Buy

We recommend a BUY rating on the stock with a near-term TP of Rs 4,180/share, implying an upside of 10% from the CMP.

ICICI Bank remains our top pick in the private banks space and is well positioned to deliver superior performance despite cyclicals headwinds. A steady loan growth trajectory and stable asset quality would help the bank to sustain stable return ratios.

We initiate coverage on Shriram Finance Ltd (SFL) with a BUY recommendation and a target price of Rs 3,825/share, implying an upside of 30% from the CMP.

Nurturing Growth with a Shield of Margin Safety

We met with Mr. Manish Dawar, CFO of Devyani International (DIL), to discuss the current demand trends, the company’s growth outlook across business verticals, and its long-term strategy.

We reiterate our BUY on Lumax Auto Technologies (LATL) on (1) its entry in the CNG segment, driven by completion of the acquisition of 60% stake in Greenfuel Energy Solutions; (2) increase in content per vehicle via the inorganic route; (3) diversification of its revenue stream

MTARTECH derives the majority of its revenue (~60% in 1HFY25) from the clean energy segments, with most of it coming from one customer, Bloom Energy (BE).

In H1FY25, Awfis Space Solutions (Awfis) delivered on two of its main FY25 guidance parameters, viz. 30%-plus revenue growth for FY25 and expansion in IGAAP EBITDA margin upwards of 12% (H1FY25 YoY revenue growth of 39% and IGAAP EBITDA margin of 13.3%). With an overall operational and committed pipeline of 150,649 seats (over 110,000 operational) as of Sep’24, we expect continued growth ahead.