Stock Market Live Updates 24 December 2025: Sensex, Nifty 50 flat ahead of Christmas holiday, IT stocks slip on H-1B visa lottery rule changes
One of India’s largest edtech platforms, with a broadly equal mix of revenues from online and offline segments
Forecast a 24% FY25-30E revenue CAGR (vs 38% for last 2 years), at mid-to-high end of India internet coverage, with 80%+ EBITDA CAGR over this period (though off a low base)
View this as a function of PW’s strong top of the funnel organic traffic, a relatively benign competitive environment in India’s edtech sector, and PW’s pricing structure that allows it to penetrate deeper into multiple new education categories
Business model also has a negative working capital cycle, and & forecast 100%+ FCF to net income for PW starting FY26.
Avendus Spark on LG Electronics
Initiate Reduce, TP Rs 1536
Despite lower bargaining power & increasing customer choices due to competition, LG’s extensive reach remains a key strength & moat
Robust in-house manufacturing; third facility in pipeline to cater to South Indian market & exports & save logistics costs
Likely to face market share erosion, revenue impact & challenges in its niche premium/super-premium categories due to relatively new entrants
Jefferies on Pine Labs
Initiate Buy, TP Rs 300
Pine Labs is leading digital payments at stores as well as prepaid cards.
It is building a share in online payments & Int’l issuing business.
Its network with brands, merchants, & banks, with tech-platform is the key moat that can drive 23% Cagr in revenue over FY25-28.
Operating efficiency can lift adj. Ebitda margin from 15% to 27% by FY28.
Vals are a discount to peers & can rerate with consistent growth.
Nuvama on Knowledge Marine
Initiate Buy, TP Rs 2500
India’s maritime industry is at an inflection point with unprecedented emphasis on infrastructure creation and inland waterways
KMEW enjoys a 50% order-win rate amid scarce competition & high entry barriers, delivers superior 35–40% EBITDA margin & is diversified across spectrum of dredging/shipbuilding/ancillary services accounting for 43%/11%/46% of balance order book
Nov-25 Order Book (at Rs 17.5bn; 8.7x FY25 sales) is up 2x YoY with orders from major ports, IWAI, DCI & Rs 6.5bn OI for green tugs (GTTP)
Baking in FY25–28E revenue/EBITDA/PAT CAGR of 58%/62%/71% with FY25–28E OI and OB CAGR at 42% each
HSBC on Ambuja Cement
Buy, TP Rs 700
Board has approved the amalgamation of ACC and Orient into Ambuja, with completion expected within twelve months
Management expects operational synergies to drive cost savings of at least INR100/t
See amalgamation as positive
Macquarie on Ambuja Cement
O-P, TP Rs 608
Simplifying corporate structure with merger of cement subsidiaries
Cost optimisation is key focus
Key to track will be
1) approval from ACC shareholders –
2) brand management, given ACC is one of the strongest brands in multiple markets.
Key risks: weaker-than-expected cement demand, delays in Ambuja’s expansion plans and benign cement prices led by competitive intensity in sector
CITI on Ambuja Cement
Buy, TP Rs 625
Board has approved two schemes of amalgamation – merger of ACC and Orient Cement into Ambuja Cements, to be completed within a year subject to approvals
Transaction valuation suggests 1% discount to ACC’s closing price as of 22nd Dec (implied EV/t $73) and 9% premium for Orient (EV/t ~$45 vs. Ambuja’s acquisition cost of ~$100/t). Ambuja’s EBITDA/t improvement target of Rs100 due to merger is already part of their Rs500/t cost reduction target by FY28 exit.
Ambuja and ACC brands will continue to operate as usual
Merger likely helps alleviate investor confusion around which vehicle, growth plans, potential grey areas.
That said, ACC/Ambuja have largely been operating as one company, thus their merger may not change narrative in any significant way.
Investec on RBL Bank
Buy, TP Rs 430
Management meet takeaways
Mgmt intends to deploy $1.5bn of US$3bn infusion to retire high-cost liabilities & expects rating upgrades (AA- to AA+/AAA) to narrow wholesale funding cost gaps vs larger peers
RBK expects to grow loans at 30% in FY27, led by wholesale, prime housing, and a pick-up in unsecured retail.
Under new ECL norms (effective Apr’27), mgmt expects a one-time impact of ₹15–17bn (4% of post-dilution net worth) & a 20–25bps rise in credit costs on a run-rate basis, partly offset by faster secured lending growth
RBK is poised to deliver 27/44% loan/PAT CAGR over FY26-28e (FY27e RoA: 1.4%)
At 1x FY27e P/BV, valuation offers margin of safety
Nuvama on JSPL
Buy, TP cut to Rs 1264 from Rs 1400
Amid double whammy of fall in steel prices & higher CoP, steel spreads are likely to weaken, but bottom in Q3FY26E with EBITDA/t of Rs 8,200, down Rs1800/t QoQ for JINDALST
JINDALST has capacity in place, which shall help deliver a 17% CAGR over FY25–28E.
Higher steel prices shall drive an EBITDA CAGR of 28% over FY25–28E
Cutting FY26E/27E/28E EBITDA by 16%/13%/7% to factor in lower steel prices (still pencilled in Rs 3,000/t average hike in Q4FY26).
However, EBITDA/t will log expansion of Rs 3,500–4,000/t in FY27/28E over FY26E profiting from higher volume, realisation and cost reductions
Jefferies on Cholamandalam
Buy, TP RS 1980
Cobrapost, a journalism portal, has raised concerns around large cash deposits, related party transactions & payouts to agencies.
CIFC has rejected these allegations.
Cash EMI payments are usual for a part of CIFC’s target borrowers who earn in cash.
Related party transactions flagged reflect normal business ops. & are disclosed.
Other concerns flagged seem in line with std practices.
Allegations seem to lack merit.
Mgmt guided for good 3Q disbursement
Morgan Stanley on Cholamandalam
Rating: Equal-weight; Target Price: ₹1,540
CIFC rejects Cobrapost allegations as malicious and baseless
Management says processes are legal, audited and compliant
Financial health, asset quality and liquidity remain robust
3Q disbursements improve; vehicle finance and home loans pick up
Management expects a decent 3Q performance
Cash collections down to ~15% from ~50% historically
Related-party transactions fully disclosed; MMS payout < ₹10 mn
Rating agency fees cited are cumulative over 8 years
MS sees 2HFY26 asset quality improvement; FY27 PAT ~10% below consensus
CLSA on Coforge
Maintains ‘Outperform’ with Price Target of Rs 2275
Fund raise plans
Believe that the stock can react negatively to this news
Investor community typically does not like the uncertainty or the big bets around acquisitions
Last time when the fund raise was announced, the PE multiple had corrected by ~20% over March–April
UBS India Strategy – Portfolio Changes:
Primary driver remains the financial sector, led by banks
Added BHEL and Cognizant Technology to the portfolio, each with a weight of 2 percentage points
Added Hyundai Motor India with a weight of 4 percentage points
Removed M&M, CG Power and L&T Finance
Increased the weights for L&T by 1 percentage point and Axis Bank by 2 percentage points
Reduced the weights for Siemens by 1 percentage point and HUL by 1 percentage point
Nuvama on Kajaria Ceramics
Recommendation: Maintains Hold; Target Price: ₹1,160 (revised from ₹1,318)
Company detected a fraud in the Bathware unit for getting a fictitious vendor approved
Total amount embezzled is around ₹200 mn over the last two years; necessary complaints filed
Company focusing on gaining market share amid a slowdown and volume pressures
Company undertook “Project Manthan” to unify the sales team and improve cost benefits
Expected cost benefits of ₹150 Cr
₹80–90 Cr from raw material negotiations
₹20–25 Cr from manpower rationalisation
₹15 Cr each from reduction in travel expenses and salary forgone by KMP
Morgan Stanley on SBI Cards
Rating: Maintain Underweight; Target Price: ₹700
Post-festive industry spending growth looks largely aligned with pre-festive YTD growth
Strength driven largely by robust spending in the last week of September
22 September marked the onset of GST cuts, Navratri, and e-commerce sales
Observes 14% YoY growth in credit card spending after the festive season, near the 15% YoY seen in Apr–Aug 2025 data
