Buy

Bajaj Finance (BAF) ended its eight-year-long co-branded credit card partnership with RBL, as per exchange filing. We retain BUY with a TP of INR 8,500, valuing the standalone business at 4.7x FY26E BVPS while assigning INR 1,450/share towards housing subs.

Hindustan Unilever (HUVR) hosted Capital Market Day-2024 and underlined its business moats and competitive positioning across its categories. The company aimsto remain relevant within India’s large consumption theme.

HUL’s annual investor day highlights its commitment to the future, where growth ahead should outperform (vs market) with enhanced thrust and execution on future opportunities in core and a market-making strategy.

We recommend a BUY rating on the stock with a target price of Rs 1200/share, implying an upside of 11% from the CMP.

Kewal Kiran’s H1 revenue grew 4.2% y/y, led by Kraus’ acquisition, though standalone sales fell 8.3% y/y on weak demand.

We re-iterate a Buy rating on HUL and keep PT unchanged at Rs. 3,079. Stock has corrected 18% form recent highs and trades at 56x/51x/46x its FY25E/FY26E/FY27E EPS, respectively.

Bharti’s EV/ EBITDA (Ind AS adj.) valuation at 11.3x FY26E appears to be at significant premium to APAC (excl. China) peers, which are trading at 7.1x (median); however, Bharti offers much higher EBITDA CAGR of 14.8% over the next two years vs APAC peers at just 4.5%.

It’s raining T&D orders for KEC, worth Rs 16,300 crore, or a 60% y-o-y growth. Huge tendering in HVDC transmission projects bodes well.