EmkayGlobal Finl.Ser

** India's JSW Cement JSWC.NS rises as much as 11.8% to 142.50 rupees - its highest since Oct. 10, 2025

** Stock on track for best week on record, with 12.4% gain so far through Friday

** Cement maker's Q4 consol total net profit jumps over 10-fold y/y; rev from ops up 10.9% y/y

** Emkay Global hikes PT on stock to 125 rupees from 115 rupees; says at ~11x FY28E EV/EBITDA, the risk-reward ratio appears balanced

** Bobs Capital says the strong diversified earnings pool, well-spread regional mix and strong backward integration will help improve the quality of earnings

** Brokerage hikes PT on stock to 148 rupees from 139 rupees

** Co rated "buy" on average by 15 analysts, median PT at 146 rupees - LSEG data

** YTD, stock up about 16%

($1 = 95.8800 Indian rupees)

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** Shares of Equitas Small Finance Bank EQUI.NS surge 7.9% to 72.14 rupees

** Lender reports five-fold jump in Q4 net profit on lower credit costs with an improved asset quality

** Percentage of gross non-performing loans improved to 2.60% from 2.75% prev qtr; provisions down 52% Y/Y

** Emkay Global upgrades EQUI to "add" from "reduce" with PT of 75 rupees factoring in co's sharp and sustained turnaround

** After reporting a massive loss in Q1 FY26, EQUI has made a strong comeback with sustained credit growth acceleration to 18% YoY, sharp margin expansion and reduced credit costs as MFI stress is largely behind - Emkay

** BOBCaps expects EQUI's loans to grow at 20% CAGR over FY26-29 with return ratios improving on healthy growth, lower credit costs

** YTD, stock up 14.5%

(Reporting by Kashish Tandon in Bengaluru)

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** JK Tyre & Industries JKIN.NS rises as much as 6.3% to a more than 21-month high of 522.05 rupees, last up 4.2%

** Emkay Global reiterates "buy" rating, raises TP to 625 rupees, saying the firm is entering a phase of accelerating revenue growth and offers valuation comfort compared to peers.

** Brokerage says co's 50 billion rupees medium-term capex plan enhances multiyear growth visibility and JKIN's strong cash generation would help fund most of the capex

** Notes stock undervalued at current levels

** Stock rated "hold" on avg, median TP at 480 rupees, per data compiled by LSEG

** YTD, JKIN up ~32%

(Reporting by Brijesh Patel in Bengaluru)

(([email protected]; Ph no. +91 9590227221;))

** Eureka Forbes EURK.NS jumps as much as 7.8% to a six-month high of 654.4 rupees

** Brokerages flag robust growth prospects post an analyst meet, where the company forecast doubling revenue to 56 billion rupees ($625.96 million) and tripling operating profit to 8.5 billion rupees by FY30

** ICICI Securities ("Buy"; PT raised to 700 rupees), Emkay Global ("Buy"; PT 775 rupees) and Antique Stock Broking ("Buy"; PT 701 rupees) say growth in water and air solutions, a richer product mix, and strong execution will likely power earnings

** Antique says EURK is poised for a multi-year growth cycle

** Stock is rated "Strong Buy" by 11 analysts with a median target of 730 rupees, according to data compiled by LSEG

** EURK is up 11.6% YTD, outperforming the Nifty Microcap 250's .NIFTYMICROCAP250 7.6% decline

($1 = 89.4625 Indian rupees)

(Reporting by Mridula Kumar in Bengaluru)

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** Analysts, on avg, expect India's ICICI Lombard ICIL.NS to post ~15% y/y growth in consol profit to 7.97 billion rupees ($89.85 million), per data compiled by LSEG

** Emkay Global expects the general insurance co's profit growth to be driven by healthy investment growth and a slight improvement in combined ratios

** Combined ratios show how much an insurance company spends on claims and expenses compared to earned premiums

** JM Financial expects net earned premium for ICIL to grow 12% and profit after tax to grow 8%

** Adds, with strong growth in fire insurance and expectation of improvement in motor growth post GST cuts and hike in motor third party premiums, it sees a potential uptick in growth for ICIL

** ICIL rated 'buy' on average by 23 analysts, with a median PT of 2130 rupees - per data compiled by LSEG

**As of Monday's close, ICIL is up 2.6% YTD vs. the Nifty Financial Services sub-index's .NIFTYFIN 14% rise

($1 = 88.7000 Indian rupees)

(Reporting by Ananta Agarwal in Bengaluru)

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** Shares of Emkay Global Financial Services EMKS.NS rise 7.1% to 256.67 rupees

** Co's board to meet on September 22 to consider raising funds via issue of securities on preferential basis

** Trading vols over 3x the 30-day average at 82,092 shares so far

** EMKS down ~18% YTD

(Reporting by Vijay Malkar)

(([email protected];))

Sept 17 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY GLOBAL FINANCIAL SERVICES LTD - TO CONSIDER RAISING FUNDS BY WAY OF ISSUE OF SECURITIES

Source text: ID:nnAZN4JCA1A

Further company coverage: EMKS.NS

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** Shares of auto component maker Suprajit Engineering SUPE.NS rise 2.4% to 458 rupees

** Emkay Global Financial Services upgrades stock to "buy" rating; has TP of 550 rupees - implying 22% upside from last close

** Brokerage says SUPE's India business alone justifies its current market cap, with underappreciated global operations

** Adds, domestic business is diversifying beyond cables into braking systems and electronics, with new tech tie-ups such as Blubrake for anti-lock braking system

** Emkay forecasts 9%/21%/48% revenue/EBITDA/EPS over FY25–28E, with return on equity improving to 19% and net debt nearing zero

** Stahlschmidt Cable Systems (SCS) acquisition expected to break even by Q4FY26; global margins seen rising to 10.9% by FY28 - Emkay

** SUPE rated "buy" by 7 analysts on average; median target price 466 rupees – data compiled by LSEG

** Stock trims YTD losses to 0.1%

(Reporting by Rudra Pratap Singh in Bengaluru)

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** Long-term view on Indian QSRs (Quick Service Restaurants)remains constructive and the ongoing prolonged growth slowdown is nearing its end, says Emkay Global

** Sees potential for return of mid-teen growth in FY26E for QSRs, beyond the muted Q4 - Emkay

** Emkay covers Jubilant Foodworks JUBI.NS, Westlife Foodworld WEST.NS and Devyani International DEVY.NS with "add", while Sapphire Foods SAPI.NS gets a "buy" rating.

** JUBI, DEVY and WEST up between 0.8%-4.2%, while SAPI is down close to 1%

** Average recommendation for JUBI, DEVY and SAPI is "buy," while WEST is a "hold", as per LSEG data

** Emkay remains in favor of JUBI and Sapphire, led by relatively better operating performance

** Maintains "add" on Westlife and upgrades Devyani to "add" from "reduce", due to price correction.

(Reporting by Shivani Tanna in Bengaluru)

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** Shares of Dabur India DABU.NS fall 7.2% to 460.15 rupees, heads for fourth straight session of losses

** Consumer goods major flagged a drop in India FMCG business growth due to "delayed and truncated winters and a slowdown in urban markets"

** Consolidated revenue expected to be flattish during the quarter

** Expects Q4 operating profit margin to contract by around 150-175 basis points y/y

** Emkay Global cuts PT for DABU to 450 rupees - 9.3% below previous close - from 500 rupees; keeps "reduce" rating

** Emkay sees need for aligning with evolving consumption trend for topline recovery

** DABU down ~9% so far in 2025

(Reporting by Vijay Malkar)

(([email protected];))

March 7 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY MUTUAL FUND TRUSTEE STRUCK OFF AND DISSOLVED

Source text: ID:nNSE5BDqvT

Further company coverage: EMKS.NS

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** Nifty FMCG index .NIFTYFMCG down for 15th consecutive session, set for longest losing streak since February 2011

** FMCG index down 0.6% on the day, has lost 11% so far in 15 sessions

** Earnings pressure due to weak demand and margin stress weighing on the sector, analysts say

** Emkay Global maintains "underweight" stance on FMCG stocks despite valuation comfort, says awaiting signs of improved consumption

** Near-term earnings would be stressed, with inflationary pressure hurting some players - Emkay

** Tax relief from the budget would increase disposable incomes but won't substantially benefit FMCG companies, says Elara Capital

** FMCG index down 8.4% since budget

** Index is 8.6% lower so far in 2025 vs 3.9% decline in benchmark Nifty 50 .NSEI

(Reporting by Vivek Kumar M)

(([email protected];))

** Shares of Paytm PAYT.NS climb ~5% to 901.70 rupees

** Brokerage Emkay Global upgrades fintech firm to "Buy" from "Add", and raises PT to 1,050 rupees from 750 rupees

** Recent approval from the country's payments regulator NPCI to sign new UPI users eases a major regulatory overhang, says Emkay

** NPCI nod for new UPI users would help PAYT to rebuild monthly transacting users' base over the next 12-18 months - Emkay

** Adds, PAYT will also be able to cross retail financial products like insurance and loans, thereby improving per user revenue

** Stock has gained ~28% since getting the nod from NPCI in October 2024

(Reporting by Kashish Tandon in Bengaluru)

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Oct 28 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY GLOBAL FINANCIAL SERVICES - RAISING OF FUNDS VIA ISSUANCE OF NCDS FOR 1 BILLION RUPEES

Source text: ID:nBSE40mbhd

Further company coverage: EMKS.NS

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** Petronet LNG PLNG.NS rises 5.4% to 362.75 rupees - top pct gainer on mid-cap 100 index .NIFMDCP100, which is down 1.4% amid broad sell-off in domestic markets

** Emkay Global upgrades to "buy" from "add", raises TP to Street-high of 425 rupees - a 23.4% upside to last close - LSEG

** Says India's top gas importer's valuations remain attractive at current levels and earnings outlook is steady, with EPS rising 7%-9% by FY27

** Adds co does not plan to bring any major tariff tweaks and is likely to sustain volume growth - both positives for stock outlook

** Avg rating of 31 analysts is "hold"; median TP is 315 rupees

** Stock up 63% YTD vs NIFMDCP100's 29% rise

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Shares of Paytm PAYT.NS up around 3% at 670 rupees after Emkay Global upgrades to "add" from "reduce"

** Doubles PT to 750 rupees, 3rd-highest among 14 analysts and implying a 22% upside from stock's last close

** Emkay says regulatory overhang from cenbank action is easing and PAYT should get approvals to onboard new users and merchants soon

** Notes PAYT has protected its merchant base and says merchant lending to be key growth driver

** Based on that and cost cuts, it expects PAYT to swing to positive EBITDA before ESOP (stock options) by end of this year and to post net profits by FY27

** Avg rating of 14 analysts on PAYT is "hold," median PT 465 rupees -LSEG data

(Reporitng by Nishit Navin)

(([email protected];))

By Bharath Rajeswaran

BENGALURU, May 28 (Reuters) - India's benchmark Nifty 50 stock index .NSEI will rise a further 7% over the rest of this year, irrespective of the outcome of the country's ongoing national elections, the chief investment officer of Emkay Investment Managers said on Tuesday.

The index has risen 5.3% to around 22,900 points so far this year and Emkay expects the index to finish the year at roughly 24,500, said Manish Sonthalia.

That is slightly higher than equity analysts' 2024-end target of 23,850 points, according to a Reuters poll conducted earlier this month, as retail investors plough money into one of the world's most expensive stock markets.

The past couple of weeks, however, have seen a surge in trading volatility on doubts over the outcome of India's six-week-long national elections that ends next week.

Opinion polls ahead of the elections had predicted the ruling Bharatiya Janata Party and its allies could win three-fourths of parliament's 543 seats but expectations have since moderated.

Emkay's base case is for the BJP and its allies to win 320 seats, give or take 20. A stronger victory could lead to a "euphoric" reaction but investors should not cash out, Sonthalia cautioned.

If the BJP win fewer than 280 seats, it will be a negative surprise for the markets, he said.

"However, it will be a golden opportunity to buy quality large- and mid-cap names as valuations would turn very attractive for medium- to long-term investors."

Contrary to the general opinion, Sonthalia thinks the Nifty 50's valuations -- as measured by comparing stock prices to one-year forward earnings (PE) -- are not very costly.

He expects the Nifty 50's PE to rise to 25 times, from 20 times currently.

Among sectors, Sonthalia is bullish on banking and financial services, power producers and financiers, defence and large oil marketing companies on account of earnings momentum and enhanced interest and investments in these sectors.

Consumer staples in mass-end is a bit risky, he said, because of uncertainty about the recovery in rural demand.

($1 = 83.1582 Indian rupees)

(Reporting by Bharath Rajeswaran in Bengaluru; Editing by Savio D'Souza)

(([email protected]; +91 9769003463;))

** Shares of Gujarat State Petronet Ltd (GSPL) GSPT.NS fall to an exchange-allowed maximum of 20% to 302.15 rupees

** Petroleum and Natural Gas regulator lowered GSPL's gas grid tariff from co expected 50.8 rupees/million british thermal units (MMTU) to 18.1 rupees/MMTU

** At least three brokerages slash ratings on GSPL stock post regulator's declaration - LSEG

** "This is a material hit to earnings for GSPL" - ICICI Securities

** Brokerage Emkay Global says tariff model's long-term nature will result in weaker outlook for GSPL despite tailwinds like lower LNG prices

** The tariff cut will impact the unified tariff of GSPL by 4%, while return on capital employed will decline sharply to 11%-12% - Kotak

** Stock eyes busiest trading day since Nov. 25, 2022

** Including session's losses, stock is down 1.3% YTD

(Reporting by Manvi Pant in Bengaluru)

(([email protected]; +918447554364;))

** Shares of metal and lead recycling company Gravita India GRAI.NS rise as much as 13.1% to 1,045.85 rupees

** Kotak Institutional Equities initiates coverage with "buy" rating and fair value of 1,200 rupees

** Says, GRAI poised to benefit from higher scrap availability and reduced costs as the lead recycling industry formalises

** Expects revenue and profit to grow at CAGR of 20% and 22%, respectively, over next three years, with a high return on capital employed (ROCE) of more than 20%

** Risks include commodity price volatility, regulatory changes affecting scrap, and competition from battery OEMs in recycling

** Stock eyes second straight month of gains; on track for a fourth consecutive session of gains, if trends hold

** Brokerages Antique Stock Broking and Emkay Global both rate the stock as "buy," with PT of 1,410 rupees and 1,325 rupees, respectively

(Reporting by Navamya Ganesh Acharya in Bengaluru)

(([email protected]; +91 8805175330 ;))

** Shares of JK Tyre & Industries Ltd JKIN.NS rise as much as 2.6% to 515.95 rupees

** Emkay Global retains "buy" on co; TP of 700 rupees unchanged

** Management at investor meeting said, co accelerating focus on high-growth, high-margin passenger car radial (PCR) tyres via well-timed capex, largely in the sports utility vehicle tyres segment

** Co expects shift in buying preferences, along with fleet management solutions to act as an incremental growth lever - Emkay

** "Sustained margins and accelerated deleveraging to drive re-rating," says Emkay

** YTD JKIN shares up 28.7%

(Reporting by Meenakshi Maidas in Bengaluru)

(([email protected];))

Repeats with no changes to text

** Analysts note as "positive surprise for markets" the ruling Bharatiya Janata Party's (BJP) victories in three key states; could boost industrials, financials and auto stocks among others

** BJP's win should calm fears over fiscal populism and allay market concerns over political risks, says Nomura

** Motilal Oswal Financial Services retains preference in banking and financial services, industrials, real estate, auto and consumer discretionary sectors

** Emkay Global adds two-wheelers to its top sectoral bets; retains bullish outlook on chemicals, hotels, mid-size financials

** Phillip Capital reiterates positive view on industrials (capital goods and defence), cement, metals, pipes, automobile, financials, pharma, consumer discretionary and staples

** Expects these segments to rise due to BJP's focus on more welfare schemes in the run-up to 2024 elections

** Nifty has given returns between 9% and 36% in six months ahead of general elections (November to May) in five occasions (1999-2019)

** Nifty rose 5.52% in November, its best month since July 2022; both Nifty .NSEI and Sensex .BSESN hit record highs on Monday

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463;))

** Indian speciality chemical cos' price realisations getting hurt in refrigerant gas segment in U.S. due to China's dumping and lower prices, says Emkay Global

** Cos will shift more towards Gulf/domestic markets from U.S. for their new capacity additions and compete with Chinese imports, reducing price benefit for cos - Emkay

** Emkay says US seeing higher imports from United Arab Emirates from new huge capacity addition by a JV between IGas Holdings (IGas) in US and China's Juhua Group

** Brokerage says Indian cos will have to strategize on optimizing between volumes and price and turn cautious on refrigerant gas business

** Emkay maintains "buy" on SRF SRFL.NS and Anupam Rasyan ANUY.BO, "hold" on Navin Flourine NAFL.NS and "sell" on Gujarat Fluorochemicals GUJL.NS

(Reporting by Sethuraman NR in Bengaluru)

(([email protected]; (+91 9945291420); Reuters Messaging: [email protected]))

** Shares of Emkay Global Financial Services EMKS.NS up as much as 20% to 107.85 rupees, their highest since May 24, 2022

** Financial services firm posted two-fold Y/Y rise in Sept-qtr profit on strong demand; revenue from operations up ~25% Y/Y

** Over 1.8 mln shares change hands as of 01:07 p.m. IST, 21.3X the 30-day moving average, their most active session since July 2021

** Stock last up 12.5%, extending YTD gains to ~30%

(Reporting by Kashish Tandon in Bengaluru)

(([email protected]))

Oct 30 (Reuters) - Emkay Global Financial Services Ltd EMKS.NS:

• EMKAY GLOBAL FINANCIAL SERVICES SEPT-QUARTER PROFIT 75 MILLION RUPEES VERSUS 37.5 MILLION RUPEES

• EMKAY GLOBAL FINANCIAL SERVICES SEPT-QUARTER TOTAL REVENUE FROM OPERATIONS 634.9 MILLION RUPEES VERSUS 508.6 MILLION RUPEES

Source text for Eikon: ID:nNSE1Vys51

Further company coverage: EMKS.NS

(([email protected];))

** Shares of Ugro Capital UGRO.NS up 2.8% at 289.40 rupees after Emkay Global starts with "buy"

** Emkay's 425 rupees target implies 47% upside in non-bank lender's stock (no other brokerage covers UGRO, per LSEG data)

** Says MSME-focused lending, data-centric business model, unique asset underwriting skills to help UGRO's earnings growth

** Adds UGRO's execution track record, earnings momentum to aid gradual re-rating

** UGRO shares now up 91% in 2023 so far

(Reporting by Bharath Rajeswaran in Bengaluru)

(([email protected]; +91 9769003463))

Adds details and context about the Bank and another analyst comment

By Jayshree P Upadhyay and Ira Dugal

Sept 2 (Reuters) - Billionaire Uday Kotak, who founded and leads Kotak Mahindra Bank KTKM.NS, has resigned as the managing director and chief executive four months before his term was set to end, the bank said in a stock exchange filing on Saturday.

Kotak's early exit from the country's fourth-largest bank is due to personal reasons, according to the bank, but analysts said it will quell concerns that Kotak's presence will loom large over his successor.

Dipak Gupta, currently the joint managing director, will carry out the chief executive duties until Dec. 31, the bank added.

"I have mulled over this decision for some time and believe it is the right thing for the institution," Kotak wrote in a letter sent to India's exchanges.

"I thought it appropriate to hand over the baton and stagger the transition," Kotak wrote.

India's banking regulation limits the tenure of lenders' chief executives to 12 years if they are also large shareholders.

Kotak's term was due to end in December.

The bank has already made an application for the new managing director to India's central bank, the bank said in its exchange notification. In India top posts at lenders are approved by the Reserve Bank of India, which regulates banks.

"If the new chief executive is from outside the bank, the transition would require a lot of hand-holding," said Amit Tandon, chief executive of proxy advisory firm Institutional Investor Advisory Services.

"However if the bank has chosen an internal candidate then the transition could be much more smoother," Tandon said.

On social media platform X, formerly known as Twitter, Kotak said "founders go away, but the institution flourishes into perpetuity".

He said he would remain on the bank's board as non-executive director and significant shareholder.

Anand Dama, a banking analyst with brokerage firm Emkay Global Financial Services, said that while the CEO's early departure was a surprise, the application for his replacement's approval suggested the bank already had an internal candidate.

RISK AVERSE BANKER

Uday Kotak was given a banking licence in 2003, allowing him to join ICICI Bank, HDFC Bank and others as early private entrants into India's banking sector, which until 1993 allowed only government-owned banks.

Kotak and his bank earned a reputation for a focus on risk management, which helped the lender escape a bruising bad loan cycle that hit Indian banks from 2013.

Kotak Mahindra Bank's consistent risk management is behind the bank's high valuation, said Dhananjay Sinha, head of research at brokerage firm Systematix.

"By creating space between him stepping down and a new chief executive coming in, Kotak may be trying to signal that the transition will be independent," he added.

Gross bad loans at the bank are at 1.78% of total assets and the bank trades at a price-to-book ratio of 4.2 times, according to stock exchange data. This compares with India's largest private lender HDFC Bank's ratio of 4.2 times and higher than ICICI Bank's 3.38 times.

Kotak has also become the go-to banker for the Indian government at times of stress and helped lead the bankruptcy process for Indian infrastructure conglomerate IL&FS in 2019, which led to a freeze in the country's credit markets.

But he has had his share of run-ins with the regulator.

In 2018, he made headlines by challenging a directive from the RBI in court to reduce shareholding in his bank to 26%, buying himself more time to sell stock to outside investors.

Alongside the bank, Kotak has also built an $18 billion business in alternative assets and an asset management company.

"I look forward to my new role as non-executive director, a role entrusted to me by the board and an overwhelming majority of the bank's shareholder," Kotak wrote in his letter.

(Reporting by Jayshree P Upadhyay; additional reporting by Chris Thomas; editing by Miral Fahmy, Tomasz Janowski and Louise Heavens)

(([email protected]; 9920092491; Reuters Messaging: Twitter: @jaysh88))

** Shares of Westlife Foodworld WEST.NS rise as much as 7.65% to hit record high of 966.90 rupees

** WEST reports 22% YoY rise in consolidated net PAT for Q1, while total revenue rises 14.24% YoY

** Emkay Global ("Buy", PT: 1,035 rupees) says WEST in delivered best-in-class same store sales growth (SSG) of 7% challenging environment, expects co to continue outperforming peers

** ICICI Securities ("Add", PT: 1,000 rupees) increases WEST's earnings estimates by 2%-5% for FY24-25E, modelling revenue/EBITDA CAGR of 18%/23% over FY23-25E

** Stock witnesses most active trading session since Dec. 6

** More than 1.2 mln shares change hands by 2:34 p.m. IST, 9x the 30-day avg

** Avg rating of 20 analysts close to equivalent of "buy", median PT is 932 rupees - Refinitiv data

** Stock up 19% YTD

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))

• RBI dividend to govt for FY23 seen at 800 bln-950 bln rupees, says Emkay Global Financial Services

• RBI board due to meet on Friday to finalise FY23 accounts

• Govt's budgeted estimate for dividend was 480 bln rupees

• Surplus will be helped by net profit from massive dollar sales

• Higher-than-budgeted dividend also due to higher interest income on treasury/sovereign holdings locally and abroad

• Higher surplus to add 0.2% of India's GDP worth windfall gains to government's non-tax revenue stream

• Higher surplus to be partly countered by rising provisioning, owing to increase in mark-to-market losses on foreign securities

• RBI's balance sheet to increase by "modest" 2% – the slowest since demonetisation

(Reporting by Siddhi Nayak)

(([email protected]))

** Shares of Emkay Global Financial Services Ltd EMKS.NS fall as much as 7.45% to 72.10 rupees, mark sharpest intraday pct loss since Sept. 26

** Stock on track to snap four consecutive session of gains, if trends hold

** Co reports widened Q4 consolidated net loss at 53.7 million rupees from loss of 46.6 mln rupees a year earlier

** Total rev from ops falls ~19% YoY

** More than 100,000 shares traded by 12:01 p.m. IST, 1.6x the 30-day avg

** Including session's loss, stock down 7.1% YTD

(Reporting by Ashish Chandra in Bengaluru)

(([email protected] (+91 7982114624))