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Web www.equitybulls.com Research CRISIL MI&A: Inflated natural rubber prices to puncture tyre maker margins Infrastructure bond issuances by public sector banks to drive banks' bond issuances to an all-time high in FY2025: ICRA CRISIL Ratings: Apparel retailers to stitch 8-10% growth with festivals, fast fashion CRISIL Ratings: For ARCs, rising power consumption to boost recoveries from stressed operational thermal plants Views of ICAI on SA 600 vs ISA 600 CRISIL Ratings: Wagon makers set to roll in ~20% revenue growth this fiscal CRISIL Ratings: Basmati industry to see revenue grow ~4% on a high base this fiscal CRISIL: Pharmaceutical sector set for 8-10% revenue growth this fiscal CRISIL Ratings: Flexible packaging players' credit profiles to stay subdued this fiscal Industry credit expected to grow over 12 per cent: FICCI-IBA Bankers' Survey CRISIL Ratings: Decadal-low duty to push gold jewellery retailers' revenues up by 22-25% CRISIL Ratings: Education loan AUM of NBFCs to top Rs 60,000 crore this fiscal Evolving asset quality risks to impact growth and profitability of microfinance: ICRA Near-term Consolidation; Focus Remains on Style & Sector Rotation - Axis Securities CRISIL Ratings: Paper packaging volume to grow, but profitability to plumb lows CRISIL MI&A: Corporate revenue growth likely moderated to 5-7% in April-June, the slowest in 15 quarters CRISIL Ratings: Revenue growth of auto dealers to enter the slow lane this fiscal Declining liquidity coverage ratios to slow down credit growth for banks: ICRA CRISIL Ratings: Road developers to see slower revenue growth of 5-7% next fiscal CRISIL Ratings: Small finance banks to grow advances 25-27% this fiscal Global monetary easing to pick up pace - Puneet Pal, Head-Fixed Income, PGIM India Mutual Fund Kotak Institutional Equities: Strategy: 1QFY25: Converging trends CRISIL Ratings: Cement makers line up ~Rs 1.25 lakh crore capex over fiscals 2025-27 CRISIL Ratings: Urea import dependency to fall to 10-15% from this fiscal CRISIL Ratings: 20% ethanol blending goal means more sugarcane utilisation Kotak Institutional Equities: Automobiles & Components: 1QFY25 review: Steady quarter; demand outlook weakening CRISIL MI&A: Macroeconomics First Cut - Goods exports fall, services soften Kotak Institutional Equities: Consumer: 1QFY25 review- Uptick in staples, continued weakness in discretionary CRISIL Ratings: Despite cash disbursement restriction gold-loan NBFCs shine SBICAPS Report - The Green Pill: Labelled Bond Issuances, ESG Indices, Global Sustainable Funds We expect the 10 yr benchmark bond yield to keep drifting lower gradually - PGIM India Mutual Fund Strategy: Faith, froth and fundamentals by Kotak Institutional Equities Earnings growth should be the key driver of returns hereon - Vinay Paharia - CIO, PGIM India Mutual Fund IT Services: ERD services: Auto pulse-challenges ahead - Kotak Institutional Equities Banks, Diversified Financials : Strong on expected lines across BFSI - Quarterly Review - Kotak Institutional Equities Metals & Mining: SC ruling-empowers the states; marginal negative impact - Kotak Institutional Equities CRISIL Ratings: Revised deposit norms unlikely to be onerous for HFCs CRISIL Ratings: 6 gigawatt renewable energy storage to be added by fiscal 2028 CRISIL Ratings: Thermal share in power generation to dip over 500 bps next fiscal Indian bond market issuances exceeded $105 billion, $25 billion new equity issued in FY24 - Shri Pramod Rao, ED, SEBI One third of Nifty 100 companies hire thousands of young talent on apna.co CRISIL MI&A: Sector Vector - Reading the topical trends - Power demand in India moderates as monsoon coverage improves CRISIL Ratings: Resolution nods under IBC up by a record 42% in fiscal 2024 Elara Securities India: FY25 India Union Budget - Bolstering the basics: Fiscal prudence stays Kotak Institutional Equities: Assessing the impact of budget proposal for real estate Bond Market Reaction from Union Budget 2024-25 by Puneet Pal, Head - Fixed Income , PGIM India Mutual Fund SBI Capital Market Report on Union Budget 2024-25: BROAD-BASING DEVELOPMENT AND A NOD TO STABILITY Kotak Institutional Equities: Strategy: FY2025 union budget: Prudent and balanced Recovery in domestic cotton yarn demand to be gradual in FY2025: ICRA CRISIL Ratings: Jute makers to see margins drop for the second straight fiscal Kotak Institutional Equities: Metals & Mining: Steel prices under downward pressure Securitisation volumes estimated at about Rs. 45,000 crore for Q1 FY2025: ICRA CRISIL Ratings: Small and medium REITs to broaden realty investor base Axis Securities' Monthly Auto Volume Update - July 2024 Kotak Institutional Equities: Diversified financials: AMCs & RTAs - In beta mode Kotak Institutional Equities: Automobiles & Components: Weak retail trends across segments More financial power to women: A study by Axis Mutual Fund reveals a remarkable increase in women investor base with ~72% taking investment decisions independently Kotak Institutional Equities: Crop & Chemical Dashboard: China output growth is a worry Kotak Institutional Equities: Strategy: Promoters selling, retail (through MFs) buying Kotak Institutional Equities: Strategy: Foreign fund-flow tracker, June 2024 Kotak Institutional Equities: Banks: Hanging on to the good numbers, for now | RBI FSR report Kotak Institutional Equities: Telecom: R-Jio takes the lead with ~20% tariff hikes Kotak Institutional Equities: IT Services: IT preview-moderate improvements CRISIL MI&A: Offshore wind energy reaps viability gap funding tailwind Repco Home Finance | 'On firm footing towards growth' | Maintain BUY - Share India Securities Cosmo First Limited | Packing a Punch: All Set To Get Its Mojo Back - Share India Securities Kotak Institutional Equities - Strategy: Elections 2024: Any change in economic agenda? India Strategy - Political risk perception on the rise - Report by InCred Equities DOMS Industries Ltd - Evolving from stationery to kids-centric products - Share India Securities Ltd Kotak Institutional Equities - Economy: Trade deficit widens to a seven-month high Adani Ports & Special Economic Zone Ltd - Reasonable listed group leverage; steep valuation - REDUCE - Downgrade - Report by InCred Equities Kotak Institutional Equities - Banks: Jharkhand farm loan waiver: No concerns for microfinance Banks - Consolidation phase to continue - Report from InCred Equities Kotak Institutional Equities - Strategy: On frogs, pigs, vultures (and apes) India Strategy - Money, Military and Markets-III - Report from InCred Equities CRISIL Ratings: Steady demand to power up revenue of battery makers by 10-11% Elevated gold prices to restrain jewellery consumption growth to 6-8% in FY2025: ICRA Elara Securities India - Diet Report - Ambuja Cements - Cash deployment starts Kotak Institutional Equities - Consumer Staples: Month in review: May 2024 Elara Securities India - Banking & Financials - Retail loans to MFI borrower a risky affair - Sector Update Kotak institutional Equities - Real Estate: Hitting the Billion Mark CRISIL Ratings: Tide turns for ship recyclers, revenue seen rising ~15% this fiscal Elara Securities India - Diet Report - Media & Entertainment - Wait turns longer for occupancy revival Elara Securities India - Economics - India: CPI inflation continues to ease Kotak Institutional Equities - ESG, Global carbon pricing trends 2023: Needs more ambition Kotak Institutional Equities - Economy: Inflation remains steady in May Kotak Institutional Equities - Strategy: NTPC and PWGR are neither growth nor value stocks Elara Securities India: Automobiles - Tata Motors - Aggressive PV market share target - Company Update - Accumulate - TP: INR 1,100 - Upside: 11% Finance Companies - Gold lending in the spotlight - Report by InCred Equities CRISIL Ratings: Revenues of shrimp exporters to grow 8-10% as demand improves Elara Securities India: Utilities & Renewables - Peak demand ascends to record highs - Monthly Update Tata Motors - Analyst meet highlights - REDUCE - Maintained - Report by InCred Equities Kotak Institutional Equities - Pharmaceuticals: IPM pulse - gaining momentum Elara Securities India - Metals & Mining - Input cost inches up - Monthly Update CRISIL Ratings: Paints sector to double production capacity by fiscal 2027 Elara Securities India-Economics - India: Smooth sailing into H2CY24 Kotak Institutional Equities - Insurance, NoP drives APE growth for private players Financial Services - AMCs - Election month propels equity fund inflow - Report by InCred Equities Kotak Institutional Equities - Strategy: Fight, flee or join a stampede? Elara Securities India - Utilities - PTC India - Trading volumes up by 10% in Q4 - Q4FY24 Update - Reduce - TP INR 207 - Upside: 1% Kotak Institutional Equities - Economy: Coalition journey: Long travails ahead Kotak Institutional Equities - IT Services: CTSH-big bet in core engineering services Elara Securities India - Initiating Coverage - Infrastructure - Hindustan Construction - Phoenix Rises - Buy - TP INR 63 - Upside: 65% Elara Securities India - Real Estate - Oberoi Realty - Low-risk compounder - Company Update - Buy - TP: INR 2,350 - Upside: 24% Elara Securities India - Diet Report - Aviation - INDIGO: lagging fleet growth vs rivals Elara Securities India - The IT Inflexion Point - Market Internals with Biju Samuel - Quantitative & Alternate Strategy Elara Securities India - Economics - RBI Policy: Nascent rate cut discussions Elara Securities India-Diet Report - Internet - JioMart to enter qCommerce - execution is key Elara Securities India-India Strategy - Exit Polls: Doubt over long term sustainable rally FY2025 domestic steel consumption growth revised upwards to 9-10%: ICRA Elara Securities India-Strategy - Q4FY24 Review - Ending FY24 on good note Elara Securities India-Banking & Financials - Services lifts growth; unsecured growth softens - Sector Update Elara Securities India-Healthcare - Apollo Hospitals Enterprise - New beds impacting margin - Q4FY24 Update/Rating Change - Accumulate - TP INR 6,183 - Upside: 6% Elara Securities India-Economics - India GDP: Upside surprise continues Elara Securities India-Banking & Financials - Rules-based credit model shows vulnerability - Sector Update Elara Securities India-Oil & Gas - Gujarat Gas - Play on LNG surplus, rise in propane prices - Company Update - Buy - TP INR 745 - Upside: 35% Elara Securities India-FMCG - Mrs Bectors Food Specialities - New capacity and innovation, key drivers - Q4FY24 Update/Rating change - Accumulate - TP INR 1,414 - Upside: 12% Kotak Institutional Equities - Diversified Financials: Regulating retail F&O: Global learnings and potential options Kotak Institutional Equities - Automobiles & Components: 4QFY24 review - Sustaining momentum Strategy: Exit polls 2024: No Drama by Kotak Institutional Equities Elara Securities India - Global Liquidity Tracker: Inflows into India Dedicated Largecap funds continued ahead of Election results. China flows again turn weak Elara Securities India-Banking & Financials - Attention - Still a lot on RBI's radar - Sector Update Indo Count Industries- Bumpy Quarter; Smooth Road Ahead - Share India Securities Elara Securities India-Auto Ancillaries - Amara Raja Energy & Mobility - All eyes on tech partner for Li-ion cells - Q4FY24 Update/Target price change - Accumulate - TP INR 1,341 - Upside: 13% Flair Writing Industries Ltd - Steady margins in competitive industry - Share India Securities Elara Securities India- Real Estate - Brigade Enterprises - Strengthening presence in South India - Q4FY24 Update - Accumulate - TP INR 1,350 - Upside: 10% Kotak Institutional Equities - Strategy: Rightfully optimistic, mistakenly euphoric Kotak: Insurance - Surrendering to uncertainty Kotak Institutional Equities: - Economy: Lower provisions aid RBI's higher surplus transfer Non-Metro banking customers prioritize insurance and transparency while metro customers favour lifestyle perks: Ujjivan SFB Study CRISIL Ratings: Revenue of diversified EPC companies to grow 12-14% this fiscal DOMS Industries Ltd - Scripting a winning strategy - Share India Securities StoxBox: BUY Rating for Sunteck Realty with a Target Price of Rs. 516 Health segment drives robust growth for insurance sector in FY2024; financial performance strong despite impact of natural catastrophic events - ICRA VA Tech Wabag Ltd - Order bid pipeline provides strong inflow visibility | Maintain BUY - Share India Securities One Point One Solutions Ltd - A Strategic play in the Indian BPM Landscape | BUY CRISIL Ratings: For fleet operators, revenue growth to double to 9-11% this fiscal NHAI's targeted asset monetisation could fetch up to Rs. 60,000 crore in FY2025: ICRA Kotak Institutional Equities - Economy: RBI's bonanza to the central government CRISIL Ratings: Revenue of organised gold jewellers to rise 17-19% this fiscal Ventura initiates coverage on Responsive Industries, sees upside scope of 45% sets a price target of Rs 436 GDP growth to dip to a four-quarter low of 6.7% in Q4 FY2024 from 8.4% in Q3: ICRA ICRA: Record high number of resolution plans approved under IBC in FY2024 India Inc revenue growth likely moderated to 4-6% in March quarter - CRISIL Market Intelligence and Analytics Construction sector entities' revenues to grow by 12-15% in FY2025; margins to expand by 25-50 bps: ICRA MakeMyTrip Report Reveals Where, How, When and With Whom India Travels ICRA revises banking sector outlook to Stable from Positive Massive shift in career aspirations as 8 out of 10 professionals eye new career paths this appraisal season, reports apna.co ICRA: Annual securitisation volumes estimated at Rs. 1.88 lakh crore for FY2024 46% of women opted for used cars in March 2024 in the country: Spinny Reports Addressing data privacy, security and ethical challenges is essential for the responsible adoption of GenAI in healthcare: PwC India report Retail pools continue to display stable performance across various asset classes: ICRA ICRA predicts small finance banks will raise over Rs 10,000 crore in FY 2024, up from Rs 6,400 crore in FY2023 CRISIL Ratings: Complex fertilisers volume to grow 4-5% next fiscal Issuances of securitised debt instruments (SDI) by corporate entities to rise to Rs 100 crore in FY2024: ICRA Godrej Interio's 'HomeScapes' Study reveals Indians want ‘Me-Time’ at home GDP growth to moderate to 6.0% in Q3 FY2024, led by agriculture and industry: ICRA Indian stock exchanges rank first in the world in terms of the number of IPOs in 2023 CRISIL Ratings: After soaring this fiscal, airlines to land >20% operating profit growth next fiscal Rising frauds propel demand for AI/ML strategies: Experian Study Cement makers to add 150-160 MTPA capacity by fiscal 2028 - CRISIL Investor exuberance propelling broking industry performance, MTF achieves a new high: ICRA CRISIL Ratings: Securitisation volume up ~20% in first nine months of this fiscal India is fastest growing large economy globally in CY2023-CY 2024 - Pantomath Report CRISIL Ratings: Market share of gold-loan NBFCs steady despite bank competition CRISIL Ratings: Vehicle loan AUM to vroom past Rs 8 lakh crore next fiscal 45% of Newbie traders claim that 'not knowing enough' is the primary reason for losses incurred in Futures & Options trading - Sharekhan's survey reveals CRISIL Ratings: Agri pump makers to see 7-9% revenue growth next fiscal Indian mutual fund industry likely to sustain its strong inflows in 2024: ICRA Analytics CRISIL Ratings: Operating profit of offshore rig operators to swell 30% next fiscal CRISIL Ratings: Organised F&G retailer revenue to grow in mid-teens next fiscal CRISIL Ratings: Shippers see a further revenue dip of 5-7% next fiscal as charter rates course correct 82% of professionals are concerned about job redundancy due to emerging technologies: Hero Vired Report UPI transactions witnesses 118% rise at retail stores in 2023: PayNearby Report Happy Forgings Limited - IPO - A trusted supplier for several Indian and Global OEMs - Reliance Securities CRISIL Ratings: Penetration of electric buses set to double next fiscal India's refined copper consumption to grow by 11% in FY2024, despite global headwinds: ICRA CRISIL Market Intelligence and Analytics - Curb on cane juice for ethanol - Sugar output lift Stable Repo Rates to Keep the Momentum Going for the Housing Market - Anuj Puri, Chairman - ANAROCK Group Payback period for investment in sustainable warehouses come down to three years in India: A JLL - IndoSpace report CRISIL Ratings - Profit margins of cotton yarn spinners to plunge 250-350 bps to decadal lows of 7-8% this fiscal Government, PSUs, and Defence sector experience 14% upsurge in hiring: foundit Insights Tracker CRISIL Ratings: Spirits high for organised liquor makers, revenues seen up 13% Corporate bond market to more than double by fiscal 2030 - CRISIL Gas Utilities : Gas consumption at record highs, growth now to trickle - Kotak Institutional Equities Emkay and Geojit increase target prices of LIC, expect over 20% upside CRISIL Ratings: Mall area to rise by 35% over the medium term on retail surge Crop & Chemical Dashboard: Bottom is near, recovery unclear - Kotak Institutional Equities Loan sell-downs of personal loan pools may see a temporary pause following the RBI's decision to increase risk weights: ICRA India Surges Ahead in 5G Deployment, Paving the Way for a High-Tech Future! CRISIL Ratings: Construction equipment revenue to grow 14-15% this fiscal India to contribute 22% to the Global ER&D sourcing market by FY30: BCG-nasscom Report CRISIL Ratings: In a decadal first, revenue of agrochemicals makers to slip ~3% on tepid demand this fiscal CRISIL Ratings: Flexible packaging industry stares at decadal low profitability as oversupply stings CRISIL Ratings: Domestic demand, softer cotton prices to sustain RMG growth CRISIL Ratings: Higher workplace occupancy to light up cigarette volume 7-9% CRISIL Ratings: Apparel retailers to grow 7-8% this fiscal via expansion, festival spur CRISIL Ratings: For tea companies, ~8% revenue degrowth brewing this fiscal CRISIL Ratings: Revenue of paper makers to crumple 8-10% this fiscal ICRA expects banking sector to stay resilient, outlook remains Positive Website Created & Maintained by : Chennai Scripts West Mambalam, Chennai - 600 033, Tamil Nadu, India disclaimer copyright © 2005 - 2020