JP Morgan | Business Upturn

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.

‘No ChatGPT at JPMorgan’: Here’s why finance giant has gone against the tide

News Desk — Mon, 27 Feb 2023 05:18:58 +0000

ChatGPT, an AI-powered chatbot, keeps users engaged by responding to all questions and even assisting them in creating research subjects and emails. However, other businesses, including Amazon and Verizon Communications, are restricting the use of chatbots created by OpenAI.

JPMorgan Chase is the most recent example of such a business. According to a story in CBS News, the company has prohibited its employees from using ChatGPT in accordance with its rules regarding the use of third-party software. The financial services company declined to comment on its rules about employees using ChatGPT for work.

Earlier, a school in New York City forbade the use of an AI-based writing tool that could produce paragraphs of text that resembled human speech.

The largest US school district’s decision to block access to the ChatGPT website on school computers and networks may have repercussions on other campuses, sending teachers rushing to come up with effective anti-cheating strategies. The ChatGPT developers stated that they are also exploring on methods to spot abuse.

Following a flurry of complaints about inappropriate interactions and mistakes in its results, OpenAI, the artificial intelligence research group that developed the chatbot, stated that it is striving to minimise biases in the system and will let users adjust its behaviour.

The San Francisco-based startup OpenAI, which has a close partnership with Microsoft, built a larger collection of technologies that includes ChatGPT, which was released on November 30.

It belongs to a new breed of artificial intelligence (AI) systems that, using knowledge gleaned from a sizable database of digital books, online writings, and other media, can interact, write readable text on demand, and even create original images and videos. The interaction between the AI system and the person asking it questions resembles a textual discussion.

Anyone with an internet connection can utilise the more streamlined ChatGPT programme, which is free to use. OpenAI, though, announced earlier this month that it also intended to introduce a premium version.

Reliance Industries Ltd unlikely to announce Jio and Retail IPOs at this year’s AGM: JP Morgan

Dipankar Ray — Fri, 17 Jun 2022 07:41:36 +0000

According to global stockbroker JPMorgan, Reliance Industries Ltd (RIL) is unlikely to declare the initial public offers (IPOs) of Jio and Retail. Moreover, at its annual general meeting (AGM) this year. As the AGM’s expectations remain focused on the prospective de-merger of the retail and telecom companies. Expectations run high as days line up before the AGM meeting. And consumer businesses are in the cutthroat competition to make it to the top 3 as per the AGM list.

“We do not expect any concrete timelines from this year’s AGM on the consumer businesses IPOs (Jio, Retail). Even though media reports have talked about IPOs of these businesses”. JP Morgan said in a note on Wednesday. RIL’s Annual General Meeting should be around July-end and the start of August. Medi reports speculate the possible announcement of a demerger of RIL’s retail and telecom businesses.

Reliance Industries had reportedly shown a massive increase in its net profits. Lest, with a total jump of around 23.56% leading to the amount being 60705.00 crore. By the end of the fourth quarter in March 2022, as opposed to the previous year 2021. Reliance Jio had shown a net profit increase of around 24% to 4173 crore by the end of the quarter, while on the other hand Reliance Retail had shown a downfall of 5 %. According to the report given by JP Morgan. The business evaluation has proven quite strong resulting in a higher average per revenue share(ARPU) of the Jio telecom business.

Reliance Industries Limited (RIL) unlikely to declare IPOs

“We have received strong interest from strategic and financial investors in our consumer businesses, Jio and Reliance Retail. We will induct leading global partners in these businesses in the next few quarters, and move towards the listing of both these companies within the next five years.” Mukesh Abani, CEO and Chairman of Reliance Industries Limited had said in his speech at the 2019 AGM meeting.

“Strong interest has been shown by str RIL’s core retail income increased 45 per cent in FY22, according to a recent Goldman Sachs study, with the company opening seven shops per day and doubling its warehouse space. “We think RIL’s existing supremacy in telecommunications and offline retail, paired with its alliance and Facebook’s online traffic dominance, can establish India’s fastest-growing internet platform,” it stated. “We expect RIL’s online income to climb to $14 billion by FY25, up from $3 billion in FY22,” says the report. Overall, we project core retail revenue to expand at a 37 per cent compound annual growth rate (CAGR). To $38 billion between FY22 and FY25E.”

JP Morgan launches ‘Onyx Lounge’ making it world’s 1st bank to enter into the metaverse

Sathvika Chelakani — Wed, 16 Feb 2022 13:38:59 +0000

JP Morgan Chase & Co, the global leader offering financial services said it has become the first bank to enter in metaverse – a virtual global based on blockchain technology, an immersive 3D version of the internet assists to transform workplaces and online interactions.

JP Morgan initiated its lounge on Decentraland, a metaverse platform. The Onyx Lounge is titled after the multinational investment bank’s blockchain business that was launched in the COVID pandemic year- 2020.

Visitors and invitees to the Onyx lounge are provided with the opportunity to create their icons by selecting a gender, hairstyle, attires, skin tone and other personification accessories. Also, thrills the visitors as they are greeted by a tiger avatar and a virtual portrait of Jamie Dimon, the Bank’s CEO.

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“There is a huge client interest to acknowledge themselves about metaverse and are making attempts to underscore the significance of acknowledging the reality and also to predict the potential in technology, commercial infrastructure, privacy and workforce to expand their certainty of our lives in the metaverse,” the bank told CoinDesk in an email.

The company said it has set foot on the metaverse to escalate the many opportunities it offers for consumers and brands alike. “Whether it’s large tech players such as Microsoft planning to create realistic workspaces, or Ariana Grande holding a concert in Fortnite, the opportunities introduced by interactive, digital worlds tend to be boundless,” it said in a report.

Christine Moy, the Global Head of Liink, Crypto & the Metaverse at JPMorgan said “the bank wrote the report to help clients cut through the noise and emphasis what we would love to vision built or scaled next in commercial infrastructure, tech, privacy and identity, workforce, and social governance.”

Goldman Sachs reports 45% rise in revenue to $3.80 billion in Q4

Malvika Choudhary — Tue, 18 Jan 2022 16:22:45 +0000

American multinational investment bank and financial services company Goldman Sachs registered a 45% increase in investment banking revenue to $3.80 billion as its chief investors indexed in record fees from advisory on some of the largest mergers, initial public offerings and sales implicating special purpose acquisition companies.

Goldman Sachs reports 2021 earnings per common share of $59.45 and fourth-quarter earnings per common share of $10.81. The company’s shares were down by 8.05 per cent at 350.32 USD today.

The global markets business, which now houses the trading business and accounts for roughly a third of overall revenue, reported a revenue of nearly $4 billion, down 7%. Net earnings suitable to common shareholders fell to $3.81 billion in the quarter ended Dec. 31, from $4.36 billion the same period a year earlier. Earnings per share fell to $10.81 from $12.08 a year earlier.

Corresponded to a strong year-ago quarter when trading volumes zoomed, the bank conveyed equity underwriting revenue fell 8% in the quarter due to lower income from secondary stock offerings.

$GS announces full year and 4Q 2021 net revenues and earnings per share. View the full results, accompanying presentation and learn more on our 9:30AM ET conference call: https://t.co/l55jKNbMAa pic.twitter.com/sZyeKxoWJp

— Goldman Sachs (@GoldmanSachs) January 18, 2022

Analysts on average had expected a profit of $11.76 per share. While profits of JPMorgan, the country’s largest lender, were hurt by a slowdown in its trading arm, a stellar performance at its investment banking softened the impact. Meanwhile on Friday, JPMorgan Chase & Co JPM.N and Citigroup Inc C.N both beat analyst profit estimates.

Goldman’s IBD is unique in that it not only provides these conventional investment banking services but also makes selective principal investments in companies. Goldman’s IBD has its investment funds, which are separate from GS Capital Partners / PIA (Goldman’s internal corporate private equity group).