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TCS’s Q4FY25 revenue (-1.1%) came below our estimates. Revenue grew to INR 644,790 Mn (+0.8% QoQ /+5.3% YoY), driven by strong performance across the Asia Pacific, India and MEA region, which was partly offset by weakness in North America.

In our view, ACI has a plethora of opportunities – each carrying strong value creation potential – along its path ahead. Right off the bat, the expansion in bromine derivatives, and thus, higher captive bromine consumption would likely provide a strong fillip to ACI’s bromine business.

Godrej Properties (GPL) has clocked strong Q4FY25 gross sales bookings of 7.5msf worth INR 101.6bn, led by several new launches across India.

We recently upgraded GCPL to BUY from Reduce, as we see that most headwinds are in the base. GCPL has capability of recovering business, given prudent execution.

We recommend a BUY rating on the stock with a target price of Rs 1,475/share, implying an upside of 10% from the CMP.

Bikaji's growth narrative continues to swiftly improve under its professional management, which has a dual focus—strengthening core operations and enhancing fundamentals through strategic M&A initiatives.

We attended Hindalco Industries’ (HNDL) Investor Day. Long-term capacity growth aspirations in India, focus on value-added products dovetailing with domestic requirements.

We maintain our BUY rating on the stock

HNDL and its subsidiary, Novelis, are investing ~USD10b in growth projects to significantly boost capacities. In India, HNDL is expanding its aluminum upstream (Aditya smelter 180 KT, alumina refinery 850 KT), downstream (FRP-170 KT, battery enclosures etc), and copper capacities (smelter 300 KT and recycling 50KT), with a total of USD5.2b currently under execution.

We recently met Karur Vysya Bank (KVB)’s top brass, including business heads, at Karur. Our confidence in the quality/longevity of growth and earnings is emboldened. KVB has been furnishing steady loan growth and will likely have at its disposal healthy optionality, as and when liquidity eases/lending to unsecured turns conducive.

We recently hosted Westlife Foodworld’s (WESTLIFE) management at our Ideation Conference to gain insights into the company's current business environment and future plans.

GAIL’s Q3FY25 result disappointed the street, with multiple one-offs dragging trading segment earnings and reigniting the long-held apprehension on the unpredictability of trading segment.

The bank is reasonably confident to deliver loan growth of 1.5-2.0x the nominal GDP growth and sustain RoA over ~2% in the near to medium term.

Suven’s rapid ascendance in the CDMO space has been remarkable. It has journeyed from being a small molecule-focused CDMO to achieving eminence as one of the few CDMOs in India that offers contract manufacturing of oligonucleotides and ADCs.