Citi Macro Call

25-50 bps CRR Cut Could Provide Modest NIM Support Of 2-3 bps

As Proportion Of NII/PpOP, Adjustment Will Be Favorable For Lenders With Lower NIM Profile

Sentimentally CRR & Repo Rate Cut Would Be Positive For Banks With Lower LCR/Stretched LDR

CRR Can Be Viewed Favorable For HDFC Bank, Axis Bank, Federal Bank & Bank Of Baroda

50 bps Repo Rate Cut NII Sensitivity Suggests Relatively Higher Impact For Federal Bk & BoB

50 bps Repo Rate Cut Adverse Impact Is Low At <1>

Rate Cut Benefit Will Manifest Sooner For LIC Hsg Fin, Bajaj Fin, L&T Fin, M&M Fin

Goldman Sachs On Cement

Buy Call On Ultratech

Neutral On Shree Cement, Dalmia Bharat & Ambuja Cement

Sell Call On ACC

FY25 Will Be One Of Weakest Years For Cement Sector Profitability In Recent Past

Expect FY26 To Be Slightly Better

Consolidation Of Mkt Share, Capacity & Resources Will Sustain Premium Valuations For Large Players

Nomura On Oberoi Realty

Initiate Buy, Target At `2,500/Sh

Expect Solid Pre-sales And Cash Generation; Co Poised For Aggressive Biz Development

Pre-sales To Witness A 40?GR Over FY24-27 With 50% Embedded EBITDA Margin

Cumulative Hotel And Annuity Revenue To Record 35?GR Over FY24- 27

Expect `3,000-4,000 Cr/annum Operating Cash Flow Until FY27 (Before New BD/Annuity Asset Invest)

Jefferies On GAIL

Buy Call, Target At `235/Sh

India's Gas Demand Outlook Remains Robust, Driven By New Production/LNG Contracts

Co Should Gain Share In-Transmission On The Back Of Two Major Pipelines Commissioning In FY26

See Likelihood Of A Re-rating Of The Transmission Business If A Tariff Hike Ensues By March

Outlook On Trading Profitability Is Constructive In H2FY25

Project 9?ITDA CAGR Over FY24-27

Valuation Is Undemanding

CLSA On Zomato

Outperform Call, Target At `370/Sh

Swiggy Q2 Results With Overall B2C Gross Order Value Up 30% YoY, Up 23% In Q1FY25

Quick Commerce GOV Grew 76% YoY Vs 122% For Zomato (Blinkit)

Swiggy Quick Commerce's QoQ Growth Of 24% Was Similar To Blinkit At 25%

Swiggy’s Food Delivery GOV Grew 15% YoY Vs 21% For Zomato

Sequential Improvement Was Similar At 6% For Swiggy Vs 5% For Zomato

Overall, the Key Conclusion From Swiggy's Result Is That the Gap With Zomato Has Stopped Widening

In the Quick Commerce Segment There Is A Gap Where Zomato Is 81% Larger On GOV

Investec On JSW Infra

Initiate Buy Call, Target At `370/Sh

Co Is On Track To Deliver More Than 20% Rev/ EBITDA CAGR Over FY24-30

20% Rev/ EBITDA CAGR Is Based Only On Announced Projects

There Is Significant Optionality Of New Concessions Given

Government’s Aggressive Port Privatisation Targets Can Lead To Higher Rev/ EBITDA CAGR

Management Is Also an Opportunistic Approach, And Co Has a Robust Balance Sheet

JSW Infra’s Prem Valuations Look Justified

Jefferies On Supreme Ind

Buy Call, Target At `6,450/Sh

Co’s Healthy Volume Recovery Expectation In H2FY25 Is Higher Than Peers

Volume Recovery Can Help Further Market Share Gains

View Co As A Good Play On Plumbing, Agri, Infra

Estimate FY24-27 EPS CAGR At 22%