The Indian equit The Indian equity market ended with little change a highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04 percent, at 73,876.82, and the Nifty was down 18.6 points, or 0.08 percent, at 22,434.70. Broader indices outperformed with the BSE midcap index (up 0.6 percent) hitting fresh record high and smallcap index gaining 1 percent. y market ended with little change a highly volatile session on April 3. At close, the Sensex was down 27.09 points, or 0.04 percent, at 73,876.82, and the Nifty was down 18.6 points, or 0.08 percent, at 22,434.70. Broader indices outperformed with the BSE midcap index (up 0.6 percent) hitting fresh record high and smallcap index gaining 1 percent.
Granules India | Rating: Buy | Target Price: Rs 480 | Upside: 7.7 percent. In Q4FY24 and Q1FY25, the company plans to launch 3 to 4 products each besides expected growth in the base business and for FY25, the company plans to launch 4 to 8 products in the US. The company intends to continue to evolve into an FDF player with some share of API like a traditional integrated pharma player from India on the back of new product approvals and launches across regions including the US. KRChoksey expects the Company to see a Revenue/ EBITDA/ PAT CAGR of 8.9%/12.7%/12.9%, respectively over FY23-FY26E.
ICICI Bank | Rating: Buy | Target Price: Rs 1,250 | Upside: 15.6 percent. Broking house believe from here the rate of contraction will moderate and normalize in the next two quarters and expect the overall earnings growth to be sustainable, led by robust growth in operating income with an improving business trajectory and tight control over the credit cost, following a conservative approach in terms of provisions.
IndusInd Bank | Rating: Buy | Target Price: Rs 1,950 | Upside: 25.1 percent. The bank plans to keep expanding the product suite on INDIE (a digital initiative), and the migration of existing clients desirous of moving to INDIE as a platform will also start soon IIB believes that in the next three years, a big part of its business will come from digital channels adopted by individual individuals as well as small and medium sized companies.
UNO Minda | Rating: Buy | Target Price: Rs 776 | Upside: 12.4 percent. The company has been delivering consistent double digit revenue growth driven by the expansion of capacities and capabilities, market share expansion across various segments, comprehensive solutions offerings, enhanced kit value, and focus on exports. The company has seen strong revenue growth, especially in its focus segments of EVs, lighting, switches, sensors, controllers, and alloy wheels. New capacities coming on stream for multiple segments along with headroom for market share gains and increasing kit value will drive topline growth further.
Minda Corporation | Rating: Buy | Target Price: Rs 487 | Upside: 17.8 percent. The company plans to increase its EV revenue share from 5-6% currently to 10-15% by FY26E. 30% of company's order wins in 9MFY24 were for EVs. Additionally, company is also undertaking capacity expansion for EV products. MDA stands to benefit from the new E Vehicle policy announced by the Government of India, where global OEMs that invest in EV manufacturing capacities in India will benefit from lower import duties.
Zydus Lifesciences | Rating: Buy | Target Price: Rs 1,107 | Upside: 11.5 percent. Emerging market has built robust growth momentum over the last few quarters as Europe is indicating strong demand outlook. The company intends to grow in India market driven by expanding its geographical reach, leverage multiple distribution channels, exploring different partnership opportunities and by launching new products as well as leveraging its innovation portfolio of products. US business to start ticking up from Q4FY24 onwards and new launches to add meaningfully in FY25.