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As LTFH reduces the share of unsecured loans (53% of retail) and increases focus on prime customers, analysts of IIFL Capital Services anticipate a period of transition before lower opex and credit costs can offset margin pressures, like in case of MMFS. LTFH’s ROEs are expected to be constrained at ~13.5% by FY26 due to low leverage and consequently retain analysts of IIFL Capital Services ADD rating.

After reaching its highest levels in over five months in the previous session, the U.S. dollar decreased by 0.1%, lowering the price of gold for holders of other currencies.

Petrol and Diesel prices in cities across India on 03-04-2024

UltraTech Cement highlighted that it achieved a significant milestone by adding 50 mtpa capacity in less than 5 years, with an investment of around ₹32,000 Crore, after reaching 100 mtpa capacity over 36 years.

At the time of writing, Ramco Cements were priced at ₹854.25, experiencing a 0.73% decline on the BSE.

the euro increased by 0.02% to $1.0772, moving away from a low reached more than a month ago during the previous session when the US dollar experienced some profit-taking late into the night.

According to the company's annual report, Goenka was paid a total of ₹35 Crore in FY23. This amount consisted of ₹21 Crore in salary and benefits, ₹9 Crore in variable pay, ₹5 Crore as a one-time payment, and ₹0.2 lakh as a provident fund contribution.

U.S. West Texas Intermediate (WTI) crude futures for May increased by 17 cents, or around 0.2%, to $85.32 a barrel, while Brent futures for June delivery increased by 20 cents, or 0.22%, to $89.12 per barrel.

Tractors declined ~25% YoY in Mar’24 and ended FY24 down 7-8% YoY. Although the end-demand has been weak, the rate of decline was magnified in March, due to a shift in the festive calendar (high base in March 2023).

Analysts of IIFL Capital Services upgrade FY25/26 EPS by 2-3% to account for higher margins led by the Pen-G project and their TP of Rs1,330 (19x 2YF EPS) implies 21% upside. Although analysts of IIFL Capital Services base case assumes an OAI/WL on Eugia Unit-3, an import alert will lead to 5-7% downgrade to their Ebitda estimates in the worst-case scenario.