Auto Sector

Recommendation: Buy; Target price: 1330

Following a meeting between Foxconn Chairman Young Liu, Karnataka's IT Minister Priyank Kharge, and Industries Minister MB Patil, investment decisions were made.

The company has secured 74,750 hectares of land parcel in Gujarat on a 40-year lease for its green hydrogen project.

The initial public offering (IPO) encompasses a new equity issuance of up to Rs 600 crore along with an offer for sale (OFS) of up to Rs 425 crore.

The approval enhances Lupin's Presence in the US market and reaffirms its commitment to providing accessible healthcare solutions.

Analysts of IIFL Capital Services forecast USD Revenue/EPS Cagr of 16%/15% over FY23-26. However, with the stock trading at 29x their FY25 P/E, they see the risk-reward as balanced. ADD.

Robust performance expected on all key parameters.

Rupee opens at 82.72 paise compared to the previous close of 82.58 paise

Profitability likely to remain strong.

Company targets to reduce costs by Rs400/t over two years. It expects optimisation in Energy Costs, Logistics cost, and other expenses through Group synergies and efficiency capex.