Sell

We recently downgraded Dabur to REDUCE, given its weak execution. Dabur, in its Q4FY25 business update, noted a mid-single-digit decline in the domestic business, which is a key business concern in our view.

IndusInd Bank (IIB) has communicated a preliminary one-time hit of ~2.35% of net-worth on its derivative portfolio. We peg the pre-tax hit at ~INR 20bn–21bn.

As opposed to the three-year term requested by IndusInd Bank’s (IIB) board for its incumbent MD & CEO, Mr Sumant Kathpalia, RBI has approved a term renewal for only one year.

Union Bank hosted an Analyst Meet to give an update on its recent performance and outlook on growth, margins, and asset quality.

We cut our estimates by 5-25% over the forecast period to factor in the headwinds in the legacy transfer case business and slowdown in the EV business. Further, we downgrade our rating from HOLD to REDUCE with a TP of Rs408 (previous Rs637), valuing it at a P/E of 30x on its Dec'26 EPS. Divgi Torqtransfer Systems (DIVGIITT) reported 7th consecutive quarter of degrowth in revenue, indicating persistent challenges across core and new business segments. Its Q3FY25 revenue declined by 16.5% YoY, against the anticipated de-growth of 8%/11% (PLe/BBGe). Gross profit declined by 5% YoY, but gross margin expanded by 776bps YoY to 62.7% (PLe: 50.8%). EBITDA...

Go Digit hosted an Analyst/Investor Day on 17-Feb-25 in Bangalore, for select analysts and investors where the management provided a detailed update on its business strategy and outlook.