Goldman Sachs On Avenue Supermart

Sell Call, Target Cut To `3,425/Sh From `4,000/Sh

DMart’s Competitive Moat Is Facing Increasing Pressure

Increasing Price Discounts To Maintain Competitive Advantage

DMart’s Growth Headroom Is Outside The Top 10 Cities

Cut Our FY25/26/27 Earnings Est By 4.2%/6.2%/6.1%, Accounting For Lower Revenue Growth

CLSA On Cement

Rise In Cement Prices Implies That Pan India Q3 Prices Are Up 3.5% QoQ But Still Down 5% YoY

Consensus Estimates Imply A 4% Price Increase In H2FY25

Sustainability Of These Hikes Through March Would Be Key In Achieving These Estimates

After A Weak October, There Was A Gradual Volume Recovery In The Back Half Of November

Remain Positive Of A Demand Rebound In H2FY25 And FY26

Remain Selective & Relatively Prefer Ultratech

HSBC On PB Fintech

Initiate Buy Call, Target At `2,550/Sh

Co Operates India’s Largest Online Insurance Marketplace & Has Built Strong Competitive Leads

Substantial Operating Leverage Over FY25-28 To Drive 66% Profit After Tax CAGR Vs 27% Rev CAGR

Forecast That The EBITDA Margin Will Improve From 3% In FY25 To 19% In FY28

Morgan Stanley On Bajaj Finance

Overweight Call, Target At `9,000/Sh

Co Has Augmented Its Customer Franchise Goals

Three New Megatrends Are Found In Its New LRS – Green Finance, Multi-Cloud, Zero Trust

Co Seeks To Integrate AI In Processes To Boost Customer Engagement & Revenue

AI Integration Will Reduce Operating And Credit Costs & Strengthen Controllership

HSBC On Pharma

Expect 2025 To Be Good For Cos Under Coverage, Led By Peak gRevlimid Sales

Focus Will Be On Efforts/Launches In the US & Elsewhere To Minimise the Impact Of gRevlimid Fall

Believe Underlying Growth Underpinnings Are Solid In Cipla, Sun & Torrent (All Buys)

HSBC On Oil & Gas

Retain Buy Ratings On GAIL, HPCL, BPCL, & IOC

Hold Call On Petronet LNG & Reduce On ONGC

Global Oil Price, Refining & Petrochem Margin Are Likely To Remain Weak

LNG To Strengthen On Delayed Ramp-ups

India To Be Key Destination For Global Products As It Adds Refinery, Petrochem & Pipeline Capacity

Antique On OMCs

Companies Are In A Sweet Spot Currently

Autofuel Marketing Margin Is At A High

Singapore Complex Refining Margin Has Bounced Back

Lowest Saudi Official Selling Price In Last 18 Months, Likely Due To Higher Russian Discounts

Continued Strength In Diesel Spreads Likely To Enable OMCs To Outperform Singapore Complex

Crude May Remain Rangebound Given The Global Surplus

LPG Burden Is Not A Serious Concern, Given Large Marketing Margin Cushion

Valuations Continue To Remain Attractive At 4.2–5.1 EV/EBITDA FY27

Reiterate Buy On All Three OMCs, With HPCL Remaining Preferred Pick

Jefferies On Autos

M&M, TVS & Eicher Motors Remain Preferred Buys

Valuations Are Not Cheap For Most Stocks But Multiples Will Remain Elevated

Despite Sharp Valuation Re-rating In M&M In 2024, Stock Trades At 24x FY26 Core Biz Earnings

Find M&M Attractive In Context Of 19% EPS CAGR Over FY24-27 & Rising Market Share

TVS With 35x FY26 P/E Is Highest Among Covered OEMs

Expect TVS Motor To Deliver Highest EPS CAGR At 30% Over FY24-27

Believe Eicher Motors, After 40% Underperformance Vs Nifty Auto Since Jan ‘23, Is Attractive

Motilal Oswal On Zen Tech

Buy Call, Target At `2,400/Sh

Some Indications Ordering In Key Areas Of Co Will Start Ramping Up In Coming Months

Co Is Also Close To Finalising Plans For An Inorganic Acquisition For Simulator Or Anti-Drone Biz

Motilal Oswal On VRL Logistics

Buy Call, Target At `670/Sh

Co Expects Revenue Growth Of 12-13% Annually Over Next Few Years

Margins Projected To Remain Strong At 15-16%

Tonnage Growth Is Estimated At 8-10% With Efforts Underway To Accelerate This Further

Co Is Investing Heavily In Infra, With Plans To Invest `250 Cr For 25-Acre Hub In Bengaluru

Despite Ongoing Capex Toward Trucks & Hubs, Debt Levels Are Expected To Remain Stable

JM Financial On BHEL

Buy Call, Target At `371/Sh

Co Bagged Orders For 10,400 MW Of Projects In FY25

Expect Revenue/EBITDA To Grow At CAGR Of 30/103% Through FY24-FY27