LAKSHYA TRADER ( Focus On Your Goal )

BANKNIFTY 50400 CE BUY ABOVE - 530₹

STOPLOSS - 480

TARGET - 630₹/730₹/830₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

MADE HIGH 28₹ To 41₹ ✅



SMART PROFIT TODAY ✅👍💯📉

NIFTY 23500 CE BUY ABOVE - 28₹

STOPLOSS - 00

TARGET - 60₹/80₹/100₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

MADE HIGH 360₹ To 524₹ ✅

OUR 1 TARGET DONE ✅

RISKY TRADER CAN WAIT FOR 2 TARGET ✅👍💯📉

MADE HIGH 360₹ To 420₹ ✅



RISKY TRADER CAN WAIT FOR TARGET ✅👍💯📉

MADE HIGH 360₹ To 400₹ ✅



RISKY TRADER CAN WAIT FOR TARGET ✅👍💯📉

BANKNIFTY 52200 PE BUY ABOVE - 400₹

STOPLOSS - 360

TARGET - 480₹/550₹/630₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

TARSONS PRODUCTS Management Says Tarsons reports 21% Y-o-Y growth in standalone Q2FY25 revenues and 12% Y-o-Y growth for H1FY25. Despite recent industry challenges, growing inquiries and orders signal a market rebound. With our extensive product range and strong brand, we aim to expand our domestic and international client base.

Production at our Panchla plant is on track, with trial runs underway. Minor delays from machinery damage are being addressed, and we expect full operation in H2FY25

M&M under pressure on weak auto margin guidance

AUTO segment margins will remain under pressure due to EV segment launch expenses and margin dilution as EV sales pick up

Citi on M&M

Maintain Buy Call, Target Cut To 3,520 From 3,590/Sh

There Could Be Some Near-term Margin Pressures Associated With BEV Launch

BPS CUT, POWELL SAYS HE IS NOT LEAVING !

10 Points.

1. FOMC cut its target rate by 25 bps, as expected, to 4.5-4.75%

2. The decision to cut rates was unanimous

3. The post-meeting statement had no real meaningful changes.

4. FOMC statement continues to note that the risks to inflation & employment are roughly in balance, and most importantly continues to provide the same noncommittal guidance that “in considering additional adjustments” to the funds rate the FOMC will be data dependent

5. Chair Powell’s comments at today’s FOMC meeting were on balance dovish: he expressed confidence that inflation & inflationary drivers were well-behaved, saw further cooling in the labor market as unwelcome, and endorsed a plan to gradually ease back toward neutral

6. Chair Powell said a pick-up in inflation could cause the Fed to slow rate cuts as policy rates approach neutral. But that is not the scenario that Powell sees as likely. Instead, he rhetorically asked “Where is the inflation coming from?” and stated 'the economy is not tight'

7. Chair Powell was asked multiple times about his interpretation of the rise in treasury yields & whether it might affect Fed policy. He responded that the move has not been sustained long enough for officials to react to

8. When questioned if he would resign if asked by Trump, he said 'No'

9. When asked if he’d be legally required to leave, he had another simple one-word answer 'No'

10. In addition to being asked whether he would leave, Powell fielded several questions about the election and potential policies of the incoming administration, all of which he avoided giving direct answers

CITI INDIA STRATEGY

Trump win is widely considered to imply a stronger onger dol dollar, rising US rates and trade policy uncertainty

For India, a stronger dollar is negative in absolute sense

But relatively, within EM context, is subject to drivers of rotation trade into China

Impact of trade policy uncertainty is relatively lower as largely domestic oriented economy

Listed universe has limited exposure to goods trade with US

Medium term, we believe domestic consumption/investment growth trends will dictate India earnings

Valuations have come off peak but remain well above long term averages

We would continue to buy dips; Sep'25 Nifty target has ~4% upside

Nomura on India T&D

CG Power – Initiate Buy with TP of Rs 970

GE T&D – Initiate Buy with TP of Rs 2500

Apar Industries – Initiate Buy with TP of Rs 11700

Emkay Macro Strategy

Confirmed Trump presidency and higher odds of Red Sweep implies:

Higher volatility in global inflation and growth in medium term

FX wars biggest asset class risk unfolding over coming years

Near term watch out for DXY to re-touch 110

Sees natural weakening bias for INR led by CNY

What does it mean for India?

Financial stability may precede inflation management

Expect wait-and-watch approach for RBI

Makes December rate cut call tricky, leading to shallower rate-cut cycle

MS ON TATA STEEL

MAINTAIN OVERWEIGHT, TARGET: 175

Strong Beat On Consolidated EBITDA

Better-than-expected Performance In Domestic & Other Businesses

Key To Watch Will Be Guidance On Domestic & Intl Business Demand

Will Look For Mgmt's Commentary On Spreads Trajectory For H2FY25

Macrotech Developers To Acquire Bain Capital’s Stake In Digital Infra Platform Entities For ₹307 Cr

Alert | Digital Infra Platform Entities Are Bellissimo Digital, Palava Indus Logic

China Oct Exports Up 12.7% In Dollar Terms Vs Est Of 5% Rise, Imports Fall 2.3% YoY In Dollar Terms Vs Est Of 2% Fall

UBS Says Indian mkt can see over 10% upside over next 12 months as earnings start to recover

There is a fair amount of sizeable earnings cut in India

India earnings growth could get cut to half

FY26 pricing effect on margin will worsen in India

Kaynes Says Manufacturing in the US will get tailwinds

Maintain guidance of Rs 3000cr of topline with EBITDA exceeding 15%

For next 5-10 years 40-60% growth should be feasible

For EMS will have capex of Rs 200-Rs 250cr by end of the year

Capex will grow at 50% from next year

Expecting to clock Rs 4000cr revenue from Semicon Biz by FY30

KAYNES Management Says Will be beneficial for India on overall basis

Import substitution and geographical expansion to be growth factors

Will augur well for demand of products and services

Positive for most of the EMS cos working in infra, defense and other sectors

Many OEMs are looking at India seriously to increase their presence

Companies with good value proposition will benefit the most

Indian cos will receive more inquiries from global EMS

BOFA ON DR REDDY'S LABS

Maintain Buy with target price of Rs 1,530

All around growth drives EBITDA beat

Revenue momentum drives EBITDA beat

Notable update on core growth drivers

Multiple levers to plug gRevlimid hole

Jefferies on GAIL
Upgrade to Buy, TP Rs 240

Ebitda rose 7% y/y & marginally below JEFe

New pipelines driving market share gains, see this continuing

Trading profitability should continue on muted Henry Hub price, given elevated US gas inventories
Risk reward favourable

MS on Berger Paints
UW, TP Rs 466

2Q missed estimates on top line and margins.

EBITDA margin was at the lower end of management guidance.

Management expects top-line growth to improve in 2H

No major impact from competition, so far

CLSA on Manappuram Fin

O-P, TP Rs 200

2QFY25 NII, PPOP and PAT beat estimates by 5%-8%, driven by better spreads & opex

Gold loan business grew 3% QoQ, better than usual but lower than growth delivered in past 2 qtrs.

MFI biz remains sombre, like peers

CLSA on Titan

O-P, TP raised to Rs 4,221 (on Roll fwd)
2Q standalone sales growth of 13% YoY, above est

Jewellery growth of 13% also beat forecast of 12%, with domestic sales growing 25% YoY (ex-bullion sales).

Watches & wearables grew 19% YoY
Eye care & emerging biz grew 7%& 14%

CUMMINS INDIA ; Parent Cummins Plc Says

India JV revenue Expected To Rise 1% In 2024

India JV Q3 (July-Sep Qtr) Revenue Down 12% YoY At $641 Million

Power Gen Rev Up 49% YoY Driven By Pre-buy Demand

FADA_India October Data

--Total Retail Sales Up 64. 4 % MoM & Up 32.1% YoY At 28.32 Lk Units

--2-wheeler Sales Up 71.5% MoM & Up 36.3% YoY At 20.65 Lk Units

--CV Sales Up 31.1% MoM & Up 6.4% YoY At 97,411 Units

--PV Sales Up 75.3.8% MoM & Up 32.4% YoY At 4.83 Lk Units

JEFFERIES ON COAL INDIA

• Maintain Buy; Cut target price to Rs 570 from Rs 600

• Weak Q2 Results

• Rising power consumption to support volume growth

• Big e-auction price fall seems behind

• Cut FY25-27E EPS by 2-3%; Attractive valuation

MOSL on Interglobe Aviation
Neutral, TP Rs 4130

Net loss led by seasonality but guidance remains intact

Currently, over 60 aircraft are grounded due to P&W engine issues, & management believes this number would be in mid-40s in FY26

Trading at 10x FY26E EV/EBITDAR

Jefferies on MGL
Buy, TP Cut to Rs 1740

Ebitda inline with JEFe with vols 3% ahead & Ebitda margins slightly below ests

Expect strong vol growth to continue on accelerated RO additions & upgrade FY25/26E vol assumptions by 4%-7%.

Realloc of APM gas wld lead to higher volatility

MACQUARIE ON ICICI BANK

Maintain Outperform with target price 1350

Passing stress Test and maintaining growth

Maintaining a tight leash on asset quality

PAT beat driven by treasury income, low credit cost

All eyes on NIMs trajectory

Nomura on Torrent Pharma

Neutral, TP raised to Rs 3621
2Q in-line

A defensive stock with strong earnings visibility; higher val can sustain in near term

EBITDA margin expanded 149bp y-y & in-line

Management retained its guidance of EBITDA margin expansion of 50-100bp each yr

GS on Interglobe Aviation
Buy, TP cut to Rs 4800

Q2 EPS of Rs(25.7) & PBT(ex-FX) of Rs(17.3) below GSe

While ASK/RPK largely in-line, yields were 2.5% above GSe (up 2.5% yoy, vs GSe at flat yoy), driving a revenue beat, CASK were higher than GSe, driven by higher fuel & lease exp

WaareeEnergies

IPO PRICE: 1503
LOT SIZE - RETAIL: 9
LOT SIZE - HNI: 135
Mcap- 73,000 Cr

LISTING PRICE: 2500(+66.33%)
LISTING PROFIT - RETAIL: 8973/-
LISTING PROFIT - HNI: 1,34,595/-

Waaree Energies listed at 2,500/- against Issue Price of 1,503/-

Deepak Builders Listed at 200/- against the Issue Price of 203/-

CLSA ON ICICI BANK.

Outperform Call, Target At Rs 1,600/Sh

Delivered Yet Another Steady Quarter

Balancesheet Growth Remained In Mid-teens, While NIM Moderated 5-10 bps Sequentially

PpOP Grew Faster Than NII, Driven By Operating Leverage

NII Is Expected To Play Out Over Course Of Year

Gross NPL Ratio Was Stable & Credit Costs Were Benign

Among Private Sector Banks This Makes Co & HDFC Bank Stand Out This Quarter.

Among Large Banks, ICICI Bank Has Highest Standard Asset Provisioning

Bank’s LDR Of 85% Is Comfortable, Lower Than Peers

Only Fee Income Was A Bit Tepid, Growing 13% YoY

GreenEdge Wealth says Problems For IDFC First Could Spread From MFI To Personal & Biz Loans As Well

Secured Lenders That Don't Have MFI Baggage, For Example Muthoot Fin Can Do Well

Karnataka & DCB Bks That Don't Have Unsecured Lending Issues Could Rpt Good Numbe-CNBCTV18

MAX ESTATES: Max Estates Limited reported strong operating results and successfully executed capital raise and growth initiatives for scaling the business multi-fold

Company received NCLAT approval for ‘Delhi One’ project in Sector 16 B, Noida

The Company ups FY 25 guidance for residential booking value and total development opportunity.

MINI DIAMOND ; Co Launches Festive Offers from Dhanteras at The Company’s Flagship Store to Mark Its 1st Diwali

VERANDA LEARNING: Company announced its association with M.O.P. Vaishnav College for Women (Autonomous), a premier educational institution in Chennai.

Both will jointly offer a Diploma in Governance and Policy Studies, providing students of M.O.P. Vaishnav College (Autonomous) with the knowledge and skills necessary to navigate the complex landscape of public policy and governance.

KAUSHALYA LOGISTICS: KLL Secures FTL Contract with Uttarakhand Seeds & Tarai Development Corporation, Expands into Agricultural Logistics

Mazagon Dock

Declared an interim dividend of Rs. 23.19 per equity share

Approved the sub-division/split of existing 1 Equity Share of face value of Rs.10/- each fully paid up into 2 Equity Shares of face value of Rs. 5/- each fully paid up

POWERGRID

Declared successful bidder for 6GW project in Rajasthan project

PAYTM

Receives NPCI approval to onboard new UPI users

IDBI BANK (SOURCES TO ETNOWlive )

Govt moving ahead with disinvestment process of IDBI Bank

Bidders due diligence will start in Nov

Financial bids likely in Q4FY25

Adani Enterprises

To hold board meeting on oct 29 to consider fund raising

Hyundai Motor (FROM FTSE RUSELL)

Not eligible for fast entry in FTSE global equity index series

Market cap fails to meet thresholds on listing

Laurence Blanco of CLSA says: 23389 (NIFTY) is the 200 DMA of nifty & 2023 lows
Can expect nifty to hit this number (above) in Nov’24

Macquarie on Capital Goods

L&T has emerged as L1 for NTPC thermal power plant tenders

100% market share no longer the bull case for BHEL

FGD installations in incremental power plants could be halted

BHEL - see concerns from the above mentioned developments

JSW Renewable Energy Signs Power Purchase Agreement With Solar Energy Corporation

Biocon In Focus 📢
Amgen Will Launch Its Biosimilar Version Of Regeneron's Eyecare Drug Eylea
Alert: Biocon Was Amongst Cos To Have Nod For Eylea

Analysts Say-
Amgen’s Launch Of Eylea May lead To EPS Cut For Biocon, Expectation Was Of Biocon To Be Amongst The 1st To Launch Eylea

AB Capital In Focus - strong numbers by subsidiary

Aditya Birla Housing Finance Q2FY25 Earnings
NII up 22% QoQ to Rs 281 cr
PAT up 22% QoQ to Rs 80 cr
Profit beat of 11% vs. Morgan Stanley estimates

Aditya Birla Housing is a subsidiary of Aditya Birla Capital

Subsidiary accounts for 10% of consolidated profit and ~8% of SOTP value

Profit up 22% QoQ mainly because of higher revenues

Gross Stage 3 (-30bp QoQ) and Net Stage 3 (- 28bp QoQ) improved significantly

Balance sheet loan assets grew 46% YoY

DALMIA BHARAT CONCALL

Believe industry volumes will grow at 8% in H2 FY25

Maintain our guidance of growing at 1.5x of industry growth

Prices in October so far are at Q2 average prices

Net debt/EBITDA will not increase beyond 2:1

Market continues to remain dynamic and competitive

Continue to focus on increasing our market share in premium segment

Want to focus on cost leadership over the long term

Focusing on improving our relation with dealers to improve our market share

SUDIPTA ROY L&T FINANCE SAYS

• Have 100% provisioning buffer

• For company there are no pressures on disbursement in microfinance in this quarter

• Personal loan & SME segment is expected to grow well this quarter as well

• Will try to maintain NIM in the range of 10.75% to 11.25%

• Seen signs of credit cost stabilizing

• Opex + credit cost will be below 7% going ahead as well

• Have seen decent uptick in two wheeler demand in previous week

• Festive season outcome will be good

• Industry has tempered its momentum in overall credit -ETNOW

HARSHA UPADHYAYA
KOTAK MAH ASSET MGMT

Full Year Numbers May Need To Be Revised Downwards If Demand Doesn't Pick Up

Have Been Building Some Positions In Consumer Stocks, In-line With More Defensive Mkt Stance

Have Added IT To Portfolio, Moved From Underweight To Overweight Across Portfolios

Best May Be Behind For Auto Segment w.r.t Margin In Near-term

Have Cut Our Position In Auto Sector

TATA CONSUMER CEO Says Rural has picked up, seeing stress on urban demand - ETNOW

• Price hike in Tata Salt will have no impact on margins

• Will continue to focus on store openings for Starbucks

• Q3 should be better than Q2 on a volume momentum basis

• Expect to continue to see some pressure on packaged beverages in Q3

• Remain bullish about Q3 and Q4

Remain confident of achieving 50-100 bps growth in EBITDA YOY

• Aim to be among the top 3 in every product portfolio that the company offers

• Remain confident of volume recovery in RTD, but margin pressure will continue

• See mid-to-high single-digit growth for salt and tea

Adar Poonawalla led Serene Productions has entered into a binding agreement to invest ₹1,000 cr into KaranJohar’s Dharma Productions

🚨 Through this investment, Serene Productions will hold a 50% stake in Dharma, with Karan Johar retaining the remaining 50% ownership

"Made provisions of 50% of NPA in Q2FY25, expect to make further provisions. NIM improved from 2.84% to 3.1% YoY"

Ashwani Kumar of UCO Bank tells

Afcons Infrastructure : Much Awaited IPO with Official Details👍

Issue Dates : 25 - 29 October

Price Band : 440 - 463 ₹ Lot Size : 32 Shares Amount : 14,816 || GMP : 150 (32%)

Applications Required - Retail : 12,76,829 Small HNI : 13,028 Big HNI : 26,057

MADE HIGH 400₹ To 456₹ ✅

BOOK PART PROFIT AND RISKY TRADER CAN WAIT FOR 1 TARGET ✅👍💯📉

MADE HIGH 400₹ To 433₹ ✅

BOOK PART PROFIT AND RISKY TRADER CAN WAIT FOR 1 TARGET ✅👍💯📉

BANKNIFTY 51800 CE BUY ABOVE - 400₹

STOPLOSS - PREMIUM

TARGET - 480₹/550₹/630₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

IRCTC Clarifies On Change In Advance Reservation Period To 60 Days Instead Of 120 Days

No change in the number of trains running daily
Reserved ticket capacity will be the same as it is now

No impact on internet ticketing rev of co through convenience fees charged on e-tickets

Havells Review
CITI
Neutral, TP Rs 1950
Compared to revenue growth of 16% YoY EBITDA/PAT growth weak at 2%/9% YoY (missed Citi est by 19%/17%) due to
(a) higher ad spends (+70bps YoY);
(b) volatile RM price (impacting Cables & Wires);
(c) investment in manpower (+47bps YoY).

JindalStainless reports #Q2Results 👇

👉Net profit down 21.1% at ₹611.3 cr vs ₹774.3 cr (YoY)

👉Revenue down 0.2% at ₹9,776.7 cr vs ₹9,797 cr (YoY)

👉EBITDA down 3.6% at ₹1,186.5 cr vs ₹1,230.5 cr (YoY)

👉Margin at 12.1% vs 12.6% (YoY)

UPL On Rights Issue 👇

Have made appropriate progress, will make necessary announcements after Q2 Results

Alert | UPL had first announced about raising funds via rights issue in Dec 2023

In March 2024, UPL said co in process of completing compliances for rights issue

#AxisBank

IIFL on Axis Bank: Maintain Buy on Bank, target price at Rs 1360/Sh

Bernstein on Axis Bank: Maintain Outperform on Bank, target price at Rs 1250/Sh

DAM on Axis Bank: Maintain Buy on Bank, target price at Rs 1360/Sh

Nuvama on Axis Bank: Maintain Buy on Bank, target price at Rs 1335/Sh

Nomura on Axis Bank: Maintain Buy on Bank, target price at Rs 1380/Sh

Macquarie on Axis Bank: Maintain Outperform on Bank, target price at Rs 1400/Sh

MS on Axis Bank: Maintain Overweight on Bank, target price at Rs 1445/Sh

Investec on Axis Bank: Maintain Buy on Bank, cut target price at Rs 1298/Sh versus Rs 1340/Sh
Citi on Axis Bank: Maintain Buy on Bank, target price at Rs 1290/Sh

MADE HIGH 205₹ To 249₹ ✅

BOOK PART PROFIT AND RISKY TRADER CAN WAIT FOR 1 TARGET ✅👍💯📉

BANKNIFTY 51800 CE BUY ABOVE - 205₹

STOPLOSS - PREMIUM

TARGET - 280₹/350₹/430₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

MADE HIGH 200₹ To 285₹ ✅

OUR 1 TARGET COMPLETE ✅ 💯

BOOK PROFIT AND RISKY TRADER CAN WAIT FOR 2 TARGET ✅👍💯📉

BANKNIFTY 51100 CE BUY ABOVE - 200₹

STOPLOSS - PREMIUM

TARGET - 280₹/350₹/430₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

Cellecor Gadgets Ltd. Partners with OSIA Hyper Retail Ltd to Expand Retail Presence in Gujarat

Cellecor Gadgets announced a business collaboration with OSIA Hyper Retail Ltd, Gujarat's leading retail chain.

The partnership will enable Cellecor to bring its wide range of appliances and smart gadgets to over 43 stores across 15 cities in Gujarat.

Company anticipates that this strategic partnership will drive its business in the Gujarat region to exceed ₹100 crores in the next 12 months.

JTEKT India to Build New Factory in Gujarat 🏭

🔹JTEKT India has approved the construction of a new factory in Jalisana, Ahmedabad

🔹Investment: ₹250 crores for the plant building

🔹Purpose: Expand production capacity for steering/driveline products

🔹Construction to begin in Winter 2024-25, with new infrastructure expected by FY 2027-28.

#JTEKT #NewFactory #ManufacturingExpansion #Gujarat

💊NATCO Pharma announces that Mylan Pharmaceuticals and Novo Nordisk have reached a settlement in the U.S. regarding patent litigation over generic Ozempic (Semaglutide).

NATCO and Mylan are collaborating on the development of the product🤝

#NATCOPharma #PharmaNews #Ozempic #PatentSettlement #HealthcareInnovation

Initiate Buy on JSW Energy, TP Rs 885 Expect JSW to deliver a solid 38% EBITDA CAGR over FY24-27F, underpinned by an over 2x increase in operational capacity & healthy margins on RE generation projects.

JAMMU & KASHMIR ASSEMBLY ELECTION UPDATE: CONGRESS: 31, BJP: 16, PDP: 3

ZHENG SHANJIE NDRC

• Economy progressing with stability; expect a good grain harvest this year

• Industrial output has been strong in first 8 months

• China services industry growth has been fast; external environment complex, grim

• China economy faces increasing downward pressure; market expectations have improved a lot recently

• Confident can fully achieve 2024 economic goals

• New policy package focuses on issues at hand & long-term

• New policies to improve health of economic actors; will focus more on promoting consumption

• Policies aimed at downward eco pressure; will step up counter-cyclical measures

• Policies aimed to help property markets, lift capital markets

• Will speed up implementation of addl measures; quicken progress on fiscal spending

Matt Orton Raymond James Investment Says There Is A Significant Imbalance w.r.t. Fund Flows

Investors Have Been Underweight On India Amongst Emerging Markets

Investors Will Wait For Data From China To Decide On Making Further Investments

When Fundamentals Remain In Place, Like In India, One Must Have Their Basket Ready For Investment

Like M&M And Infrastructure Theme In India -CNBCTV18

Macquarie Capital Says Valuations In Midcap & Small Caps Were Excessive

Indian Market Will Face Headwinds In This Month & Next Too

Hedge Funds Typically First To Move, Long Only Funds Then Follow -CNBCTV18

Motilal Oswal Initiates on PFC REC

Initiates on PFC with a BUY rating and a TP of INR560

Initiates on REC with a BUY rating and a TP of INR630

PFC and REC fueling the nation’s energy boom

Investment opportunity of Rs 42 trillion and more

NALCO Says Alumina Prices Are Dependent On Demand And Supply Situation

Believe Aluminum Prices Will Come Down

Aluminum Price Expected To Be In The Range Of $2,300/Tonne To $2,500/Tonne-CNBCTV18

Expect alumina prices to be in this range for next 4 to 5 months

Capex target of Rs 2,000 cr to Rs 2,500 cr for the next year

Expect alumina production at 2.6 mt in FY25-26 and nearly 3.1 mt the year after

Alumina prices are dependent on demand and supply situation, believe prices will come down -CNBCTV18

PARAS DEFENCE; Paras Anti-Drone Technologies Private Limited, a Subsidiary of Paras Defence and Space Technologies Limited (“Paras”), is the proud winner of ADITI 1.0 Challenge for "Mobile Ground Station in S/X/Ka band for Transmitting and Receiving Data from Satellites".

Defence Innovation Organisation (DIO) launched ADITI under iDEX to promote critical defence technologies.

Paras Anti-Drone Technologies is eligible for a grant of up to 50% of the Product Development Budget, capped at Rs. 25 crore.

Post this ,Paras Anti-Drone Technologies Private Limited will engage in the development of a groundbreaking Mobile Ground Station system.

This solution, under development, leverages cutting- edge phased array technology to address next-generation demands for high-data-rate connectivity and multi-satellite tracking

Expect mid-teens growth for #Midcap companies

IT numbers may beat street expectations. Expect 7-9% revenue growth for large cap IT cos in FY26

-Kawaljeet Saluja, Kotak Institutional Equities

ICICI Securities on Vedanta
👍 Resuming coverage with TP of INR 600/share
👉 Co is weaving its growth story around two ‘Vs’ and one ‘C’>> Volume, value, and cost reduction–across segments

Factors
1⃣ Cost reduction at Al divison and Volume at both Zinc India and Zinc International likely to be the key earnings growth drivers
2⃣ Oil and Gas to benefit from progressively higher share of RSC blocks
3⃣ Plans in place for volume led growth in other divisions as well
4⃣ Sharp reduction in parent's debt and possibility of further reduction by USD 2.5bn in 3 years likely to sustain dividend yield at high levels

Jefferies On India Property

• Retains Macrotech and Godrej Properties as its preferred picks

• Lodha and Godrej Properties achieved 48%/51% of pre-sales annual guidance in H1FY25

• Believes Godrej Properties ( GPL) may beat its guidance of Rs 27,000 crore pre-sales in FY25

Jefferies sees 13% downside in KaynesTech Target 4,540.

AUTO ; FADA Says Overall sales witnessed significant decline of 9.26% YoY

Rupee Opens At 83.94/$ Vs Friday's Close Of 83.97/$

WELSPUN ENT , WELSPUN CORP , WELSPUN LIVING ; WelspunGroup aims for ₹1 lakh crore revenue in next three to five years

CLSA Global Equity Strategy

Yet strategically we argue India still offers the strongest scalable EM growth story

Raise China to 5% overweight by cutting India overweight to 10% from 20%

FADA Says Mixed performance observed across segments in Sept

Passenger vehicle dealers under financial pressure, increased cash flow challenges

Festive season boost with both Navratri, Diwali falling in same month, expected to uplift sales

BIG INITIATING COVERAGE REPORT BY *INCRED CAPITAL* ON *TCPL PACKAGING*
INITIATE COVERAGE WITH HIGH CONVICTION ADD RATING, TARGET PRICE AT 4250/SHARE
TCPL Packaging (TCPL) produces a slew of packaging products across flexible and folding carton categories for multiple industries like FMCG, tobacco, liquor, electronics and others,
with FMCG & food and beverage or F&B contributing c.55-60% to its total revenue.
Strong traction in exports is expected to continue in the medium term

*Key Rationale*
1) Strong capability to onboard large customers and ability to improve wallet share with existing customers
2) Strong thrust on capacity expansion, and
3) Push on sustainable packaging from end consumers (especially the FMCG Industry) to help improve revenue share of its subsidiary TCPL Innofilms
4) TCPL Innofilms which is piloting some recyclable products for notable FMCG customers.

Factor in a 12%/20% sales/EPS CAGR over FY24-FY27F
Estimate a +115bp EBITDA margin expansion over FY24-FY27F

BANKNIFTY 51600 CE BUY ABOVE - 400₹

STOPLOSS - PREMIUM

TARGET - 480₹/550₹/630₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

MADE HIGH 390₹ To 420₹ ✅

BOOK PART PROFIT AND RISKY TRADER CAN WAIT FOR 1 TARGET ✅👍💯📉

BANKNIFTY 52400 PE BUY ABOVE - 390₹

STOPLOSS - PREMIUM

TARGET - 480₹/550₹/630₹

WAIT FOR LEVEL ACTIVATION ✅ ✅

Anil Ambani led Reliance Group Partners With Druk Holding & Investments To Develop Solar & Hydropower Projects In #Bhutan

Reliance Group & Druk To Jointly Develop 500 MW Of solar And 770 MW Of Hydropower Projects

Reliance Enterprises Has Been Set Up To Promote & Invest In The Clean And Green Energy Sector In
Bhutan

*WHAT HAPPENED OVERNIGHT*

-> US equities stabilized, VIX -1.25% to 19.00

-> SPX +0.01%, Nasdaq +0.08%

-> Yields back to pre-Tuesday's Middle East events, 10y yield + 5 bps to 3.78%

-> Dollar Index +0.45% to 101.64

-> JPY global underperformer, USDJPY +2% at 146.40

-> Oil up 1.6% to $74.74

-> While Iran's President vowed a "stronger response" if Israel retaliates, there was no retaliatory attack yet

-> Up next: US jobs data on Friday

Class 8 Truck Orders: Bharat Forge In Focus

🚛September Orders At 30,000 Units, Up 124% MoM & Down 3.5% YoY

🚛September Orders At A 10-month High

Alert: Historically, OEMs Open Order Books For Next Year In September

INVESTEC ON GODREJ PROPERTIES

• Upgrade to Buy; target price at Rs 4200

• Strong growth trends while diversifying its operations

• No overly reliant on a single region for growth

• Established brand recognition

• Sales remain more sustainable

MORGAN STANLEY ON TITAN

• Maintain Equal-weight; target price at Rs 3570

• 80% of probability of share price rise in next 15 days

• Jewellery segment revenue expected to grow 16% YoY

• Aided by demand boost in July (July duty cut)

• High base effect of delayed Pitru Paksh in Oct last year

• Improvement in growth momentual

JPMORGAN ON CIPLA

• Maintain Overweight; target price at Rs 1165

• Domestic growth outlook healthy

• Focused on peptide and complex generics in US

• Lanreotide likely to impacted by supply challenges

• Co looking for M&A opportunities backed by its strong balance sheet position

• China likely to be a key market, but at nascent stage

MORGAN STANLEY ON DABUR

• Maintain Equal-Weight; target price at Rs 772

Q2 sales declined in mid-single digits vs management expectations of growth rate improvement

Weakness led by correction in distribution inventory in General Trade channel

Heavy rains and floods impacted out of home consumption and consumer offtake

Beverages segment impacted

Q2 EBIDTA expected to decline mid to high teens due to operating deleverage

NOMURA ON METALS

• Indian steel producers are at a sweet spot

• Higher ROEs vs previous downturns

• Continued deleveraging

• Increased domestic demand reduces exports dependency

• Improved incremental ROCE on brownfield expansion

• Global monetary easing warranting higher multiples

• Remain constructive on Indian steel names

• Costs savings and cyclical recovery under play

• JSW Steel Initiate Buy; target price at Rs 1220

• JSPL Initiate Buy; target price at Rs 1200

MADE HIGH 340₹ To 380₹ ✅

BOOK PART PROFIT AND RISKY TRADER CAN WAIT FOR 1 TARGET ✅👍💯📉

BANKNIFTY 53700 PE BUY ABOVE - 340₹

STOPLOSS - PREMIUM

TARGET - PREMIUM

WAIT FOR LEVEL ACTIVATION ✅ ✅

TOP10 Stocks In Focus
1-HINDALCO/VEDANTA/TISCO/JSW STEEL
China Booster

2-BSE
Hikes transaction charges

3-PIRAMAL PHARMA
US FDA Inspection at Ahmedabad unit with Zero Form 483 observations and NAI

4-ZYDUS LIFE
Received final approval from the USFDA to manufacture Enzalutamide Capsules, 40 mg

5-BEL
Govt. approves incorporation of JV company ‘BEL IAI AeroSystems’ with Israel Aerospace Industries

6-KAYNES TECH
The company will acquire Iskraemeco India, which is engaged in the business of smart meters
Deal value is worth Rs 43 Cr

7-LUPIN
US FDA issues 3 observations to co’s Pithampur facility

8-BIOCON
USFDA issues 4 observations

9-WELSPUN ENT.
Rs 1,989.90 Cr order from BMC

10-RADICO KHAITAN
Unveils Rampur’s newest expression of Indian Single Malt Whisky, the Barrel Blush at Whisky Live Paris 2024

UBS on 2Ws
E-com platform indicates very high discounting
Expect 2W discounting to remain high during festive season
Entry point of e-2W significantly below best selling ICE motorcycle/Scooter
TVS gaining & Hero losing market share
Retain Buy on TVS & Eicher
Sell on Hero & Bajaj

BAJAJ_FINANCE CLSA
Cmp 7766
Outperform Call, Target Rs 9,200/Share

In Past 3 Quarters, Co Faced Headwinds That Led To Profit Growth Trailing Loan Growth

Headwinds Includes RBI Ban That Resulted In Rs 200 Crore Hit To Quarterly Fee Income & NIM Compression

Higher Credit Costs May Take 1-2 More Quarters To Normalise, In Our Opinion

Even If Co Increases Credit Cost Guidance To 2%, Est FY25 EPS Would Fall Only 1-1.5%

Focus Will Be On Fundamentals – Superior Loan Growth, copies from companyupdate telegram channel Operating Leverage Over 1-2 Years

With Blockbuster Listing Of Arm, Parent Trades At Lower Multiple Than Consolidated Entity

COROMANDEL INTERNATIONAL: CO SAYS YCAS A JV HAS ALLOTTED 11 CR EQUITY SHARES AT RUPEES 13.50 PER SHARE AMOUNTING TO RS.149.72 CR TO YANMAR ASIA (SINGAPORE) CORPORATION PTE LTD

CO'S STAKE IN YCAS HAS DECREASED FROM 40% TO 10.60%

NEULAND LABORATORIES

Goldman Sachs
Buy Call, Target Rs 12,975/Share

US FDA Approval For BMS Schizophrenia Drug Is In Line With Our Expectations

US Analyst Recently Highlighted Confidence On Expectation Of Timely Approval

Key Points Now Include FDA Approval Label Details
Commercial Launch Dynamics Include Revenue Forecasts Of Our US Analysts

MANAKSIA COATED WINS RS 200 CR ORDER

JEFFERIES ON NTPC

Buy Call, Target Rs 485/Share

NTPC Green Has 3.2 GW Operational Now, Including 3.1 GW Solar And 100 MW Wind

Co Plans To Ramp Up 19x To 60 GW By 2032, Implying A 44% Capacity CAGR

A DRHP Has Been Filed For A Fresh Issue Up To Rs 10,000 Cr

Assuming 10-15% Stake Dilution And NTPC’s RE Is At A 2x Premium To Its Coal Business

Company Could Potentially Add 5-11% Upside On The Current Market Price

PIRAMAL PHARMA:

US FDA Inspection at manufacturing facility located at Ahmedabad, India, with Zero Form - 483 observations and No Action Indicated (NAI) designation.

Company that US FDA has issued an EIR for the said manufacturing facility.

NIRMAL BANG ON NAVIN FLUORINE

(CMP: 3,429.3)
UPGRADE BUY
TARGET: 4,000

Worst Is Not Behind Yet Due To Macro Factors Including China Competition

Margin Is However Expected To Improve Sequentially From The Current Base

CDMO Business Is Expected To Clock $100 m Revenue In FY27

Overhang Related To The MD's Appointment Is Also Behind Us

PITTI ENG

PROMOTER RELEASES 5.48 % PLEDGE SHARES ON 27 SEPT VIA OPEN MARKET

HERO MOTO; Goldman Sachs says lost –370bps mkt share (YoY) in September/Slips to no.2 position in domestic 2-wheeler segment (23.2% share)

PB Fintech Says PB Fintech Will Be A Minority Investor In The Company Via Which Healthcare Foray Will Happen

Will Take 20-30% Stake In This New Healthcare Company, Subject To Board Approval

ADANI ENT

Subsidiary Adani New Industries setting up facilities to produce solar glass, aluminium frames, and backsheets — key parts for its existing solar cell and module manufacturing

TotalEnergies holds 25% stake, AEL majority owner