B&K Initiates Coverage On Laurus Labs
B&K initiated covergae with a Buy rating and a target price of Rs 1,030
CDMO will emerge as main earnings driver ahead
ARV disruption is largely behind; B&K expects steady growth ahead
Other APIs to complement growth
Generic formulation – capacity expansion will drive growth
Morgan Stanley On Can Fin Homes
Morgan Stanley maintained an Overweight and hiked target price to Rs 1,000 from Rs 970
Can Fin Homes surprised positively on NIM and asset quality in Q2
Can Fin's loan growth pressures have driven down valuations
Return on Equity is 15% in financial year 2028 is still attractive relative to many mid- and small-sized NBFCs for a secured business
Valuation is attractive in this context
Morgan Stanley On Bank of India
Morgan Stanley maintained an underweight, and hiked target price to Rs 120 from Rs 110.
Net Interest Margin declined offset by strong asset quality
Second-quarter NIM declined on the quarter by 14 basis points
RoA, however, was strong at 0.9% led by very low credit costs and strong fee and other income
Raise estimates and PT to reflect the beat
Stay Underweight as we expect RoA to be pressured once credit costs normalize
Morgan Stanley On Real Estate
Third-quarter of calendar year residential sales units down, value Up
Number of units sold in the September quarter in the top six cities (96K) and Pan-India (145K) declined QoQ and YoY
The top five developers also gained share
Price growth slowed but stayed in the mid-single digits YoY
Jefferies On Sunteck Realty
Jefferies maintained a buy with target price of Rs 575
Sunteck's pre-sales jumped 34% in Sep'qtr, taking 1H pre-sales up 32% YoY
Management highlighted its super-luxury push on the call with a large Rs 20,000 crore pipeline
Business development has remained steady
Rs 2,300 crore worth of projects signed YTD and a few major additions expected later in the year
Stock trading at 36% discount to NAV
Kotak On Pharma
Blue Jet – Upgrade to Buy from Add; Cut Target Price to Rs 825 from Rs 900
Piramal Pharma – Maintain Buy; Hike Target Price to Rs 325 from Rs 305
New molecules to spice up the hypercholesterolemia space
Obicetrapib—Piramal Pharma’s gain is Blue Jet’s loss
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