STOCK MARKET NEWS UPDATES

HINDUSTAN ZINC Q2 ; SL NET PROFIT AT 2298 CR V 1737 CR (ΥΟΥ)

REVENUE AT 8248 CR V 6792 CR (YOY)

EBITDA AT 4123 CR V 3139 CR YOY

MARGINS AT 49.95 % V 46.1 %

Net Profit At ₹2,327 Cr Vs CNBC-TV18 Poll Of ₹2,256 Cr

Revenue At ₹8,252 Cr Vs CNBC-TV18 Poll Of ₹7,979 Cr

EBITDA At ₹4,123 Cr Vs CNBC-TV18 Poll Of ₹3,983 Cr

PROFIT INCLUDES 83 CR EXCEPTIONAL LOSS

GODREJ PROPERTIES CEO Says Co Grew 90% In H1FY25; Maintain Guidance - ETNOW

Godrej Reserve Is The Highest Selling Project In Mumbai

'Reserve' Booked Sales Worth 2,700 Cr In A Day

Will Launch A Few Projects In Mumbai

Polycab recovers from lows, more than 7% off lows

Great Festive Response So Far

Robust Demand in NCR & Bengaluru

MORGAN STANLEY ON CITY GAS PLAYERS

City gas players will raise prices by 5% over next few weeks and months on a calibrated basis

See limited impact for IGL and Gujarat Gas on volume growth medium term

Shift in APM allocation could accelerate the process of bringing gas under GST DODI

Will look to buy the recent underperformance in ONGC, GAIL, Indraspratha Gas and Oil India

GENSOL ENG AND SAIL IN FOCUS

MINISTRY OF NEW AND RENEWABLE ENERGY HAS SANCTIONED TOTAL THREE PILOT PROJECTS IN THE STEEL SECTOR, MATRIX GAS AND RENEWABLES LTD , SIMPLEX CASTINGS AND CO WITH PLANT CAPACITY 3200 TPD

JINDAL STAINLESS Management Says Will not be able to achieve 20% for FY25, targeting 10-15% volume growth for FY25

Believe EBITDA/ton will improve in H2, Targeting EBITDA/ton of Rs 18000/ton for FY25

Seeing good growth momentum in Domestic market, Very bullish on domestic demand

Will not be able to achieve export target of 15% this year --- targeting 10% revenue from exports for FY25

Stainless steel Imports into India from China, Vietnam continue to surge

35% of stainless steel consumption is met by imports

Expect the govt to take cognisance of rising imports and come up with a resolution

Most European economies including Germany weighing heavy on export demand

Focusing on catering to South America, South Korea, Japan, Canada, Middle East demand - ETNOW

ZOMATO: Sources Says Co. Likely To approve Rs 8500 Cr Fund Raising - CNBC-TV18

TATA COMM MANAGEMENT Says Order book has expanded in H1 which is positive - ETNOW

Seeing good YoY data growth which is on the back of acquisition

Changing revenue mix is the reason behind the decline in margins

Working towards our aspirational margins of 23-25%

See no reason to change our aspiration at this moment

Will be monetising one of the major land parcels

STT is buying this land from us to expand its data center capacity

Proceeds will be used for expanding business and reducing debt

HAVELLS INDIA Management Says Looking at EBITDA margin of 13-14% excluding Lloyd- CNBC-TV18

Incremental capex of ₹450 cr incurred for Tumkur Facility

Planned capex of ₹1,900 cr in couple of years, out of which ₹1,000 cr is for FY25

WIPRO Management Says Will Have Taken Care Of All Fresher Backlog Since COVID By The End Of Q3 - CNBC-TV18

Able To Capture Discretionary Spend In BFSI Due To Capco

No Significant Uptick In Discretionary Vs Q2

Large Deal Momentum Has Been Over $1 Bn For The Last Fe Quarters

Pipeline Is Looking Healthy Across 4 Markets

Utilisation Near All-time High, Offshoring Healthy

Have Done A Lot Of Work On G&A Optimisation

Capco Momentum Is Adding To Margin Expansion

We Have Onboarded Freshers In Q1FY25 After Not Going To Campuses Last Year

We Are Adding 2,500-3,000 Freshers Every Quarter

MS ON NESTLE

(CMP: 2,379)
MAINTAIN UNDERWEIGHT
TARGET: 2,114

Q2 Was Another Miss On Topline & Bottomline

Other Expenses Were Higher, Led By Ad Spend

Exceptional Gain Of ₹180 Cr Reported On Slump Sale Of Nutraceutical & Nestle Biz Svcs Division

CLSA on Tata Communications

O-P, TP Rs 2220

2Q consol. rev of Rs57.7bn, up 18% YoY/2% QoQ, was above est.

Data revenue up 21% YoY/3% QoQ, driven by digital services (46% of data rev) with 52% YoY/4% QoQ growth.

Consol. Ebitda of Rs11.2bn, up 10% YoY/-1% QoQ, in line

INVESTEC ON LTIMINDTREE

. Maintain Sell; hike target price to Rs 5600 from Rs 5370

. An inline quarter; expect a weaker H2

. Revenue growth was broad based across verticals

. Commentary highlights weaker revenue growth in H2

. Note that the stock has seen a meaningful rerating without commensurate outperformance

BERNSTEIN ON AXIS BANK

. Maintain Outperform with target price of Rs 1250

. Q2 - Little to cheer about

. Sequential improvement in credit costs

. Low quality beat with a still weak asset quality picture

. A weak loan growth show

. Slowdown in Opex/high NOI utilized to push RoA >

MACQUARIE ON WIPRO

Maintain Outperform with target price of Rs 670

Revenue and EBIT beat, PAT in- line

Would have hoped for better revenue guidance in Q3 given the strong deal wins

Management suggested this is largely due to furloughs

BOFA ON MANAPPURAM FINANCE

Maintain Buy; Cut target price to Rs 220 from Rs 250

RBI restricts loan sanctions/disbursals by MFI sub

Cut earnings, factor de-rating

Cut consolidated earnings forecasts by 3-6% as we factor AUM growth moderation in Asirvad

Manappuram stock has de-rated 25% over the last 3M which we believe already factors the growth weakness and asset quality deterioration to a great extent

Retain Buy on undemanding valuations, discount to historical valuations and strong outlook for gold financing business

JEFFERIES ON HAVELLS

Maintain Hold; cut target price to Rs 1870 from Rs 1880

Margin miss offsets healthy sales growth

Sales was led by C&W, ECD and Lloyd, but Switchgears and Lighting were tepid

Festive offtake has started on a positive note

Margins in many segments declined due to Do A&P advancement due to shift in season and volatile commodities festive

Cut FY25-27 EPS by 4-5%, and now est +19% EPS CAGR

JEFFERIES ON CITY GAS DISTRIBUTION ( CGDs)

APM allocation cut a likely derating trigger

12-15% of the APM gas allocated to CGD players has been reallocated by the govt

This shortfall has to be covered by Spot/Short-term LNG leading to Rs3/3/2.3 per scm compression in EBITDA margin for IGL/MGL/Gujarat Gas

With rising dependence on market-linked gas, CGD players would be forced to defend margins at the expense of volume growth

This could trigger a derating of the sector

Will revisit est after pricing changes by players in coming days