Sell

UltraTech Cement (UTCEM) has purchased ~23% stake in South-India major India Cements (ICEM) from investor Mr RK Damani and family for a cash consideration of ~INR 19bn (valued at ~USD 91 EV/t).

After the extended downtrend and volatility, CUBK has rallied 12% in the past one week. We believe the recent up-move in the stock is fueled by receding asset quality
woes, bottoming of credit growth (with regulatory interventions largely behind), and recent elevation of Executive President R Vijay Anandh (from RBL) to Whole-time
Director, thus paving the path for his succession (from current MD & CEO Kamakodi, who will step down in 2026).

As part of its strategy of focusing on the dwindling core business—viz. Payments and Financial Services— post RBI action, Paytm is exploring a deal with Zomato (foodtech) to transfer its high-margin (take rate: 5-8%) movies and event ticketing business (a subset of Marketing Services); this is likely to hit Paytm’s customer traffic.

Quarterly Update Q4FY24