CLSA on Fusion Fin

Downgrade To Underperform From Outperform, Target Cut To 260 From 550

Recently Disclosed Higher Credit Costs For Q2 Indicates That Collection Efficiency Has Not Improved

Collection Efficiency Had Dipped At End Of Q1 & Indicates It Has Not Improved In Past 2 Months

Co Undergoing Multiple Process & Leadership Changes

Citi on Voda Idea

Buy Call, Target 17 From 22

Network Equipment Deal Of Rs 30,000 Cr Underscores That Investment Plans Remain Unaffected

Co Highlighted That It Is Now Engaging Directly With Gov’t To Find Resolution To AGR Issue

VI Also Expects To Complete Its Pending Bank Debt Raise In The Next 7-8 Weeks

Co Is Hopeful Of Another Tariff Hike In 15 Months

Macquarie on Voda Idea

U-P, TP Rs 10

Further, VI management’s comments of similar ARPU hike (10-25% across different plans in Jul-24) in 15 months is at least 3 months behind consensus view

Equity dilution is part of VI’s biz plan per management comments, confirming concerns

MOSL on Voda Idea

Neutral Call, Target Rs 12

Co Expects Subscriber Churn To Reduce From Q4 Onwards

Subscriber Churn To Reduce Since Capex Rollout Is Expected To Commence From Q3

Debt Fundraising Of Rs 35,000 Cr To Conclude In 7-8 Weeks

Another Tariff Hike Of 20% Is Expected Next Year

Co Expects Equity Conversion To Commence Once Moratorium Ends

HSBC on IIFL Fin

Upgrade To Hold, Target Raised To Rs 540 From 350

RBI Lifted Gold Loan Business Restrictions, Normalisation Of Biz Is A Strong Tailwind

Upgrade FY25-27 EPS Estimates By 6-16%

Stock Is Up 65-70% From March 2024 Lows

Current Valuations Price In Most Positives

HSBC on Kalyan Jewellers

Buy Call, Target Rs 810

Think Kalyan Is Midway Into Its Value-Creation Journey Driven By Aggressive Network Rollout

Continued Exponential Growth Will Act As A Key Catalyst In Our View

Emkay on GMR Power

Initiate Buy, Target Rs 180

Numerous Optionality Prop Up Bull Case Target To Rs 205

Core Thermal Assets (1,650 MW) Are Nearing Optimal Performance On Coal Tie-Ups

PPAS Of 90% Capacity, Improving Debt Metrics

Incremental Smart Meter Contracts, Monetisation, & Disputes Settlement Provide Optional Value

Kotak Inst Eqt on CONCOR

Sell, TP Rs 710

Industry data for rail transportation rates from Oct 1 suggests static pricing (for long) for key rail container routes

Same suggests weak demand trends continuing in contrast to Co’s expectation of sharp vol recovery from 2Q

Declining crude may be an add-on negative for rail operators versus road operators

Read less into recent handling & storage charges, assuming same to impact a small proportion of volumes & potentially being a temporary one

MOSL on Utilities

Initiate with BUY on Power Grid, JSW Energy, Tata Power

Initiate Neutral on NTPC & IEX

See colossal multi-decade investment opportunity of Rs 40t & more

Power demand growth accelerating at 7% CAGR (vs. 5% earlier)

Power Grid- Buy, TP TRs 425

JSW Energy – Buy, TP Rs 917

Tata Power – Buy, TP Rs 530

NTPC – Neutral, TP Rs 450

IEX – Neutral, TP Rs 226

Nomura on IPCA Labs

Buy, TP raised to Rs 1750

Growth ahead of broader market in India, & scope for EBITDA margin expansion to drive val

+ve view based on

1) consistent outperformance in domestic formulation market &believe it will contribute 50% of FY26/27F EBITDA

2) scope for improvement in other biz segmentsparticularly in generics & API

3) cost & rev synergies at sub (Unichem)

Est 30% earnings CAGR over FY25-27F & growth momentum may remain strong post-FY27F as well