Ashok Leyland (CLSA)
– Recommendation: Buy, Target Price (TP): Rs 238
– Positive outlook on commercial vehicle (CV) due to robust freight rates.
– Truck tonnage growth surpasses volume growth.
– Anticipated growth: 6%/10% YoY in heavy truck volumes.
Manappuram Finance (Morgan Stanley)
– Recommendation: Overweight (OW), TP: Rs 210
– Focus on maintaining a 20% ROE with sustainable 20% loan growth.
– Aiming for 8% growth in gold loans with a 21-22% yield.
– Detailed insights on non-gold businesses expected to boost investor trust.
Oil & Gas (Morgan Stanley)
– Windfall tax adjustments for oil production and diesel exports in response to oil price changes.
– Reintroduction of jet fuel taxes; no change in gasoline export tax.
– Preferred stocks: RIL, HPCL, ONGC, Oil India, IOCL, and GAIL.
Delhivery (Macquarie)
– Recommendation: Outperform, TP: Rs 520
– Optimistic about 2H growth.
– Predicts 15%+ GMV growth in e-commerce.
– Claims to have increased or maintained market share in the 3PL sector.
Varun Beverages (CLSA & Jefferies)
– CLSA: Upgraded to Buy, TP increased to Rs 1419.
– Jefferies: Buy, TP: Rs 1100.
– SA acquisition aligns with VBL’s expansion strategy.
– Acquisition of The Beverage Co accelerates growth; boosts Ebitda/volume by 7-15%.
Mannapuram Finance Analyst Meeting
– Non-gold sectors are now profitable.
– Expansion into EV financing; plans for more dealership partnerships.
– Asirvad Public Issue anticipated by mid-Feb.
Vedant Fashion Management Meet (B&K Securities)
– Current market demand remains tough.
– Potential to grow retail presence by 50% based on consumption patterns.
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