Jefferies on Axis Bank
Buy Call, Target Rs 1,500
Credit Cost To Normalise; Prefer NIMs Over Growth
Co Reassured That Surge In Credit Costs In Q1 Can Normalise
Credit Cost To Normalise Even As Conservative Provisioning Policy On Unsecured Loans Upfronts
Deposit Growth Is Slower But Bank Is Managing Funding-Cost Better That Helps To Holdon To NIMs
Steps On Premiumisation & Corporate Salary Clients Will Steadily Improve Deposit Franchise
Valuations Are At Discount To Peers; It Stays Among Top Picks
CLSA on ICICI Bank
Outperform Call, Target Rs 1,500
Bank Well Placed On Deposits And Does Not Expect The Cost Of Deposits To Rise Materially
NIM Is Likely To Be Stable & Rate Cut Would Only Result In A Temporary NIM Compression
Bank Is Not Guiding Any Cost-To-Income Ratio Level But It Is Aiming To Deliver Profitable Growth
Jefferies on GMR Airports
Buy Call, Target Rs 106
See The Delhi International Airport Deal As Attractively Priced
Airports Authority Of India Would Continue To Holds 26% Equity Stake Of DIAL
We Haven’t Reviewed SOTP Valuations For Co As Of Now, Given The Deal Is Amid Closure
Over 50% Of The Valuation For GMR Airports In Our SOTP Comes From DIAL
Kotak Inst Eqt on GMR Airports
Sell, TP raised to Rs 74 to incorporate last 2 big surprises, potentially—GAL winning Delhi Duty-free biz & stake consolidation in DIAL
However, need to look beyond naïve approach of considering GMR Airports as monopolistic play on non-aero growth
MOSL on IT
Top Picks Are
HCLTech (Target Rs 2,200)
LTIMindtree (Target Rs 7,400)
Persistent (Target Rs 6,300)
Upgrade Coforge To Buy, Target Rs 8,100
IT Services Sector Could Be On Cusp Of Recovery
Estimate HCLTech To Lead Revenue Growth Among Large Caps Over Next Three Years
Positive Outlook On LTIMindtree Is Based On Its Best-in-class Offerings In Data & ERP Modernisation
Persistent Sys, With Its Strong Product Engineering Background, Remains Fastest-Growing IT Svcs Co
Persistent Sys Well-Positioned To Benefit From Long-Term GenAI Investments
Believe Coforge Can Leverage Synergies From Cigniti
Healthy Growth In Coforge’s Executable Orderbook Bodes Well For Its Core Business
MS on Dixon Tech
Equal-Weight Call, Target Rs 8,696
HP India Is The Third Large Customer That Co Has Onboarded In The IT Hardware Segment
HP Enjoys 28-30% Market Share In India’s Desktop And Notebook Segment
Lenovo And Acer Have Around 15% Each Market Share
MS on Suzlon Energy
Overweight Call, Target Rs 73.4
NTPC Project Scope Includes Supply Of Turbines, Erection & Commissioning And O&M
The Large Contract Offers Improved Earnings Visibility For FY26-27
HSBC on Life Insurance
Industry’s Individual APE Growth Moderated To 10% Vs 18-19% YoY Run-rate In Previous 3 Months
Growth Slowdown Was Sharper For Large Insurers Vs Small Insurers
Growth In Number Of Policies Sold Also Moderated
ICICI Pru’s Individual APE Growth (29%) Remained Faster Than Industry’s
HDFCLIFE Continued Its Healthy Growth In NoPs
Nomura on Life Insurance
Growth Was Soft In August
Private Players Continued To Outpace The Overall Industry
Growth Of The Public Insurance Industry Was Muted
Private Players’ Market Share Increased To Nearly 70%
YTD FY25 Growth Came In At 17%/23% YoY For The Overall Industry/Private Players
GS on Marico
Buy, TP Rs 715
NDR takeaways: Growth agenda on track
Management reiterated their expectation of growing India biz in double digits starting FY25
CO has scaled up its foods biz 4x over FY20-24 & targets to grow 2x in next 3 yrs
Int biz is steady
