Motilal Oswal Broker Research reports

HZL’s Board has approved a growth capex of ~INR120b (funded through internal accruals and debt) to expand the zinc smelting capacity by 250ktpa at Debari, along with a mines capacity expansion of 330ktpa (Rajpura Dariba - 2.5ktpa and Zawar - 0.8ktpa).

We had upgraded BSE to BUY from Neutral in our thematic report titled “Indian Capital Market: A golden era!” published in Dec’24. We followed up in Jan’25 with BSE as one of our top ideas for 2025.

We interacted with the management of Voltas (VOLT) to gain insights into the current demand trends, the company’s strategy amid challenging conditions, and segmental performance.

We attended Tata Motors’ (TTMT) virtual analyst meet for its JLR business. JLR continues to face several headwinds, such as tariff wars and resultant USD depreciation vs. GBP, uncertainty over EV transition, challenging market conditions in China, and rising warranty costs.

Zee’s Board of Directors has approved the issuance of up to 169.5m fully convertible warrants to promoter group entities on a preferential basis at INR132 per warrant (~2.6% premium to the SEBI floor price).

We initiated coverage on Jindal Stainless (JSL) on 13th May’25 at a price of INR610 for a target price of INR770. The stock has gained 20% after our report in one month and we believe there is further steam left.

Over the past 10 years, GALSURF has demonstrated its ability to scale profitably while navigating cyclical and regional challenges.

UTI AMC’s fund performance over the past five months has improved considerably, with an average of ~70% equity AUM appearing in Q1 and Q2 on a one-year return basis in May’25 vs an average of 25% in the preceding 12 months.

PGHH’s strategic pillars that drive growth in the Personal and Healthcare categories are intact. The company holds a dominant ~50% market share in both the Feminine Hygiene and Healthcare categories.

TCOM has deferred its ambition of doubling data revenue to INR280b by one year to FY28, which implies a 3-yr CAGR of ~13% (vs. ~19% CAGR target over FY23-27 earlier).