NTPC, incorporated in the year 1975, is a Large Cap company (having a market cap of Rs 162855.51 Crore) operating in Power sector.

The company capitalised assets worth Rs 207bn in FY22 and the brokerage expect it to capitalise assets worth Rs 120bn in FY23.

Revenue is expected to grow by 37.0% YoY to INR149.5bn, led by improved generation at the Mundra plant (+20.7% YoY to 3.4bn) and CERC’sfavourable order, higher power demand across its distribution circles, and executions in its solar EPC segment.

CESC, incorporated in the year 1978, is a Mid Cap company (having a market cap of Rs 9902.01 Crore) operating in Power sector.

While higher realisation would offset the fall in generation, profitability is expected to be impacted by higher coal prices.

Revenue/PAT are expected to grow 70%/27.1% YoY to INR64.1bn/INR4.7bn, led by higher power demand and increased earnings from LNG trading.

The company is expected to report a flat quarter YoY with a marginal rise of 2.1% in earnings. The overall generation is expected to decline by 10% YoY.

TCS is well placed to navigate the challenging demand environment, considering its well-diversified offerings across growth & transformation and cost takeout & efficiency projects; but this seems to be largely captured in the valuation, in the brokerage's view.

As a result, the brokerage expects AUM growth of 6.6% QoQ/28.5% YoY.

Promoters held 58.89 per cent stake in the company as of 30-Sep-2022, while FIIs owned 9.97 per cent, DIIs 18.52 per cent.

The brokerage reiterate BUY on Oil India (TP INR 260) given strong dividend play and also because CMP is discounting only ~USD 50/bbl net crude realisation.

Indraprastha Gas, incorporated in the year 1998, is a Large Cap company (having a market cap of Rs 29823.53 Crore) operating in Gas & Petroleum sector.

Gujarat Gas, incorporated in the year 2012, is a Mid Cap company (having a market cap of Rs 33380.04 Crore) operating in Gas & Petroleum sector.

The brokerage maintains BUY on RIL (TP of INR 2,950) given RIL’s industry leading capabilities across businesses and expectation of strong 14-15% EPS CAGR over the next 3-5 years.

The stock has underperformed the Auto index by c.58% over past 1 year owing to headwinds related to global PV production and is currently trading at an attractive 15x FY25E EPS.

Revenue/sq ft for D-Mart expected to improve marginally by 2% YoY to Rs 9130/sq ft but continues to remain below pre-Covid levels (Q3FY20: Rs 9700/sq ft).

Overall revenues for V-Mart are expected to increase 19% YoY driven by healthy store additions.

Page Industries, incorporated in the year 1994, is a Large Cap company (having a market cap of Rs 45799.48 Crore) operating in Apparels sector.

Titan’s jewellery division is expected to register early double digit revenue growth to the tune of 11% YoY in Q3FY23 (12% including CaratLane). Prima facie, the growth trajectory appears to have moderated but we believe the growth rate should be viewed in the context of a very strong base of Q3FY22 (the division had recorded 37% YoY growth).

Owing to higher other income, the brokerage expects PAT to increase 3% YoY to Rs 91 crore.