Systematix

Institutional Equities

Morning Brew 27 November 2024

Fundamental Research In Focus Contents

Views from the Research Desk Market Watchlist ............................................................................................................ 2
Technical – What Do The Charts Say Fundamental Research In Focus ..................................................................................... 3
BUY KFin Technologies in cash Views from the Research Desk ....................................................................................... 4
Systematix Oil & Gas Daily Update .................................................................................................. 4
Technical – What Do The Charts Say ............................................................................... 5
Market Snapshot
News shots ..................................................................................................................... 6
Sectoral indices Close Daily % YTD %
Nifty 50 24,178.10 -0.05% 11.27% Economy .......................................................................................................................................... 6
NIFTY Bank 52,183.60 0.02% 8.09% Industry ............................................................................................................................................ 6
NIFTY Auto 23,475.25 0.30% 26.12% Company .......................................................................................................................................... 8
NIFTY Fin Svcs 24,054.35 0.16% 12.09% Key Events - A Glimpse ................................................................................................. 10
NIFTY FMCG 57,668.85 -0.36% 1.12% Economic Data Releases Today ..................................................................................................... 10
NIFTY IT 44,206.40 0.32% 24.53%
Systematix Coverage .................................................................................................... 11
NIFTY Media 1,944.45 0.04% -18.60%
Model Portfolio ............................................................................................................ 16
NIFTY Metal 8,891.10 -0.36% 11.36%
NIFTY Pharma 21,890.70 -0.32% 30.07% Results Today
NIFTY PSU Bank 6,769.60 -0.20% 18.60%
NIFTY Pvt Bank 25,450.45 -0.08% 2.27% Systematix Market Brainwaves
Company Rating Target Price (Rs/sh)
NIFTY Realty 1,025.20 -0.38% 30.92%
ACC BUY 2,668
NIFTY Healthcare 13,954.60 -0.55% 31.02%
Arvind Fashions BUY 654
NIFTY Cons. Dur. 40,004.30 -0.29% 28.88%
Berger Paints BUY 640
Commodities
Carysil BUY 1,218
Brent Crude 72.40 0.06% -5.92%
Dodla Dairy BUY 1,525
Natural Gas 3.45 -0.92% 48.26%
GAIL BUY 230
Gold 2,663.57 0.65% 27.33%
Gulf Oil Lubricants India BUY 1,700
Silver 31.00 0.45% 27.34% HDFC Bank BUY 1,945
Aluminium (LME) 2,617.00 0.19% 9.73% Hindalco BUY 821
Copper (LME) 4.15 0.35% 6.06% Jupiter Wagons BUY 667
Zinc (LME) 3,099.00 0.85% 16.55% Marico Ltd BUY 730
Tin (LME) 28,976.00 0.21% 14.01% Muthoot Finance BUY 2,250
Currency Pfizer Ltd BUY 6,375
USD/ INR 84.43 0.13% 1.49% Sagar Cements BUY 266
Euro/ USD 1.05 -0.04% -5.02% Stylam BUY 3,430
GBP/ USD 1.26 0.02% -1.24% Sun Pharmaceuticals BUY 2,198
USD/ JPY 152.48 -0.39% 8.12% Tata Consumer Products BUY 1,285

India G-Sec Tilaknagar Industries BUY 396

Time Technoplast BUY 615
10-yr yield 6.94 1.61% -3.33%
Source: [Link] Ultratech Cement BUY 12,660
Source: Systematix Institutional Research

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27 November 2024 Morning Brew

Market Watchlist
Major Indices
Name Last Daily % YTD % 1 Year % 3 Years %
BSE Sensex 80,005.88 0.00% 10.75% 20.90% 40.10%
Nifty 50 24,178.10 -0.05% 11.27% 21.58% 42.02%
Nifty Bank 52,183.60 0.02% 8.09% 18.96% 44.90%
NIFTY Midcap 100 55,701.50 -0.38% 20.61% 31.75% 86.17%
NIFTY Smallcap 250 17,366.00 0.15% 23.93% 33.71% 85.30%
India Vix Index 15.27 -2.78% 2.60% 22.22% -28.47%
S&P 500 6,021.60 0.57% 26.24% 32.20% 31.06%
Dow Jones 44,860.31 0.28% 19.03% 26.66% 28.54%
Nasdaq 19,174.30 0.63% 27.73% 34.26% 23.77%
FTSE 100 8,258.61 -0.40% 6.79% 10.78% 17.24%
CAC 40 7,194.51 -0.87% -4.62% -0.77% 6.75%
DAX 19,295.98 -0.56% 15.19% 20.66% 26.47%
Nikkei 225 38,140.50 -0.67% 14.02% 14.21% 32.70%
Hang Seng 19,233.00 0.39% 12.83% 10.83% -20.13%
Shanghai 3,276.58 0.52% 10.14% 7.83% -8.07%
Singapore Exchange 12.72 0.63% 29.60% 35.68% 38.78%
Source: [Link]

ADR / GDR
Name Last Daily % YTD % 1 Year % 3 Years %
State Bank of India DRC 99.40 -0.20% 28.76% 46.18% 62.42%
Reliance Industries DRC 60.60 0.17% -3.04% 4.84% -4.27%
Larsen & Toubro DRC 43.90 -0.90% 3.05% 19.29% 88.82%
Infosys Ltd ADR 23.18 1.49% 26.84% 32.23% 4.41%
Wipro ADR 7.10 0.42% 27.47% 50.11% -15.27%
ICICI Bank ADR 31.01 -0.58% 30.08% 39.81% 64.77%
HDFC Bank ADR 66.65 -0.39% -0.69% 12.30% -0.34%
Dr. Reddy’s Labs ADR 14.14 -1.26% 1.61% 4.19% 12.22%
Source: [Link]

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27 November 2024 Morning Brew

Fundamental Research In Focus

Indian Sugar - Dull 2QFY25; 2HFY25 to sweeten
Sugar companies posted a weak 2QFY25, with revenue/EBITDA/PAT falling
3%/44%/27%, respectively. We attribute the disappointing 2Q performance to the
industry facing challenges from a) government arbitrarily banning the use of juice/B-
Heavy molasses to produce ethanol, which restricted the availability of feedstock,
resulting in lower ethanol production b) higher raw material (sugarcane and maize
prices) and off-season expenses, c) lower cane availability, given the higher incidence
of red rot and weak monsoon in 2023 and d) nil cane crushing resulting in lower
absorption of fixed costs. Profitability in the distillery segment took a beating (down
79% YoY), as volumes plummeted 28% YoY and lower plant utilisation impacted
margins due to changes in the feedstock mix. A 2%/4% YoY improvement in
sugar/ethanol realisation, respectively, was the only bright spot for an otherwise
glum quarter. Sugar realisations were buoyant at more than Rs 38.5/kg due to lower
quota allocation. The new sugar season (SS)2024-25 spells better times for the
sector, on the back of (i) better cane availability on good monsoons, (ii) higher
feedstock (juice/B-Heavy molasses) availability to produce ethanol, as more cane
would be crushed, (iii) government permitting the use of any feedstock (juice, B-
Heavy molasses, rice, etc.) to produce ethanol, (iv) likely 4-6% increase in ethanol
prices, (v) likely Rs 3-4/kg increase in sugar minimum support price (MSP), whereby
sugar prices may stay firmly above Rs39/kg, and, (vi) possibility of sugar being
exported in Jan-Feb 2025 owing to likely remunerative international prices and
higher domestic surplus. In its first advance estimate for SS2024-25, ISMA has
pegged India's gross sugar production at 33.3mn tonnes and closing stock at 8.78mn
tonnes leaving room for at least 1.5-2mn tonnes of exports. Therefore, for the
upcoming SS2024-25, we envisage healthy improvement in millers’ operating
performance. We remain positive on the sector, reiterating BUY on Balrampur Chini
(BRCM IN), Triveni Engineering (TRE IN), Dwarikesh Sugars (DSIL IN) and Praj
Industries (PRJ IN), with Balrampur Chini as our Top Pick.
For detailed report Click here
Analyst Pratik Tholiya, pratiktholiya@[Link]

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27 November 2024 Morning Brew

Views from the Research Desk

Systematix Oil & Gas Daily Update
Key highlights: GRM inches to a recent high, OPEC+ online meet on Dec 1st may eye
delaying the oil production amid signs of a global oversupply & demand issues.
Commodity Last close Previous
Brent ($/bbl) 72.8 73.0
JKL ($/mmbtu) 14.9 15.0
GRM ($/bbl) 6.3 6.1
Gasoline crack ($/bbl) 7.8 6.2
Gasoil crack ($/bbl) 17.9 14.2
Gross marketing margin (Rs per ltr)
Petrol (on 15-day avg) 13.9 14.0
Diesel (on 15-day avg) 9.1 9.2
Source: Bloomberg

Key News
OPEC+ Begins Talks on Delaying Oil Production Restart Again
Key OPEC+ nations have begun discussions to delay the oil production restart
planned for January, potentially for several months, amid signs of a global
oversupply. OPEC+ is due to meet online on Dec. 1. Eight OPEC+ nations are
supposed to revive 2.2 mb/d in monthly installments from January, a sequence
postponed from October as oil prices struggled.
Source: Bloomberg
Russia now largest crude oil supplier to India, accounts for over 35%: Puri
Union Minister for Petroleum and Natural Gas Hardeep Singh Puri said that Russia
has become the largest supplier of crude oil to India, accounting for more than 35
per cent of the country's imports. Puri also emphasised the evolving nature of India's
energy partnerships, mentioning other significant suppliers such as Saudi Arabia, the
UAE, Iraq, Kuwait, and the United States.
(Link)
India’s PM Modi Says Guyana Crude Is Key For India’s Energy Security
Narendra Modi said during a visit to Guyana that his government views Guyana as
key to India’s energy security. They will encourage Indian companies to invest in
Guyana. With India recently becoming the biggest buyer of discounted Russian oil
ahead of China, it appears counterintuitive that it would be so eager to buy crude
from a country located nearly three times farther away than its much larger
neighbor. However, energy security has become a critical issue for India due to its
surging energy demand and limited domestic resources.
(Link)
LNG Prices Soar as Europe Outbids Asia for Winter Supply
Europe has stepped up imports of liquefied natural gas in recent weeks. The
widening premium of European prices to U.S. benchmark prices has incentivized
more U.S. exporters to direct their destination-flexible cargoes to Europe. The higher
European prices are also diverting LNG cargoes initially bound for Asia, as Europe
currently commands a price premium.
(Link)
Analyst Sudeep Anand, sudeepanand@[Link]

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27 November 2024 Morning Brew

Technical – What Do The Charts Say

BUY KFin Technologies Ltd in cash @ Rs 1,158-Rs 1,152 SL Rs 1,098 TGT 1) Rs 1,212
2) Rs 1,270

Source: Systematix Research

• The stock has broken out of a falling channel pattern at Rs 1,128, supported by a
sharp spike in trading volume, signaling the potential continuation of a bullish
trend. Closing decisively above the 78.6% Fibonacci retracement level of its prior
decline (from a high of Rs 1,189 to a low of Rs 930) further reinforces the view
that the correction phase has concluded, paving the way for the resumption of
the primary uptrend. Additionally, the stock's breach of the upper Bollinger Band
highlights a volatility breakout, confirming strong upward momentum. The
alignment of daily and weekly candlestick patterns with this breakout underscores
a robust bullish bias in the near term, suggesting further upside potential.
• Given the alignment of these technical factors, the stock appears to be on track
for a rally toward Rs 1,270, provided it sustains above the critical support level of
Rs 1098.
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News shots
Economy
No new sectors for PLI amid slow disbursements
India's production-linked incentives (PLI) programme, which has driven a Rs.13
trillion manufacturing boom, is unlikely to expand to new sectors soon, reported
Mint. Proposed additions, including toys, drones, and furniture, are on hold as the
government focuses on stabilising the current framework. Disbursements in 2024-25
are below Rs.10 billion, a steep drop from nearly Rs.100 billion in 2023-24, as
manufacturers struggle to meet stipulated production targets to access the
incentives. Since its 2021 launch, the PLI scheme has attracted Rs.1.5 trillion in
investments across 14 industries, enhancing India's manufacturing competitiveness.
Credit card growth tapering
Growth in credit card portfolio in India is showing a tapering trend due to lower new
account volumes and a cautious approach by credit card issuers following concerns
over increasing delinquencies. Total outstanding portfolio under credit cards grew by
18% during April-September 2024. It had expanded by 29% in the September 2023
quarter and by 27% in the September 2022 quarter. SBI Cards saw a 21% decline in
issuances in the September 2024 quarter. New account volumes dropped to 0.9
million from 1.4 million in the September 2023 quarter. The credit card industry's
challenges arise from macroeconomic factors that have impacted borrowers'
repayment capacities, the media report stated. Rise in household debt and excessive
leverage through retail loans are contributing to increased delinquency levels.
Delinquencies in this segment gradually rose during 2023-24 and accelerated in April-
September 2024, according to the media report citing data from credit bureaus.
RBI seeks information on supply chain financing from shadow banks
The RBI has sought details from certain non-banking financial companies (NBFCs)
about their supply-chain finance offerings. The RBI's Department of Supervision has
suggested that some NBFCs may need to revise these offers. Supply-chain finance
involves short-term loans, typically 30 to 180 days. Micro, small and medium
enterprises (MSMEs) take credit from NBFCs for their peak credit requirements or
short-term liquidity needs to the extent not catered to by banks. The Finance
Industry Development Council (FIDC) has defended these offerings, arguing that
these offers help MSMEs compete with larger businesses by expanding their market
reach. The Finance Industry Development Council (FIDC), representing NBFCs,
emphasised that these loans are distinct from revolving facilities under credit cards
covered by separate regulations in the NBFC master directions.

Industry
CREDAI requests 100% deduction on interest paid on home loans
Realtors' apex body CREDAI requested the government to give a 100% deduction on
interest paid on home loans under the Income Tax Act to boost demand for
affordable and mid-income housing. It also demanded that the definition of
affordable housing should be revised, increasing the cap from Rs.4.5 million to at
least Rs.7.5-8 million.

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27 November 2024 Morning Brew
Mobile makers seek to expand air cargo capacity as they project USD 180 bn
exports by 2030: ICEA
Mobile phone makers in India seek for expansion in the existing air cargo handling
capacity as they expect exports for devices to increase to USD 180 billion by 2030,
said Indian Cellular and Electronics Association (ICEA). To achieve the expected
growth in exports, expansion of the existing airports and development of new ones is
required, as infrastructure at current airports is already operating at 80-100% of its
existing capacity, said Mohindroo. The electronics exports for India stood at USD 29.1
billion in 2023-24. Out of these, mobile phone exports stood at USD 15 billion, said
ICEA. A major hurdle for the electronics industry which delays shipments' processing
is the turnaround time at customs, said Pankaj Mohindroo, Chairman, ICEA. To
achieve the USD 500 billion mark of electronics production by 2030, the airport
capacities should be able to handle USD 180 billion exports on an annual basis, which
is six times more than the current exports from India. By 2030, electronics exports
will be among the top 2 exports for India, targeting USD 180-200 billion per year.
Electronics exports will be larger than any other export from India, in terms of air
cargo, said Mohindroo.
Smartphone PLI generates incremental GST worth Rs.1.1 trillion: ICEA
The India Cellular and Electronics Association (ICEA) recently informed the
government that the Production Linked Incentive (PLI) scheme for smartphones has
generated Rs.1.1 trillion through duties on mobile components and incremental
goods and services tax (GST). The government had increased the GST on mobile
phones from 12% to 18%, back in April 2020. The smartphone PLI scheme is
considered as the most successful schemes out of 14 such schemes across various
sectors.
CIL seeks bids from private companies
Coal India (CIL) has issued a tender looking for bids from private companies to
conduct e-auctions of coal for its subsidiaries for the next two years, according to
media reports. This comes in spite of CIL switching to an internal e-auction platform
in January 2024. Reportedly, the decision has confused MSTC and mjunction,
companies that previously managed CIL's e-auctions for about two decades. The two
companies were seeking more clarity before deciding to participate in the tender,
added the reports. The deadline for the submission of bids is 27 November 2024.
Delhi government sets target of retrofitting 3% of older vehicles by 2026
The Delhi government has set a target of retrofitting three% of older vehicles by
2025-26 for which it is planning to incentivise people to move to cleaner fuel. Electric
vehicle retrofitting involves converting existing petrol or diesel-powered vehicles into
electric ones. The process involves changing the original engine and other related
components, and a new alternative energy source is transplanted into the existing
vehicle body.
Coal production up 7.5% in October 2024
Coal production rose 7.5% year-on-year (y-o-y) to 84.5 million tonnes (MT) in
October 2024. Production of coal from captive and other entities rose by 14.8% y-o-y
to 16.6 MT in October 2024. Overall coal production increased by 6.1% y-o-y to 537.5
MT in the April-October 2024 period. Coal dispatches were up by 4.6 y-o-y to 82.9
MT in October 2024. Coal dispatches from captive and other entities rose by 36.9%
to 16.2 MT in October 2024. Total coal dispatches during the April-October 2024
period grew by 5.5% to 571.4 MT.

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27 November 2024 Morning Brew

Company
Dhanuka Agritech inks agreement with Bayer to acquire active ingredients
Dhanuka Agritech has inked an agreement with Bayer AG to acquire crop protection
active ingredients. The company is acquiring two active ingredients named
Iprovalicarb and Triadimenol along with a trademark melody for Iprovalicarb. The
acquisition through the agreement will help Dhanuka Agritech to expand its business
in India and the overseas market.
Dr Reddy's Laboratories recalls ibuprofen tablets in US due to manufacturing issue:
USFDA
Dr Reddy's Laboratories is recalling a product in the United States (US) due to a
manufacturing issue, said the United States Food and Drug Administration (USFDA).
The company is also recalling 3,416 Made in India bottles of ibuprofen (IBU) tablets
due to failed specifications. The recall is voluntary.
USFDA says Lupin recalls over 0.6 million bottles of hypertension drug in US
The United States Food and Drug Administration (USFDA) said that Lupin is recalling
more than 0.6 million bottles of a medication indicated for high blood pressure in the
United States (US) due to deviation from current good manufacturing practices
(CGMP). The pharma company is recalling 616,506 bottles of Ramipril capsules in
strengths of 2.5 mg (112,770 bottles), 5 mg (146,322 bottles) and 10 mg (357,414
bottles), said the US health regulator. The affected lot is manufactured at Lupin's
Goa-based manufacturing facility, it added.
Gulf Oil renews partnership with Piaggio
Gulf Oil has renewed its partnership with Piaggio India for co-branded lubricants until
2030. Piaggio India is a manufacturer of commercial vehicles. The partnership will
cover the full spectrum of lubricants, including advanced BS-VI oils and new electric
vehicle (EV) fluids.
BHEL secures Khavda Nagpur HVDC project from Power Grid Corp
Bharat Heavy Electricals (BHEL), along with Hitachi Energy India has secured an order
for the Khavda Nagpur high voltage direct current transmission (HVDC) project from
Power Grid Corporation. The companies will design and execute 800 kilovolts (kV),
6,000 megawatts (MW) bi-pole and bi-directional HVDC terminal stations to evacuate
renewable energy from Khavda to Nagpur, which is over 1,200 kilometres. The
project is scheduled for completion by 2029.
Hitachi Energy India wins HVDC project from Power Grid
Hitachi Energy India, along with Bharat Heavy Electricals (BHEL) has secured a high
voltage direct current (HVDC) project from Power Grid Corpn. Of India. Both
companies will design and execute 800 kilovolts (kV), 6,000 megawatts (MW) bi-pole
and bi-directional HVDC terminal stations to evacuate renewable energy from
Khavda to Nagpur, over 1,200 kilometres. The project is scheduled for completion by
2029.
Jakson Green Infinity ships first batch of 3.8 MW electrolysers
Jakson Green Infinity, a subsidiary of Jackson Green, has shipped its first batch of 3.8
megawatts (MW) electrolysers at India's inaugural green hydrogen refuelling station
for urban mobility in the National Capital Region. The electrolyser stack is integrated
with the balance-of-plant components. These components were indigenously
designed, engineered and manufactured at the Greater Noida facility.

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27 November 2024 Morning Brew
Premier Energies bags Rs.10.8 bln solar cell, module order
Premier Energies' subsidiaries, Premier Energies Global Environment, Premier
Energies International and Premier Energies Photovoltaic have secured orders to
supply solar cells and modules worth Rs.10.8 billion. The orders are secured from
two large independent power producers and one other customer. The company will
start delivering the cells and modules in January 2025.
Orient Solar to expand manufacturing capacity to 2 GW by mid-2025
Orient Solar will expand its solar panel manufacturing capacity from 800 megawatts
(MW) to 2 gigawatts (GW) by mid-2025, as per the managing director of the
company, Rishab Kohli. The total investment outlay for the expansion is around
Rs.1.3 billion. Of the total capacity, around 65% will be utilised for utility-scale solar
projects and the remaining commercial and industrial.
JSW MG Motor to overhaul top management
JSW MG Motor is set to overhaul its top management in the coming months almost a
year after JSW Group forged an alliance with MG Motor India. Several of its senior
executives are set to leave the company, as per media reports. The key executives
likely to move on include Satinder Singh Bajwa - chief commercial officer and Sumit
Gera - head of network planning and expansion. Gaurav Gupta, the company' chief
growth officer is also likely to move on.
Kia India exports over 100,000 CKD vehicles
Kia India has exported over 100,000 completely knocked down (CKD) vehicle kits
since June 2020 from its Anantapur facility. The company aims to leverage this
success to expand its reach and double its export volume by 2030. The company
anticipates exporting over 38,000 CKD units to Uzbekistan, Ecuador, and Vietnam
in 2024.
Maruti Suzuki achieves 3 million cumulative exports
Maruti Suzuki India (MSIL) achieved three million cumulative exports. The 3 millionth
vehicle was shipped from Pipavav port in Gujarat, as part of a larger consignment.
The company aims to further boost exports to around 750,000-800,000 units by
2030-31. MSIL currently exports vehicles to approximately 100 countries worldwide.
Tata Power signs MoU with ADB for USD 4.3 bln clean energy funding
Tata Power has signed a memorandum of understanding (MoU) with Asian
Development Bank (ADB) for a funding arrangement of USD 4.25 billion to finance
clean energy projects in India. The key projects that are being evaluated for financing
include a 966MW solar wind hybrid project, a pumped hydro storage project, and
other projects in the pipeline related to the energy transition, decarbonization and
battery storage. Tata Power is also expected to facilitate the ongoing financing for
capital expenditures in order to strengthen its distribution networks.
QSRs focus on small cities to expand business
Quick service restaurants (QSRs) are looking to smaller cities to help drive expansion
in their businesses, according to media reports. The shift from metro cities to smaller
cities is driven by low rental costs and the rising disposable income in smaller cities.
Also, high operational expenses and saturation in metro cities is driving QSRs to
smaller cities.
Note: Compiled from CMIE and media reports

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27 November 2024 Morning Brew

Key Events - A Glimpse

Economic Data Releases Today
• India, M3 Money Supply YoY NOV/15, (Prev.: 11.20%)
• US, API Crude Oil Stock Change NOV/22, (Prev.: 4.753M), Core PCE Price Index
MoM OCT, (Prev.: 0.30%, Est: 0.30%), GDP Growth Rate QoQ 2nd Est Q3, (Prev.:
3%, Est: 2.80%), GDP Price Index QoQ 2nd Est Q3, (Prev.: 2.50%, Est: 1.80%),
Goods Trade Balance Adv OCT, (Prev.: $-108.23B, Est: $-91.0B), Initial Jobless
Claims NOV/23, (Prev.: 213K, Est: 215.0K), PCE Price Index YoY OCT, (Prev.: 2.10%,
Est: 2.20%), Continuing Jobless Claims NOV/16, (Prev.: 1908K, Est: 1890.0K), Core
PCE Price Index YoY OCT, (Prev.: 2.70%, Est: 2.70%), Core PCE Prices QoQ 2nd Est
Q3, (Prev.: 2.80%, Est: 2.20%), GDP Sales QoQ 2nd Est Q3, (Prev.: 1.90%, Est:
3.00%), Jobless Claims 4-week Average NOV/23, (Prev.: 217.75K, Est: 218.0K), Non
Defense Goods Orders Ex Air OCT, (Prev.: 0.50%, Est: 0.50%), PCE Prices QoQ 2nd
Est Q3, (Prev.: 2.50%, Est: 1.50%), Real Consumer Spending QoQ 2nd Est Q3,
(Prev.: 2.80%, Est: 3.70%), Chicago PMI NOV, (Prev.: 41.6, Est: 44), Pending Home
Sales YoY OCT, (Prev.: 2.60%, Est: 3.90%), EIA Crude Oil Stocks Change NOV/22,
(Prev.: 0.545M), EIA Crude Oil Imports Change NOV/22, (Prev.: 0.237M), EIA
Cushing Crude Oil Stocks Change NOV/22, (Prev.: -0.14M), EIA Refinery Crude
Runs Change NOV/22, (Prev.: -0.281M), US, 4-Week Bill Auction, (Prev.: 4.53%),
US, 8-Week Bill Auction, (Prev.: 4.48%), 15-Year Mortgage Rate NOV/26, (Prev.:
6.02%), 30-Year Mortgage Rate NOV/27, (Prev.: 6.84%), EIA Natural Gas Stocks
Change NOV/22, (Prev.: -3Bcf)
• Australia, Monthly CPI Indicator OCT, (Prev.: 2.10%), Construction Work Done
QoQ Q3, (Prev.: 0.10%, Est: -0.40%)
• Canada, 30-Year Bond Auction, (Prev.: 3.39%)
• Germany, GfK Consumer Confidence DEC, (Prev.: -18.3, Est: -18.7)
• China, Industrial Profits (YTD) YoY OCT, (Prev.: -3.50%)
• Japan, 40-Year JGB Auction, (Prev.: 2.34%),
• Russia, GDP YoY OCT, (Prev.: 2.90%, Est: 3.10%), Unemployment Rate OCT, (Prev.:
2.40%, Est: 2.40%), Business Confidence NOV, (Prev.: 7, Est: 7.7), Corporate
Profits SEP, (Prev.: RUB20.03T, Est: RUB 21.2T), Industrial Production YoY OCT,
(Prev.: 3.20%, Est: 3.40%), Real Wage Growth YoY SEP, (Prev.: 7.70%, Est: 6.80%),
Retail Sales YoY OCT, (Prev.: 6.50%, Est: 6.10%)
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27 November 2024 Morning Brew

Systematix Coverage
Mkt Cap CMP TP Upside EPS (Rs) EPS gr. (%) P/E (x) PEG EV/EBITDA (x) RoE (%)
Company Rating
(Rs bn) (Rs) (Rs) (%) FY23 FY24 FY25E FY26E (FY24-26E) FY23 FY24 FY25E FY26E (x) FY23 FY24 FY25E FY26E FY23 FY24
Capital Goods
Shweta Dikshit; shwetadikshit@[Link]; +91 22 6704 8042
Inox Wind BUY 243.4 184 275 49.3 -21.5 -1.9 4.4 9.5 -590.8% -8.6 NM 42.2 19.3 0.0 NM NM 99.2 31.2 -30.5 -31.9
Consumer Discretionary
Chetan Mahadik; chetanmahadik@[Link]; +91 22 6704 8091
Avenue Supermarts HOLD 2,351.5 3,659 4,668 27.6 36.7 39.0 50.6 63.3 27.4 99.7 93.9 72.3 57.8 2.1 114.2 59.3 47.3 38.1 15.6 16.0
ABFRL HOLD 307.8 307 326 6.0 -0.7 -16.5 -4.3 -2.3 -62.8 -439.9 -18.6 -71.4 -134.2 2.1 20.2 22.8 17.3 13.7 -13.1 -1.9
V-Mart HOLD 76.1 3,782 4,440 17.4 -4.0 -48.9 -7.7 17.1 NA -952.7 -77.3 -490.1 220.6 NA 37.7 38.6 21.9 15.8 -1.0 -12.1
Page Industries HOLD 499.3 45,487 46,839 3.0 512.2 511.6 615.4 771.3 22.8 88.8 88.9 73.9 59.0 2.6 57.7 56.5 47.0 38.1 46.4 38.5
Trent Limited HOLD 2,408.4 6,669 6,616 -0.8 11.2 29.2 42.8 64.5 48.6 597.7 228.3 155.7 103.4 2.1 405.4 119.2 82.1 58.4 5.2 30.7
Raymond Lifestyle BUY 124.2 2,060 2,789 35.4 NA 78.7 85.5 112.3 19.4 NA 26.2 24.1 18.3 0.9 NA 12.3 13.0 11.1 NA 4.9
Arvind Fashion BUY 76.1 570 654 14.6 4.4 4.2 8.7 14.6 85.6 128.4 134.6 65.9 39.1 0.5 18.4 15.1 12.0 9.3 4.4 8.5
Thomas Cook BUY 92.1 201 283 40.8 0.2 5.5 5.8 7.3 14.9 1,112.6 36.5 34.8 27.6 1.9 50.4 19.4 15.9 12.5 0.5 13.7
Aditya Vision BUY 56.4 478 534 11.8 0.5 0.6 1.0 1.3 40.4 896.0 745.7 489.1 378.5 9.4 42.7 33.3 26.4 21.0 47.1 15.8
Tilaknagar Industries BUY 70.0 384 396 3.1 3.7 7.3 9.9 9.5 14.2 102.5 52.5 38.8 40.3 2.8 49.7 36.1 23.5 23.3 23.4 24.8
Consumer Staples
Abhishek Mathur; abhishekmathur@[Link]; +91 22 6704 8059
CCL Products HOLD 99.8 754 770 2.2 21.3 18.8 20.1 27.1 20.0 35.3 40.1 37.4 27.8 1.4 26.8 24.0 20.4 16.9 20.8 15.8
Prataap Snacks HOLD 24.6 1,034 915 -11.5 8.7 23.1 11.7 23.4 0.7 119.3 44.8 88.6 44.2 63.8 39.7 17.6 23.0 16.7 4.8 2.3
HUL HOLD 5,806.9 2,479 2,710 9.3 43.4 43.7 44.8 50.2 7.1 57.1 56.7 55.3 49.4 7.0 39.7 38.3 37.4 33.5 86.5 29.5
ITC HOLD 5,964.6 477 500 4.8 15.7 16.6 16.7 18.8 6.3 30.3 28.7 28.5 25.4 4.0 22.4 21.9 21.1 18.8 29.4 28.5
Marico BUY 786.2 628 730 16.2 10.1 11.4 12.1 13.9 10.2 62.5 55.0 51.8 45.2 4.4 42.3 37.8 35.9 31.8 36.4 38.8
Dabur HOLD 924.3 525 605 15.2 9.7 10.4 10.1 11.7 6.2 54.4 50.6 52.1 44.9 7.2 42.2 38.0 38.1 33.5 19.7 19.6
GCPL BUY 1,246.7 1,240 1,380 11.3 17.5 18.7 20.9 25.0 15.5 70.8 66.2 59.3 49.6 3.2 50.8 41.9 39.4 34.2 14.1 14.5
Colgate HOLD 771.0 2,953 3,190 8.0 38.9 49.4 53.1 59.7 9.9 75.9 59.8 55.6 49.5 5.0 47.9 39.0 36.2 32.4 61.3 74.8
Britannia HOLD 1,181.2 5,014 5,380 7.3 80.8 89.0 90.8 101.2 6.6 62.1 56.4 55.2 49.6 7.5 42.4 37.8 37.6 33.9 63.9 57.3
Nestle HOLD 2,176.1 2,265 2,605 15.0 33.1 33.1 33.1 38.9 8.5 68.3 68.5 68.3 58.2 6.9 43.7 45.0 43.7 37.9 90.2 95.4
Tata Consumer BUY 945.6 964 1,285 33.4 11.2 15.5 15.8 19.7 12.7 85.7 62.1 60.8 49.0 3.9 48.1 39.1 32.6 28.7 6.6 9.1
Patanjali Foods BUY 637.8 1,755 2,065 17.7 24.5 21.1 38.3 53.5 59.0 71.6 83.0 45.9 32.8 0.6 52.5 52.6 33.0 24.4 11.1 7.6
Dodla Dairy BUY 74.2 1,229 1,525 24.1 20.4 27.8 41.2 47.0 30.1 60.3 44.3 29.8 26.2 0.9 35.7 23.6 17.6 15.3 12.6 14.6
Asian Paints BUY 2,358.1 2,505 3,015 20.4 43.3 56.3 49.4 53.2 -2.8 57.8 44.5 50.7 47.1 -16.8 37.7 31.0 34.7 31.5 27.9 31.1
Berger Paints BUY 554.8 487 640 31.4 7.6 9.8 10.5 11.7 9.1 64.2 49.6 46.2 41.6 4.6 39.1 30.8 30.2 27.3 21.0 23.2
Kansai Nerolac BUY 214.2 275 345 25.3 5.9 8.3 8.6 9.4 6.5 46.6 33.2 32.1 29.3 4.5 26.2 20.0 19.6 17.8 11.0 13.2
Metals and Mining
Shweta Dikshit; shwetadikshit@[Link]; +91 22 6704 8042
Vedanta BUY 1,732.6 448 545 21.5 29.0 3.9 39.6 55.4 1,336.9 15.4 116.2 11.3 8.1 - 5.8 5.7 4.6 3.8 20.2 12.1
Coal India BUY 2,572.6 412 508 23.5 51.5 60.6 46.8 53.3 -12.2 8.0 6.8 8.8 7.7 - 5.2 5.0 5.6 4.6 79.6 71.9
Hindustan Zinc HOLD 2,106.3 494 456 -7.8 28.1 18.4 23.9 28.2 53.3 17.6 26.9 20.6 17.6 - 12.3 11.4 14.6 11.8 29.4 44.5
NMDC HOLD 664.7 227 241 6.3 22.1 18.3 17.2 18.8 3.0 10.3 12.4 13.2 12.0 - 4.0 8.4 7.0 6.8 39.4 31.8
Nalco BUY 461.7 250 388 55.2 7.8 10.8 19.1 34.2 216.3 32.0 23.1 13.1 7.3 - 8.1 15.0 12.8 6.9 25.4 11.2
MOIL HOLD 60.1 304 334 9.8 12.3 14.4 15.7 18.6 28.9 24.7 21.1 19.4 16.4 - 9.0 13.3 11.2 9.8 1.1 1.1
Tata Steel BUY 1,793.5 144 170 17.7 6.2 -4.0 4.1 11.4 -386.2 23.4 -36.4 35.4 12.7 - 3.8 7.9 11.3 10.4 36.6 7.7
JSW Steel HOLD 2,325.6 964 949 -1.5 17.1 37.1 26.7 55.6 49.9 56.3 26.0 36.0 17.3 - 6.6 13.6 9.1 11.1 32.7 6.2
SAIL HOLD 471.3 116 129 11.4 5.3 7.4 6.2 10.9 46.9 22.0 15.6 18.8 10.6 - 3.1 9.9 7.6 7.6 22.5 2.3
APL Apollo HOLD 393.6 1,482 1,554 4.9 23.1 26.3 23.6 40.0 52.1 64.3 56.3 62.8 37.0 - 40.5 34.8 38.4 24.3 24.4 22.2
Hindalco BUY 1,475.4 666 821 23.3 45.7 46.0 64.9 70.4 53.3 14.6 14.5 10.3 9.5 - 8.3 8.0 6.5 5.9 10.7 9.6

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27 November 2024 Morning Brew

Mkt Cap CMP TP Upside EPS (Rs) EPS gr. (%) P/E (x) PEG EV/EBITDA (x) RoE (%)
Company Rating
(Rs bn) (Rs) (Rs) (%) FY23 FY24 FY25E FY26E (FY24-26E) FY23 FY24 FY25E FY26E (x) FY23 FY24 FY25E FY26E FY23 FY24 FY25E FY26E
Pharmaceuticals and Healthcare
Vishal Manchanda; vishalmanchanda@[Link]; +91 9737437148
Indoco Remedies HOLD 29.7 316 341 8.1 15.4 10.5 13.6 17.0 27.2 20.4 30.0 23.1 18.5 1.1 11.4 14.7 12.1 10.2 13.8 8.7 10.3 11.5
Ajanta Pharma HOLD 369.7 2,997 2,859 -4.6 45.9 64.8 79.8 91.7 19.0 65.3 46.2 37.6 32.7 2.4 51.8 32.4 28.2 25.0 17.7 23.5 27.2 28.7
Sun Pharma BUY 4,316.2 1,762 2,198 24.8 35.3 39.9 48.4 57.3 19.8 49.9 44.1 36.4 30.7 2.3 36.2 31.9 26.7 22.9 15.1 15.0 16.1 16.8
Cipla BUY 1,214.1 1,493 1,756 17.6 34.9 51.2 59.9 69.8 16.7 42.7 29.1 24.9 21.4 1.8 23.8 19.1 16.6 14.6 12.0 15.4 15.7 15.8
Dr. Reddy's Laboratories HOLD 1,007.4 1,209 1,414 17.0 54.0 66.7 72.6 82.4 11.1 22.4 18.1 16.6 14.7 1.6 13.7 11.5 10.3 8.8 19.5 19.8 18.1 17.4
Lupin SELL 961.3 2,036 1,671 -17.9 9.5 42.0 55.6 111.4 62.8 214.7 48.5 36.6 18.3 0.8 54.9 25.7 22.0 12.4 3.5 13.4 15.5 24.9
Divi's Laboratories SELL 1,629.6 6,073 4,082 -32.8 68.7 60.3 83.9 95.5 25.8 88.4 100.7 72.4 63.6 3.9 67.2 72.1 52.3 45.8 14.9 12.1 15.4 15.5
Zydus Lifesciences SELL 970.4 953 791 -17.0 25.4 38.1 49.8 45.4 9.2 37.5 25.0 19.1 21.0 2.8 25.3 18.0 12.7 13.8 14.9 20.6 23.0 17.9
Poly Medicure HOLD 304.2 2,764 2,191 -20.7 18.7 26.9 32.4 44.0 27.8 147.8 102.6 85.2 62.8 4.0 107.5 79.8 60.7 46.8 15.4 19.0 15.6 15.2
Mankind Pharma HOLD 1,045.8 2,581 2,565 -0.6 32.0 47.8 62.7 66.5 18.0 80.6 54.0 41.2 38.8 3.0 54.7 40.7 30.1 24.3 18.4 22.2 23.2 19.8
Pfizer Ltd BUY 240.6 5,264 6,375 21.1 136.4 120.5 141.5 177.7 21.4 38.6 43.7 37.2 29.6 2.0 27.4 34.6 28.1 22.1 20.6 16.2 17.0 18.9
Orchid Pharma BUY 76.9 1,570 1,823 16.1 11.3 18.2 26.6 32.8 34.4 138.4 86.4 59.1 47.8 2.4 76.1 68.0 43.9 38.2 6.9 9.9 10.9 14.0
Sastasundar Ventures BUY 9.6 308 457 48.6 -22.7 2.8 -44.8 -50.6 NA -13.6 111.1 -6.9 -6.1 NA -14.1 -35.2 -5.9 -10.0 -9.1 1.2 -20.6 -29.9
Jubilant Pharmova BUY 176.1 1,150 1,212 5.4 -3.8 4.6 48.1 28.3 149.0 -300.4 252.0 23.9 40.6 1.6 25.9 22.4 16.6 13.5 -1.4 0.9 13.3 7.1
Krsnaa Diagnostics BUY 32.9 999 975 -2.4 19.3 17.6 23.9 38.2 47.2 51.8 56.6 41.8 26.1 1.2 26.3 23.6 16.7 12.1 0.1 0.1 0.1 0.1
Cement
Sudeep Anand; sudeepanand@[Link]; +91 22 6704 8085
Ultratech Cement BUY 3,302.1 11,121 12,660 13.8 175.6 244.3 272.6 369.0 28.1 63.3 45.5 40.8 30.1 0.8 29.8 24.5 22.5 17.3 9.7 12.3 12.5 15.2
Shree Cement HOLD 918.9 24,981 27,185 8.8 368.1 684.2 471.6 850.0 -10.5 67.9 36.5 53.0 29.4 0.4 29.6 19.3 21.3 14.6 7.5 12.8 8.1 13.3
Ambuja Cements BUY 1,243.8 494 654 32.5 22.0 9.5 12.3 17.5 -7.4 22.4 51.7 40.2 28.3 0.7 14.1 20.2 14.0 10.5 27.3 10.0 7.8 8.3
ACC BUY 402.8 2,114 2,668 26.2 54.9 113.0 114.9 132.8 34.3 38.5 18.7 18.4 15.9 1.0 1.9 2.0 1.8 1.5 7.3 14.1 12.8 13.4
Ramco Cement BUY 229.1 960 1,000 4.2 14.5 16.7 16.8 25.8 21.1 66.0 57.5 57.3 37.1 0.7 19.6 15.3 14.3 12.0 5.2 5.7 5.4 8.0
Dalmia Bharat HOLD 342.6 1,826 1,867 2.2 55.3 44.1 52.9 70.6 8.5 33.0 41.4 34.5 25.8 0.7 15.0 13.1 13.0 10.5 6.5 5.2 5.9 7.4
J K Cement HOLD 325.7 4,183 4,613 10.3 65.1 108.2 120.0 141.4 29.5 64.3 38.7 34.9 29.6 1.7 27.8 18.2 17.0 14.8 11.3 16.6 16.1 16.5
Sagar Cements BUY 27.8 211 266 25.9 0.7 -4.0 -10.0 -1.5 -226.3 287.2 -53.0 -21.1 -142.6 1.7 26.2 16.0 22.8 13.2 0.6 -2.6 -7.0 -1.1
EMS
Ashish Poddar; ashishpoddar@[Link]; +91 22 6704 8039
Amber Enterprises HOLD 220.7 6,450 6,248 -3.1 46.7 39.4 72.0 98.0 58.2 138.2 163.5 89.6 65.8 1.1 54.3 46.2 32.5 26.7 8.2 6.4 10.5 12.5
Avalon Technologies HOLD 57.6 906 693 -23.5 8.0 4.3 8.1 14.4 66.9 113.4 212.8 112.2 62.8 0.9 50.5 92.6 59.2 36.5 9.8 5.1 8.8 13.6
Dixon Technologies HOLD 944.5 15,501 16,474 6.3 42.7 62.7 133.7 227.4 73.9 363.4 247.2 115.9 68.2 0.9 175.5 129.0 61.1 42.3 19.9 22.1 33.0 37.2
Elin Electronics BUY 9.8 213 250 17.6 5.6 2.9 5.4 9.2 68.8 38.1 73.5 39.7 23.2 0.3 14.0 21.6 16.2 10.9 5.4 2.8 4.9 7.9
Kaynes Technology HOLD 377.4 5,986 5,705 -4.7 14.9 28.7 48.6 58.8 41.6 401.9 208.7 123.2 101.8 2.4 219.0 141.1 89.0 59.2 9.9 7.4 11.1 11.8
PG Electroplast HOLD 178.3 676 594 -12.1 3.0 5.2 10.3 12.3 42.0 227.2 130.5 65.4 55.0 1.3 103.1 68.1 42.7 36.8 19.6 13.0 20.7 20.0
Syrma SGS Technology BUY 99.0 546 616 12.9 6.7 6.0 10.1 14.8 50.3 81.2 90.2 54.0 37.0 0.7 52.3 50.5 30.7 22.0 7.7 6.7 10.2 13.3

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27 November 2024 Morning Brew

Mkt Cap CMP TP Upside EPS (Rs) EPS gr. (%) P/E (x) PEG EV/EBITDA (x) RoE (%)
Company Rating
(Rs bn) (Rs) (Rs) (%) FY23 FY24 FY25E FY26E (FY24-26E) FY23 FY24 FY25E FY26E (x) FY23 FY24 FY25E FY26E FY23 FY24
Consumer Durables, Building Materials, Small & Midcaps
Ashish Poddar; ashishpoddar@[Link]; +91 22 6704 8039
Apollo Pipes HOLD 21.8 495 552 11.7 5.8 10.3 8.7 27.6 38.9 85.6 48.0 57.1 17.9 0.4 29.9 21.1 18.6 12.8 5.2 7.4
Astral Industries HOLD 478.9 1,803 1,760 -2.4 16.9 20.3 19.9 32.0 16.4 106.7 88.8 90.7 56.3 3.4 56.6 50.0 47.7 39.6 16.8 17.1
Finolex Industries HOLD 165.1 264 272 3.4 4.1 7.7 13.8 11.4 14.3 65.0 34.4 19.1 23.0 1.6 43.6 20.5 18.7 14.6 5.1 8.4
Prince Pipes & Fittings HOLD 47.1 424 501 18.0 11.0 16.5 11.7 22.8 11.3 38.6 25.7 36.2 18.6 1.6 18.1 15.2 16.9 13.0 8.9 11.8
Supreme Industries HOLD 585.5 4,572 4,597 0.6 68.1 84.2 87.8 114.4 10.7 67.1 54.3 52.0 40.0 3.7 48.6 37.4 35.5 30.9 19.7 20.9
Greenpanel Industries HOLD 41.0 342 402 17.6 20.9 11.6 7.7 20.2 20.1 16.4 29.4 44.3 17.0 0.8 9.2 16.8 21.8 13.0 21.5 10.8
Stylam Industries BUY 40.1 2,568 3,430 33.6 56.6 75.8 82.3 106.9 21.9 45.3 33.9 31.2 24.0 1.0 24.7 20.4 18.0 14.1 23.3 24.0
Carysil BUY 21.2 759 1,218 60.5 19.5 21.6 33.7 55.4 36.9 38.9 35.2 22.5 13.7 0.4 22.0 19.0 14.0 11.3 17.3 16.4
Kajaria Ceramics HOLD 195.5 1,223 1,308 7.0 21.6 26.5 26.0 36.3 11.1 56.5 46.1 47.1 33.6 2.8 31.1 26.1 25.3 22.0 14.8 16.1
Cera Sanitaryware HOLD 90.8 7,239 7,722 6.7 162.4 185.3 192.9 241.3 9.2 44.6 39.1 37.5 30.0 3.2 28.6 27.8 27.4 23.5 17.9 17.8
Somany Ceramics BUY 26.9 661 878 32.9 17.4 23.6 19.2 43.9 22.9 37.9 27.9 34.5 15.0 0.6 15.9 11.7 12.0 9.4 9.1 13.5
Bajaj Electricals HOLD 86.4 767 826 7.7 18.7 11.8 7.3 27.5 32.6 41.0 65.0 104.8 27.9 0.8 22.2 32.8 31.6 21.9 11.3 9.4
Crompton Greaves HOLD 253.0 409 411 0.7 7.2 6.8 8.7 12.9 23.4 56.8 59.8 47.0 31.8 1.3 33.1 34.8 27.8 23.7 17.4 14.7
Finolex Cables HOLD 174.0 1,121 1,219 8.7 33.0 42.6 49.4 62.6 13.7 34.0 26.3 22.7 17.9 1.3 30.4 24.8 27.5 20.1 11.5 13.2
Havells BUY 1,070.9 1,711 1,979 15.7 17.1 20.3 24.8 39.6 25.0 100.1 84.4 69.0 43.2 1.7 62.8 53.9 46.1 34.9 16.2 17.1
KEI Industries BUY 363.1 4,071 4,518 11.0 52.9 64.4 76.9 113.0 20.6 77.0 63.3 52.9 36.0 1.7 48.9 40.8 35.2 29.0 18.4 18.4
Orient Electric HOLD 48.9 239 238 -0.8 3.6 3.5 4.2 9.5 39.1 67.4 67.9 57.2 25.2 0.6 30.7 32.7 22.9 16.5 13.0 11.8
Polycab BUY 1,017.6 6,873 7,620 10.9 84.6 118.8 122.7 191.0 17.2 81.3 57.9 56.0 36.0 2.0 51.0 37.8 34.8 28.4 19.1 21.8
V-Guard Hold 179.4 416 415 -0.2 4.4 5.9 7.8 11.9 26.0 95.4 70.1 53.4 35.1 1.3 59.1 44.0 34.2 29.4 11.8 14.2
Mayur Uniquoters Buy 25.7 586 790 34.8 24.0 28.2 34.9 43.9 15.9 24.4 20.8 16.8 13.4 0.9 16.9 14.3 11.6 9.8 13.8 14.1
Cello World HOLD 165.8 755 859 13.7 13.6 17.0 21.6 28.6 19.0 55.3 44.5 34.9 26.4 1.4 40.0 33.1 29.8 25.3 79.1 28.8
Shaily Engineering Plastics Ltd BUY 50.4 1,102 1,160 5.2 7.7 12.5 19.7 33.1 38.4 143.8 88.2 56.0 33.3 0.9 57.1 45.0 31.6 25.0 8.8 12.5
Time Technoplast BUY 88.7 425 615 44.9 9.7 13.7 18.0 22.5 26.9 44.0 31.0 23.6 18.8 0.6 17.0 14.0 11.6 9.8 9.7 12.2
Speciality Chem, Agrichem, Sugar, Fertilisers, Textiles and Packaging
Pratik Tholiya; pratiktholiya@[Link]; +91 22 6704 8028
Deepak Nitrite HOLD 364.3 2,715 2,689 -0.9 62.5 59.5 62.9 83.2 18.3 41.9 44.1 41.6 31.5 1.0 29.9 34.1 28.0 21.2 22.9 18.2
Aarti Industries HOLD 158.7 451 511 13.2 15.0 11.5 11.7 14.0 10.3 28.3 37.1 36.3 30.5 1.6 19.9 19.2 18.5 15.3 10.8 8.1
SRF HOLD 659.1 2,235 2,309 3.3 72.9 45.1 50.7 78.5 32.0 29.3 47.4 42.2 27.2 0.5 19.9 27.4 24.1 17.7 22.9 12.3
Vinati Organics HOLD 190.8 1,862 1,687 -9.4 40.8 31.2 39.6 47.7 23.7 43.8 57.4 45.2 37.5 1.8 32.1 39.4 31.5 26.2 21.3 13.7
Navin Fluorine BUY 170.1 3,452 3,982 15.4 75.6 54.5 51.0 87.7 26.8 43.2 59.9 64.0 37.2 0.5 40.0 45.4 38.2 24.9 19.8 12.8
Atul HOLD 220.0 7,387 8,036 8.8 174.2 109.5 159.6 222.2 42.5 41.5 66.0 45.2 32.5 0.8 26.5 34.1 23.7 18.6 11.3 6.6
K P R Mills HOLD 315.0 954 984 3.1 23.8 23.6 27.1 35.4 22.5 39.3 39.7 34.6 26.5 0.9 16.4 23.8 23.4 18.3 23.6 20.0
Vardhman Textiles BUY 131.7 470 545 15.9 27.9 22.2 31.2 45.4 43.1 15.7 19.8 14.1 9.7 0.2 7.3 14.7 10.2 7.7 9.8 7.2
Gokaldas Exports BUY 63.3 904 1,020 12.8 28.6 20.7 22.4 40.8 40.5 31.4 43.4 40.1 22.0 0.3 8.4 20.3 16.7 11.9 19.5 10.1
Praj Industries BUY 147.1 804 827 2.9 13.1 15.4 17.2 25.4 28.2 51.7 43.8 39.4 26.6 0.6 39.0 32.1 25.1 17.8 22.2 22.2
Balrampur Chini BUY 108.2 563 647 14.8 14.1 26.5 20.4 31.8 9.5 36.1 19.2 24.9 16.0 0.3 24.9 16.4 15.8 11.4 10.0 17.0
Dwarikesh Sugar BUY 11.2 62 77 24.1 5.6 4.4 2.2 6.8 24.2 10.6 13.3 26.3 8.6 0.0 7.0 7.7 12.3 6.2 14.8 10.7
Triveni Engineering BUY 83.8 393 482 22.7 17.8 18.1 18.1 27.8 24.0 20.4 20.1 20.1 13.1 0.2 14.8 15.3 13.8 9.7 17.1 14.2
EPL (Essel Propack) BUY 85.6 274 324 18.4 7.2 6.6 10.9 12.5 37.8 34.9 38.3 23.2 20.2 1.4 10.0 8.9 10.2 9.1 12.1 10.3
Welspun Living BUY 143.1 148 196 32.0 2.0 7.0 7.9 10.9 24.5 73.4 21.1 18.6 13.6 0.4 11.8 11.8 11.2 8.8 4.9 15.8

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27 November 2024 Morning Brew

Mkt Cap CMP TP Upside EPS (Rs) EPS gr. (%) P/E (x) PEG EV/EBITDA (x) RoE (%)
Company Rating
(Rs bn) (Rs) (Rs) (%) FY23 FY24 FY25E FY26E (FY24-26E) FY23 FY24 FY25E FY26E (x) FY23 FY24 FY25E FY26E FY23 FY24 FY25E FY26E
Oil & Gas
Sudeep Anand; sudeepanand@[Link]; +91 22 6704 8085
GAIL India BUY 1,309.7 194 230 18.6 8.1 13.4 15.3 16.5 37.6 24.1 14.4 12.7 11.8 0.3 21.4 10.8 9.8 8.9 9.5 13.8 14.5 14.4
Gujarat Gas HOLD 320.9 475 582 22.4 22.2 15.8 20.5 21.4 -3.7 21.5 30.1 23.1 22.2 -7.1 15.3 19.4 15.5 14.6 21.8 14.9 16.6 15.7
Petronet LNG BUY 500.8 329 425 29.2 21.6 23.6 25.9 30.4 9.5 15.2 14.0 12.7 10.8 1.4 9.2 8.4 7.8 7.0 21.7 20.8 20.6 21.6
Indraprastha Gas BUY 226.9 320 481 50.4 20.6 25.0 23.1 26.5 5.8 15.5 12.8 13.9 12.1 3.1 13.2 11.1 12.0 7.0 21.7 20.8 20.6 21.6
Gujarat State Petronet HOLD 191.6 346 353 2.1 16.7 22.8 15.7 16.5 -3.1 20.6 15.2 22.0 20.9 -6.9 15.7 16.9 14.3 20.9 10.2 12.5 8.2 8.1
Mahanagar Gas HOLD 114.3 1,176 1,680 42.8 80.0 130.5 112.1 120.0 18.4 14.7 9.0 10.5 9.8 0.7 11.3 7.4 7.8 6.9 19.1 25.1 19.1 18.3
Reliance Industries BUY 17,416.2 1,296 3,145 142.7 98.6 102.9 113.1 125.0 7.1 13.1 12.6 11.5 10.4 3.4 13.9 12.2 11.3 10.4 9.3 8.8 8.8 8.8
Gulf Oil Lubricants India BUY 50.7 1,107 1,700 53.6 47.4 62.7 73.5 82.2 24.5 23.4 17.7 15.1 13.5 0.7 16.2 12.7 10.5 8.8 20.9 24.9 26.4 26.6
Railway Wagons
Sudeep Anand; sudeepanand@[Link]; +91 22 6704 8085
Jupiter Wagons BUY 194.0 456 667 46.2 3.1 7.9 11.4 15.4 38.5 198.1 76.7 54.2 40.0 1.4 95.3 52.3 36.1 27.2 15.4 20.5 16.6 18.6
Titagarh Rail Systems HOLD 147.5 1,147 1,238 7.9 12.3 21.6 25.9 31.4 44.9 177.5 93.7 53.4 44.7 1.2 88.5 53.0 33.2 29.7 9.1 14.9 18.1 14.5
IT & ITES
Devanshi Kamdar; devanshikamdar@[Link]; +91 22 6704 8098
TCS HOLD 15,612.4 4,353 4,500 3.4 115.2 125.9 135.2 152.5 21.2 37.8 34.6 32.2 29.5 1.3 6.5 6.0 5.6 5.2 46.6 50.7 51.0 51.2
Infosys HOLD 7,827.2 1,924 1,926 0.1 57.6 63.3 63.5 72.7 14.8 33.4 30.4 30.3 26.5 1.8 5.1 4.9 4.6 4.2 32.0 29.8 27.8 28.7
Wipro SELL 3,047.4 589 440 -25.3 20.7 20.9 23.2 24.4 17.0 28.5 28.2 25.3 18.0 1.3 3.2 3.2 3.3 3.1 14.5 14.7 14.0 12.9
HCL Tech HOLD 5,119.2 1,900 1,465 -22.9 54.7 57.8 62.8 68.1 17.7 34.7 32.8 30.3 21.5 1.5 4.9 4.5 4.3 3.9 22.7 23.0 24.1 24.8
Tech Mahindra SELL 1,695.6 1,745 1,057 -39.4 54.9 26.7 46.6 66.1 147.3 31.8 65.3 37.4 16.0 0.2 3.0 3.1 3.0 2.7 17.3 8.8 16.2 22.4
Sonata Software BUY 153.4 598 742 24.1 16.3 11.1 16.9 22.3 167.0 36.7 53.8 35.3 33.2 0.1 2.1 1.8 1.5 1.3 37.7 22.8 31.3 35.0
Mkt Cap CMP TP Upside EPS (Rs) EPS gr. (%) P/E (x) PEG P/BV (x) RoE (%)
Company Rating
(Rs bn) (Rs) (Rs) (%) FY23 FY24 FY25E FY26E (FY24-26E) FY23 FY24 FY25E FY26E (x) FY23 FY24 FY25E FY26E FY23E FY24 FY25E FY26E
Banks and Financial Svcs
Manjith Nair; manjithnair@[Link]; +91 22 6704 8065
Axis Bank HOLD 3,576.8 1,145 1,335 16.6 31.1 80.5 91.1 100.5 18.3 36.8 14.2 12.6 11.4 0.6 2.8 2.4 2.0 1.7 8.0 18.1 17.1 15.9
HDFC Bank BUY 13,647.2 1,786 1,945 8.9 79.1 80.0 92.6 105.7 12.2 22.6 22.3 19.3 16.9 1.3 3.5 3.1 2.7 2.4 17.0 16.9 15.2 15.4
ICICI BANK BUY 9,179.3 1,305 1,455 11.5 45.7 58.2 64.5 71.6 14.7 28.6 22.4 20.2 18.2 1.2 4.6 3.9 3.4 3.0 17.2 18.7 17.7 17.2
Kotak Bank BUY 3,560.3 1,784 2,010 12.7 55.1 69.3 65.8 79.3 14.7 32.4 25.7 27.1 22.5 1.5 4.2 3.6 3.1 2.8 14.1 15.3 12.5 13.2
State Bank of India BUY 7,536.4 839 1,015 20.9 56.3 68.4 76.2 85.3 16.2 14.9 12.3 11.0 9.8 0.6 2.5 2.1 1.8 1.6 18.1 18.8 18.0 17.4
Federal Bank BUY 522.3 214 235 10.0 14.2 15.3 16.6 20.4 13.0 15.0 14.0 12.9 10.5 0.8 2.1 1.8 1.6 1.4 14.9 14.7 13.1 14.2
Indusind bank BUY 781.7 1,010 1,495 48.1 95.3 115.0 114.5 136.8 12.8 10.6 8.8 8.8 7.4 0.6 1.4 1.3 1.1 1.0 14.5 15.3 13.4 14.2

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27 November 2024 Morning Brew

Mkt Cap CMP TP Upside EPS (Rs) EPS gr. (%) P/E (x) PEG P/BV (x) RoE (%)
Company Rating
(Rs bn) (Rs) (Rs) (%) FY23 FY24 FY25E FY26E (FY24-26E) FY23 FY24 FY25E FY26E (x) FY23 FY24 FY25E FY26E FY23 FY24 FY25E FY26E
NBFCs & Diversified Financials
Pradeep Agrawal; pradeepagrawal@[Link]; +91 22 6704 8024
Shriram Finance BUY 1,108.5 3,046 3,600 18.2 159.1 191.3 245.2 281.6 21.3 19.1 15.9 12.4 10.8 0.6 2.6 2.4 2.1 1.8 17.3 15.7 17.7 17.8
Cholamandalam Finance HOLD 1,042.4 1,265 1,320 4.3 31.7 40.7 48.5 56.2 17.5 39.9 31.1 26.1 22.5 1.5 7.4 5.4 4.6 3.8 20.5 20.2 19.0 18.5
Mahindra & Mahindra Financial HOLD 336.6 270 260 -3.8 16.5 14.3 18.6 23.9 29.4 16.4 19.0 14.6 11.3 0.5 2.0 1.8 1.7 1.6 12.5 10.0 12.2 14.4
Sundaram Finance HOLD 472.7 4,160 4,300 3.4 98.0 120.1 139.6 166.3 17.7 35.5 29.0 24.9 20.9 1.4 6.9 5.2 4.4 3.8 21.0 20.2 19.2 19.4
Muthoot Finance BUY 775.7 1,952 2,250 15.3 86.5 100.9 127.4 150.1 22.0 22.6 19.3 15.3 13.0 0.7 3.7 3.2 2.8 2.4 17.6 17.9 19.5 19.8
Manappuram Finance HOLD 128.3 156 165 5.9 17.7 26.0 26.0 32.8 12.3 8.8 6.0 6.0 4.7 0.5 1.4 1.1 1.0 0.9 16.6 20.7 17.9 19.7
IIFL Finance BUY 175.5 411 560 36.1 42.1 51.7 45.6 54.1 2.2 9.8 8.0 9.0 10.4 4.0 1.7 1.5 1.4 1.2 19.3 17.7 14.7 16.5
Aptus Value Housing Finance India BUY 155.7 310 425 37.1 10.1 12.3 15.5 19.4 25.7 30.7 25.3 20.0 16.0 0.8 4.6 4.1 3.6 3.1 16.1 17.2 19.2 20.7
Home First Finance Company BUY 102.0 1,109 1,300 17.2 25.8 34.5 43.0 53.5 24.4 43.0 32.1 25.8 20.7 1.1 5.4 4.6 4.0 3.4 13.5 15.5 16.6 17.7
Aavas Financiers BUY 130.8 1,658 2,000 20.7 54.3 62.0 78.9 97.2 25.2 30.5 26.7 21.0 17.1 0.8 4.0 3.5 3.0 2.6 14.1 13.9 15.4 16.4
Can Fin Homes BUY 112.4 821 1,000 21.8 46.7 56.4 66.7 77.2 17.0 17.6 14.6 12.3 10.6 0.7 3.0 2.5 2.1 1.8 18.5 18.8 18.7 18.4
Ugro Capital Limited BUY 21.2 235 335 42.7 2.8 8.4 15.4 23.3 66.2 83.6 27.8 15.3 10.1 0.2 3.4 2.3 1.7 1.0 4.1 9.9 12.7 12.4
Source: Systematix Research

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27 November 2024 Morning Brew

Model Portfolio
Sector weights Stock weights
Systematix Nifty Index OW/UW Systematix Financial portfolio
Agri Input & Chemicals 2.0 2.0 Chambal Fertilizers 0.8
Coromandel Industries 1.2
Auto & Auto Ancillaries 8.0 7.6 0.4 Hero Motocorp 3.0
Mahindra & Mahindra 1.3
TVS 1.0
Escorts 2.7
Cement 1.0 2.1 -1.1 ACC 0.5
UltraTech Cement 0.5
Consumer Staples & Retail 13.0 12.2 0.8 Nestle 2.5
ITC 2.0
Tata Consumer Products 2.0
Berger Paints 2.5
Arvind Fashion 2.0
Page Industries 2.0
Defence 0.9 -0.9
Infrastructure/Construction 3.0 4.4 -1.4 Larsen & Toubro 3.0
IT Services 15.0 13.8 1.2 HCL Tech 4.0
Infosys 4.0
TCS 3.0
Coforge 3.0
Sonata 1.0
Metals & Mining 4.2 -4.2
Oil & Gas 12.0 11.6 0.4 Reliance Industries 6.0
GAIL 3.0
Gulf Oil 3.0
Pharmaceuticals & Healthcare 4.0 3.9 0.1 Sun Pharma 1.0
Orchid Pharma 1.0
Jubilant Pharmova 1.0
Cipla 1.0
Ports & Logistics 0.7 -0.7
Sugar 1.0 0.0 1.0 Balarampur Chini 1.0
Telecom 4.0 4.2 -0.2 Bharti Airtel 4.0
Textile 2.0 2.0 Vardhman Textiles 2.0
Utilities 1.0 1.4 -0.4 NTPC 1.0
Financials 29.1 33.0 -3.9 Financials
Insurance 2.5 1.2 1.3 SBI Life 2.5
NBFC 2.0 3.4 -1.4 Shriram Finance 1.0
Home First 1.0
Banks 24.6 28.4 -3.8 AXIS Bank 5.0
HDFC Bank 9.4
ICICI Bank 7.7
State Bank of India 2.5
100.0 100.0 Total 100.0
Source: Systematix Research

Changes in model portfolio:

Consumer Staples and Retail - Added Page Industries; removed Thomas Cook
IT – Added Sonata
Oil & Gas – Added Gulf Oil; removed MGL
NBFC – Added Home First; removed Muthoot Finance

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27 November 2024 Morning Brew

Institutional Equities Team

Nikhil Khandelwal Managing Director +91-22-6704 8001 nikhil@[Link]
Equity Research
Analysts Industry Sectors Desk-Phone E-mail
Dhananjay Sinha Co Head of Equities & Head of Research - Strategy & Economics +91-22-6704 8095 dhananjaysinha@[Link]
Abhishek Mathur Consumer Staples +91-22-6704 8059 abhishekmathur@[Link]
Ashish Poddar Consumer Durables, EMS, Building Materials, Small-Mid Caps +91-22-6704 8039 ashishpoddar@[Link]
Chetan Mahadik Consumer Discretionary +91-22-6704 8091 chetanmahadik@[Link]
Manjith Nair Banking, Insurance +91-22-6704 8065 manjithnair@[Link]
Pradeep Agrawal NBFCs & Diversified Financials +91-22-6704 8024 pradeepagrawal@[Link]
Pratik Tholiya Specialty & Agro Chem, Fertilisers, Sugar, Textiles and Select Midcaps +91-22-6704 8028 pratiktholiya@[Link]
Shweta Dikshit Metals & Mining +91-22-6704 8042 shwetadikshit@[Link]
Sudeep Anand Oil & Gas, Logistics, Cement, Wagons +91-22-6704 8085 sudeepanand@[Link]
Vishal Manchanda Pharmaceuticals and Healthcare +91-22-6704 8064 vishalmanchanda@[Link]
Deeksha Bhardwaj Strategy & Economics +91-22-6704 8017 deekshabhardwaj@[Link]
Devanshi Kamdar IT & ITES +91-22-6704 8098 devanshikamdar@[Link]
Hinal Kothari Metals & Mining +91-22-6704 8076 hinalkothari@[Link]
Jennisa Popat Oil & Gas, Logistics, Cement, Wagons +91-22-6704 8066 jennisapopat@[Link]
Krisha Zaveri Consumer Durables, EMS, Building Materials, Small-Mid Caps +91-22-6704 8023 krishazaveri@[Link]
Mahek Shah Consumer Durables, EMS, Building Materials, Small-Mid Caps +91-22-6704 8040 mahekshah@[Link]
Nirali Chheda Banking, Insurance +91-22-6704 8019 niralichheda@[Link]
Pashmi Chheda Banking, Insurance +91-22-6704 8063 pashmichheda@[Link]
Pravin Mule NBFCs & Diversified Financials +91-22-6704 8034 pravinmule@[Link]
Pratik Oza Midcaps +91-22-6704 8038 pratikoza@[Link]
Prathmesh Kamath Oil & Gas, Logistics, Cement, Wagons +91-22-6704 8022 prathmeshkamath@[Link]
Purvi Mundhra Macro-Strategy +91-22-6704 8078 purvimundhra@[Link]
Rajesh Mudaliar Consumer Staples & Discretionary +91-22-6704 8084 rajeshmudaliar@[Link]
Rushank Mody Pharmaceuticals and Healthcare +91-22-6704 8046 rushankmody@[Link]
Swati Saboo Midcaps +91-22-6704 8043 swatisaboo@[Link]
Vijay Jangir FMCG +91-22-6704 8029 vijayjangir@[Link]
Vamsi Hota Pharmaceuticals and Healthcare +91-22-6704 8099 vamsihota@[Link]
Yash Mehta NBFCs & Diversified Financials +91-22-6704 8036 yashmehta@[Link]
Yogeeta Rathod Midcaps +91-22-6704 8081 yogeetarathod@[Link]
Equity Sales & Trading
Name Desk-Phone E-mail
Vipul Sanghvi Co Head of Equities & Head of Sales +91-22-6704 8062 vipulsanghvi@[Link]
Sidharth Agrawal Sales +91-22-6704 8090 sidharthagrawal@[Link]
Shreya Chaudhary Sales +91-22-6704 8033 shreyachaudhary@[Link]
Rahul Khandelwal Sales +91-22-6704 8003 rahul@[Link]
Abhinav Barjatiya Sales +91-22-6704 8068 abhinavbarjatiya@[Link]
Chintan Shah Sales +91-22-6704 8061 chintanshah@[Link]
Pawan Sharma Director and Head - Sales Trading +91-22-6704 8067 pawansharma@[Link]
Mukesh Chaturvedi Vice President and Co Head - Sales Trading +91-22-6704 8074 mukeshchaturvedi@[Link]
Vinod Bhuwad Sales Trading +91-22-6704 8051 vinodbhuwad@[Link]
Rashmi Solanki Sales Trading +91-22-6704 8097 rashmisolanki@[Link]
Karan Damani Sales Trading +91-22-6704 8053 karandamani@[Link]
Vipul Chheda Dealer +91-22-6704 8087 vipulchheda@[Link]
Paras Shah Dealer +91-22-6704 8047 parasshah@[Link]
Rahul Singh Dealer +91-22-6704 8054 rahulsingh@[Link]
Niraj Singh Dealer +91-22-6704 8096 nirajsingh@[Link]
Corporate Access
Mrunal Pawar Vice President & Head Corporate Access +91-22-6704 8088 mrunalpawar@[Link]
Darsha Hiwrale Associate Corporate Access +91-22-6704 8083 darshahiwrale@[Link]
Production
Madhu Narayanan Editor +91-22-6704 8071 madhunarayanan@[Link]
Mrunali Pagdhare Production +91-22-6704 8057 mrunalip@[Link]
Vijayendra Achrekar Production +91-22-6704 8089 vijayendraachrekar@[Link]
Operations
Sachin Malusare Vice President +91-22-6704 8055 sachinmalusare@[Link]
Jignesh Mistry Manager +91-22-6704 8049 jigneshmistry@[Link]
Hiren Patel Assistant Manager +91-22-6704 8056 hirenpatel@[Link]

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27 November 2024 Morning Brew

DISCLOSURES/APPENDIX

I. ANALYST CERTIFICATION
I, Systematix Research, hereby certify that (1) views expressed in this research report accurately reflect my/our personal views about any or all of the subject securities or issuers
referred to in this research report, (2) no part of my/our compensation was, is, or will be directly or indirectly related to the specific recommendations or views expressed in this research
report by Systematix Shares and Stocks (India) Limited (SSSIL) or its group/associate companies, (3) reasonable care is taken to achieve and maintain independence and objectivity in
making any recommendations.

Disclosure of Interest Statement Update

Analyst holding in the stock No
Served as an officer, director or employee No

II. ISSUER SPECIFIC REGULATORY DISCLOSURES, unless specifically mentioned in point no. 9 below:

1. The research analyst(s), SSSIL, associates or relatives do not have any financial interest in the company(ies) covered in this report.

2. The research analyst(s), SSSIL, associates or relatives collectively do not hold more than 1% of the securities of the company(ies) covered in this report as of the end of the
month immediately preceding the distribution of the research report.
3. The research analyst(s), SSSIL, associates or relatives did not have any other material conflict of interest at the time of publication of this research report.

4. The research analyst, SSSIL and its associates have not received compensation for investment banking or merchant banking or brokerage services or any other products or
services from the company(ies) covered in this report in the past twelve months.
5. The research analyst, SSSIL or its associates have not managed or co-managed a private or public offering of securities for the company(ies) covered in this report in the previous
twelve months.

6. SSSIL or its associates have not received compensation or other benefits from the company(ies) covered in this report or from any third party in connection with this research
report.

7. The research analyst has not served as an officer, director or employee of the company(ies) covered in this research report.

8. The research analyst and SSSIL have not been engaged in market making activity for the company(ies) covered in this research report.

9. Details of SSSIL, research analyst and its associates pertaining to the companies covered in this research report:

Sr. Yes /
Particulars
No. No.
1 Whether compensation was received from the company(ies) covered in the research report in the past 12 months for investment banking transaction by SSSIL. No
2 Whether research analyst, SSSIL or its associates and relatives collectively hold more than 1% of the company(ies) covered in the research report. No
3 Whether compensation has been received by SSSIL or its associates from the company(ies) covered in the research report. No
Whether SSSIL or its affiliates have managed or co-managed a private or public offering of securities for the company(ies) covered in the research report in the
4 No
previous twelve months.
Whether research analyst, SSSIL or associates have received compensation for investment banking or merchant banking or brokerage services or any other
5 No
products or services from the company(ies) covered in the research report in the last twelve months.

10. There is no material disciplinary action taken by any regulatory authority that impacts the equity research analysis activities.

STOCK RATINGS
BUY (B): The stock's total return is expected to exceed 15% over the next 12 months.
HOLD (H): The stock's total return is expected to be within -15% to +15% over the next 12 months.
SELL (S): The stock's total return is expected to give negative returns of more than 15% over the next 12 months.
NOT RATED (NR): The analyst has no recommendation on the stock under review.

INDUSTRY VIEWS
ATTRACTIVE (AT): Fundamentals/valuations of the sector are expected to be attractive over the next 12-18 months.
NEUTRAL (NL): Fundamentals/valuations of the sector are expected to neither improve nor deteriorate over the next 12-18 months.
CAUTIOUS (CS): Fundamentals/valuations of the sector are expected to deteriorate over the next 12-18 months.

III. DISCLAIMER
The information and opinions contained herein have been compiled or arrived at based on the information obtained in good faith from sources believed to be reliable. Such information
has not been independently verified and no guaranty, representation of warranty, express or implied, is made as to its accuracy completeness or correctness.
This document is for information purposes only. This report is based on information that we consider reliable; we do not represent that it is accurate or complete and one should exercise
due caution while acting on it. Description of any company(ies) or its/their securities mentioned herein are not complete and this document is not and should not be construed as an
offer or solicitation of an offer to buy or sell any securities or other financial instruments. Past performance is not a guide for future performance, future returns are not guaranteed and
a loss of original capital may occur. All opinions, projections and estimates constitute the judgment of the author as on the date of the report and these, plus any other information
contained in the report, are subject to change without notice. Prices and availability of financial instruments are also subject to change without notice. This report is intended for
distribution to institutional investors.
This report is not directed to or intended for display, downloading, printing, reproducing or for distribution to or use by, any person or entity that is a citizen or resident or located in any
locality, state, country or other jurisdiction where such distribution, publication, reproduction, availability or use would be contrary to law or regulation or what would subject to SSSIL or
its affiliates to any registration or licensing requirement within such jurisdiction. If this report is inadvertently sent or has reached any individual in such country, especially USA, the same
may be ignored and brought to the attention of the sender. Neither this document nor any copy of it may be taken or transmitted into the United States (to U.S. persons), Canada, or
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27 November 2024 Morning Brew
redistribution or disclosure of this report including, but not limited to, redistribution by electronic mail, posting of the report on a website or page, and/or providing to a third party a link,
is prohibited by law and will result in prosecution. The information contained in the report is intended solely for the recipient and may not be further distributed by the recipient to any
third party.
SSSIL generally prohibits its analysts, persons reporting to analysts, and members of their households from maintaining a financial interest in the securities or derivatives of any
companies that the analysts cover. Additionally, SSSIL generally prohibits its analysts and persons reporting to analysts from serving as an officer, director, or advisory board member of
any companies that they cover. Our salespeople, traders, and other professionals or affiliates may provide oral or written market commentary or trading strategies to our clients that
reflect opinions that are contrary to the opinions expressed herein. Our proprietary trading and investing businesses may make investment decisions that are inconsistent with the
recommendations expressed herein. The views expressed in this research report reflect the personal views of the analyst(s) about the subject securities or issues and no part of the
compensation of the research analyst(s) was, is, or will be directly or indirectly related to the specific recommendations and views expressed by research analyst(s) in this report. The
compensation of the analyst who prepared this document is determined exclusively by SSSIL; however, compensation may relate to the revenues of the Systematix Group as a whole, of
which investment banking, sales and trading are a part. Research analysts and sales persons of SSSIL may provide important inputs to its affiliated company(ies).

Foreign currencies denominated securities, wherever mentioned, are subject to exchange rate fluctuations which could have an adverse effect on their value or price or the income
derived from them. In addition, investors in securities such as ADRs, the values of which are influenced by foreign currencies, effectively assume currency risk. SSSIL, its directors, analysts
or employees do not take any responsibility, financial or otherwise, of the losses or the damages sustained due to the investments made or any action taken on the basis of this report
including but not restricted to fluctuation in the prices of shares and bonds, changes in the currency rates, diminution in the NAVs, reduction in the dividend or income, etc.

SSSIL and its affiliates, officers, directors, and employees subject to the information given in the disclosures may: (a) from time to time, have long or short positions in, and buy or sell, the
securities thereof, of company (ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation (financial interest)
or act as a market maker in the financial instruments of the company (ies) discussed herein or act as advisor or lender / borrower to such company (ies) or have other potential material
conflict of interest with respect to any recommendation and related information and opinions. The views expressed are those of the analyst and the company may or may not subscribe
to the views expressed therein.
SSSIL, its affiliates and any third party involved in, or related to, computing or compiling the information hereby expressly disclaim all warranties of originality, accuracy, completeness,
merchantability or fitness for a particular purpose with respect to any of this information. Without limiting any of the foregoing, in no event shall SSSIL, any of its affiliates or any third
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shall have no liability arising out of, or in connection with, any such referenced website.
SSSIL will not be liable for any delay or any other interruption which may occur in presenting the data due to any technical glitch to present the data. In no event shall SSSIL be liable for
any damages, including without limitation, direct or indirect, special, incidental, or consequential damages, losses or expenses arising in connection with the data presented by SSSIL
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SSSIL or any of its other group companies or associates will not be responsible for any decisions taken on the basis of this report. Investors are advised to consult their investment
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