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Pre-election rally on anvil
Nifty and Bank Nifty gained (Greater Than 1%) in tandem with global indices while commodities undergone profit taking after recent sharp rally. Broader markets outperformed as Nifty Midcap and small cap indices hit new highs (up 4% each)
Indian equities remain on strong footing and we reiterate positive stance with Nifty target of 23400 by General election outcome with strong support at 21700
In the coming truncated week, expect Nifty to challenge life highs of 22800. Intra week dips would be buying opportunity with strong support at 22200
Bank Nifty to lead: Bank Nifty/Nifty relative performance chart indicates strong outperformance from Bank Nifty over next 3-4 months. Since GFC of 2008, in all six instances where relative ration line turned up from cycle low, BN outperformed by at least 5% over three-month period
Breadth continue to improve as percentage of stocks above 50-day ema strengthened from 55% to 83%
BFSI, PSU, Oil&gas, Power, Metals are expected to relatively outperform
Strong domestic flows, structural uptrend in global equities, would act as tailwind
impact anticipated growth in unsecured segment thereby impacting valuation.
Hidden Gems
Hindalco (CMP: ₹ 649, Target Price: ₹ 780, Mk Cap: ₹ 1.46 lakh crore; potential upside: 20%)
Hindalco is the India’s largest fully integrated aluminium manufacturer with primary metal capacity of 1.3 million tonnes per annum. It also operates one of the largest custom copper smelters at a single location in Asia. Its US based wholly owned subsidiary i.e. Novelis is the world’s largest aluminium flat-rolled products (FRP) producer and recycler.
In terms of consolidated revenue mix, for FY23, Novelis contributed 65%, followed by Indian copper business at 19% and Indian aluminium business at 16%.
In terms of consolidated EBITDA, for FY23, Novelis contributed 56%, followed by Indian aluminium at 35%, and Indian copper at 9%.
In Indian business, Hindalco has embarked upon an ambitious capex spend of US$1.13 billion, primarily in the value-added space such as Aluminium Battery Enclosures for Electric Vehicles, Aluminium Trailers for Light weighting of commercial vehicles, Aluminium railway freight wagons and passenger coaches, building solutions (doors & windows), speciality alumina, Inner Grooved Copper Tube facility catering to air conditioning & refrigeration among others. This is amidst healthy domestic demand for aluminium which is expected to double from 4.5 million tonne (MT) in FY23 to 9 MT by FY33.
In international markets, Hindalco is present through its wholly owned subsidiary i.e. Novelis and is the largest supplier of beverage can sheet with ~40% global market share (Ex-China). With strong demand in the beverage can and automotive segments in North American region, it is presently executing a capex spend of US$4.1 billion to construct aluminium recycling and rolling facility with a capacity of 600 KT. With favourable market dynamics, capacity expansion and increase in share of recycling content, Novelis has guided for US$600/tonne as EBITDA per ton for medium-term period.
We have a positive view on Hindalco driven by its strategic capacity expansion at Novelis and Indian operations, structural drivers in place for healthy demand of Aluminium metal (lightweighting in case of automobile, increasing application in Electric Vehicles and renewables) and controlled leverage on B/S (Debt: Equity at ~0.5x).
We assign BUY rating on the stock with target price at ₹780 wherein we have valued it at 7.5x EV/EBITDA on FY26E.
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[@pushpdantjain5475]

Arrange according valuation of share:-
Elecon, kajaria, corcorn, ltim, happiest mind dmart

[@kartikvishu]

Thanks Pankaj sir!

[@krishnac8695]

Csb bank gone down 5%, will it go further low.

[@pushpdantjain5475]

View on valuation of share or new investment in
Elecon, kajaria, corcorn, ltim, happiest mind dmart

[@aktarmallick7835]

Sir view on kotak mahindra bank

[@ankitagarwal2603]

Thank you sir 😊 I had exited from mutual fund schemes at good profits
Now I will not give my SIP to FIIs at ATH, it is very risky😢
Let's wait for FIIs coming back😅

[@nachic3974]

SBI outlook, please

[@sphotos8151]

Tell abt Power Sector

[@jagmohantrivedi790]

This is good Practice to have
talk show during Trading hours.
Thanks.

[@sureshkumarramachandran239]

Thank you IciciDirect! ✨✨

[@amanchaurasiya1509]

.

[@pushpdantjain5475]

Please consider my question

[@pushpdantjain5475]

🎉view on valuation of share:-
Elecon, kajaria, corcorn, ltim, happiest mind dmart

[@pushpdantjain5475]

Arrange according valuation of share:-
Elecon, kajaria, corcorn, ltim, happiest mind dmart