BUSINESS
Fed policy review: What does the hawkish pause imply for equities?
For the Indian market, the risk-reward in terms of investment style is tilted in favour of large caps
BUSINESS
Who makes a better suitor for Cipla and what is in it for shareholders?
Torrent Pharma and Dr Reddy’s are among the bidders. The combined India business can surpass Sun Pharma’s from any of these two deals. Investors in both Dr Reddy’s and Cipla should wait for clarity to emerge
BUSINESS
What keeps us constructive on this carbon black manufacturer?
The company is benefitting from supportive geopolitics and domestic demand
BUSINESS
Ami Organics: Opportunities in battery value chain not priced in
Pickup in collaboration between global pharma majors and Indian firms for pharma ingredients/molecules, development of new products among positives.
BUSINESS
Vijaya Diagnostic Centre: A wider footprint with an eye on margins
Steady growth profile, strong regional presence, and a higher focus on radiology give the company an edge in a highly competitive industry.
BUSINESS
Divi’s Lab: Emerging opportunities can re-invent the earnings wheel
Though pricing headwinds remain in the generic portfolio, we believe growth opportunities in the field of contrast media, peptide building blocks and carot-enoids can reinvent the earnings trajectory for the company.
BUSINESS
What does Aarti’s result hold for the chemical sector?
Valuations are on the fair- to-expensive side and near-term challenges are not priced in, in our opinion. Hence, we downgrade our rating and keep a cautious stance.
BUSINESS
Gland Pharma: Is recovery on track?
Among the growth levers to watch for Gland Pharma – foremost is the momentum in the US operation which in past have been impacted by exit of two clients and aggressive pricing by Chinese competitors.
BUSINESS
Laurus Labs: Long runway ahead
A shift in procurement timing of global agencies was disappointing. Having said that, the pricing headwinds in ARV (anti-retroviral) business is stabilising and there is a sequential pickup in the sales volume of ARV-APIs.
BUSINESS
Sun Pharma: Steady growth, but higher valuation
Higher R&D expense, moderation of Revlimid opportunity, higher operational expenses and increased competitive intensity would weigh on the company in the near term. We remain on the sidelines
BUSINESS
Concord Biotech IPO: A differentiated API portfolio to play the China+1 opportunity
The business warrants attention due to superior financials, barriers to entry, and significant market share for key molecules
BUSINESS
Nocil: Domestic tyre industry the key growth driver in the near term
The company is well positioned to capture the pick-up in global demand, whenever the tide turns, given the capacity headroom, lean balance sheet, and a diverse portfolio, wherein 25 percent products are specialty applications.
BUSINESS
Navin Fluorine: Improved show by specialty chemicals
Though promising signs are emerging for the CDMO and specialty chemicals business, investors should accumulate the stock only during the consolidation phase of the market.
BUSINESS
Syngene: Inorganic initiative to speed up biologics manufacturing bandwidth
In the medium term, complex APIs and biologics manufacturing would be leading growth drivers.
BUSINESS
Dr Reddy’s: US business momentum cannot be extrapolated
The key growth element missing for Dr Reddy’s is an India story. It aspires to improve its rank and increase maket share in the chronic portfolio in he country. At present, it is a work-in-progress
BUSINESS
Cipla: Sailing well on the US pharma business front
The company’s chronic portfolio continues to gain strength and the US base business has moved to a new orbit. This is supportive for medium-term earnings growth, which makes us constructive on the business.
BUSINESS
Fed policy: What next for investors after a strong run in equities?
The US Fed has hiked its policy rate by 25 basis points but there is a good chance that if inflation remains subdued, it will pause again
BUSINESS
SRF: Chemicals lost some shine, but investments for long term remain on track
In the run-up to results, the stock has corrected by 16 percent. The current consolidation opens an opportunity to accumulate the stock
BUSINESS
Yatharth Hospitals IPO: Wait for a more differentiated business model to emerge
The bulk of the business comes from the NCR region, which is a crowded market for hospitals. Hence, investors looking for long-term gains should wait
BUSINESS
Hikal: Green compliance issues weigh heavy on valuation
The Gujarat Pollution Control Board’s directive to cease operations at the company’s Panoli plant follows a similar move by the Maharashtra Pollution Control Board over its Taloja plant. We are closing our coverage of the company.
BUSINESS
Himadri Speciality: What should investors do after a stellar run?
In the last four quarters, there has been a consistent improvement in operating margin profile. Performance improvement is broadly in line with the base scenario mentioned in the July’22 note.
BUSINESS
Is there more steam left in this leading carbon black maker?
This company accounts for more than 60% of carbon black exports from India and expected to be a key beneficiary of diversification of international supply chains
BUSINESS
Is it time to look at this oleochemicals derivatives play?
The chemicals sector is going through a cyclical slowdown where a large part of the near-term headwinds is already priced in
BUSINESS
Galaxy Surfactants: Macro challenges to ease in H1 FY24
Lower product prices, on account of a drop in fatty alcohol prices, is expected to bring demand back for speciality products, albeit gradually.
