D-Street

*MNCL Research | Goldiam International – Company Update |* *CMP- 360; Rating- BUY; Target price- 510* Goldiam International Limited a 100% exporter of diamond jewelry to the United States of America, is currently *evaluating the feasibility of setting up a manufacturing facility in the USA.* This strategic initiative is aimed at *enhancing its operational efficiency, optimizing supply chain logistics, and further strengthening its presence in the key US market.* The proposed facility is expected to *provide better service to customers, reduce lead times, and offer a competitive edge in the region.* The Company is in the *initial stages of assessment, and further details, including location, investment outlay, and timeline, will be shared once finalized and approved by the Board of Directors.* View: - While this initiative is still in its early stages, we believe it is a step in the right direction. Given that Goldiam currently exports 100% of its products to the US, establishing a manufacturing facility could serve as a strategic move and also help to mitigate potential US tariffs in the future. Link- https://bit.ly/Goldiam_USA_ManufacturingFacility Thank You, Rahul Dani/Vaidik Bafna, Monarch Networth Capital Ltd

Gist of interview of Gyanendra Shukla, MD and CEO of Rallis India Limited - a subsidiary of Tata Chemicals and an integrated crop care and seed company Aims to grow faster than the industry average over the next five years - while the industry typically grows at 5-7%, its goal is to surpass this rate. The company is expecting significant improvement in RoC with the combination of portfolio adjustment as well as some of the cost-cutting measures. It is expecting at least 500 bps margin improvement in the next four to five years. The company operates in multiple segments, including domestic crop protection, export crop protection, biologicals, and seeds. Domestic business performed well in volumes in Q3CFY, but the export market faced challenges due to low global commodity prices and legacy product issues. The company is focusing on improving its seed and biological portfolio, addressing weaknesses in the herbicide business, and generating more demand in the domestic market. It reported a weaker performance in Q3CFY compared to the same period last year. Its net profit dropped 54.2% YoY to ₹11 crore, while revenue declined 12.7% YoY to ₹522 crore. EBITDA fell 29% YoY to ₹44 crore. EBITDA margin decreased to 8.4% from 10.4% YoY. Its MCAP is around ₹3,996 crore. Its shares have declined 17% in the past year.

*🇮🇳India Daybook – Stocks in News* *Bharat Forge:* Kalyani Strategic Systems signs LoI with AM General, USA, for supply of artillery cannons to the US (Positive) *Rites:* Company signs MoU with the Central Water and Power Research Station (Positive) *Arkade Developers:* Company announces that it will redevelop a property in a Mumbai suburb that has a revenue potential of Rs 740 crore. (Positive) *Waaree Energies:* Company gets order for supply of solar modules for 362.5 MWp from a renowned customer. (Positive) *Happiest Minds:* Company unveils generative AI solution to reshape research across industries. (Positive) *Thomas Cook:* Company and its group company, SOTC Travel, announced a strategic partnership with the Korea Tourism Organization. (Positive) *Espire Hospitality:* Company announced the opening of Country Inn Premier, Amritsar. (Positive) *Maruti:* Strengthening presence in India, aiming for a 50% market share in the Indian automobile industry. (Positive) *Manglam Infra:* Company has received a Letter of Award from the National Highways Authority of India (NHAI), RO – Vijayawada. (Positive) *Mahindra & Mahindra:* Company and Anduril Industries Partner to Develop Autonomous Maritime Systems & AICounter-UAS Technology. (Positive) *JBM Auto:* JBM Ecolife Mobility has landed a massive order for 1,021 electric buses worth ₹5,500 Crore (Positive) *Reliance Infrastructure:* Company is evaluating manufacturing in solar and battery businesses, creating Reliance Battery GreenTech Pvt. Ltd. and Reliance Zetta SolarTech Pvt. Ltd (Positive) *H M Electro:* Company received a new work order of Rs.13.85 Cr (Positive) *India Glycols:* Company allocated 180.6 mn ltr of ethanol supply through tender. (Positive) *ONGC:* Company plans foray into ethane carrier business, seeks partner: Reuters. (Positive) *Servotech Renewable:* Company signs agreement with France-based Watt & Well SAS to develop & manufacture EV charger components in India. (Positive) *BSE:* Goldman Sachs (Singapore) PTE bought 7.29 lakh shares at Rs 5504.42 (Positive) *Cyient:* Sukumal Banerjee appointed as CEO (Positive) *Patanjali:* The demands of Rs. 186 crores for CIRP period raised by Income Tax Dept has been quashed by Hon’ble Supreme Court of India (Positive) *NFL:* Company announced JV for a new Ammonia-Urea Complex Namrup IV Fertilizer Plant in Assam. (Positive) *C.E. Info:* Mappls App now available in 9 regional languages for a seamless, native experience. (Positive) *Medicamen:* Company has entered into a Manufacturing & Supply Agreement with a leading Pharma distributor and marketing Company in US & Europe. (Positive) *Bartronics:* Company enters into Memorandum of Understanding with PTW Group. (Positive) *Bharat Global:* Ms. Simoli Raval, appointed as an additional Independent Director, will serve a 5-year term. (Neutral) *Orchid Pharma:* US FDA issues seven minor observations for company’s API manufacturing facility in Alathur, Tamil Nadu. (Neutral) *Raymond:* NCLT has fixed 25th March 2025 for final hearing on the approval of demerger scheme for Realty business. (Neutral) *Flomic Global Logistics:* Company appointed Mr. Abhinandan Gupta as Chief Financial Officer effective 19th Feb, 2025. (Neutral) *JK Cement:* Company received a tax demand of Rs. 13.46 Cr for the assessment year 2020-21 from theState Goods & Service Tax department in Jaipur. (Neutral) *Comfort Commotrade:* Company received a demand order from the State Tax Officer, GST, Maharashtrafor Rs. 2.25 Cr. (Neutral) *Torrent Power:* Company announced the incorporation of a new step-down subsidiary, Torrent Urja 30 Private Limited. (Neutral) *Viaan Industries:* Company’s CFO, Mr. Hemant Seth, resigned with immediate effect on Feb 14, 2025, due to personal reasons. (Neutral) *Cyient Ltd:* Company appointed Mr. Sukamal Banerjee as Executive Director and CEO, effective Feb 19, 2025. (Neutral) *ZEE Entertainment:* Company secures high S&P Global ESG score; outperforms the industry. (Neutral) *IREDA/ Tata Tech:* NSE announced inclusion of 2 securities in F&O segment effective February 28. (Neutral) *ITC/VST/Godfrey:* GST Council considering raising GST on cigarettes and tobacco to 40%: ET (Negative)🪴

*Corporate Actions* Hexaware Technologies is set to make stock market debut today, February 19. The issue price is fixed at Rs. 708 per share. Ranjeet Mechatronics has recommended the issuance of bonus equity shares in the ratio of 1:1 [i.e 1 bonus equity shares for every 1 equity share held] subject to the approval of Shareholder’s. Approved the Sub-Division/Split of the face value of Equity Shares, such that Equity Shares share having Face value of Rs. 10/- be sub- divided/split into 1 Equity Share having Face value of Rs. 5/- each, subject to the approval of Shareholder's. Fund raising of an amount not exceeding INR 49 Crores through issuing Equity Shares by way of Rights Issue to the eligible equity shareholders. Gujarat Inject (Kerala) has approved Stock-split/sub-division of each equity share of the Company, having face value of Rs.10/- each, into 1 equity share of face value Re. 1/- each, subject to approval of the shareholders of the Company and other statutory/regulatory authorities, as may be required. *Dividend* *20-Feb-25* PGHH: Interim Dividend - Rs. - 110.00 ESABINDIA: Interim Dividend - Rs. - 23.00 AVTNPL: Interim Dividend - Rs. - 0.30 IRCTC: Interim Dividend - Rs. - 3.00 SBCL: Interim Dividend - Rs. - 1.20 *21-Feb-25* NIRLON: Interim Dividend - Rs. - 15.00 INDNIPPON: Interim Dividend - Rs. - 12.50 PGHL: Interim Dividend - Rs. - 80.00 SJVN: Interim Dividend - Rs. - 1.15 FSL: Interim Dividend - Rs. - 4.00 MODISONLTD: Interim Dividend - Rs. - 1.50 MEERA: Interim Dividend - Rs. - 0.50 BBTC: Interim Dividend - Rs. - 13.00 MANAPPURAM: Interim Dividend - Rs. - 1.00 KIRLOSENG: Interim Dividend - Rs. - 2.50 CAREERP: Interim Dividend - Rs. - 1.00 QGO: Interim Dividend - Rs. - 0.15 SANDESH: Interim Dividend - Rs. - 2.50 CANTABIL: Interim Dividend - Rs. - 0.50 *IPO* --- *Buyback* --- *Bonus* --- *Stock Split* RDB Realty & Infrastructure: Stock Split From Rs. 10/- to Rs. 1/-; Ex-Date: 28-Feb-25 Coastal Corporation: Stock Split From Rs. 10/- to Rs. 2/-; Ex-Date: 04-Mar-25 *Right Issue* Rajath Finance: Ex-Date: 21-Feb-25 Iel: Open: 04-Feb-25; Close: 21-Feb-24 Ganesh Holdings: Open: 18-Feb-25; Close: 27-Feb-24 Jyoti Structures: Open: 17-Feb-25; Close: 03-Mar-24 Thangamayil Jewellery: Open: 21-Feb-25; Close: 04-Mar-24 Harshil Agrotech: Open: 18-Feb-25; Close: 17-Mar-24 *Open Offer* Aavas Financiers: Open: 21-Feb-25; Close: 07-Mar-25

*Kunvarji: Fund Houses Recommendations* CLSA on *Tata Motors:* Upgrade toOutperform on Company, target price at Rs 930/Sh (Positive) Macquarie on *TVS Motors:* Maintain Outperform on Company, target price at Rs 2904/Sh (Positive) GS on *Polycab:* Maintain Buy on Company, target price at Rs 6510/Sh (Positive) GS on *KEI Ind:* Maintain Buy on Company, target price at Rs 3780/Sh (Positive) HSBC on *Maruti:* Maintain Buy on Company, target price at Rs 14000/Sh (Positive) Jefferies on *Mactotech:* Upgrade to Buy on Company, target price at Rs 1600/Sh (Positive) CLSA on *Godrej CP:* Upgrade to Hold on Company, target price at Rs 1015/Sh (Positive) CLSA on *Consumption:* Top long ideas are Zomato, Swiggy, VBL, Titan, ITC and DMART (Positive) Jefferieson *Auto:* TVS and Eicher Motors are preferred picks for two-wheeler buys. (Positive) GS on*Wire and Cables:* Growth drivers intact, risk reward better. Recent correction offers an opportunity for entry in the C&W sector (Positive) Macquarieon *Auto:* India’s 2W exports is geographically well diversified – LATAM and Africa accounted for 70% of exports by volume in FY24. (Positive) Investec on *Consumption:* Urban slowdown shall persisttill Q1FY26, and urban demand shall start reviving Q2FY26 onwards. We expect this revival on the back of tax cuts in the union budget and potential rate cuts by the RBI (Neutral) Citi on*Chemicals:* Implication of possible reciprocal tariffs imposed by US. EBIDTA impact for PI Industries/NavinFluorine/SRF at 12%/5%/4% (Neutral) CLSA on *Gas sector:* Spot prices of LNG expected to rise 21% in next 6 months (Neutral) JPMorgan on *Hindalco:* Maintain Overweight on Company, target price at Rs 670/Sh (Neutral) CLSA on *Colgate:* Maintain Hold on Company, target price at Rs 2559/Sh (Neutral) Nuvama on *ABB:* Maintain Buy on Company, cut target price at Rs 6650/Sh (Neutral) Nomuraon *ABB:* Downgrade to Reduce on Company, target price at Rs 4970/Sh (Negative) Macquarie on *CRDMO:* Sector benefiting from secular growth as well as regulatory tailwinds. Initiate Outperform on Divi's, Suven Pharma, Bluejet Healthcare, & Syngene (Positive) Macquarie on *Syngene:* Initiate Outperform on Company, target price at Rs 835/Sh (Positive) Macquarie on *Blue Jet:* Initiate Outperform on Company, target price at Rs 1000/Sh (Positive) Macquarie on *Suven Life:* Initiate Outperform on Company, target price at Rs 1500/Sh (Positive) Macquarie on *Divis Lab:* Initiate Outperform on Company, target price at Rs 7400/Sh (Positive)

*Kunvarji: Fund Houses Recommendations* JPMorgan on *Persistent:* Maintain Buy on Company, target price at Rs 7200/Sh (Positive) MS on *Shree Cement:* Upgrade to Equal weight on Company, raise target price at Rs 26950/Sh (Positive) Citi on *Shriram Fin:* Maintain Buy on Company, target price at Rs 720/Sh (Positive) Citi on *Maruti:* Maintain Buy on Company, raise target price at Rs 14500/Sh (Positive) MS on *Ultratech Cement:* Maintain Overweight on Company, target price at Rs 13650/Sh (Positive) UBS on *Max Health:* Upgrade to Buy on Company, raise target price at Rs 1200/Sh (Positive) CLSA on *Tech Mah:* Maintain Outperform on Company, target price at Rs 2030/Sh (Positive) MS on *Deepak NTR:* Maintain Overweight on Company, target price at Rs 3000/Sh (Positive) MS on *Ambuja:* Maintain Overweight on Company, target price at Rs 590/Sh (Neutral) UBS on *PCBL:* Maintain Buy on Company, target price at Rs 600/Sh (Positive) MS on *Indian Markets:* Buying Indian equities could prove rewarding, India should resume its outperformance to EM in the comingmonths. (Positive) Citi on *Indian Markets:* Post corrections valuations for large caps are reasonable, Remain constructive (Positive) MS on *Cement:* Expect demand momentum to continue over next few months. (Positive) Investec on *Auto:* In E-2W Bajaj Auto back to leadership, Ola market sharedown 700bps MoM. In ICE-4 M&M/Maruti increased m/share by 170/160bps to 14%/44% vs YTDFY25. Tata Motors m/share declines in ICE as well by 330bps to8.2% (Neutral) Citi on *United Spirits:* Maintain Neutral on Company, target price at Rs 1650/Sh (Neutral) CLSA on *ABFRL:* Maintain Hold on Company, target price at Rs 279/Sh (Neutral) DAM on *Deepak NTR:* Maintain Buy on Company, target price at Rs 2142/Sh (Neutral) MS on *Dalmia Bharat:* Maintain Underweighton Company, target price at Rs 1630/Sh (Neutral) MS on *ACC:* Downgrade to Underweight on Company, cut target price at Rs 1670/Sh (Negative) CLSA on *Nazara Tech:* MaintainUnderperform on Company, target price at Rs 665/Sh (Negative)