Tailwinds sectors and their companies
(Only Personal View)
1. Transmission- Viviana, TRANSRAIL, Power grid
2. Data Centre - Techno electric, E2E
3. Jewellery- PNG Gadgil, Goldiam
4. Retail - Smart bazar, Vishal mart, Uni eSol
5. Hotels - Samhi
6. Medtech - Indegene
7. Space - Jyoti CNC
8. MRO - Adani, indigo, unimech
9. Water management- EIEL, Effwa
10. EMS - PGEL, Amtron
Wockhardt says
On Miqnaf 👉 Revenue potential for co is ₹500-700 cr in next 2-3 yrs
WCK 5222 👉 My mid next year expect a product approval globally
Guidance for next year 👉 Revenues will grow in high double digits with margins in double digits
Outlook
The company expects a 25% revenue growth in FY25 and 22%-24% EBITDA margins. The company also anticipates significant growth in its order book, benefiting from recent orders placed with various Defence Public Sector Undertakings (PSUs) and private defense companies.
ORDERBOOK UPDATE of Apollo Micro Systems Ltd with Market Cap 3097.08
ORDERBOOK UPDATE:
Order Value: Rs. 21.42 crores
Summary: Apollo Microsystems is declared the Lowest Bidder for orders amounting to Rs. 21.42 crores.
FOCUSED RESEARCH & DEVELOPMENT
Our R&D team possesses unique domain expertise across diverse market verticals, including Aerospace, Avionics, Space, Naval, On-Board Systems, & Ground Support Equipment.
Expansion
The company is setting up two new facilities, covering 40,000 sq. ft. and 350,000 sq. ft., anticipated to be completed by 2025.
The company is establishing an integrated plant for Ingenious Defence Systems in Hyderabad, with a total investment of ₹210 crore. This facility will focus on manufacturing missiles and their sub-systems, as well as performing maintenance, repair, and overhaul (MRO) of weapons. Additionally, the plant will support the production of Unmanned Aerial Systems (UAS) and Unmanned Ground Systems (UGS)
Diversification
In September 2023, the company established a subsidiary named “Apollo Defence Industries Pvt. Ltd”, for diversification and expansion into the defense industry.
It has over 700 onboard technologies and is actively involved in more than 150 indigenous programs and 60 DcPP programs as a sub-system partner.
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Apollo Micro Systems Ltd is a pioneer in the design, development, assembly, and testing of electronic and electro mechanical solutions.
Our expertise encompasses weapons handling systems, homeland security, & space operations. In addition to our hardware offerings, we provide integrated, technology-driven solutions in secure communications, electronic warfare, & air defence.
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CITI opens 90 days +ve catalyst watch on Kotak Bank & Bajaj Finance
Kotak Mahindra Bank
Upgrade to BUY
TP Rs2070 from Rs1940
Sustain loan growth momentum; PL with improved delinquency trends to gather pace
Credit cost expectations already set in higher
Tweaking medium-term growth with relatively low beta, we revise TP
Lifting of regulatory restrictions will be key trigger.
Bajaj Finance
BUY TP Rs8150
Expect loan growth stability, positive NIM bias and only a marginal rise in credit cost
Key triggers:
i) Post credit cost guidance revision in 2Q to 2.05% for FY25; we expect only a marginal uptick in 3Q credit cost to 2.20-2.25% (initiated risk actions by cutting segments, pruning exposures).
ii) Despite rising stress and run-down of captive 2W/3W financing, we expect AUM growth of 6% QoQ/27% YoY, drawing support
iii) With CoFs peaking in 2Q and growth led by high-yielding segments, we expect positive NIM bias (up 3-5bps).
iv) Mgmt transition update will be critical, with our assessment leaning more towards the executive role of Rajeev Jain at BAF/Bajaj Group level
APL Apollo Tubes
#APLApollo
Record sales volumes for #Q3FY25
Highest ever sales volumes
Q3FY25 volumes at 8,28,200 tons vs 6,03,659 tons in last Q3
Q2FY25 volumes were 7,58,267 tons
Almost 40% up YoY
9% up QoQ
✍️Sector Focus - Power
🔖Power Generation
Renewable energy capacity will grow at 21%, while thermal energy will grow at 6% annually and to achieve, it requires ₹30 lakh crore investment.
In India's total energy mix, Renewables energy is set to rise from 41% (FY-23) to 61% (FY-30). This also includes adding 125 GW of renewable energy to support the green hydrogen ecosystem.
🌞Soalr energy Producers
💠Adani Green Energy Ltd
💠KPI Green Energy Ltd
💠NTPC Green Ltd
💠JSW Energy Ltd
💠Tata Power Ltd
🌞Soalr energy Equipment
💠Premier Energies Ltd
💠Waaree Energies Ltd
🌞Soalr energy Equipment – SMEs
💠APS Ltd
💠Solex Energy Ltd
💠Insolation Energy Ltd
🌞Soalr energy EPC Players
💠Waaree Renewable Tech Ltd
🌞Soalr EPC Players - SMEs
💠Bondada Engineering Ltd
💠Oriana Power Ltd
💨Wind energy Producers
💠Inox Green Energy Ltd
💠KP Energy Ltd
💨Wind energy Equipment
💠Inox Wind Ltd
💠Siemens Ind Ltd
💠Suzlon Energy Ltd
💨Wind energy EPC Players
💠Inox Green Energy Ltd
🔖Green Hydrogen
In India, domestic green hydrogen demand is projected at 2 MTPA by FY-30 (which is below the target of 5 MTPA due to high production costs) with capex opportunity of ₹10 lakh Cr by FY-30 across the GH2 value chain
The capex can be spread as ₹4.5 lakh Cr for renewable energy, ₹4 lakh Cr for ammonia production and ₹2 lakh Cr for electrolyzers
♻️Green Hydrogen Stocks
💠L&T Ltd
💠RIL Ltd (Reliance New Energy Ltd)
♻️Green Hydrogen – Electrolysers
💠Advait Infra Ltd
💠Cummins India Ltd
💠Waaree Energies Ltd
♻️Green Hydrogen Stocks – Proxy
💠Anuph Eng Ltd
💠Kirloskar Brothers Ltd
🔖Power Transmission
National Electricity Plan aims to target peak demand of 458 GW by 2032 with a massive investment of 9.15 Lakh Cr
Transmission network capacity expansion from 4.9 to 6.5 lakh km
Inter-region electricity transfer capacity rising from 119 to 168 GW
Transformer capacity increase from 1,277 to 2,412 GVA (11.2% CAGR)
⚡️Power Transmission Stocks
💠GE Vernova Ltd
💠KEC International Ltd
💠Skippers Ltd
💠Techno Electric Ltd
💠Trans rail Lighting Ltd
⚡️Power Transmission Stocks - SME
💠Rajesh Power Ltd
💠Viviana Power Ltd
⚡️Transformer Stocks
💠CG Power & Ind sol Ltd
💠Hitachi Energy Ind Ltd
💠Schilchar Tech Ltd
💠Transformers & Rectifiers Ind Ltd
⚡️Transformer Stocks - SME
💠Danish Power Ltd
⚡️Transformer Stocks – Proxy
💠Apar Ind Ltd
⚡️Transformer Stocks – Proxy SMEs
💠Jaybee Laminations Ltd
💠Vilas Transcore Ltd
💠Yash High Voltage Ltd
· Yes – ITC Hotels will be 51st constituent in Nifty50 and 31st constituent in Sensex and daily will be considered in weight calculations of Index. However as it is not traded live so its market-cap and price will remain constant until it lists. Post its listing for three trading days, live market-cap will be considered to calculate weight in all the indices.
6- Any tentative day of ITC Hotels Listing ?
· There is no concrete listing day yet and it may take few weeks’ time to get all the listing approvals. ITC Hotels being carved out from one of the biggest giants so we expect the listing process should be fast tracked and quite likely ITC Hotels may be listed in a month’s time (or even earlier). We will keep you posted.
Three prominent recent instances-
· Jio Financials : The business got demerged from Reliance Ind and post record date it took almost 33 days for the listing
· Piramal Pharma: The business got demerged from Piramal Enterprises and post record date it took almost 45 days for the listing.
· NMDC Steel: The business got demerged from NMDC Ltd and post record date it took almost 4 month for the listing.
7 – What will be the domestic passive selling in ITC Hotels?
· I do not wish to create any speculation at this point, and it’s better to wait for the ex-date on January 6, 2025, to gain a clearer understanding of the tentative pricing for ITC Hotels. Any which ways any selling in ITC Hotles will only happen once it lists and that happen by mid of February (our estimate).
8 - Alongside on listing will Indian Hotels automatically be introduced in derivatives?
· No – As per the current methodology, a stock needs to have at least six month trading history to even qualify for derivative inclusion. After fulfilling all the quantitative qualification criteria for the derivative inclusion , the stock will need SEBI approval (which is quite subjective).
9 - Fundamental valuation of ITC and its various businesses -
· On January 6, 2025, the ex-date for the demerger, ITC's share price is expected to be adjusted by INR 22-25, reflecting its 40% stake in the hotel business and incorporating a 20% holding discount. According to our FMCG team (Abneesh Roy), the adjustment is expected to be INR 18 per share (Refer below table) .
· In addition, based on discussions with multiple market participants, we anticipate that the initial market price for ITC Hotels shares will range between INR 150-175 per share.
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Where only IPO related information you will get all SME and MAINBOARD IPO Details you will get Don't miss to Join
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DISCLOSURE:
I AM NOT HOLDING THIS STOCK AND THIS IS NOT BUY SELL RECOMMENDATION ONLY FOR LEARNING AND UNDERSTANDING BUSINESS PURPOSE KINDLY NOTE IT 🙏🏻
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FII Exit almost fully
Apollo Micro Systems Ltd to set upk new defence equipment manufacturing facility in Hyderabad for total investment of Rs. 150 crs. Company has also incorporated 100% wholly owned subsidiary Apollo Defence Industries Pvt Ltd . Company has entered into agreement with DRDO...
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PRODUCT & SERVICE OFFERINGS
AMS is uniquely positioned in the defence value chain, serving as a key link between system integrators & the end product developer (like DRDO).
Manufacturing Facility
The company has a manufacturing facility located in Hyderabad. It has a built-up area of 55,000 sq. ft. with a team of over 300 employees, including 150 employees in R&D. [1] Its manufacturing plant has a full-fledged ESS testing facility and the inspection is in line with DGQA standards
Clientele
The company’s products are used across multiple industries including Aerospace Systems, Ground Defence, Space, Avionics Systems, Homeland Security, and Transportation. Some of its key clients are DRDO, Indian Army, Indian Navy, DPSU’s, Adani, L&T, etc
Service Offerings
The company is a leading player in India, specializing in electronic, electro-mechanical, and engineering design and manufacturing services. Its offerings include electronic manufacturing services (EMS), PCB fabrication, embedded software design and development, circuit board assembly, hardware design services, concept-to-product development, host interface development, and custom-built electronic systems
Apollo Micro Systems Ltd
CMP: 129
Unimech Aerospace
#Unimech
#UnimechAerospace
Listed 3 days back
Solid growth track record
Rich valuations after listing at 80% premium to issue price
Management in a post listing interview with CNBC mentioned that H2 is much bigger vs H1 and they have visibility for growth for next 2-3 years
Last 3 years:
Rev:
FY22 36cr
FY23 94cr
FY24 208cr
H1FY25 121cr
EBITDA:
FY22 7.7cr
FY23 35cr
FY24 79cr
H1FY25 49cr
PBT:
FY22 3.7cr
FY23 29cr
FY24 76cr
H1FY25 50cr
PAT:
FY22 3.4cr
FY23 23cr
FY24 58cr
H1FY25 39cr
OCF:
FY22 1.5cr
FY23 1.4cr
FY24 25cr
H1FY25 50cr
Almost debt free company
Solid return ratios
Superior growth track record with excellent OCF
ValueQuest bought a good stake on the listing day
They previously bought ig chunks of Zaggle and Kaynes on listing day
FY22-FY24
Rev CAGR 140%
EBITDA CAGR 220%
PAT margins of 27%
96% revenue comes from exports
JUPITER LIFELINE Says Indore hosp reached over 60% occupancy in the last quarter - CNBCTV18
Expect FY25 EBITDA margin to be in the range of 25%
The new bed addition is a brownfield expansion
Revenue will also double once the 2,000 beds are fully operational over the years
Occupancy growth in Pune and Indore, along with case mix optimisation in Indore, will be key growth drivers
Short term trading , positional trading
And learning priceaction join now @wealthcreator7
Stock SIP, long term investment don't miss to join @stocksip
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We are likely to get contracts for three more submarines
Expect a healthy pipeline with respect to retrofitting the air independent propulsion plugs & growth of around 10-12% over last year in FY25; similar for FY26
The world benefits from China exporting deflation to the rest of the globe, need to manage portfolio risk
Looking for better free cash flow generation from IT services
Matt Orton, Raynomd James to CNBC-TV18
ITC Hotels demerger from ITC Ltd: Passive funds' reaction <ex-date on Jan 6, 2025> (listing expected in ~30 to 40 days)
By Nuvama Alternative & Quantitative Research
ITC to demerge its hotels business, record date set for January 6, 2025
1- How will the price of ITC Hotels determine (until it lists) ?
· The price of ITC Hotels, as should ideally be maintained by domestic Active and Passive Fund Managers, will be calculated based on the difference between the closing prices of ITC on January 3, 2025, and open price of ITC discovered during the SPOS (special pre-open session) on January 6, 2025.
2- How will domestic passive Indices treat ITC Hotels (ITC Hotels) ?
· ITC Hotels will be maintained in all the NSE and BSE Indices at a constant price i.e., the difference between the close price of ITC on January 3, 2025, and open price of ITC discovered during the SPOS (special pre-open session) on January 6, 2025.
· ITC Hotles will be dropped from all the NSE and BSE indices at the last traded price which is Effective at the open of ITC Hotels listing date + 3 business days. If the stock hits circuit limits, the exclusion will be postponed by two trading days each time.
· For Instance : If supposedly ITC Hotels lists on February 10, 2025 then stock will compulsorily be deleted on February 13, 2025.
3- Do passive fund managers (mainly Nifty 50 and Sensex) need to make any adjustments (actual buying or selling) on Jan 06, 2025?
· No- The end of the day index weightages file will automatically get adjusted to the free float market-cap of existing constituents plus ITC Hotels.
· There will be churning or weight distribution (actual buying or selling) amongst other member constituents once ITC Hotels starts trading and get excluded on Trading plus third day. So actual churning will happen on ITC Hotels exclusion day (in future).
4- How will global indices react?
Implementation in the MSCI Indexes -
Based on estimates, ITC Hotels is expected to meet the criteria for inclusion in the MSCI Global Small Cap Indexes. As a result, ITC Ltd. will remain part of the Standard Index. However, following the listing of ITC Hotels, the hotel business will be moved to the Small Cap Index and will no longer be part of the Standard Index.
MSCI intends to apply a Price Adjustment Factor (PAF) to the market price of ITC on January 06, 2025 to reflect the spin-off. The PAF formula will be as follows: [P(t-1)] / [P(t)].
Since ITC HOTELS is not expected to start trading on the ex-date, MSCI intends to temporarily add a detached security ITC (DET) to the MSCI Global Standard Indexes as of close of January 06, 2025 (effective January 07, 2025). The price of ITC (DET) will be calculated by taking the difference between the closing price of ITC on January 03, 2025 and January 06, 2025. MSCI intends to maintain ITC (DET) at this price until ITC HOTELS begins trading.
When ITC HOTELS starts trading, MSCI intends to apply a PAF to the market price of ITC (DET) based on terms of spin-off. Thereafter, MSCI intends to delete ITC (DET) from the MSCI Global Standard Indexes as of the close of the first trading day of ITC HOTELS using the closing market price of ITC HOTELS. Simultaneously, MSCI intends to add ITC HOTELS to the MSCI Global Small Cap Indexes as of the close of its first trading day.
Implementation in the FTSE Index
As per the current methodology, the stock (ITC Hotels) will be excluded if it does not list within 20 working days after the Record Date of the demerger. We will keep you updated in case FTSE makes any official announcements regarding this. Based on my general understanding, there should not be any exclusion of ITC Hotels.
5- Will ITC Hotels be added in weight calculation in key passive indices like i) Nifty 50 Index, ii) Sensex Index and other broader Indices ?
