Daily Morning Note

25 March 2025

Current % % Market Commentary

Indices
Value 1D YTD
⚫ Asian markets are trading mixed on hopes that U.S. President Donald Trump’s
Sensex 77,984 1.4 -0.2
Nifty 23,658 1.3 0.1 tariffs could be softer than expected. Nikkei and Shanghai are trading higher by
BSE Midcap 42,383 1.3 -8.7
0.8% and 0.07%, respectively, while Hang Seng is trading lower by 0.89%.
BSE Small cap 47,852 1.2 -13.3
⚫ Indian indices are expected to open in the green, with GIFT Nifty trading at
Sectors – Performance (BSE)
Bankex 59,645 2.5 3.3 23,760, higher than the Nifty Futures close of 23,699.
Power 6,697 2.3 -3.9 ⚫ US markets closed positive on optimism that President Donald Trump may hold
Capital Goods 63,107 1.9 -6.9
back from implementing some of his wide-ranging tariff plans. Dow Jones ended
Consumer Dur 55,535 0.4 -13.8
Healthcare 42,314 0.5 -6.5 higher by 598 points or 1.42% to close at 42,583, while Nasdaq gained 405 points
FMCG 19,373 0.5 -6.7 or 2.27% to close at 18,189.

Nifty Gainers/Losers CMP % Chg

What’s Inside
KOTAKBANK 2,176 4.7
⚫ Axis Punch: Global Health Ltd (BUY)
NTPC 367 4.5
News in Focus
SBIN 781 3.7
⚫ Restaurants Brands Asia: The Burger King India operator launched its qualified
TITAN 3,079 (2.6)

INDUSINDBK 669 (2.5) institutional placement on Monday, with the floor price for the QIP set at Rs

TRENT 5,055 (1.9) 62.32/share.

⚫ Easy Trip Planners: The firm acquired 4.4 acres in Bengaluru, with a gross
FII Trading activities in Cash
Date Net MTD development value of nearly Rs 950 Cr
FII 24-Mar-25 3,056 10,526
⚫ TTK Prestige: T T Jagannathan resigned as non-executive chairperson and
DII 24-Mar-25 99 -3,104
director of the company after serving 50 years on the board.
Figs. in Rs Cr.

Current % % ⚫ Wipro: The firm introduced AI-driven autonomous agents for Agentforce that aim
Global Indices
Value 1D YTD
to improve and simplify experiences for patients and providers while easing heavy
Dow Jones 42,583 1.4 0.1
Nasdaq 18,189 2.3 (5.8) administrative burden across the industry by taking care of onboarding and
DAX 22,853 (0.2) 14.8
credentialing processes for healthcare providers.
Nikkei 225 37,925 0.8 (4.9)
FTSE 100 8,638 (0.1) 5.7 ⚫ Hyundai Motor India: The company announced an investment of Rs 694 Cr to
Hang Seng 23,715 (0.8) 18.2
establish a new tooling center in India that will be dedicated to the manufacturing
Shanghai 3,376 0.2 0.7
of stamping tools and panel production for vehicles.
Forex Rate
⚫ Cholamandalam Investment & Finance Co: The company approved the
INR/USD 85.6 0.4 -0.0
appointment of Vellayan Subbiah as executive chairperson for five years.
INR/EUR 92.8 0.3 -3.9
⚫ UCO Bank: The company opened a qualified institutional placement issue on
INR/GBP 111.0 0.2 -3.1

INR/YEN (100) 57.2 0.8 -4.4 Monday and approved the floor price Rs 36.07/share for the issue.

Source: Bloomberg

For private circulation only 1

 Axis PUNCH Global Health Ltd Target Price
24th March, 2025
BUY 1,390
Hospitals

About the Company

Global Health Ltd. (MEDANTA) has built strong brand equity, established by Dr. Trehan, a globally recognized Duration: 3-6 Months
cardiovascular and cardiothoracic surgeon. The company has fortified its position with a strong moat by providing the
highest standard of care and specializing in high-complexity procedures. A diverse revenue mix, driven primarily by
complex specialties such as Cardiac, Digestive, Oncology, and Neuro, contributes ~60% of overall revenue, CMP (Rs) 1,263
significantly strengthening its financial profile. Additionally, the Institute of Liver Transplantation, Kidney and Urology,
Orthopedics, and Internal Medicine involve intricate procedures, further enhancing its expertise and reputation. Target Price (Rs) 1,390

Upside (%) 10%

Investment Rationale
| Why Global Health Ltd
◼ Healthy Momentum in the Healthcare Segment: The company is witnessing strong momentum in both mature and developing units,
with topline growing by 12.8% YoY and realisations rising by 1.2%. In Q3FY25, Medanta reported revenue of Rs 943 Cr, driven by ✓ Insurance Penetration
stable ARPOB and an impressive increase in occupancies. ARPOB increased to Rs 61,307, up 1.2% YoY, while occupancies improved ✓ Momentum & Awareness in
by 551 bps YoY. Management anticipates a strong performance for Q4FY25. The higher occupancy rates were primarily driven by a Healthcare Sector
13% YoY growth in IPD volumes and a 9% YoY increase in outpatient volumes. The insurance payer mix improved by 300 bps, ✓ Expansion of Beds
contributing to better revenue realisation. ✓ Improving ARPOB & Occupancies
◼ Signs of Recovery in the Developing Units Margins: EBITDA margins stood at 25.6%, down 95 bps YoY, but showed a sequential
improvement of 105bps. Reported PAT, the highest quarterly ever, stood at Rs 143 Cr, reflecting a 15.3% YoY increase driven by
improved operating profitability and lower depreciation costs. In developing hospitals, topline growth showed gradual recovery, rising | Key risks
4.2% YoY. Occupancies improved by 800bps QoQ and 400bps YoY, with occupied bed days increasing 14.5% YoY. However, ARPOB ✓ Impacted by Govt. Regulations
declined by 5.9% due to a shift in the payer mix. During the period, 66 beds were added to the Patna unit and 52 beds to the Lucknow
✓ Delay in Capex and
unit.
Commercialization New Beds
◼ Expected Pipeline Further Set to Add Fuel: Medanta has signed a long-term lease for a 110-bed hospital in Ranchi to expand its
presence in Jharkhand. Additionally, the 550-bed Noida hospital is set to begin operations within six months, with expected revenue ✓ Risk Associated with New Facilities
from this hospital, initially with 300 beds in the first year, projected to add Rs 270-300 Cr to the topline annually, further strengthening
Medanta’s regional footprint. With these expansions, Medanta is adding 1,000 beds over the next two years, including Noida, Lucknow,
and Patna, while also working on three greenfield projects—Mumbai (500+ beds), Pitampura (700+ beds), and South Delhi (400 beds)— MARKET DATA
which are expected to be operational in 3-4 years.
No. of Shares 26.82 Cr
Valuation/Analyst recommendation:
Market Cap 33,650 Cr
◼ Medanta remains focused on sustainable growth through operational excellence and capacity expansion. The Noida hospital is
expected to begin operations within the next six months, contributing to future revenue growth. Management remains cautiously 52-week High / Low 1,511/936
optimistic about ARPOB trends, highlighting a shift in case mix and improvements in the payer mix as key revenue drivers. With the
anticipated improvements in ARPOB and the addition of incremental bed capacity, along with the Noida hospital now expected to be BSE Code 543654
operational by the end of H1FY26E, we recommend a BUY on the stock with a target price of Rs 1,390/share, implying an upside NSE Code MEDANTA
of 10% from the CMP.
Financial Summary
Ankush Mahajan
Y/E Net Sales EBITDA Net Profit EPS PER RoE RoCE EV/EBITDA
March (Rs Cr) (Rs Cr) (Rs Cr) (Rs) (x) (%) (%) (x) Sr. Research Analyst
Ankush.mahajan@axissecurities.in
FY24 3,275 799 478 18 71 16.5 23.0 42.0
FY25E 3,805 951 534 20 63 15.5 25.6 34.8 Aman Goyal
FY26E 4,635 1,126 633 24 54 15.5 26.0 29.2 Research Associate
FY27E 5,179 1,264 701 26 48 14.7 25.2 25.8 Aman.goyal@axissecurities.in

Source: Axis Securities; CMP as on 21st March, 2025

Axis Intellect: Intraweek Stocks for the week 24th March 2025 to 30th March 2025
Name of Stock Mcap Sector

ALLCARGO LOGISTICS LTD Transport Small Cap

METRO BRANDS LIMITED Discretionary Mid Cap

NARAYANA HRUDAYALAYA LIMITED Healthcare Mid Cap

LIFE INSURANCE CORPORATION OF INDIA NBFC Large Cap

INFOSYS LTD IT Large Cap

VIJAYA DIAGNOSTIC CENTRE LIMITED Healthcare Small Cap

ONE 97 COMMUNICATIONS LIMITED IT Mid Cap

DALMIA BHARAT LIMITED Build Mate Mid Cap

CSB BANK LIMITED Banks Small Cap

CARBORUNDUM UNIVERSAL LTD., Industrials Small Cap

For private circulation only 2

 Investment Picks
Target %
Company Recommendation CMP
Price Upside
Aarti Drugs Ltd BUY 356 470 32.0
Aarti Industries Ltd BUY 408 525 28.6
ACC Ltd BUY 1,936 2,380 22.9
Ambuja Cements Ltd BUY 518 655 26.5
Apcotex Industries Ltd BUY 320 380 18.8
APL Apollo Tubes Ltd BUY 1,530 1,750 14.4
Aptus Value Housing Finance India Ltd BUY 305 400 31.3
Arvind Smartspaces Ltd BUY 720 1,005 39.7
Ashok Leyland Ltd BUY 213 245 15.1

AU Small Finance Bank Ltd BUY 550 700 27.3

Aurobindo Pharma Ltd BUY 1,209 1,500 24.1

Automotive Axles Ltd BUY 1,686 1,975 17.1

Bajaj Auto Ltd BUY 8,120 9,380 15.5
Bandhan Bank Ltd BUY 147 170 15.6
Bank of Baroda Ltd BUY 225 280 24.4
Bharti Airtel Ltd BUY 1,717 1,900 10.7
Biocon Ltd BUY 350 405 15.9
Birla Corporation Ltd BUY 1,062 1,340 26.2
Can Fin Homes Ltd BUY 685 840 22.6
CCL Products (India) Ltd BUY 580 730 25.9
Chalet Hotels Ltd. BUY 865 1,075 24.3
CIE Automotive India Ltd BUY 409 520 27.1
Cipla Ltd BUY 1,524 1,700 11.5
City Union Bank Ltd BUY 160 215 34.8
Dabur India Ltd BUY 509 610 19.9
Dalmia Bharat Ltd BUY 1,747 2,180 24.8
DCB Bank Ltd BUY 116 140 21.1
Dhanuka Agritech Ltd BUY 1,320 1,780 34.8
Dr Reddys Laboratories Ltd BUY 1,208 1,450 20.0
Embassy Office Parks REIT BUY 356 405 13.6
Ethos Ltd BUY 2,531 3,070 21.3
Federal Bank Ltd BUY 195 225 15.2
Fortis Healthcare Ltd BUY 653 860 31.7
G R Infraprojects Ltd BUY 1,040 1,430 37.5
Genus Power Infrastructures Ltd BUY 290 380 31.0
Gravita India Ltd BUY 1,782 3,000 68.4
H. G. Infra Engineering Ltd BUY 1,130 1,720 52.2
HCL Technologies Ltd BUY 1,603 2,175 35.7
HDFC Bank Ltd BUY 1,803 2,000 10.9
Hero MotoCorp Ltd BUY 3,626 5,285 45.8
ICICI Bank Ltd BUY 1,361 1,500 10.2
Indian Hotels Company Ltd BUY 842 950 12.8
Inox Wind Ltd BUY 173 250 44.5
ITC Ltd BUY 411 510 24.1
J K Cements Ltd BUY 4,760 5,380 13.0
J.Kumar Infraprojects Ltd BUY 697 940 34.9
JK Lakshmi Cement Ltd BUY 775 930 20.0
JSW Energy Ltd. BUY 576 770 33.7
JTL Industries Ltd BUY 83 115 38.9
Juniper Hotels Ltd. BUY 272 360 32.4
Jyothy Labs Ltd BUY 343 450 31.2
K E C International Ltd BUY 802 1,040 29.7

For private circulation only 3

 Investment Picks
Target %
Company Recommendation CMP
Price Upside
Kalpataru Projects International Ltd. BUY 988 1,350 36.6
Karnataka Bank Ltd BUY 184 255 38.4
Kirloskar Brothers Ltd BUY 1,789 2,100 17.4
KPIT Technologies Ltd BUY 1,382 1,850 33.9
Krishna Institute of Medical Sciences Ltd BUY 640 710 11.0
Lupin Ltd BUY 2,119 2,500 18.0
Man Infraconstruction Ltd. BUY 157 260 65.4
MAS Financial Services Ltd BUY 259 325 25.6
Max Healthcare Institute BUY 1,150 1,315 14.3
Mold-Tek Packaging Ltd BUY 439 600 36.6
National Aluminium Co BUY 187 220 17.8
Nestle India Ltd BUY 2,263 2,520 11.3
Nippon Life India Asset Management Ltd BUY 591 800 35.5
NLC India Ltd BUY 256 305 19.3
Oberoi-Realty-Ltd BUY 1,678 2,560 52.6
P I Industries Ltd BUY 3,490 4,265 22.2
Pitti Engineering Ltd BUY 1,043 1,340 28.5
PNC Infratech Ltd BUY 274 330 20.3
Prestige Estates Projects Ltd BUY 1,220 1,820 49.2
Rites Ltd BUY 256 305 19.4
Sansera Engineering Ltd BUY 1,245 1,430 14.8
SBI Life Insurance Company Ltd BUY 1,573 1,850 17.6
Signatureglobal (India) Ltd BUY 1,160 1,645 41.8
Skipper Ltd BUY 469 570 21.5
State Bank of India BUY 781 1,025 31.2
Steel Authority Of India Ltd BUY 117 130 10.8
Steel Strips Wheels Ltd BUY 193 265 37.6
Trent Ltd BUY 5,063 7,100 40.2
UltraTech Cement Ltd BUY 11,050 13,510 22.3
UNO Minda Industries Ltd BUY 955 1,140 19.4
V Mart Retail Ltd BUY 2,892 4,370 51.1
VA Tech Wabag Ltd. BUY 1,566 1,970 25.8
Varun Beverages Ltd BUY 531 710 33.7
Welspun Living Ltd BUY 140 165 17.7
Westlife Foodworld Ltd BUY 732 870 18.9
Zomato Ltd BUY 223 280 25.7

For private circulation only 4

Trading Insights
Insight from trading volumes

Total Volume Monthly Avg

Script CMP % Change
(x1000) Volume(x1000)

GAIL INDIA LTD 181 34,798 14,611 138.2%

NTPC LTD 367 25,112 14,374 74.7%

TITAN CO LTD 3,079 1,553 914 69.9%

KOTAK MAHINDRA BANK LTD 2,176 8,754 5,161 69.6%

MAHINDRA & MAHINDRA LTD 2,775 5,604 3,734 50.1%

RELIANCE INDUSTRIES LTD 1,302 21,161 14,867 42.3%

STATE BANK OF INDIA 781 12,555 9,406 33.5%

Insight from delivery

Total Delivery Monthly Avg Delivery

Script CMP %Change
Volume(x1000) Volume(x1000)

NTPC LTD 367 15,687 8,743 79.4%

GAIL INDIA LTD 181 11,967 7,321 63.5%

RELIANCE INDUSTRIES LTD 1,302 15,607 9,622 62.2%

TITAN CO LTD 3,079 841 535 57.4%

KOTAK MAHINDRA BANK LTD 2,176 5,769 3,829 50.7%

JSW STEEL LTD 1,061 1,408 948 48.5%

MAHINDRA & MAHINDRA LTD 2,775 2,890 2,014 43.5%

*CMP-Closing Market Price

For private circulation only 5

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 Digitally signed by
NEERAJ NEERAJ CHADAWAR
CHADAWAR Date: 2025.03.25
08:40:35 +05'30'

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