CLSA | Business Upturn

ICICI Bank schedules virtual investor group call with CLSA on 30 March 2026

Arunika Jain — Wed, 25 Mar 2026 14:14:21 +0000

ICICI Bank has announced its participation in a virtual investor group call organised by CLSA, scheduled for 30 March 2026. The bank finalised its decision to partake in this meeting on 25 March 2026.

The meeting will be conducted virtually, allowing investors to engage with the bank’s representatives and discuss various aspects of its operations and financial performance. ICICI Bank intends to utilise publicly available documents during the discussions, ensuring transparency and informed dialogue with participants.

This engagement is part of ICICI Bank’s ongoing efforts to maintain open communication with its investors and stakeholders, providing insights into the bank’s strategies and future outlook.

Disclaimer: This article is based on a regulatory filing submitted to the National Stock Exchange of India (NSE).

Havells share price: Buy, Sell or Hold? What brokerages say after Q4 earnings beat

News Desk — Wed, 23 Apr 2025 02:35:17 +0000

Havells India delivered a strong Q4FY25 performance, posting a 20.2% YoY jump in revenue to ₹6,543 crore and a 15.7% rise in net profit to ₹517 crore. Earnings per share also improved to ₹8.26 from ₹7.13 YoY. The robust performance was driven by healthy growth in Lloyd and cables & wires segments, prompting a range of reactions from brokerages — spanning from ‘Neutral’ to ‘Buy’ — depending on the outlook for margins and demand recovery.

Morgan Stanley on Havells share price (Overweight | Target Price: ₹1,942)

Morgan Stanley maintained its Overweight stance, noting a 4% revenue beat led by Lloyd’s 40% YoY growth and a 20% YoY rise in emerging categories. EBIT margins outperformed expectations across all segments, especially in ECD, Lloyd, and others, while Switchgear, Lighting & Cables saw some decline. Revenue (ex-Lloyd) grew 14% YoY, with EBIT margins (ex-Lloyd) at 13.9%, still better than the 12.8% estimate.

Nomura on Havells share price (Buy | Target Price: ₹1,873)

Nomura reiterated a Buy call, stating that Q4 margins were ahead of estimates and highlighted demand tailwinds in Cables & Wires (C&W) and Lloyd. It expects 15-16% revenue growth (ex-Lloyd) over FY26-27 driven by operating leverage. The brokerage sees current valuations at 44x FY27F EPS as attractive considering the positive outlook.

JP Morgan on Havells share price (Neutral | Target Price: ₹1,700)

JP Morgan remains Neutral, saying the margin-led Q4 beat was slightly offset by a cautious near-term demand narrative. It noted better-than-expected revenue growth in Cables (+21%) and Lloyd (+39%). EBIT margin improvements in Switchgear (+750bps q/q), ECD (+120bps y/y) and Lloyd (+340bps y/y) were significant, though management stayed non-committal on medium-term guidance.

Jefferies on Havells share price (Hold | Target Price: ₹1,800)

Jefferies maintained a Hold, pointing to strong Q4 performance driven by C&W (+21%) and Lloyd (+40%), which boosted operating leverage and PAT. However, it warned of headwinds from urban inflation and commodity volatility. The high valuation — 60x FY26e PE, 30% above the 10-year average — also prompted caution.

CLSA on Havells share price (Outperform | Target Price: ₹1,915)

CLSA sees Havells as a solid performer, rating it Outperform. Q4 revenue/EBITDA growth stood at 20%, with Lloyd and C&W leading the way. The brokerage acknowledged strong primary offtake for Lloyd but highlighted weakness in secondary sales due to a delayed summer. It cut the target multiple to 55x (from 60x) due to rising competition in C&W.

Nuvama on Havells share price (Buy | Target Price: ₹1,890)

Nuvama is bullish, citing a strong all-round beat in Q4. Revenue rose 20% YoY, exceeding estimates by 16%, led by C&W (+21%) and Lloyd (+40%). EBIT margins improved by 230bps YoY, supported by performance in Switchgear and Lloyd. That said, it noted concern over secondary RAC sales, particularly in southern India during March and April.

Disclaimer: The above views are of the brokerages and not of the publication or author. Investors are advised to consult their financial advisors before making any investment decisions.

CLSA maintains ‘outperform’ rating on Bajaj Finance, expects 19% upside

News Desk — Mon, 30 Sep 2024 02:51:20 +0000

CLSA has reiterated its ‘outperform’ call on Bajaj Finance, setting a target price of ₹9,200 per share, implying a 19% upside from the current market price of ₹7,748.00. Despite facing headwinds in the past three quarters, including profit growth lagging behind loan growth, CLSA remains positive on the company’s long-term outlook.

The report cites challenges such as the Reserve Bank of India’s ban, which resulted in a ₹200 crore hit to quarterly fee income, and net interest margin (NIM) compression. Additionally, higher credit costs are expected to take another 1-2 quarters to normalize.

However, CLSA believes that even if Bajaj Finance raises its credit cost guidance to 2%, the estimated FY25 earnings per share (EPS) would decline only by 1-1.5%. Over the next 1-2 years, the company’s focus will be on maintaining superior loan growth and leveraging its operational strengths.

CLSA also points to the recent blockbuster listing of Bajaj Finance’s subsidiary, which has resulted in the parent company trading at a lower multiple than the consolidated entity, providing further growth opportunities.

Disclaimer: Stock market investments are subject to market risks. The information provided in this article is for informational purposes only and should not be construed as investment advice or a recommendation. Readers are advised to seek independent financial advice before making any investment decisions. The author and the publication are not responsible for any investment losses incurred based on the information provided.

Coldplay, Diljit Dosanjh, Bryan Adams and Dualipa sales cross Rs 350 crore, resale tickets 5x the price now: CLSA

News Desk — Mon, 23 Sep 2024 03:21:53 +0000

A recent report from CLSA on urban consumption patterns suggests a shift in spending preferences, particularly among younger Indians. The analysis highlights that traditional categories like QSR (quick service restaurants) and FMCG (fast-moving consumer goods) are witnessing tepid sales. Instead, there is a notable move towards new spending avenues such as events, travel, dining out, luxury goods, and consumer electronics.

Key insights from the report include the following:

Consumption has shifted significantly towards high-ticket items like travel, luxury and premium goods, fashion, cosmetics, and electronics.
Over 100,000 individuals are ahead in the ticket queue for events priced between $50 and $400.
Several major shows have sold out quickly, including three events with over 50,000 tickets each, priced at an average of $75. Resale tickets are currently being sold at five times their original price.
Popular singer Diljit Dosanjh sold over 250,000 tickets at an average price of $90, while concerts for international stars Dua Lipa and Bryan Adams saw rapid sell-outs.
According to the report, four concerts alone saw ticket sales exceed ₹350 crore to ₹400 crore, accounting for over 40% of the incremental quarterly sales of listed QSR companies.
The World Cup and IPL cricket events also saw a similar surge in ticket demand and sales frenzy.

The data suggest a strong shift in urban spending patterns, reflecting changing priorities and a growing preference for entertainment and luxury experiences over traditional consumption categories. This trend may have long-term implications for businesses in the QSR and FMCG sectors, as discretionary spending continues to move towards lifestyle and entertainment segments.

CLSA increases target price for D-Mart (Avenue Supermart) shares, expects stock to rally 13%

News Desk — Tue, 27 Aug 2024 02:37:31 +0000

Avenue Supermarts, the parent company of the popular retail chain D-Mart, has received an update from CLSA, a brokerage firm. CLSA has maintained its “Outperform” rating on Avenue Supermarts and has raised its target price to ₹5,650 from the previous ₹5,535 per share. With the current market price (CMP) at ₹4,968, CLSA expects a 13% upside for investors.

Sustainability and Social Metrics

In its annual report analysis, CLSA highlighted Avenue Supermarts’ focus on sustainability. The company is improving across various environmental and social metrics. Notably, Avenue Supermarts is enhancing its utilization of solar energy and pursuing green building certifications.Furthermore, the company has made strides in employee welfare by paying a greater proportion of its workers above the minimum wage compared to the previous fiscal year.

Outlook for Avenue Supermarts

CLSA remains positive about the outlook for Avenue Supermarts’ stock, citing its cost leadership in the Indian retail market. The company has demonstrated its ability to maintain low operating costs, allowing it to offer competitive prices to consumers.Avenue Supermarts operates on a model that prioritizes everyday low prices. With an addressable market exceeding $500 billion, of which less than 5% is organized, the potential for growth remains substantial.

CLSA’s upgraded target price and “Outperform” rating for Avenue Supermarts reflect the brokerage’s view on the company’s direction and efficiency. Avenue Supermarts is focused on sustainability, social responsibility, and cost leadership. Investors can look forward to the company’s growth and its commitment to delivering value to customers and shareholders.

Disclaimer: The information provided in this article regarding Avenue Supermarts and its stock performance is for informational purposes only and should not be considered as financial advice. The analysis and opinions expressed are based on data available at the time of writing and may not reflect the most current developments or market conditions.

CLSA maintains ‘Outperform’ rating on Reliance Industries, sets share price target at ₹3,300 amid solar expansion

News Desk — Mon, 26 Aug 2024 03:18:36 +0000

International brokerage CLSA has maintained an “Outperform” rating on Reliance Industries Ltd (RIL), setting a target price of ₹3,300 per share. This positive outlook comes as the company prepares to launch its solar photovoltaic (PV) giga-factory by the end of 2024, marking a significant step in its new energy initiatives.

The financial year 2024 has seen RIL allocate approximately $1 billion in capital expenditure for its solar manufacturing business, reflecting its commitment to expanding its renewable energy capabilities. CLSA noted that this investment is part of a broader strategy to enhance RIL’s position in the new energy sector, which has gained momentum in recent years.

As the company gears up for its upcoming Annual General Meeting (AGM), scheduled for August 29, analysts are anticipating more detailed insights into RIL’s plans and future projects. The AGM is expected to provide further granularity on the company’s roadmap, including developments in its telecom and retail segments, alongside its new energy ventures.

The emphasis on 5G monetization and the ramp-up of broadband services is seen as the next leg of growth for Reliance Jio, RIL’s telecom arm. Analysts predict that these initiatives will bolster revenue and enhance the overall financial health of the conglomerate in the coming years.

Disclaimer: This article is for informational purposes only and should not be considered investment advice. The opinions expressed in this article are CLSA’s and do not necessarily reflect the views of ‘Business Upturn’. Reliance Industries Ltd. is a publicly traded company, and its stock price may fluctuate based on various factors, including but not limited to market conditions, company performance, and investor sentiment. Investors should conduct their own research and consult with a financial advisor before making any investment decisions. Past performance is not indicative of future results.

CLSA ‘downgrades’ Tech Mahindra stock to Hold amid strong rally and stretched valuations

Markets Desk — Wed, 21 Aug 2024 03:01:13 +0000

CLSA has downgraded Tech Mahindra stock to a “Hold” rating, citing the company’s recent strong stock rally and stretched valuations. The firm has set a target price of ₹1,670 for the stock.

The downgrade comes as part of CLSA’s broader outlook on the global telecom sector, which remains weak in terms of capital expenditure (capex). Despite high deal wins, the sector’s overall investment is subdued, and the commercialization of enterprise 5G remains distant due to a lack of compelling use cases.

Tech Mahindra may encounter multiple near-term challenges, particularly within its telecom vertical, said CLSA. It adds that unlike its peers such as TCS, Infosys, GartnerHCL, and Wipro, Tech Mahindra has not announced any significant cost optimization deals recently. This could further impact its performance in the coming months.

90% of PSU stocks have beaten Nifty in election-focused rally: CLSA

Markets Desk — Wed, 29 May 2024 02:07:37 +0000

Brokerage firm CLSA in its latest strategy report focusing on India elections and picture beyond has analysed the impact of Indian Prime Minister Narendra Modi’s policies on the stock market. According to their recent report, CLSA has identified 54 companies perceived as direct beneficiaries of PM Modi’s policies, with half of them being Public Sector Undertakings (PSUs).

A remarkable trend highlighted in the report is that 90% of these “Modi stocks” have outperformed the Nifty index during the election-focused rally over the past six months. This surge in performance is attributed to market optimism surrounding the potential continuity of Modi’s policies in case of a strong election result.

Among the preferred Modi stocks identified by CLSA analysts are heavyweight names such as L&T, NTPC, NHPC, PFC, ONGC, IGL, MAHGL, Bharti Airtel, Indus Towers, and Reliance Industries.

However, CLSA cautions that this narrow rally, primarily driven by election expectations, may come to an end in the near future. The report suggests that investors should brace themselves for a reality check post-election, as many of the anticipated positives priced into these stocks may only materialize gradually. This could lead to profit-taking by investors who are less patient with their holdings.

History serves as a guide, as CLSA points out that following the last two elections, PSU stocks reached their peak a few weeks after the election results, typically in June. They anticipate a similar scenario unfolding this time around, with the potential for profit-taking occurring in June or July, prior to the budget announcement in July.

Looking ahead, CLSA identifies banks as offering the best risk-reward ratio for India’s growth play in the second half of 2024.

In summary, while the anticipation-fueled rally in Modi stocks has been impressive, investors are advised to tread cautiously and prepare for a potential correction post-election, as the full realization of positive outcomes may take time to materialize.

CLSA downgrades TCS, HCLTech to sell, maintains sell rating on Wipro & LTIMindtree

Markets Desk — Tue, 05 Mar 2024 05:48:26 +0000

In a recent move, global brokerage firm CLSA has downgraded its ratings for two Indian IT giants, Tata Consultancy Services Ltd. (TCS) and HCL Technologies Ltd. (HCLTech), shifting them from “underperform” to “sell.” Additionally, CLSA has maintained its “Sell” recommendation for stocks like Wipro and LTIMindtree from the overall IT basket.

Despite the downgrade, CLSA has maintained its price targets for TCS and HCLTech at ₹3,925 and ₹1,536 respectively. The rationale behind CLSA’s decision lies in its assessment of the weak growth outlook for the year 2024, which it believes is not adequately reflected in the valuations of these companies.

The Nifty IT index has experienced a notable 23% surge since November 10, 2023, outperforming the Nifty 50 by 10 percentage points. This surge has been attributed to several factors, including the softening of US bond yields, positive demand commentary from hyper-scalers, and excitement surrounding generative Artificial Intelligence and the Nvidia rally.

However, CLSA remains cautious, highlighting that key sectors such as banking, retail, and telecom – pivotal for most Indian IT companies – are anticipated to have a similar outlook in 2024 as they did in 2023. This cautious stance underscores CLSA’s decision to downgrade the ratings of prominent IT players, signaling a prudent approach amid evolving market dynamics.

HAL Shares Surge 2% Following Strong Q3FY24 Performance

Vaibhav Agrawal — Tue, 13 Feb 2024 05:56:35 +0000

Shares of Hindustan Aeronautics Limited (HAL) witnessed a notable 2% gain during morning trading on February 13, propelled by the company’s robust financial performance for the third quarter of fiscal year 2024 (Q3FY24).

Following the announcement of the quarterly results, analysts at CLSA expressed confidence in HAL’s prospects by issuing an “outperform” call, setting a target price of Rs 3,225 per share. This target price suggests a potential upside of 13% from the stock’s previous closing price, indicating optimism regarding the company’s future trajectory.

HAL’s stock has been on a steady upward trajectory, surging by over 37% in the past three months alone, outperforming the benchmark Sensex, which recorded an 8% increase over the same period. Notably, the company’s shares reached a 52-week high of Rs 3,130 on February 8, underscoring investor confidence and bullish sentiment surrounding the defense sector.

The robust financial performance showcased by HAL in Q3FY24 further solidified investor optimism. The company reported a standalone net profit of Rs 1,253 crore, marking an impressive 8.6% year-on-year increase. Additionally, HAL’s revenue for the quarter witnessed a commendable 7% year-on-year growth, reaching Rs 6,061 crore.

As the company continues to demonstrate operational excellence and drive growth initiatives, investor interest remains buoyant, driving the stock’s upward trajectory and fostering optimism about its future prospects.

Reliance share price in focus as CLSA expects 35% upside in the stock from current levels

Markets Desk — Tue, 21 Mar 2023 03:41:34 +0000

Reliance share price is in focus after CLSA on Tuesday initiated a note and it believes that the stock can rally upto 35% from current market price. Reliance stock closed at Rs 2,211 on the NSE on Monday. CLSA says that the stock has dipped 20% in less than 4 months. They have a target price of Rs 2,970 on the stock. Additionally, this is also the third positive report on the stock from brokerages recently.

Reliance’s aggressive foray into the telecom and retail business is keenly watched by investors over the last few months. CLSA in its note stated that the company’s plan to launch 5G enabled smartphone in 2024, and a $5 billion foray into the 5G space remains a key trigger in 2024 going forward.

Besides, the company is expected to launch the Initial Public Offering of Jio or Reliance Retail in the next one year.