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HomeStock MarketStock Market Live Updates 11 October 2024: Sensex, Nifty open marginally lower
Stock Market

Stock Market Live Updates 11 October 2024: Sensex, Nifty open marginally lower

7 months ago


TCS Review

Nomura

Neutral, TP Rs 4150

2Q: Modest miss at rev, but significant miss at margins

BSNL deal drives growth in 2Q

Pipeline near record-high levels, TCV moderates while being within comfort band

1.6%-2.4% cut in FY25-26F EPS

Jefferies

Buy, TP Rs 4735

2Q missed est. with de-growth in North America & margin miss being key -ves

Though, steady hiring & continued recovery in BFSI bodes well

Moreover, ramp down of BSNL deal may provide scope to improve margins

Cut est by 1-2%

HSBC

Buy, TP Rs 4540

2Q reflected a painfully slow demand recovery, though TCS alluded to some client-specific issues as well

Revenues barely grew on a sequential basis (ex of passthrough) which led to a rare margin fall as well for TCS

MS

OW, TP Rs 4910

F2Q25 : Lower than expectations

Quality of revenue growth is weak & miss on margins

+ves

BFSI revenues grew QoQ by 1.9% in USD terms & for 1st time in last 5 quarters it turned +ve on YoY growth in cc terms

JPM

OW, TP Rs 5100

A rare miss – several knotty one-offs, but with silver linings

Given TCS also pointed out lengthening sales cycles and signings were unimpressive, fear there is still a lack of a broad-based macro recovery

Would use any sharp correction to add

UBS on Kotak Bank

Neutral, TP Raised to Rs 1950

Cyclical headwinds for NIM, CASA while credit costs rise

NIM sensitivity to rate cuts relatively high

Stability in core biz key for re-rating

Val fair(2x FY26E P/BV) & price in most concerns

CITI on Cipla

Buy, TP Rs 1870

Hengrui’s product is 1st interchangeable version & can garner significant market share as well as can result in price decline

If there is further delay in Cipla’s Goa facility resolution, generic Abraxane opportunity would significantly be diminished

CITI on Indus Tower

Buy, TP Rs 500

Believe share price correction over last 1M provides an attractive buying opportunity

Reiterate +ve Catalyst Watch

3 key events to monitor:

1) 2Q results 

2) Conclusion of Voda Idea’s (delayed) bank funding

3) Waiver (by gov’t) of bank guarantee

Jefferies on Bandhan Bank

Buy. TP Rs 240

Partha Sengupta appointed MD&CEO for 3yrs

Should be +ve as he was earlier Dy. MD & Chief Credit Officer at SBI & then MD&CEO of IOB

He has also worked in West Bengal, a key market for Bandhan

Also, bank will receive Rs3.1bn as CGFMU claim

Investec on Bandhan BK

Sell, TP Rs 180

24% recovery from CGFMU & appointment of a new CEO

Financial impact of overall CGFMU audit is lower than expectations

Continue to believe BK will need to raise confidence capital at some stage to boost its capitalization

Nomura on Credit Access

Downgrade to Reduce, TP cut to Rs 950

State elections including Maharashtra, Bihar & Jharkhand are coming up; these states form 28% of its total AUM where there might be disruptions

Steep decline in disbursements/AUM growth; asset quality also deteriorates

MS on Tata Elxsi

UW, TP Rs 6860

With muted 2Q, F25e rev growth exceeding F24 appears a tall task

Healthcare may recover from 3Q & transportation deal wins to support growth, but emerging industry caution in European auto, ltd growth visibility in media, & premium val keep us UW



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