Since the Q2 result in the stock has not managed to cross the Q2 weekly range, it is the first indication that it has started factoring in the expected Q3 numbers. There are lesser chances of any surprise by ICICI Bank. Till the Q2 range has not conquered upside seems limited. On the flip side, the support has seen from 867 to 783 overlapping zone. So, the downside is open to that extent only.
The upcoming budget is likely to boost Rural/Agri spending by USD 10 bn - a growth of 15% over FY23 - and maintain double-digit 20% growth in public capex over the current fiscal, given that the nation will be going to the polls in mid-2024. A global slowdown, fading of pent-up domestic demand, and the hike in interest rates are likely to slow down the country’s economic growth to about ~6% in FY2023-24E. Fiscal Deficit to be maintained at 5.9%.
The overall goal of Axis Bank is to double its balance sheet during the following three to four years. Loan growth in Axis bank is improving, driven by positive developments in rural and retail business banking.
Banking on the strong brand of HDFC and HDFC Bank’s distribution franchise, combined with product innovation and a disciplined execution-HDFCL occupied a leading position amongst private players. HDFC Life is 3rd most valuable life insurance brand in India after LIC and SBI Life and it is ranked 43rd amongst the top 75 most valuable Indian brands in 2022 by Brands.
eClerx is a leading KPO player in the high opportunity services segments like business process management, automation and data analytics. The company has many Fortune 500 enterprises as clients, which provides decent revenue visibility over the medium-to-long term.
Before the breakout of the Covid-19 pandemic, Mphasis had underperformed its IT midcap peers by a margin because of volatility in DXC revenue stream. However, with Covid-19 breakout, there have been some changes in how business were operating.
Trent Ltd. – the Retail arm of Tata Group, has shown tremendous growth in past years with Topline rising from ? 2,157 Cr in FY18 to almost double at ? 4,498 Cr in FY22 (61% CAGR) and store expansion to 500+ stores on consolidated basis.
On the weekly chart, the stock has given a bullish breakout of the Triangle pattern with a spurt volume which indicates beginning of the uptrend. On a daily chart, Britannia has been moving in higher high and higher lows formation which indicates the trend is positive.
We maintain BUY with a target price of ? 3,400 based on 45x FY24E EPS of ? 75.6 on the back of strong growth ahead of mutual fund AUM (AAUM went up ? 39.6 Lakh Cr in Q2FY23). CAMS posted in-line revenue (+2.4% QoQ).
