Upgrades

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.

Despite relatively stable profitability, Jindal Stainless (JSL) has underperformed its carbon steel players over the past 12 months, primarily due to the concerns on earnings growth.

DLF recently held an Analyst meet. Management reiterated focus on achieving DLF’s medium-term goal of execution of its INR 1,145bn GDV across its residential ongoing and upcoming/pipeline projects over the next 4–5 years.

We recommend a BUY on the stock with a target price of Rs 1,390/share, implying an upside of 10% from the CMP

JSWINFRA has reaffirmed that port capacity expansion remains a key priority, with a goal to achieve 400mtpa by FY30. With expansions at JNPA, Tuticorin, Mangalore, and TNT ports, its port capacity has increased to 174mtpa now from 170mtpa in Sep’24.

Bajaj Finance’s board has promoted Mr. Rajeev Jain (MD & CEO) to as vice chairman, in the capacity of an executive director for three years with effect from 1 April 2025. Besides, Mr Anup Saha (deputy MD) has been promoted as MD.

Innovation and premiumization success demand a premium

Bain Capital will invest ~INR43.85b in MGFL to acquire ~18% stake on a fully diluted basis through a preferential allotment of equity shares and warrants at INR236/share (~30% above the six-month average trading price and ~9% higher than the CMP).

India’s aviation boom: The Indian aviation industry is witnessing a rapid expansion, with domestic air travel set to double by CY30. This growth will be driven by a rising middle class, increasing disposable incomes, and government-led infrastructure projects.

We interacted with the management of Voltas (VOLT) to gain insights into current demand trends, as well as its views on compressors, margins, market share, and more. Management believes that current demand trends for RAC remain strong, and its focus will be on growing faster than its peers.

Vinati Organics is expanding its ATBS capacity to 60,000 MT by Q1FY26, driven by strong demand and a favorable outlook for the US oil & gas sector.

Clarifying the news, Carborundum Universal’s management confirmed that VAW’s sanctions are minimal and to the tune of 2% of overall profitability.

We upgrade from a HOLD to a BUY rating on the stock.

Bajaj Holdings & Investment Limited (BHIL) holds Bajaj Group’s key investments in two flagship companies – Bajaj Auto Limited (BAL – 34.21% stake) and Bajaj Finserv (BFS – 39.03% stake).