News Overview

The IPO exclusively comprises an offer-for-sale (OFS) component, involving 1.8 Crore equity shares, with no fresh issue component. The OFS constitutes 30% of the total paid-up equity capital.

HDFC Bank highlighted Rampal's significant contributions in scaling up business and implementing digital initiatives

The Mehta family, who are the promoters of the company, currently holds an 86.67% stake, while the remaining 13.33% is publicly owned.

Quess’ underlying business momentum remains healthy and the targeted Ebitda break-even at foundit by Q4FY24 remains on track. Analysts of IIFL Capital Services raise EPS for FY25/26 by 5%/2%. Their new TP comes to Rs650 (vs Rs640 earlier).

Management believes that while Gen-AI is capable of driving business disruptions, it is still an evolving model. For large-scale deployment of Gen-AI, ILOM will have to wait for Gen-AI to stabilise and become more mainstream. However, the company continues to experiment with the technology. Maintain BUY.

This project, costing ₹95.95 Crore, is scheduled to be completed within 240 days.

The stock is currently trading at ~58x/48x CY25/26. Though expensive, analysts of IIFL Capital Services believe the valuation is justified given the track record and strong growth prospects. They maintain BUY; TP Rs1,500.

Season-to-date rainfall (since 1-Jan-24) is ~5% below normal. Reservoir levels are below last-year levels and 10yr average.

Additionally, the bank warned that any incoming NEFT transfers—including salaries and other payments—that were supposed to arrive on April 1 might potentially be delayed.

Export tractor sales in March 2024 amounted to 533 units, indicating a 24.3% decrease from the 704 units sold in March 2023.