Sharekhan Broker Research reports

Bajaj Holdings & Investment Limited (BHIL) holds Bajaj Group’s key investments in two flagship companies – Bajaj Auto Limited (BAL – 34.21% stake) and Bajaj Finserv (BFS – 39.03% stake).

Coromandel International announced the signing of definitive agreements to acquire a majority stake in NACL Industries Limited (NACL). Coromandel is set to acquire 53% shareholding in NACL industries, for consideration of Rs 820 Crores at Rs 76.7/- price per share from the current promoter KLR Products Limited.

IndusInd Bank reported discrepancies in its derivative portfolio pertaining to transactions done over the past 7-8 years. During the internal review of the trade book in derivative portfolio in October 2024, the bank found some discrepancies.

Bharti Airtel has signed an agreement with SpaceX to bring Starlink’s high-speed internet services to its customers in India, subject to regulatory approvals.

In our interaction with the management, it reiterated its disbursement/AUM growth target for FY26E. It expects AUM growth to improve to ~15% for FY2026E (vs sub ~10% for FY25E) despite challenges in its key market Karnataka & Telangana.

SBI is expected to sustain healthy performance in terms of growth and profitability in the near to medium term. Loan growth guidance is intact at ~14-15% y-o-y and deposit growth at 10% y-o-y.

The power demand in YTDFY25 (till February) is up only 4.4% y-o-y because of the impact of the monsoon this year and weak economic activity. However, with a hot summer expected this year and temperatures expected to rise, power demand should pick-up.

UltraTech Cement has revealed plans to enter the cables & wires sector, backed by a capital expenditure of Rs 1800 crore. The company seeks to broaden its portfolio within the building construction value chain and capitalise on its existing distribution network.

HDFC Life continues guide for 18-20% APE growth and >15% VNB growth in the next couple of quarters. APE growth remained healthy at 20% y-o-y while VNB grew by 14% y-o-y in 9MFY25.

UltraTech Cement’s capacity expansion remains a cornerstone of its growth strategy. By FY25, its cement capacity is projected to reach 182.8 million tonnes (28% of India’s total cement capacity) with plans to scale it to 209 million tonnes by FY27, through both organic and inorganic growth.