Buy

Pricol has entered into an agreement for acquiring the plastic injection molding business of Sundaram Auto Components (SAC; FY24 sales/PAT of Rs7.3bn/190mn) on all-cash, debt-free basis at an attractive valuation of ~8x FY24 PER.

We initiate coverage on Anant Raj (ARL) with BUY and SoTP-based TP of Rs925 (37% upside). ARL has garnered a strong brand name as a reputed real estate developer in the NCR market, over the last 5 decades.

The Board of RBL Bank has decided to terminate its 8-year old co-branded credit card agreement with Bajaj Finance (BAF), resulting in BAF selling nearly 8mn cards cumulatively and logging 3.4mn outstanding cards as of H1FY25.

TBO Tek’s H1 FY25 revenue grew ~24.7% y/y to ~Rs8.7bn (organic growth ~17.1% y/y). The overall take rate rose from ~5.2% in H1 FY24to ~5.5%, with monthly transacting buyers growing ~6.8% y/y to 28,252.

UTI Asset Management Company Ltd (UTI AMC), along with its group companies, is present across various business segments like Mutual Funds, Alternate Investment Funds, Pension Business and Portfolio Management Services. Considering the future growth visibility, we assign BUY rating with target price of Rs.1,489 per share.

HUL long-term outlook remains positive and with a 18% upside potential from CMP we maintain a BUY rating on the stock.

HUVR's outlook of stable demand trends for FY25 appears conservative as the building blocks for rural demand remain favourable

The RBL-BFL card partnership, already on a planned scale-down path, has finally ended. The bank will manage the portfolio independently with a tail spend-based fees to be shared for some time with BFL.