![]() We remain positive on the stock on the back of an increased prescription base for the specialty portfolio, robust franchise building in branded generics, niche ANDA pipeline awaiting approval, and controlled cost. Sun Pharma: Buy| LTP Rs 1,010| Target Rs 1,240| Upside 22% We expect PAT growth of 63%/16% in FY23E/24E respectively and RoA/RoE of 1.8%/18.1% in FY24E. On the liability side, the share of CASA and retail term deposits stood at ~82%, ensuring relatively stable funding costs.Īsset quality continues to improve, aided by moderation in slippages and healthy recoveries, and upgrades. Retail business has strengthened, with its share improving to 58%, led by home loans. We reckon the upside from here will be a function of stability in global and local macros and continued earnings delivery v/s expectations.Īxis Bank: Buy| LTP Rs 851| Target Rs 975| Upside 14%Īxis Bank delivered a stellar performance in 2QFY23, driven by margin expansion and a significant decline in provisions along with improving trends in cost metrics. Markets have bounced back smartly in Oct’22 with Nifty-50 rising 5.4% MoM and almost wiping out the entire YTD’CY22 decline. Though this time results were largely led by BDSI and autos, as the benefits of the recent moderation in commodity costs start accruing in 2HFY23E, we expect other sectors to contribute too. Reliance performed in line with our estimate as better-than-anticipated performance in the retail segment was offset by relatively weak standalone performance. ![]() Oil & gas sector so far has bagged mixed results with IGL and MRPL posting results below our estimates. OEMs’ performance was largely in line/above estimates, driven by strong volume growth, favourable commodity prices, and currency.Īt a topline level from a consumer perspective, what is evident from the results so far is that urban and discretionary demand is holding up well but rural demand remains weak with no clear recovery in sight over the next few months. The initial flush of results was encouraging from an OEM perspective, though Auto Ancillaries’ results were a mixed bag.
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