Morgan Stanley on DLF
– DLF plans to unveil the first 500 units of Arbour 2/Privana South in Sector 77 on December 21.
– The development covers 28 acres with an expected sales value of Rs 90 billion, given an ASP of Rs 18K psf.
– If 50% of the units are pre-sold in December, it may contribute Rs 45 billion to 3Q pre-sales.
Jefferies on Banking
– While banks present higher interest rates, major banks now offer reduced rates. Some even offer rates lower than small banks.
– IIB stands out among smaller banks with its lower rates.
– Reduced NIMs could impact earnings, but there could be compensating factors.
Jefferies on Metals
– After a 22% decline from March to October, Asian flat steel prices (HRC) have climbed 8% in the past two months.
– However, the Asian steel margin remains close to its lowest in ten years. The JEF global metals team holds a cautiously optimistic view for 2024 and favors COAL over HNDL/TATA.
Macquaire on USL
– USL is expected to see a 10% rise in prestige sales for 3QFY24.
– Gross margins may dip quarter-on-quarter due to expiring cost covers.
HSBC on Agri for (2024)
– The sector is anticipated to rebound in the latter half of 2024, driven by inventory normalization and stable pesticide prices.
– Integrated players are preferred by HSBC due to potential earnings growth and margin improvement.
– Recommendations: Buy on UPL (TP Rs 750), PI Ind (TP Rs 4,100), and Dhanuka Agri (TP revised to Rs 1,200). RALI is downgraded to Reduce (TP Rs 195), while Bayer Corp holds at Hold with a TP of Rs 5,600.
VENUS PIPES Management Update
– The company is primed for significant export growth, targeting the US and Gulf regions after achieving success in Europe.
– They aim to export 5,000 tonnes annually for the next five years.
Motilal Oswal Financial Meeting: Elara Securities
– Expected CAGR for Operating PAT is between 15-20%.
– Plans to go public with the housing business post-demerger.
Nuvama on Orchid Pharma
– A buy recommendation with a TP of Rs 900.
– The core business is expanding, and new leadership is delivering on their commitments.
– PLI is expected to bolster API positioning and revenue.
Investec on Yatra Online
– A buy call with a TP of Rs 215.
– Yatra leads in the enterprise OTA sector.
– The IPO funding is a significant growth and margin driver.
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