SBI Securities

*SSL Research*

*3QFY25 Result Update*

*Kansai Nerolac Paints Ltd. (CMP: Rs 245 | Mkt Cap: Rs 19,812 cr)*

https://x.com/_sbisecurities/status/1887120857698545944?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*Thanks*

*IPO Note*

*Ajax Engineering Ltd.*

Kindly refer to the IPO note on Ajax Engineering Limited below.

Kindly note, SBICaps Ltd is the merchant Bank to the issue and hence as per compliance, SBI Securities Ltd cannot assign any view to the issue

However the note will help you decode the business model, key operating and financial metrics and key issue details.

*_For further details please refer the attached note_*

SSL Research*

*3QFY25 Result Update*

*Mrs. Bectors Food Specialities Ltd. (CMP: Rs 1,480 | Mkt Cap: Rs 9,087 cr)*

https://x.com/_sbisecurities/status/1887072707143184627?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*Thanks*

*SSL Research*

*Asian Paints Ltd 3QFY25 Concall KTAs*

https://x.com/_sbisecurities/status/1887000642042134807?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*View & Valuation: The numbers are marginally below expectations. The domestic decorative segment has been subdued while industrial and international businesses have performed relatively well during the quarter. The demand was also impacted due to shorter Diwali season as compared to last year. The company is cautiously optimistic for next two quarters given the persisting weak demand environment. At CMP of Rs 2,256, the stock trades at FY25E/FY26E Bloomberg consensus PE of 47.1x/42.4x respectively. We believe the stock will consolidate in near term and expect the medium-term fair value of the stock to be at Rs 2,395.*

*Thanks*

*SSL Research*

*Titan Company Ltd 3QFY25 Concall KTAs*

https://x.com/_sbisecurities/status/1887013078631641143?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*View & Valuation: The company has reported overall healthy set of numbers. While the management believes margins to maintain, the outlook for the upcoming quarter is uncertain due to high gold prices (albeit first two weeks saw good growth as per the management). At CMP of Rs 3,512, the stock trades at FY25E/FY26E Bloomberg consolidated PE of 85.4x/64.0x respectively. We expect the medium-term fair price of the stock to be in the range of Rs 3,800-3,840.*

*Thanks*

https://x.com/_sbisecurities/status/1887006217140396436?t=uIB7F1WCOQt12luPrJg3mA&s=35

*Rising Star l Result Update Long Term Investment Call | Duration: 12 to 15 months*

Buy *Aditya Birla Capital Ltd* @ 168.0 TGT 280.0

Please see our disclaimer

*Rising Star l Result Update Long Term Investment Call | Duration: 12 to 18 months*

Buy *Dhanuka Agritech Ltd* @ 1,389.0 TGT 1,694.0

Please see our disclaimer

*SSL Research*

*3QFY25 Result Summary*

*Strong*💪

⏩ *Bharat Bijlee Ltd. (CMP: Rs 3,475 | Mkt Cap: Rs 3,928 cr)*

⏩ *Tata Power Ltd (CMP: Rs 369 | Mkt Cap: Rs 1,18,180 cr)*

⏩ *Hindustan Oil Exploration Ltd (CMP: Rs 198 | Mkt Cap: Rs 2,618 cr)*

⏩ *Interarch Building Products Ltd (CMP: Rs 1,674 | Mkt Cap: Rs 2,785 cr)*

⏩ *Azad Engineering Ltd (CMP: Rs 1,485| Mkt Cap: Rs 8,779 cr)*

⏩ *Zydus Wellness Ltd. (CMP: Rs 1,813 | Mkt Cap: Rs 11,536 cr)*

⏩ *Lemon Tree Hotels Ltd (CMP: Rs 148 | Mkt Cap: Rs 11,686 cr)*

⏩ *V-Mart Retail Ltd (CMP: Rs 3,538 | Mkt Cap: Rs 7,003 cr)*

*Decent*

⏩ *Sharda Motor Industries Ltd (CMP: Rs 1,809 | Mkt Cap: Rs 5,378 cr)*

⏩ *Automotive Axles Ltd (CMP: Rs 1,690 | Mkt Cap: Rs 2,554 cr)*

⏩ *Torrent Power Ltd (CMP: Rs 1,406 | Mkt Cap: Rs 70,892 cr)*

⏩ *Whirlpool India Ltd (CMP: Rs 1,168 | Mkt Cap: Rs 14,829 cr)*

⏩ *Dhanlaxmi Bank Ltd (CMP: Rs 26.0 | Mkt Cap: Rs 1,026 cr)*

⏩ *Paisalo Digital Ltd (CMP: Rs 45.4 | Mkt Cap: Rs 4,075 cr)*

⏩ *Max Financial Services Ltd (CMP: Rs 1,121 | Mkt Cap: Rs 38,675 cr)*

⏩ *Titan Company Ltd (CMP: Rs 3,574 | Mkt Cap: Rs 3,17,295 cr)*

⏩ *Ajmera Realty Ltd (CMP: Rs 974 | Mkt Cap: Rs 3,832 cr)*

*Weak*

⏩ *BASF India Ltd (CMP: Rs 4,235 | Mkt Cap: Rs 18,333 cr)*

⏩ *Fine Organic Industries Ltd (CMP: Rs 4,567 | Mkt Cap: Rs 14,002 cr)*

⏩ *JK Tyre & Industries Ltd (CMP: Rs 315 | Mkt Cap: Rs 8,632 cr)*

⏩ *Gandhar Oil Refinery Ltd (CMP: Rs 176 | Mkt Cap: Rs 1,723 cr)*

⏩ *Gandhar Oil Refinery Ltd (CMP: Rs 176 | Mkt Cap: Rs 1,723 cr)*

⏩ *Kirloskar Ferrous Industries Ltd (CMP: Rs 526 | Mkt Cap: Rs 8,652 cr)*

⏩ *India Glycols Ltd (CMP: Rs 1,475 | Mkt Cap: Rs 4,566 cr)*

⏩ *Quick Heal Technologies Ltd (CMP: Rs 434 | Mkt Cap: Rs 2,341 cr)*

⏩ *Asian Paints Ltd (CMP: Rs 2,280 | Mkt Cap: Rs 2,18,697 cr)*

⏩ *Godrej Properties Ltd (CMP: Rs 2,450 | Mkt Cap: Rs 73,790 cr)*

⏩ *Kajaria Ceramics Ltd (CMP: Rs 964 | Mkt Cap: Rs 15,354 cr)*

⏩ *Birla Corporation Ltd (CMP: Rs 1,183 | Mkt Cap: Rs 9,109 cr)*

⏩ *Safari Industries (India) Ltd (CMP: Rs 2,329 | Mkt Cap: Rs 11,386 cr*

https://youtu.be/nJot8oMdt3g

*Podcast Link* 👆

*Indian equity market registered one of the best single day rally in nearly a month as Nifty 50 jumped 380 points with strong market breadth. FIIs net bought yesterday after 23 consecutive days of selling in the cash market. The Global cues appear to be positive as US market overnight closed higher. RBI’ 3 days MPC meeting to kickstart from today and outcome is on Friday. With mixed Asian market cues, we expect a flat to positive start for our market today*

*Stocks in Focus: Titan, Lemon Tree, Whirlpool, RVNL, Global Health, ICRA, Azad Engineering, PC Jewellers, Tata Power*

Dear All,

Daily Morning Bytes podcast covers

(1) *Pitch Report of the Day,*

(2) *Key Actionable News and Qtrly Results*

(3) *Institutional activity*

(4) *Key economic events to track and*

(5) *Trading/investment strategy for the short to medium term strategy*

Kindly subscribe to SBI Securities YouTube Channel to get such regular updates

*_Do remember to share the podcast with your friends n family, as they would also be keen to remain updated on latest developments in the stock market._*

Thank You and Good Day

SBI Securities Ltd

Sbi_Securities_Daily_Market_Mirror_05-02-2025.pdf

Dear All,

Sharing the Sbi Securities Daily Technical Podcast which covers

• Heavyweights Drive Nifty Higher; Broader Market Lags

• Key Nifty & Bank Nifty Levels,
• Derivative Data Interpretation,
• FII Action in Cash & Derivative Segment,
• Global Set up,
• Stocks and Sectors in Focus.

Click on the below links to access the podcasts at your convenience:

Podcast Link:
https://youtu.be/86ET0yFqhTc

Regards,
Sbi Securities Ltd.

SBI_Securities_Daily_Derivative_Report_05-02-2025.pdf

SBI_Securities_Sectoral_Technical_Snapshot_04-02-2025.pdf

SBI_Securities_Sectoral_Derivative_Snapshot_04-02-2025.pdf

Budget 2025 – Capex Update

⏩ FY26E Capex at Rs 11.2 lakh cr, up 9.8% over FY25 RE

Budget 2025 – Income Tax Update (New tax Regime)

⏩ Revised Tax Slabs: Rs 0-4 lakh – NIL; Rs 4-8 lakh – 5%; Rs 8-12 lakh - 10%; Rs 12-16 lakh - 15%; Rs 16-20 lakh - 20%; Rs 20-24 lakh - 25%; >Rs 24 lakh – 30%

*Budget 2025 - Govt Borrowing Update*

⏩ FY26E Gross Market Borrowings at Rs 14.82 lk cr, up 5.7%

Budget 2025

Government to introduce new Income Tax Bill next week

*Budget 2025 - Fiscal Deficit Update*

FY25E: 4.8% of GDP; FY26E: 4.4% of GDP

Budget 2025 – Nuclear Energy Update

⏩ Nuclear Energy Mission for R&D of small modular reactors with Rs 20,000 crore outlay to be set up. 5 small modular reactors to be operationalised by 2033

Budget 2025 - Insurance Update

⏩ FDI in Insurance sector hiked from 74% to 100%

Budget 2025 - Agriculture Update

⏩ To setup greenfield urea fertiliser plant in Assam with a 12.7 lakh ton capacity

⏩ Loan limit for farmers enhanced from Rs 3 lakh to Rs 5 lakh under new Kisan Credit Card scheme

*SSL Research*

*3QFY25 Result Update*

*IndusInd Bank Ltd*

*3QFY25 Financial Overview and Concall KTAs*

https://x.com/_sbisecurities/status/1885546876168015968?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*View & Valuation*: The bank posted stable set of numbers during the quarter. Micro-finance segment slippages continue to remain elevated. Management anticipates stress in the micro-finance segment to reduce in FY26. At CMP of Rs 992, the stock is trading at a P/B multiple of 1.1x/1.0x for FY25E/FY26E based on Bloomberg consensus estimates. The near-term fair value of the bank is estimated to be in the range of Rs 1,030-1,070.

*Thanks*

Please find the below list of companies with a high-yield track record. The dividend yield is computed based on the closing price as on 31 January 2025

We have considered companies that have consistently paid dividend in all the last 3 years – i.e FY24/CY23, FY23/CY22, and FY22/CY21. Adj. EPS is based on consolidated earnings.

*Please Note*: Any deterioration in the operating performance of the company may impact future dividend payments. Hence, the current dividend yield is not indicative of continuation of the likely dividend payment in the future.

Kindly refer to the report for more information.

*SSL Research*

*3QFY25 Result Update*

*Nuvama Wealth Management Ltd*

*3QFY25 Financial Overview*

https://x.com/_sbisecurities/status/1885526222190633396?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

Analyst Conference call scheduled Monday (Feb 3) at 11:00 AM.

*Thanks*

https://youtu.be/DpxHz0goUac

*Podcast Link* 👆

*Indian indices ended higher ahead of the Union Budget with the benchmark Nifty/Sensex gaining 1.1%/1.0% yesterday. Broader markets outperformed with Nifty Midcap/Smallcap ending 1.9%/2.1% higher. Expect sector/stock specific moves today based on the announcements in the Budget. Sectors such as Auto, Realty, Cement, Infrastructure, Agri, Rural, Consumption, BFSI will be in focus today.*


*Stocks in Focus: Waaree Energies, Nestle India, KPI Green, Inox Wind, Tata Power*

Dear All

Daily Morning Bytes podcast covers

(1) *Pitch Report of the Day,*

(2) *Key Actionable News and Qtrly Results*

(3) *Institutional activity*

(4) *Key economic events to track and*

(5) *Trading/investment strategy for the short to medium term strategy*

Kindly subscribe to SBI Securities YouTube Channel to get such regular updates

*_Do remember to share the podcast with your friends n family, as they would also be keen to remain updated on latest developments in the stock market._*

Thank You and Good Day

SBI Securities Ltd

*SSL Research*

*3QFY25 Result Update*

*Punjab National Bank*

*3QFY25 Financial Overview and Concall KTAs*

https://x.com/_sbisecurities/status/1885523937242865824?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*View & Valuation*: The bank posted stable set of numbers during the quarter. Asset quality continues to improve for the bank driven by healthy recovery. The management expects robust business growth driven by a strong balance sheet. At CMP of Rs 101, the stock is trading at a P/B multiple of 1.0x/0.9x for FY25E/FY26E based on Bloomberg consensus estimates. The near-term fair value of the bank is estimated to be in the range of Rs 125-130.

*Thanks*

Sbi_Securities_Daily_Market_Mirror_1-02-2025.pdf

*SSL RESEARCH*

*Triveni Turbines Ltd - 3QFY25 Result Update*

https://x.com/_sbisecurities/status/1885521226761703446?s=46


*Thanks*

*SSL Research*

*Inox Wind Ltd 3QFY25 Concall KTAs*

https://x.com/_sbisecurities/status/1885338328641528118?s=46&t=tAv0kfCQeNv0krS0GhVFNQ

*View & Valuation: At current price, the stock is trading at P/E multiple of 45.7x/28.0x of its FY25E/FY26E Bloomberg consensus earnings respectively. The overall performance is strong and we expect the stock outperform in long term. The fair value of the stock to be Rs 180-190*

*Thanks*