News Overview

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.

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.

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.

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).

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

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.

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

Sector-wise, tech, IT, telecommunication, and banks experienced declines, while consumer durables, services, metal, utilities, and commodities witnessed gains.

The company's ₹130 crore public issue witnessed robust demand, with a subscription rate of 86.57 times during March 26-28.

Telecommunications Consultants India, the only public shareholder in Bharti Hexacom, is diluting its 15% stake, equivalent to 7.5 Crore equity shares, out of its total 30% shareholding, through the OFS route. Promoter Bharti Airtel holds a 70% stake in the company.