CLSA on Fusion Fin
Downgrade To Underperform From Outperform, Target Cut To 260 From 550
Recently Disclosed Higher Credit Costs For Q2 Indicates That Collection Efficiency Has Not Improved
Collection Efficiency Had Dipped At End Of Q1 & Indicates It Has Not Improved In Past 2 Months
Co Undergoing Multiple Process & Leadership Changes
Citi on Voda Idea
Buy Call, Target 17 From 22
Network Equipment Deal Of Rs 30,000 Cr Underscores That Investment Plans Remain Unaffected
Co Highlighted That It Is Now Engaging Directly With Gov’t To Find Resolution To AGR Issue
VI Also Expects To Complete Its Pending Bank Debt Raise In The Next 7-8 Weeks
Co Is Hopeful Of Another Tariff Hike In 15 Months
Macquarie on Voda Idea
U-P, TP Rs 10
Further, VI management’s comments of similar ARPU hike (10-25% across different plans in Jul-24) in 15 months is at least 3 months behind consensus view
Equity dilution is part of VI’s biz plan per management comments, confirming concerns
MOSL on Voda Idea
Neutral Call, Target Rs 12
Co Expects Subscriber Churn To Reduce From Q4 Onwards
Subscriber Churn To Reduce Since Capex Rollout Is Expected To Commence From Q3
Debt Fundraising Of Rs 35,000 Cr To Conclude In 7-8 Weeks
Another Tariff Hike Of 20% Is Expected Next Year
Co Expects Equity Conversion To Commence Once Moratorium Ends
HSBC on IIFL Fin
Upgrade To Hold, Target Raised To Rs 540 From 350
RBI Lifted Gold Loan Business Restrictions, Normalisation Of Biz Is A Strong Tailwind
Upgrade FY25-27 EPS Estimates By 6-16%
Stock Is Up 65-70% From March 2024 Lows
Current Valuations Price In Most Positives
HSBC on Kalyan Jewellers
Buy Call, Target Rs 810
Think Kalyan Is Midway Into Its Value-Creation Journey Driven By Aggressive Network Rollout
Continued Exponential Growth Will Act As A Key Catalyst In Our View
Emkay on GMR Power
Initiate Buy, Target Rs 180
Numerous Optionality Prop Up Bull Case Target To Rs 205
Core Thermal Assets (1,650 MW) Are Nearing Optimal Performance On Coal Tie-Ups
PPAS Of 90% Capacity, Improving Debt Metrics
Incremental Smart Meter Contracts, Monetisation, & Disputes Settlement Provide Optional Value
Kotak Inst Eqt on CONCOR
Sell, TP Rs 710
Industry data for rail transportation rates from Oct 1 suggests static pricing (for long) for key rail container routes
Same suggests weak demand trends continuing in contrast to Co’s expectation of sharp vol recovery from 2Q
Declining crude may be an add-on negative for rail operators versus road operators
Read less into recent handling & storage charges, assuming same to impact a small proportion of volumes & potentially being a temporary one
MOSL on Utilities
Initiate with BUY on Power Grid, JSW Energy, Tata Power
Initiate Neutral on NTPC & IEX
See colossal multi-decade investment opportunity of Rs 40t & more
Power demand growth accelerating at 7% CAGR (vs. 5% earlier)
Power Grid- Buy, TP TRs 425
JSW Energy – Buy, TP Rs 917
Tata Power – Buy, TP Rs 530
NTPC – Neutral, TP Rs 450
IEX – Neutral, TP Rs 226
Nomura on IPCA Labs
Buy, TP raised to Rs 1750
Growth ahead of broader market in India, & scope for EBITDA margin expansion to drive val
+ve view based on
1) consistent outperformance in domestic formulation market &believe it will contribute 50% of FY26/27F EBITDA
2) scope for improvement in other biz segmentsparticularly in generics & API
3) cost & rev synergies at sub (Unichem)
Est 30% earnings CAGR over FY25-27F & growth momentum may remain strong post-FY27F as well
