Share Market Highlights 17th March 2025: Stock markets rally amid sharp gains in global shares; Sensex snaps 5-day losing run

UBS Initiate on BSE

Buy rating; SOTP-based price target of Rs5,350

Diverse revenue streams; operating margins likely to improve

Potential value if a common contract note is approved

BSE’s increased market share has been due to better broker management, and offering of an alternate expiry day to NSE, its key competitor

Recent improvement in volumes for BSE on nonexpiry days, suggesting volumes moving from NSE to BSE not fully priced in

Cantor on Adani Power

Initiate OW, TP Rs 595

What makes APL interesting, is combination of growth (expecting to add 12.5 GW of capacity over next 5 yrs), b/s flexibility (lowest leverage in several yrs)

With val reasonable, like risk/reward at current levels

Cantor on Adani Green

Initiate OW, TP Rs 1222

For a country that is very focused on reducing carbon emissions to reach net-zero, increased renewable energy capacity is at core of this goal, & believe this makes for a compelling investment case for AGEL

Jefferies on Patanjali

Initiate Buy, TP Rs 2050

With focus on distribution, premiumisation and brand building, expect PFL to deliver near-double digit top-line growth, along with margin expansion; B/S is also net cash

Jefferies on Sai Life

Initiate Hold, TP Rs 730

Innovator-focused integrated CDMO, its integrated model & healthy track record differentiates it from peers.

However, trades at punchy val of 32x/26x FY26/27 pre-Ind AS Ev-Ebitda, 30% premium to peers, see ltd upside

Jefferies on Waaree

Initiate Hold, TP Rs 2030

See tide turning by late-2027 as India goes into oversupply & US nears self-sufficiency

Value Waaree on normalized profits

Stronger solar installation/policy changes are upside/downside risks.

GS on Dixon

Sell, TP Rs 10500

However, observe that the margin benefit accruing from increasing value addition, is offset by the loss in PLI benefit for the mobile phone segment (ending in FY26)

See limited potential for co to surprise on already optimistic-looking est

GS on Cable & Wire

However, with Polycab and KEI trading at FY27E P/E of 31X and 29X respectively, would wait for better entry points in these stocks now that sector attractiveness has resulted in increased competition 7 supply build-up

HSBC on Tata Motors

Upgrade to Buy, TP cut to Rs 840 from Rs 930

Valuation de-rating in last 2-3 quarters – now looks reasonable

JLR is now trading at 1.8x FY26e EV/EBITDA, at the lower end of the historical average

CLSA on Financials

Prefer Bandhan Bank (High-Conviction Outperform) over CreditAccess Grameen in the current cycle

Bandhan has fared better than smaller banks and NBFCs on asset quality performance in this cycle

Bandhan has a lower share of borrowers with four or more lenders 

Bandhan trading at a 50%+ discount to CA Grameen

Morgan Stanley Focus list

We add Coforge and InterGlobe Aviation 

Remove Infosys and M&M to accommodate the addition.

Overall, recommend large private sector Financials, Consumer and Industrial stocks, & IT Services

DAM Cap on Cement

Two key trends are improving for sector

demand uptick from Dec’24 onwards led by revival of Govt. capex – which we expect to sustain,

Industry NEARING end of massive consolidation period witnessed over FY23- 25 due to dearth of acquisition candidates

CITI On HPCL

Buy, TP Rs 460

HPCL’s 9M reported EBITDA could have been 80% higher without impact of LPG under-recoveries

A push for timely compensation by the top leadership of OMCs could help investors rest a bit more assured

CITI on GSPL

Upgrade to Buy, TP Rs 325

PNGRB has approved capacity expansion of GSPL’s key HP gas pipeline network in Gujarat by granting approval to lay a new pipeline (Anjar-Palanpur)

Approved pipeline capex of Rs21bn will add 12 mmscmd to capacity of HP gas grid