Stock Market Live Updates 4 November 2024: Stock to buy today: J.B. Chemicals and Pharmaceuticals (₹1,961.80): BUY

Nomura on L&T

Buy, TP Rs 4100

Beats consensus; offers favorable risk-reward

FY25 order inflow growth guidance looks achievable post 2Q surprise

Management has retained its Core EBITDA margin guidance at 8.25% for FY25, which is conservative, & could see upside

MS on L&T

OW, TP Rs 3857

Going into Q2 there was skepticism on orders, revenue, core margin, &net WC– all were +ve

L&T maintained its guidance & 1H core orders of Rs1.17trn (50% of F24) are a +ve given weak government spending & oil price volatility

CLSA on L&T

O-P, TP Rs 4151

Surprise 2Q – strength of business model

Showed a third consecutive quarter of E&C margin expansion with surprise across inflows, execution & working on a lofty base

Think Infra segment margin expansion of 60bps should surprise market

MS on Tata Power

OW, TP Rs 577

Operationally generation, T&D & green were in-line with MSe; solar EPC business surprised +vely

Third-party solar EPC execution is set to increase & management plans to commission captive generation of 5GW RE by F26.

Jefferies on Tata Power

U-P, TP Rs 340

2Q EBITDA 8% above expectations

Profit beat higher given better Solar EPC, other income & coal contribution

Management constructive on its RE investments, particularly recently commissioned solar cell manuf facility.

CITI on Cipla

Buy, TP Rs 1830

USFDA classified Goa’s facility as VAI, paving way for generic Abraxane approval, a key product from this facility

With clearance, possibility that generic Abraxane can be launched in FY25E itself vs expectations of getting delayed until FY26-27E

Have built US$24/48m of sales for product into FY26/27E that can go up by $25-40m(c3-5% impact on EPS)

More importantly, development once again improves pipeline visibility (gAbraxene in 2HFY25, gAdvair in 1HFY26E, gSymbicort in FY27E)

GS on Biocon

Buy, TP Rs 350

2Q25 sales/EBITDA that grew 4%/-8% yoy respectively, below GSe largely drive by weakness in Generics segment while Biologics segment saw healthy growth of 19% yoy

Margins surprised -vely (-231bps vs GSe) due to lower gross margins &operating deleverage

DAM Capital on Steel

China spreads fall to their lowest levels in many years; mills likely to show supply discipline

Capacity expansion to help buffer Indian players’ profitability, much better placed than previous cycles

India – a major growth driver for global steel demand

CLSA on Dabur

Hold, TP Rs 582

Miss on sales & profitability; guidance for mid-HSD 2H volume growth

India business decline led by beverages; modern channel salience 24%

Announces SESA acquisition to fill white space in Ayurvedic hair oil portfolio

Cut FY25-27 earnings est. by 7-8%