Buy

We re-iterate a Buy on Radico Khaitan (RKL) with a revised PT of Rs. 2,996. Stock trades at 64x/51x its FY26E/FY27E earnings, respectively. P&A category to post over 15% volume growth in FY2025 driven by focus on premiumisation, while regular category is expected to deliver mid-single-digit volume growth.

Over the past 12-18 months, investors were enthused by a large-cap stock delivering volumes growth CAGR of 7-8%, alongside an improving demand outlook resulting in solid earnings momentum.

A precision equipment manufacturing company

Revamped Strategy to Drive Growth

Signature Global (SIGNATUR), with its strong presence in strategic locations in Gurugram, is on track to capitalize on the ongoing demand, guided by a strong project pipeline of 24.3msf.

Update note on Adani Wilmar stake sale

Metro Brands’ (MBL) stock performance has been flattish in CY24 and has underperformed benchmark indices due to both internal and external factors. Internal factors included: a) the liquidation of old FILA inventory, which impacted gross margins, and b) a decline in revenue per sq. ft., driven by a lower share of Crocs in the incremental store rollouts.

Domestic steel prices have shown marginal improvement, with prices stabilizing after a recent decline. This positive development, along with India’s transition to a net steel exporter, bodes well for the steel sector

Polycab has steadily grown its market share and now holds approximately 25-26% of the organised market. The company’s emphasis on power cables (LT/HT) and control cables, which are in high demand, positions it strongly for future growth.

In Teva’s litigation with Amneal which blocked Amneal’s launch of gProAir, the US Court of Appeals had recently asked Teva to delist its patents in contention. While the ruling was expected to clear the way for Amneal’s launch of gProAir, Teva has now filed a petition seeking an en banc rehearing.

ITC will complete the demerger of its hotel business effective on 1st January, 2025 with the hotel business getting listed as a separate entity on 6th January, 2025. ITC will have 40% stake in the hotel business, while the remaining 60% will be distributed to ITC’s shareholders in proportion to their holdings.

JSW Energy (JSWE) announced a definitive agreement to acquire O2 Power Midco Holdings Pte. Limited, O2 Energy SG Pte. Limited, and their subsidiaries (O2 Power) for a total cash consideration of INR124.68b. We view this move positively,

We recommend a BUY rating on the stock with a target price of Rs 280/share, implying an upside of 10% from the CMP

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