Latest broker research reports from ICICI Securities Limited buy, sell, hold, neutral recommendations along with
share price targets forecast and upside.
- This broker has downgraded this stock from it's previous report. (eg. - Buy->Hold)
- Broker has maintained previous recommendation but reduced share price target.
- This broker has upgraded this stock from it's previous report.(eg. - Sell->Hold)
- Broker has maintained previous recommendation but increased share price target.
LIC has performed well with 9MFY25 VNB growth of 9.1% and H1FY25 EV growth of 24% YoY. Strategic initiatives have tracked well consistently in terms of pushing its product mix towards non-participating (28% of individual APE in 9MFY25 vs 18% in FY24 and 9% in FY23) and revision in pricing/product strategy to maximise value for all stakeholders with changes like hike in surrender value.
ABB India (ABB) reported a strong Q4CY24 result with revenue of INR 33.7bn (+22% YoY), EBITDA of INR 6.6bn (+58% YoY) and PAT of INR 5.3bn (+54% YoY). EBITDA margin continued its uptrend to 19.5% for the quarter (+440bps YoY).
Nazara Technologies (Nazara) delivered robust Q3FY25 growth, led by ad-tech and gaming segments. Growth in ad-tech was led by the recent acquisition in the UK (Space and Time Media).
Samvardhana Motherson International’s (SAMIL) EBITDAM at 9.7% in Q3FY25, (up ~90bps QoQ) was above consensus’ estimate of 9.2%. Consolidated revenue was up 8% YoY, mostly led by inorganic growth amidst muted industry volumes.
Bajaj Consumer (BaCo) had another disappointing print with a 3% YoY revenue decline (~2% YoY volume decline) due to continued stress in wholesale channel for core ADHO (~80% revenue salience), while diversification journey continues, though at a moderated pace.
Hindalco’s (HNDL) Q3FY25 performance was ahead of our/consensus estimates. Consolidated EBITDA rose 30% YoY to INR 76bn, mainly due to upstream aluminium (Al) division. HNDL secured 12mtpa Meenakshi coal mine, providing a significant boost to coal security.
Genus Power (Genus) has reported strong Q3FY25 earnings with standalone revenue of INR 6bn (2.3x YoY), EBITDA of INR 1.2bn (4.1x YoY) and PAT of INR 682mn (5x YoY).
We initiate coverage on Lloyd Metals and Energy (LMEL) with BUY recommendation. Structural iron ore cost advantage compared to peers. capex of INR 327bn for 4.2mpta steel plant likely to be value accretive.
The REIT manager of Nexus Select Trust announced the closure of the acquisition of Vega City Mall, a Grade A mall located in south Bengaluru for a total EV of INR 9.1bn (initial purchase cost of INR 8.7bn – funded 100% by debt at 7.7% and balance towards planned capex).
Fusion Finance (Fusion) has bolstered its balance sheet by upping its provision cover across Stage-1/2/3 assets and de-recognising interest income on Stage-3 assets.
