For Bajaj Auto (BAL), Q4 has been a relatively difficult quarter given: 1) 12% YoYdecline in volumes 2) sharp deterioration in exports mix to 40% of total from 44.7%in Q3FY23 and 60.2% in Q4FY22. The impact from this is likely to be partially offsetby improved domestic mix in favor of >125cc bikes and higher mix of 3Ws. Thecurrency (USD-INR) has largely remained stable.

Its consolidated performance is also expected to be boosted by improved performance at VECV – volumes up 46% QoQ.

Hero MotoCorp, incorporated in the year 1984, is a Large Cap company (having a market cap of Rs 48875.80 Crore) operating in Auto sector.

Promoters held 0 per cent stake in the company as of 31-Mar-2023, while FIIs owned 43.35 per cent, DIIs 31.15 per cent.

The brokerage maintains BUY rating with a revised target price of INR1,800 (15x Mar-25E EPS, rolling forward multiple from Sep-24E).

Shriram Finance, incorporated in the year 1979, is a Large Cap company (having a market cap of Rs 50663.75 Crore) operating in NBFC sector.JM Financial values SHF at 1.3x/8x FY25e P/BV and P/E to arrive at a target price of INR 1,900.

Given the strong demand outlook in the underlying autos segment, the brokerage argues that the pessimism is overdone and it maintains ADD with a revised TP of INR1,370 (implied Mar-25E P/E of 27x and P/ABV of 4.8x).

Promoters held 43.68 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.25 per cent, DIIs 9.27 per cent.

Valuation premium to peers is justified.

Angel One, incorporated in the year 1996, is a Small Cap company (having a market cap of Rs 10712.35 Crore) operating in Financial Services sector.

ICICI Lombard General Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 53478.06 Crore) operating in Financial Services sector.

Granules’ share price has been in a corrective phase for past six months and underwent a healthy base formation in past 12 weeks, thus offering fresh entry opportunity with decent risk-reward setup.

Price breakout above a falling supply line joining highs since December 2022 signalling resumption of the up move.

Re-rating would be contingent on further sustenance of revenue growth and resumption of upward margin trajectory.

.In view of the better-than-expected margin outlook, the brokerage increases its EPS estimates for FY24E/FY25E by 15%/9%.

Stock price is placed above all important moving averages, indicating bullish trend on all time frames.

Breakout from symmetrical triangle on the daily chart with jump in volumes.

ICICI Lombard General Insurance Company, incorporated in the year 2000, is a Large Cap company (having a market cap of Rs 55530.84 Crore) operating in Financial Services sector.

Promoters held 58.49 per cent stake in the company as of 31-Dec-2022, while FIIs owned 17.47 per cent, DIIs 2.65 per cent.

Sun TV Network, incorporated in the year 1985, is a Mid Cap company (having a market cap of Rs 16697.37 Crore) operating in Media & Entertainment sector.