Sharekhan Broker Research reports

JLR reported a 10% y-o-y decline in volumes in Q2FY2025 due to production constraint.

Reported revenues stood at $7,670 million, up 0.9% q-o-q in constant currency (CC) terms, a tad below our estimate of 1% q-o-q in CC terms.

HDFC Bank’s business update for Q2FY2025 indicated that deposit mobilisation (up 15.1% y-o-y/5.1% q-o-q) has been strong (above estimates), led by term deposits(19.3% y-o-y/6.7% q-o-q).

Zydus Lifesciences Ltd has partnered with the Central Drug Research Institute (CDRI) to develop an oral
treatment for osteoporosis related to chronic kidney disease (CKD) and postmenopausal conditions, focusing on small-molecule inhibitors of the protein sclerostin.

We maintain a Buy on Indian Hotels Company Ltd (IHCL) with a revised PT of Rs. 774 (rolling over to September 2026 earnings). The stock trades at 26x/22x its FY2026E/27E EV/EBIDTA, respectively.

We maintain a Buy on KPIL for a price target of Rs. 1,570 factoring in the incremental order inflows and divestment triggers. KPIL trades at 29x/21x/18x its FY2025/2026 EPS, respectively.

Higher APE growth from agency/direct channel is leading to market share gains and driving strong APE growth (higher than industry) for the third consecutive quarter albeit on a low base.

Ipca’s board would discuss the strategic integration of Bayshore Pharmaceuticals’ generics business into Unichem Pharma (USA) Inc on September 30, 2024.

Healthy order inflows of Rs. 28,000-47,500 crore during Q2FY2025 led by two mega orders from the Middle East, which comprise over 60% of the order intake.

The company’s renewable energy capacity stands at 10.5GW with 5.7GW of projects in various stages of implementation. Its operational capacity has reached 4.8GW, comprising 3.8GW of solar and 1GW of wind energy projects.