Stock Market Live Updates: Asian stocks trade flat amid investor caution

AL – MHCVs Industry outlook IS +VE for FY25 , in May Demand was +VE.. medium term goal of achieving ~35% M. share intact. Avg. age is ~10 years vis-à-vis 7-8 historically + ~70% vehicles are BS4, thus indicating strong replacement DD . Switch was EBITDA +VE in 4Q, targets to have +VE PAT in coming yrs. Capex of INR5-7b in FY25. Invests in Switch & OHM to be lower than FY24. In Defence – FY24 Rev was Rs 10b (+2x), FY25 & 26 Rev to be much higher due to strong visibility. Hinduja Leyland Fin Reverse merger is back on track & may take couple of qtrs More..

Kolte Patil – Targeting to acquire Rs. 80b worth new projects in FY25 & Plan 9msf launches valued at 80b with 35b 1HFY25..Thus, confident of achieving pre-sales of 35b of which 20-25b from new launches. Launches that were postponed in Q4FY24 can be launched in next 30-45 days & has topline potential of 13-14b

EXIDE – LAB Filesadmin.co outlook: Outlook on both auto & industrial segs remains upbeat. Industrial seg will benefit from power backup requirement for data centers. Thermal power generation is seeing a strong comeback & should see incremental demand with growth visibility for the next 5-6 years. Li-ion Filesadmin.co outlook: EXID has already invested Rs 23.3b in EESL & would further invest 30b, taking total investments to ~ 50b. SOP for its plant will come by 4QFY25 & EXID is confident of garnering sufficient orders to ramp up the plant going forward.

LANDMARK CARS – With new OEMs tie-up, it is targeting Double digit growth for FY25 & FY26. Aim to improve Margins by way of cost rationalization. Capex for FY25 will be Rs. 750mn for opening up of 24 new outlets. Getting associated with new OEMs like KIA, MG motors, M&M. OEMs which did not perform well in FY24 were Volkswagen, AL, Renault & Jeep.

Subros – Target double-digit growth in FY25 based on orders in hand. Truck market has a huge opportunity from Oct25. When new rules kick in for compulsory ACs, ₹200-250 cr incremental M.size for truck market. Getting new orders in PVS from EV customers. 

Hindalco: Guides for Q1 alumina sales of 160-170 KT.. Sustainable Copper Filesadmin.co EBITDA to be Rs. 6b/qrtr going ahead.. Coal cost reduction of 1-2% in 1QFY24.. to spend ~60b as capex in India. Chakla mine is expected to start production in FY25 & exit with a production of ~1mt. Plan to scale up the power from RPC contract from 100MW to 300MW by FY25.

TD Power – Guides for 17-18% growth in FY25 & see’s Margins to be 300-400bp higher than sales growth. Expect 1QFY25 Rev to be at 2.5-2.6b & Q2 to be 2.9-3b.. Looking at 1800cr rev potential once the 3rd plant is up. See Rs 1bn of Order inflows in Motors seg. Spent 32m towards VRS. 20m gratuity payment to temp workers – one off in emp costs.. 17m royalty payment to Siemens – other exps

VATECH WABAG (Analyst Meet KTAs): GUIDANCE: O&M Rev target of 20% of total Rev in couple of years (15% currently). OB 3x of revenue (expecting ~Rs. 16k crs OB by end of FY25). 15-20% Rev CAGR – Mid East, S.E. Asia, Saudi etc. to drive growth. 13-15% EBITDAM. ROCE/ROE 20%/15%. Net cash +VE. Focusing on reducing WC days. | New Initiatives: Strategic tie up with ‘Peak sustainability Ventures” to set up 100 CBG plants with potential of $200m. H2O to Green Hydrogen another big opportunity. Semi Con projects will be more sooner than green hydrogen. .

SECO – has reported an 18% growth over last 40-45 days (12% SSSG & 6% from new stores). It expects only 20-30bps improvement in G. margin & EBITDAM. Focusing on increasing Studded ratio by 100-130 bps each year to mitigate competitive pressures & improve margins. For FY25 & FY26, Aim to add 15-20 stores (8-10 Co. owned & 8-10 franchises).

JK Lakshmi – Vol. demand will be better than previous year. Expect Industry DD to be 6%-8% in FY25. Expect early double digit Vol. growth in FY25. Prices will improve from here, as DD improves

Torrent Pharma – expects US Filesadmin.co to grow in FY25 due to new launches.. EBITDAM can be improved by 50-100bp YoY in FY25.. N. debt to come down by Rs. 13b in FY25. Germany Filesadmin.co growth to be high single digit YoY in FY25. ~300-400 MRs would be added to take the total strength to 6k in FY25..

Glenmark Pharma – FY25 Guidance is as follows: Consol Rev: Rs. 135– 140b (14-18% YoY growth), 19% EBITDAM & Double-digit PAT margin.. R&D Investment: 7-7.3% of total sales. Consol CAPEX: INR7b. 

Divis – Despite the decline in prices, it has been able to maintain G. margin in API seg due to backward integration project & a higher Vol. share.With respect to long-term supply agreement with one of the innovatory customers, DIVI would incur a capex of Rs. 6.5b-INR7b at the existing manufacturing site, the product would require regulatory approval for the innovator. In addition other capex would be Rs 15b

FORTIS HEALTH – expects Double digit Rev growth in FY25 led by Vol & ARPOB growth. It plans to add 300beds in FY25 (added 246 in FY24). Aims for 70% occupancy. EBITDAM expected at 21%. In Diagnostics: expect 9-10% Rev growth with 20% Margins

Manappuram – continues to guide for 20% AUM CAGR of & 20% RoE.. See’s Marginal decline in NIMs but it will be offset with better growth.. gold loan growth will be better than last year & there will be healthy growth in non-gold Filesadmin.cos as well.. Cr costs of 1.0-1.5%.. MGFL has not benefitted much from the ban on IIFL..See a lot of potential in Affordable housing seg. Capital allocation skewed towards secured lending. Asirvad MFI went through collection & asset quality problems in Punjab & Rajasthan, it has strengthened collection machinery

Ganesha Ecosphere – expects Rs. 15-16b peak Consol Rev from all the capacities with Margins north of 16%.. Current capacity for rPet granules is ~28,000 MT with 80% utilization, Another 14,000 MT (3rd Line) of capacity will come up by Jun24, It can do 90% utilization. Subsidiary can clock EBITDA/kg of INR30/kg.. Don’t see uptick in Debt from current levels of Rs 4b. Legacy business, particularly yarn segment, faced some headwinds in terms of demand and pricing, expects recovery from Aug’24..

GRASIM – in Paints Targeting dealer network of 50k in FY25. Prods to be available in all towns with 1L population by July’25. Plants started commercial production in Apr’24. | Chemicals – Entire inc capacity of Epoxy will get absorbed between 24-36 months. Improvement in caustic soda prices. | VSF – Vol grt of 4-5% in FY25 due to debottlenecking. | Capex of INR45b in FY25 largely towards Paints business. 

UNO MINDA – Peak annual order from EV OEM for 2W/3W is INR25b; PV/CV is INR10bn. Approved capex of INR3b for expansion of 2W allow wheel plant at Supa capacity by 2 MN; post expansion capacity will 7.5-8 mn wheels p.a.

PAGE – Expects gradual uptick in demand. Maintain EBITDAM guidance of 19-21%. Ad-spends to expand to 4-4.5%. 

INTERGLOBE AIR: To add 1 aircraft every week in FY25. Capacity and passenger growth of early teens guidance intact for FY25. Maintenance charges and airport fees are seeing inflationary pressures. Additional announcements regarding the tailor made business product would be announced in first half of Aug’24.

INDIGO PAINTS – Maintain rev grt at 3-4x of industry avg. Current G. margins to sustain in FY25. A&P exp expected to marginally decline as % of rev. Putty expansion expected to complete by Dec’24; solvent-based plant to commission by Mar’25. In Jodhpur, plans for a new solvent plant with a capacity of 12,000 KLPA and a water-based plant with a capacity of 90,000 KLPA. 

PLNG – Guides 20% grt for LNG. Dahej/Kochi terminal operating at 98%/22% CU. Dahej expansion to 5mtpa expected to complete in Mar’25.