AngelOne | From concall 📢
📢Impact from new norms - True-to-label + F&O norms Is higher than earlier expected
📢Expect one-time hit of 18-20% to topline
📢Will monitor impact from new norms for 1-2 qtrs, before deciding on price hike
📢True-To-Label impact should not be more than 2%
Do not see any long-term impact on life-time value of customer
Kalyan Jeweller Call Takeaways
Clarified that there are no plans to buy any aircraft
Always maintained high standard in book keeping and quality of auditors, corporate governance etc
Rumour on IT Raid, overvaluation of inventories incorrect
No IT raid on any premise
Well on track to achieve target
Some changes have been made to franchise agreement but that would not impact any existing franchisees
New terms of the contract are also favourable - have started signing new franchisees already
Jefferies on Market Shares
NSE continues to dominate
BSE Market share +300 bps is lower than expected
Jefferies Interesting Note On Market Participants
1⃣ SEBI's new F&O measures impacted option volumes by ~70% i.e., number of contracts.
2⃣ But premiums are down by <10% in Jan MTD vs Jefferies expectations of ~25% decline 🤩
3⃣ Average ticket size for industry has increased +35% MoM in Dec'24 & further to ~3x in 2nd week of Jan'25 vs Nov'24, which saw implementation of higher lot sizes.
Oveall Impact : Exchanges to see earning upgrades, brokers will have to take price hikes
Reason: Exchanges' like NSE & BSE revenues on index options are linked to total traded premiums
Jefferies
👍 Upgrades BSE to Hold
Revise our PT to Rs5,250
Drop in clearing & SEBI regulatory fees will expand margins significantly
So they lift FY25-27E EPS by ~28-32%
👎 Discount broking volumes can see >40% hit & will need large price hikes
👉 Asset services players like Nuvama have marginal impact as revenues are linked to institutional float, which is unaffected
So Neutral for asset services, Maintain Buy on Nuvama
@fundamental3
Standard Glass Lining Technology says
🎯 FY25 Revenues will be approx ₹650-670cr, with growth momemtum maintained in FY26
🤩 Cash flow to turn positive in 6 months
👍 Margins to improve as export contribution improves
GNA AXLE Management Says Sales Were Impacted In Germany And Other Major European Economies
Class 8 Truck Sales In North America Increased By 15-20%, While In Europe, They Declined By 15-20%
We Expect A Growth Of 4-5% For FY25
Growth In Domestic CV & Tractors Ind Remained Flat During First 9 Months Of FY25 - CNBCTV18
People have been asking me about how I'm seeing Zaggle as compared to Rategain.
One thing that stands out is how strategic and valuation conscious Rategain is about their acquisitions. Not paid more than 2x sales.
Zaggle hasn't been as valuation conscious for acquisitions.
Credit devesh gaur
Kaynes Technology says
🤝 Do not believe Tata's entry in the EMS Space is a threat but its a healthy sign
🤩 Current environment is the "Lull before a storm"
👏 PLI Schemes are a very good start by GOI, payments should come on time
3. India vs. China in Textile Exports
- China (2023–24): $293B
- India (2023–24): $35B
India’s textile exports are just 12% of China’s. A shift in demand could create massive growth opportunities for Indian players.
4. Key reasons why this could work:
i. Cost Advantage: Indian textiles offer great value.
ii. Government Support: Schemes like PLI & National Technical Textiles Mission are boosting capacity.
iii. Global Partnerships: India can strengthen trade ties with the U.S.
If Chinese textiles face higher tariffs, U.S. buyers will need alternatives. Indian exporters, with competitive pricing and quality, are well-positioned to step in.
This could lead to higher demand, especially for companies like Kitex Garments.
5. But challenges exist:
- India lacks China’s scale and infrastructure.
- Workforce skill and technology gaps need addressing.
- If the U.S. prioritizes inflation control, tariffs may be delayed or avoided.
6. The Big Picture
Trump’s proposed tariffs could be a game changer for Indian textiles. Companies like Kitex have the potential to thrive, but strategic investments in infrastructure and partnerships will be key to capitalizing on this opportunity.
1. As we can see from Kitex's export growth:
- Exports Value (INR mn):
Q3FY24: 1,523 | Q2FY25: 1,859 | Q3FY25: 2,678
◦YoY Growth: 75.8% | QoQ Growth: 44.0%
- Exports Volume:
Q3FY24: 1,023 | Q2FY25: 1,369 | Q3FY25: 18,233
◦YoY Growth: 1681.8% | QoQ Growth: 1231.6%
2. Trump has hinted at raising tariffs on imports, particularly targeting Chinese goods.
This aligns with his past stance to reduce U.S. dependence on China. But what does this mean for the textile sector?
Textile Sector
Trump’s proposed tariffs on Chinese imports could create a huge opportunity for India’s textile sector.
Companies like Kitex Garments are well-positioned to benefit if the U.S. shifts demand.
Interarch Building Products Ltd.
A key player in Pre-Engineered Building (PEB) sector.
- Expertise in turnkey PEB solutions, combining design, engineering, and execution.
- Positioned to benefit from India’s industrial growth and urbanization trends.
Disclaimer: The above data should not be considered as a Buy or Sell recommendation. The analysis has been done for educational and learning purpose only.
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✍️Logistics and Warehousing Companies:
🔶Allcargo Logistics Ltd:
Co. specializing in multimodal logistics, Allcargo can leverage improved connectivity and capacity at Kandla Port.
🔹M Cap: ₹4,637 Cr
🔹CMP: ₹47.2
🔹P/E: 134
🔹3 Years Sales Growth: 7.90%
Shipbuilders and Repair Companies:
🔶Cochin Shipyard Ltd:
Co. excels in building, repairing, and upgrading advanced ships, having exported 45 vessels globally and serving a diverse range of clients.
🔹M Cap: ₹ 39,248 Cr
🔹CMP: ₹1,492
🔹P/E: 44.2
🔹3 Years Sales Growth: 8.95%
Kalyan Jewellers Management Says on New Franchise Agreement: Applicable only to new franchisees; franchise now handles both capex and inventory.
Promoter Pledge: Carefully evaluated; explored other funding sources.
Lenders: Multiple lenders involved in the transaction.
Business Intact: No change in operations or promoter intentions.
Lab-Grown Diamonds: Minimal impact due to low focus on solitaires.
Gross Margins: Store-level margins remain unchanged.
Buyback Plan: FCF may be used for buybacks post debt repayment if no investments arise.
3-4 breaches out of 100+; others locked for 4 years.
No FIR received; one legal summon related to franchise dispute, with proceedings ongoing.
KALYAN JEWELLERS Says Rumour On I-T Raid, Overvaluation Of Inventories Are Incorrect- NDTV PROFIT
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Summary of the Impact on Various Market Players 👆
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M&M projects a robust 15%-20% EPS growth alongside an 18% ROE target!🚗💰
Tune in to hear Dr. Anish Shah, MD & CEO of Mahindra Group, outline the automaker's ambitious plans and what lies ahead for investors
IREDA says
Clarities on slip in asset quality 👉One group Account slipped in Q3 was worth Rs.430cr
👍 Expects NPAs to come down from hereon
🎯 NIM should remain between 3%-3.5%
💸 QIP likely Q4FY25
📌Decoding a potential Multi-bagger based on Concall/ppt/Media interviews
🔸Company 21: Apollo Micro systems
🔸Sector: Defence/Aerospace
🔸Mainboard
Note: My estimates can be completely wrong, so use this analysis for education only
Post Via Pratik bagadiya on Twitter
December Pharma Data-Source Centrum Broking
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If the U.S. raises tariffs on Chinese textiles, Indian companies like Kitex could see significant growth as U.S. buyers look for alternative suppliers.
Here's how this could impact the industry
Borosil Renewables
Details the 50% expansion in 🇮🇳 operations
👉 Gets commissioned in 18-21 months
💸 Capex is approx 675cr
🤩 Additional revenues of 500-600cr base don current prices
🤔 Scope for another 500 tn expansion in future
One Pager On Elecon Engineering
Disclosure: Not a buy/sell recommendation by any means. Only for educational purpose.
🔶Transport Corporation of India Ltd:
Co. is engaged in the Business of Freight Transport,Supply Chain Solutions and Transport through Seaways.
🔹M Cap: ₹8,539 Cr
🔹CMP: ₹1,091
🔹P/E: 22.4
🔹3 Years Sales Growth: 12.8%
🔶Mazagon Dock Shipbuilders Ltd:
With a focus on shipbuilding and repairs, Mazagon Dock may also benefit from expanded maritime infrastructure.
🔹M Cap: ₹86,987 Cr
🔹CMP: ₹2,156
🔹P/E: 33.8
🔹3 Years Sales Growth: 32.7%
🔶 Gujarat State Petronet Ltd:
Co. may benefit from increased energy-related trade and infrastructure developments in Gujarat.
🔹M Cap: ₹19,835 Cr
🔹CMP: ₹352
🔹P/E: 13.2
🔹3 Years Sales Growth: 14.4%
