Buy

Aeroalloy Technologies (ATL), a wholly-owned subsidiary of PTC Industries (PTCIL), has received a significant longterm order from Safran Aircraft Engines, entailing supply of seven cast aero-engine components, utilising both titanium (Ti) and superalloys for CFM’s advanced LEAP-1A and LEAP-1B engines.

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 recommend a BUY rating on the stock with a target price of Rs 213/share, implying an upside of 10% from the CMP.

The cement sector is increasingly consolidating, enabling companies to expand geographically, secure vital limestone reserves, and achieve economies of scale. Acquisitions are allowing market leaders to scale up quickly and strengthen their competitive positions.

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.

A frontrunner in a growing industry

Rising share of diversified and secured portfolio with MFI mix likely to decline further; scaling up granular deposit franchise

We recently organized an underground mine visit in Gumgaon for our clients and thereafter interacted with Mr Ajit Kumar Saxena (Chairman and Managing Director), Mr Rakesh Tumane (Director- Finance), Mr M.M. Abdulla (Director- Production & Planning) and other Board of Directors.

Consistent performer in a growing industry

We recently interacted with senior management and select business heads of City Union Bank (CUBK). The bank reiterated its growth guidance of 12–14% YoY for FY25 and acceleration to 15–16% YoY for FY26.

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.

Management expects over 20% growth in FY25 and is confident of sustaining this momentum, driven by strong 9MFY25 performance, favourable industry trends, and broad-based growth across verticals and markets.

GE Aerospace has delivered the first of 99 (nos.) F404-IN20 engines to HAL for Tejas Mk 1A. We see this is a vital development that allays execution risk concerns. At Aero India, HAL expressed confidence in receiving 12 (nos.) F404- IN20 engines for the LCA Mk 1A this year.

Five Star Business Finance (FIVESTAR) had calibrated its AUM growth in light of the macroeconomic environment, the overleveraging of certain customers with unsecured loans, and regulatory expectations.

HDFC AMC is India's third-largest mutual fund house with QAAUM of INR7.9t. It holds an overall market share of 11.5% and a 12.8% share in actively managed equity QAAUM, underpinned by strong brand reputation, consistent fund performance, and an extensive distribution network.

Brigade Enterprises (BRGD) posted a 36% CAGR in presales over FY20-24 and is expected to deliver more than 24% growth during FY25-27, guided by its strong launch pipeline and scale-up in Hyderabad and Chennai.