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The stock trades at 11.7x EV/Ebitda and analysts of IIFL Capital Services estimate 17% Ebitda Cagr over FY24-27. Maintain ADD

VNB margins were at 26.1% for Q4FY24, declining by 320bps YoY, driven by lack of operating leverage and change in new business profile. HDFCLI continues to focus on VNB growth driven by APE growth and is willing to trade incremental margins for better growth opportunities.

The agreement involves the acquisition of 100% stake in Blazeclan Technologies, a Pune-based IT firm.

The FPO comprises freshly issued equity shares worth up to ₹18,000 Crore.

Bajaj’s recently launched 3W EVs are also making a mark in the limited markets, where they have been introduced. Analysts of IIFL Capital Services upgrade EPS by 2-3%. They expect Bajaj to clock 14% EPS Cagr over FY24-26 on 10% volume growth. Retain BUY with TP of Rs9,500.

BOJ Governor Kazuo Ueda highlighted the potential influence of currency fluctuations on the timing of the next policy change on Thursday.

Value of new business (VNB) margin decreased by 18.3% to ₹1,234 Crore, below market estimates of a 15% decline.  HDFC Life proposed a dividend of ₹2 per share.

Adani Group reported in February that by December 2023, the EBITDA of its portfolio firms had increased by 34% to ₹79,000 Crore

In terms of incremental capacity addition, analysts of IIFL Capital Services see limited impact led by staggered addition by the large names amid a strong demand growth in India.

~18% correction in stock price recently has taken care of multiple de-rating while attractive dividend yield (~4%) should provide downside support to valuations. Hence, analysts of IIFL Capital Services maintain BUY, but expect its discount to TCS to remain elevated in near term.