Stock Market Live Updates 19 March 2024: Stocks in Asia muted ahead of BOJ rate decision

Nomura on Tyre Cos

Remain Cautious On The Sector

Sharp Jump In Natural Rubber Prices Another Headwind To Tire Sector Margins

Weak Demand, Rising Commodity Price Could Normalise Margins Faster For The Sector

Natural Rubber Prices In The Domestic Market Have Jumped 23% QoQ

International Rubber Price Increase Has Been Even Steeper, Up 66% QoQ

Domestic Rubber Prices Usually Trade At A 10-15% Premium To Global Prices

There Can Be Further Uptick In The Domestic Rubber Prices

Cos Will Try To Take Price Hikes To Pass On A Part Of The Cost, But Will Be Difficult

Kotak Inst. on IndiGo

Maintain Buy

Target Raised To Rs 4,200 From 3,700

See Supply For Industry Growing At Or Below 12% Till FY30

Co May Add Capacity At A Pace Similar To Or Faster Than Market Over This Period

Current Demand Is Not Yet Fully Addressed By Today’s Supply

Pricing Would Likely Remain Healthy Over Time & Less Prone To Irrationality

Increase The Multiple To 20x

MS on Airlines

DGCA Decides To Not Extend June 1 Deadline For Revised FDTL Norms

FDTL Norms Norms Aim To Mitigate Pilot Fatigue

Expect IndiGo To Share Details On Impact, Co May Need Addl 10-15% Pilots

With Given Tight Capacity, As Some Airlines May Not Be Able To Get All Pilots

Maintain 6% FY25 Capacity Growth Target

MS on HAL

Overweight Call, Target Rs 3,636/Sh

Have Seen A Strong Pick-up In Order Inflows In March 2024

Near-term Prospect Pipeline Remains Strong

Jefferies on HDFC Bank

Buy Call, Target At Rs 1,800

Arvind Kapil Resigning, Is Tad Negative Given His Seniority

Retention & Smooth Transition Will Be Key

Strong Talent Base Is A Comfort

Kotak Inst. on Pidilite

Reiterate Add Call

Target Raised To Rs 3,075 From 2,825

Well Placed To Deliver DD Volume CAGR & Mid-teen EPS CAGR Over FY24-27

Rural Is Growing At 1.5x Urban For Co, Aided By Distribution Expansion

Growth/Pioneer Categories Growing Faster Than The Core Portfolio

Real Estate Upcycle Can Accelerate Growth Of The Core Adhesives Portfolio

Jefferies on Piramal Pharma

Maintain Buy

Target At Rs 170/Sh

Model 12.5% YoY Revenue Growth For FY25, But Co Can Better This Number

15% Revenue Growth Could Drive 45% EBITDA Growth For FY25

Trading At Attractive Valuations Of 14x/12x FY25/26 EV-EBITDA

Earnings Momentum In Place, Valuation Rerating Should Follow