Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Eicher Motors, Grasim Industries, FSN E-Commerce, Rainbow Medicare and Apollo Hospitals among others.
CLSA On Gold Financiers
Upgrade Muthoot To Outperform From Hold, Target Raised To Rs 2,400/sh
Outperform Call On Manappuram Fin, Target Raised To Rs 225/sh
Momentum In Gold Loan Segment In 9MFY25 Has Remained Robust
Bks Have Reported 70% YoY Growth Here As Of Dec 2024, Led By SBI
Muthoot Fin & Manappuram Fin Have Also Gained From Momentum/Restriction On Peers
Hindalco
Citi On Hindalco
Buy Call, Target Rs 725/sh
Novelis’ Q3 Adj EBITDA Fell 19% YoY, Hurt By Higher Aluminum Scrap Prices
EBITDA Also Fell On Unfavorable Product Mix
Novelis Expects 4QFY25 to Be Stronger & More In-line With Q2FY25
Novelis Expects Higher Seasonal Volumes, More Favorable Product Mix In Q4
Novelis Is Diversifying/Expanding Scrap Inputs
Novelis Working On Ops & Cost Efficiency To Offset Pressures From Rising Scrap Prices
Believe Most Concerns Are Likely Priced In
Stk Trades At Sub-5x (Adjusting For Capital Work In Progress)
Jefferies On Hindalco
Buy Call, Target Rs 800/sh
Novelis' Q3 EBITDA Fell 19% YoY(6% Miss); Volumes Declined 1% YoY
EBITDA/t Fell 17% QoQ To $406 On Higher Scrap Prices And Adverse Mix
Novelis Expects Q4 Margin To Rise QoQ To Near-Q2 Level Boosted By New Contract Pricing
Aluminum Costs Are A Pass Through For Novelis, US Import Tariffs Could Pose Some Risk
Grasim Industries
Jefferies On Grasim
Buy Call, Target Rs 3,150/sh
Q3 EBITDA Below Est, Largely Led By Lower VSF Profitability
New Biz Revenues Jumped 52% QoQ & EBITDA Loss Shrinks To Rs 325 Cr Vs Rs 350 Cr Loss QoQ
Paint Segment Rev Improved, B2B eCom Revenue Also Grew
Net Debt Increased As Paint Capex Touches 90% Of Target
MS On Grasim
Equal-weight Call, Target Rs 2,950/sh
Q3 EBITDA Missed, But Good Traction In Paints
CSF+CFY Volumes Were Flat YoY & 2% Below Est
Caustic Soda Sales Volumes Grew 1% YoY, 4% Above Est
Production Is Steadily Ramping Up –Co Has Further Expanded Its Product Portfolio
MS On Eicher Motors
Underweight Call, Target Rs 3,855/sh
Q3 EBITDA Missed Est Owing To Weaker Mix Plus Higher Promotional & Launch Expenses
Growth Over Margins Is Right Strategy
Stock Pricing In High Growth & High Margins, Achieving Both Will Be Tough
Lower FY25-27 EBITDA Margin Est
MS On Apollo Hospitals
Overweight Call, Target Rs 8,159/sh
Cons Revenue Led By 15% YoY Growth In AHLL & Apollo Healthco
13% YoY Growth In HC Services Segment
Consolidated EBITDA Was Up 24% YoY, In-Line With Estimates
Working With Microsoft To Advance Healthcare Ai With Focus On Disease Progression & Genomics
24/7 Cash Losses Reduce QoQ But GMV Growth Has Also Moderated
Retail Insurance Sourcing To Start In Q4FY25
MS On Nykaa
Overweight Call, Target Rs 200/sh
Both Revenue Growth & EBITDA Margins Saw A Strong Beat
Like Consistent Topline Delivery In Beauty Over Last Few Qtrs In Weak Demand Environment
View Cos As A Consumer Business With A Technology Edge
Overall Build In A 29% Top-Line CAGR Over FY24-27, Led By 29% Growth For Beauty Biz
HSBC On Rainbow Medicare
Buy Call, Target Rs 1,720/sh
Cost Control Led Beat In EBITDA Margins In Q3FY25; Revenue Was In Line With Est
Expect EBITDA Margins Of 31-32% Over FY25-27
Scale-up In Recent Units To Offset Costs Related To New Beds
Key Catalyst Will Be Start Of Construction Of The Gurugram Facilities
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