profitability ? Revenues were almost flat YoY (and QoQ) to ? 1176 crore, as ~19% growth in the US was undone by ...more
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Shubh Nivesh - JK Tyre & Industries
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Rubber and crude derivatives form bulk of raw material costs at tyre companies. Consequently, domestic tyre industry has largely witnessed volatile margin profile in the past with industry realising...more
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Shubh Nivesh - NRB Bearings
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NRB Bearings has been able to retain its leadership position in auto bearings & components segment, led by continued focus on expanding its product portfolio. NRB is the market leader in needle roller bushes & cages which contributes ...more
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PVR Inox
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We highlight that major content release momentum have been lower in last couple of quarter especially in regional and Hollywood. With strong big budget...more
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Shubh Nivesh - Federal Bank
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Federal Bank is an old private sector bank based out of Kerala with 1504 branches and 2015 ATM across various states......more
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Conviction Idea - Glenmark Life Sciences Limited
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Glenmark Life Sciences Limited (GLS) is a leading developer and manufacturer of APIs (~93% of FY24 revenues) with major focus in chronic therapeutic areas such as cardiovascular disease, central nervous system disease, pain management and diabetes......more
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Shubh Nivesh - ACC Limited
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ACC Limited, a part of Adani Group, is primarily engaged in the business of manufacturing & selling of cement, Ready Mix Concrete (RMC)......more
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Conviction Idea - Hindalco
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Hindalco has embarked upon an ambitious capex spend of US$1.13 billion for Indian operations over FY24-28, with >70% being allocated towards expanding aluminium downstream capacity and ...more
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Conviction Idea - Patel engineering
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Patel engineering is an EPC player which specialises in technology-intensive areas like hydro, tunnelling, irrigation, water supply, urban infrastructure, and transport......more
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Shubh Nivesh - South Indian Bank
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Focus on five areas to pedal transformation journey: Post restructuring, now the focus is on five-pronged strategy to steer growth and profitability.
1.) Focus to accelerate growth in MSME & retail portfolio through empowerment of branches to meet ...more
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Shubh Nivesh - CSB Bank
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CSB Bank is a south based private sector bank with Kerala contributing ~24% of total advances. Changed strategy in various aspects of lending have led to a transformation and improved performance in the past few years......more
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Shubh Nivesh - Shalby Limited
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Mixed Q3FY24 with muted revenue growth but improved margins?Revenues grew ~7% YoY to ? 216 crore, as ~12% growth in the hospitals business was undone by...more
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Technical Strategy: Nifty to approach 23400, as seasonal correction matures
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Nifty has been consolidating in 1000 points range since mid-January thereby cooling off overbought readings....more
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Shubh Nivesh - The Ramco Cement
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The Ramco Cement, a south based cement manufacturer, is primarily engaged in manufacturing of cement, Ready Mix Concrete & Dry Mortar Cement......more
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Shubh Nivesh - PNC Infratech
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PNC has signed a definitive agreement to sell its portfolio of 12 road projects (Eleven HAM and one BOT project (Bareilly Almora)) for an enterprise value of about...more
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Conviction Idea - HEG Limited
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In the pursuit of decarbonization and lower the carbon footprint, global steel manufacturers are shifting towards Electric Arc Furnace (EAF) route of steel making, which emits ~75% less carbon vs. the traditional steelmaking ...more
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Conviction Idea - CreditAccess Grameen
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: CAG is largest NBFC-MFI in terms of GLP with substantial market share; mainly focuses on rural customers (>80% of total customers) and offers...more
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Shubh Nivesh - Gabriel India
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Domestic auto industry has witnessed a remarkable recovery over the past two years with PV space already surpassing its pre-Covid highs in FY23 at 39 lakh units (up 27% YoY). Even in CV space the cyclical recovery has...more
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Shubh Nivesh - Exide Industries
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EIL is the early one to take tangible steps in new age Li-On battery business thereby addressing the risk of EV transition at its base business. It has first ventured ...more
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Shubh Nivesh - Union Bank
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Union Bank of India has delivered steady growth at 11.4% YoY in 9MFY24 with growth being secular from across segments. Going ahead, improved balance sheet, adequate...more
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Conviction Idea - Landmark Cars
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Luxury car penetration in Indian PV market stand at ~1%, one of the lowest globally, vs, ~10% cross major economies of China/US. Domestic annual luxury car sales stood at ...more
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Shubh Nivesh - Greenply Industries
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Greenply Industries (GIL) is one the leading players in the plywood business in India with capacity of 48 mn sq. mt. per annum......more
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Shubh Nivesh - Sudarshan Chemicals
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Domestic sales picking up, exports still muted ? Revenues grew 7% YoY to ? 566 crore driven by...more
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Conviction Idea - Mastek Ltd
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Mastek Ltd offers data, apps, cloud services to public & private enterprise in the UK, US, Middle East, Asia Pacific and India......more
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Shubh Nivesh - Star Cement
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Star Cement (SCL) is the leading cement company in north-eastern India with having presence in some of the eastern India states as well. ...more
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Shubh Nivesh - Astra Microwave Products
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Astra Microwave Products, incorporated in 1991, is engaged in design, development and manufacture of sub-systems for Radio Frequency and microwave systems, primarily used in defence, space & meteorology......more
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Budget Review 2024-25
|
The Union Budget has maintained the capex led template to deliver socio-economic growth, while maintaining the fiscal prudence....more
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Shubh Nivesh : JK Cement
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JK Cement (JKC), one of the leading manufacturers of cement in
India, has a total consolidated capacity of 24.4 million tonnes (mtpa), of which grey
cement capacity is 22.2 mtpa and white cement (including wall putty) capacity ...more
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Shubh Nivesh - Steel Strips Wheels
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Steel Strips Wheels Ltd. (SSWL), is a Chandigarh based company involved in designing and manufacturing of automotive wheels - both
steel and alloy wheels. It currently has four plants in India with total production
capacity of ~2.3 crore...more
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Conviction Idea : Coal India Ltd
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Coal India Ltd (CIL), is the largest coal producer domestically as well as globally. It is a 'Maharatna' PSU, operating under aegis of Ministry of Coal......more
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Shubh Nivesh : Bank of India
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Bank of India is a public sector bank with government's ownership at 73.4%, engaged in lending across segments with focus on improving financial inclusion......more
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Shubh Nivesh : Spandana Sphoorty Financial
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Redefining of business model with focus on customers, employees and collection has led to improvement in business metrics. Continued expansion through branch addition (at 1502 as of Sep?23), addition of loan...more
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Market Strategy 2024: India: Cynosure of all eyes!
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Indian equities was clearly an outperformer compared to most global peers in CY23, more in mid and large cap space. Interestingly, this was amidst geopolitical tensions, rise in key policy rates across the globe and volatile commodity prices......more
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Conviction Idea - HPL Electric & Power
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HPL Electric & Power (HPL), incorporated in 1992, is among India?s leading electric equipment manufacturer with a formidable presence across two major segments, 1) Metering & Systems and 2) Consumer & Industrials......more
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Yearly Technical Strategy : Nifty @ 24700
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Indian equities are poised to enter CY24 on a buoyant note. As we enter election year, we present our prognosis for CY24 and reiterate our CY30 target of 50000 presented in CY23 edition. ...more
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Shubh Nivesh : Saregama India
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Saregama India (Saregama) is India's oldest music label owned by RPSG Group with ~1.5+ lacs songs, which is monetized over various formats such as digitals (streaming, YouTube), physical (Carvaan) and television......more
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Shubh Nivesh: DCB Bank
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DCB Bank has remained a niche focus on mortgages segment. During Covid, the bank has consciously lowered share of LAP. However, with normalization and improved customer data, management is planning to pedal growth ...more
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Conviction Idea - United Spirits
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United Spirits (USL) is India leading alcoholic beverage company and subsidiary of global leader Diageo plc......more
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Shubh Nivesh - NRB Bearings
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NRB Bearings has been able to retain its leadership position in auto bearings & components segment led by continued focus on expanding its product portfolio. NRB is the market leader in needle roller bushes & cages which contributes ...more
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Conviction Idea - Sansera Engineering
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Sansera Engineering, established in 1981, is Bengaluru based engineering led integrated manufacturer of critical precision forged components ...more
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Conviction Ideas: IndusInd Bank
|
IndusInd Bank is a Hinduja group promoted newer age private sector bank and is the fifth largest private bank in India....more
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Shubh Nivesh: Manappuram Finance
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Strategy aiming diversification taking shape: Strategy to diversify business mix with lower dependence on any of the segment is gradually taking shape aiding growth as well as...more
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Conviction Idea - Amara Raja Energy & Mobility Ltd
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Steady state Lead Acid business, exports & aftermarket to cushion growth: Amara Raja is a prominent player in the Lead acid business with sizeable presence across Automobile......more
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Shubh Nivesh - Cochin Shipyard
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Cochin Shipyard (CSL), incorporated in 1972 as a Government of India company, is one of the leading ship-building & ship-repair yard in India......more
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Gateway Distriparks
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The company expects Jaipur ICD to commence operations from Q1FY25 and initially began with 1000-1500 TeUs per month in H1 and then proceed towards...more
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SBFC Finance
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Strategy to build pan India presence with focus on under-penetrated geographies aids sustained and distributed growth thereby lowering concentration risk. Currently, SBFC is one of the few NBFCs...more
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Muhurat Pick ? 2023
|
Equity Markets, globally, have faced jitters amid the concerns over elevated rates in US as well as geopolitical tension......more
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Engineers
|
EIL's current order backlog stood at ~Rs 8,102 crore as of Q1FY24 end (~3x FY23 revenues) already provides strong revenue visibility. The total order inflows at ~? 4,707 crore in FY23 and Rs 1,265 crore was mainly driven by oil and gas segment with ...more
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Action Construction Equipment
|
ACE has strong manufacturing and R&D capabilities across its segments like cranes, construction equipments, material handling equipments. With strong brand reputation, company is present across diversified sectors like construction,...more
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Vardhman Special Steel
|
VSSL in the recent past i.e., 2019 has entered into a strategic alliance with Aichi Steel
Corporation (ASC) Japan, part of Toyota group, wherein ASC had purchased 11.4% stake in the company through preferential allotment and as same time entered...more
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Mahindra Logistics
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Profitability turnaround nearing, as expected losses on the B2B front lowers down...
...more
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Technical Strategy
|
The seasonality pattern gels well with our price structure model and classical chart pattern projection of 20700-21000 in CY23. Meanwhile, strong support is placed at 18700...more
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JK Lakshmi Cement
|
JKLC?s cement volume growth is expected to pick-up post the commissioning of 1.5 MT clinker (with 2.5 MT cement) under its subsidiary (Udaipur Cement Works ?UCW). The clinker/cement units are expected to be...more
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Mayur Uniquoters
|
Mayur has always been a quality franchise supplying its product to marquee brands realizing healthy margins and return ratios. Growth however was the only missing link/rising concern...more
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Birla Corporation
|
Birla Corporation Ltd (BCL), incorporated in 1919, is the flagship
company of the M.P. Birla Group. The company is primarily engaged in the
manufacturing of cement as its core business activity with presence in the jute goods
industry as well...more
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NTPC
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NTPC has been the only company which has added coal-based capacities over last 5 years and reached...more
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KNR Constructions
|
KNR Constructions is one of the leading companies in the roads and highways
sector having executed 6,000+ lane km of projects across 12 states in India. The company also
has an established presence in irrigation and ...more
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PNC Infratech
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PNC Infratech has established itself as a strong executor in roads and water infra segments. Additionally, superior execution capabilities via ownership of modern equipment and in-house teams enables PNC to deliver projects on-time....more
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Karnataka Bank
|
To ensure efficient and sustainable growth, partnership remains key focus area with tie-ups across financial domain including credit cards, co-lending, insurance, demat services and AMC. While the bank has set up outbound sales team implementing...more
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Astra Microwave Products
|
Company?s order book position stands healthy at ?
1580 crore as of June 2023 end (1.9x FY23 revenue). With govt?s focus on allocating significant capital outlay in defence & space sectors, reducing defence imports and increasing ...more
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Bank Of India
|
Bank of India has reported healthy revival in credit growth in FY22-23; in-line with ...more
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Brigade Enterprises
|
BEL is poised to witness continued traction in
residential sales momentum. Furthermore, strong business development (3 land purchase with developable potential of 5.5 msf and sales potential of...more
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Bharat Wire Ropes
|
BWR has a strong presence in international markets (~83% of revenue is from exports), driven by solid competitive edge in terms of manufacturing capabilities, cost of...more
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CanFin Homes
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CanFin Homes (CFHL) was promoted by Canara Bank in 1987, with ~30% stake as of June 2023. The HFC is spread across 205 locations across 21 states and UTs with south contributing...more
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CIE Automotive India
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Sensing organic growth opportunities in India as well as export potential that it holds CIE has strategically aligned its goals wherein it intends to incur growth...more
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Mahindra Lifespace Developers
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Mahindra Lifespace Developers (MLD) is the real estate and infrastructure development business of the Mahindra Group. It has ~34.5 msf of completed, ongoing and forthcoming residential projects across seven cities and over 5,000 acres...more
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Indo Count
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Indo Count (ICIL) is India?s largest home textile manufacturer and exporters with an extensive product range, which spans across...more
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Mishra Dhatu Nigam
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The Company?s order backlog stood at ? 1622 crore as of July 2023 end (~1.9x of FY23 revenues), which gives strong revenue growth visibility over the next...more
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Exide Industries
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EIL was the early one to
take tangible steps in the new age Li-On battery business by first venturing into a JV
with Leclanche SA for setting up of EV battery assembly operations in India. The
company now owns 100% ownership...more
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Technical Strategy
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Nifty is undergoing a healthy consolidation after sharp rally of 19% from...more
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Sagar cement
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Going forward, the company will be able to develop a presence in the fastergrowing eastern market and the more profitable central market with the recent commissioning of the new 2.5 MT capacity
...more
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HDFC Bank
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Post merger, the bank has become the second
largest in terms of size with diversified portfolio. The bank has maintained superior return ratios compared to...more
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Star
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Star has embarked on a
journey to further strengthen its market share in NER to...more
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The Anup Engineering
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With its manufacturing facility at Odhav, the
company has been able to maintain its dominant position in heat exchangers (74% of
FY23 revenues). Moreover, the new facility at...more
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PSP Projects
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PSP enjoys a healthy order book of Rs 5321 crore (2.5x bill to TTM book). The company has secured orders worth ~Rs 758 crore in Q1FY24. Going forward,...more
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Tata Motors
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JLR is the
overseas luxury PV arm at TML and has been subject to volatile earnings
and cash flow generation. With indigenous working on the product side,
cost initiatives and consequent lowering of breakeven levels, JLR is...more
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Ajanta Pharma Limited
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More numbers of product launches (including higher First to
Market molecules) in various geographies, with differentiated delivery
systems or combinations and doubling of international workforce (up 50%)...more
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L&T Finance Holding
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Increase in retail
proportion will continue to aid NIMs trajectory (calculated NIMs at 7.5% in
FY23), and is expected to improve to ~8-9% levels...more
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KSBPUM
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Increasing capex in infra segments (like housing, irrigation,
sanitation, drinking water supply, hospitality, real estate etc) and industrials
(like refineries, petrochemicals, pharmaceuticals, chemicals, water
treatment, power, steel, cement etc)...more
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GABIND
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Gabriel India has been a prominent shock absorber player domestically and has been 2-W/3-W heavy with this segment constituting 67% of sales in FY21 with PV constituting 21% of sales....more
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BHAELE
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Increasing requirement of indigenised modern defence platforms provides a massive opportunity in defence electronics......more
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Technical Monthly Report
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Bulls to march @ 21k in an election year......more
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HEG
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HEG is one of the leading graphite electrode manufacturers in India and is a key exporter of the same in global markets...more
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Steel Strips Wheels
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Steel Strips Wheels Ltd. (SSWL), is a Chandigarh based company involved in designing and manufacturing of automotive wheels - both steel and alloy wheels. ...more
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Shubh Nivesh - Granules India
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Granules is a large-scale vertically integrated company that manufactures API, intermediates and finished dosages and has seven manufacturing facilities along with B2B & B2C marketing & distribution......more
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Stock Tales - JM Financial
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JM Financial (JM) is a diversified financial group engaged in various businesses providing a host of services including mortgage lending (wholesale and retail), distress asset management (ARC), investment banking, wealth management & securities (AWS)...more
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Shubh Nivesh - PCBL Ltd
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New greenfield plant commissioned: PCBL, in the recent past, has commissioned its new carbon black plant with a nameplate capacity of ~150 KT at a total capex outlay of ~Rs 800 crore......more
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Stock Tales - Gujarat Fluorochemicals
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Incorporated in 1987, Gujarat Fluorochemicals (GFL) started as a refrigerants manufacturer and, thereafter, diversified into other areas like speciality chemicals, fluoropolymers, new fluoropolymers and bulk chemicals like caustic soda and chlorometh...more
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Special Report - Index Outlook
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Q4FY23 was a positive quarter with Nifty EPS for the quarter coming in at Rs 233/share, an outperformance of ~6% to our expectations (Rs 220/share). It was up 14% QoQ, 13% YoY. ...more
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Technical Strategy: Nifty headed for lifetime highs, midcaps to outperform
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Technical Strategy: Nifty headed for lifetime highs, midcaps to outperform...more
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I-direct Instinct - L&T Financial Holdings
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L&T Finance Holding (LTFH) is a leading NBFC catering to the diverse financing needs of served and underserved customers in urban as well as rural areas......more
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Technical Strategy- Buy dips in May; don't shy away
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In line with our view, the index managed to hold the March low of 16800 and staged a swift recovery while absorbing a host of global and domestic headwinds......more
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IDirect Instinct - Star Cement
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Star Cement operates in a complex geographical topography and has built a competitive advantages owing to its experience of operating in the north eastern region (NER) of India....more
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Technical Strategy- Volatility to endure, holding March low of 16800
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Equity benchmarks extended their corrective phase tracking elevated volatility owing to global uncertainty....more
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Initiating Coverage - CreditAccess Grameen
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CreditAccess Grameen (CAG) is a Bengaluru based MFI promoted by Credit Access India BV (CAI), with ~73% stake as of December 2022. It caters to low income households lacking access to formal source of financing....more
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Technical Strategy: Markets oversold, technical pullback on the cards
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Indian benchmarks are undergoing higher base formation over past three months after reversing CY22 decline of 18% and recording new highs in December......more
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Top Picks
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Global, domestic markets have recovered meaningfully post the interim low in September 2022 end primarily driven by easing inflation & consequent moderation in pace of interest hikes by central banks....more
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Index Outlook
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Resilient corporate earnings, robust capex outlay to propel markets higher...more
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Budget Review 2023-24E
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The Union Budget truly exemplifies the government theme of India First, Citizen First. ...more
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Market Strategy 2023
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India fared well both relatively and in absolute terms with respect to economic and stock market performance......more
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Yearly Technical Strategy CY23
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Nifty Decade: CY30 Target @50000......more
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Quant Yearly Outlook 2023
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Banking, Technology heavyweights to propel Nifty in CY23......more
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Index Outlook
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Global markets have found comfort in recently released lower than expected inflation readings with growing expectations of a decline in pace of interest rate hikes...more
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Technical Strategy : Nifty headed for new highs, midcaps to catch up
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Equity benchmarks defied the broad scepticism and their northbound journey enduring during October....more
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Monthly Technical Strategy
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Buy the volatility as Q4 seasonality favours equities?...more
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Stock Tales - Patanjali Foods
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Patanjali Foods (PFL) is one of the largest edible oil companies in India with oilseed extraction (mustard, soybean & others) & refining capacity of 3.9 million tonnes per annum (MTPA). ...more
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Stock Tales: Sheela Foam
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Sheela Foam (SFL) is the market leader in the domestic mattresses industry with a value market share of ~25% in the organised segment......more
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Stock Tales - Mazagon Dock Shipbuilders
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Mazagon Dock Shipbuilders (MDL) is engaged in the construction and repair of warships and submarines for the Ministry of Defence (MoD) to be used by the Indian Navy along with other vessels for commercial clients....more
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Technical Strategy : Nifty headed for new highs in CY22
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We reiterate positive stance with an upgraded target of 18600 by end of CY22, led by relative outperformance of BFSI, IT, Auto, Capital goods and PSU....more
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Index Outlook
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Cooling off commodity prices provide comfort amid marginal decline in earnings post Q1; remain positive......more
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Technical Strategy:Nifty to aim 17500 amid wall of worries
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The sharp decline in crude oil prices coupled with industrial commodities and cool off in India VIX highlights improvement in market sentiment that augurs well for extension of ongoing rally...more
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