Latest news with #Antique
Time of India
03-06-2025
- Business
- Time of India
Buy, Sell or Hold: Nuvama maintains a hold rating on Vodafone Idea & Reduce rating on Bata India post Q4 results
Brokerages have revised their outlook on key companies across telecom, railways, and consumer segments, reflecting mixed performance and macroeconomic headwinds for the next 12 has maintained a 'Hold' rating on Vodafone Idea, trimming the target price to Rs 7.5 from 8.5, citing muted revenue growth, weak subscriber trends, and continued pressure on the balance contrast, Antique remains optimistic on Titagarh Rail Systems,
Economic Times
28-05-2025
- Business
- Economic Times
LIC shares zoom 9% as Q4 PAT rises 38% YoY. Should you invest?
LIC impresses with strong Q4 profit, dividend, and bullish broker calls. Synopsis LIC reported a 38% YoY jump in Q4FY25 net profit to Rs 19,039 crore and declared a Rs 12 final dividend. Despite a 3.2% dip in premium income, brokerages remain bullish, with target prices up to Rs 1,260. Analysts highlighted improving margins, APE recovery, and strong equity market support as key positives driving future growth. Shares of India's largest insurer, Life Insurance Corporation of India (LIC), surged 8.8% to an intraday high of Rs 948 on the BSE on Wednesday, after the company reported a 38% year-on-year (YoY) rise in net profit to Rs 19,039 crore for the fourth quarter of FY25. ADVERTISEMENT Additionally, LIC posted a 73% sequential jump in profit, up from Rs 11,009 crore in the December quarter. For the full financial year, the state-owned insurer recorded an 18% increase in profit and reported improvements across key financial metrics, including assets under management and the solvency ratio. The board of the state-run insurer also announced a final dividend of Rs 12 per share. LIC's net premium income for the quarter fell 3.2% YoY to Rs 1,47,917 crore, down from Rs 1,52,767 crore a year ago, but rose 38% sequentially from Rs 1,07,302 crore in the company's Q4 results, here's what analysts from various brokerages had to say: Also read: ITC tumbles 4% on BAT's likely 2.6% stake sale worth Rs 15,000 crore ADVERTISEMENT Motilal Oswal has maintained a 'Buy' rating on LIC with a target price of Rs 1,050, citing improving profitability metrics. While the decline in Annual Premium Equivalent (APE) continues, the Value of New Business (VNB) margin has shown year-on-year the brokerage has revised its VNB margin estimates downward by 50 basis points each for FY26 and FY27, factoring in LIC's FY25 performance. It also highlighted that the increasing contribution from non-par (non-participating) business segments is aiding VNB margin improvement. Antique has reiterated a 'Buy' rating on LIC, raising its target price to Rs 990 from Rs 940 after LIC's steady FY25 financial performance. ADVERTISEMENT The brokerage noted that while APE remained flat, VNB rose 4.5% despite regulatory headwinds from revised surrender value norms. Management expects APE growth to recover gradually in FY26 as LIC adapts to compliant products and higher ticket sizes. Signs of recovery were already visible in March 2025, after a five-month decline triggered by regulatory changes post-October in the better-than-expected Q4, Antique has raised its FY26–27E VNB estimates by about 6% and projects a 5–9% CAGR for VNB/EV with a 10% return on equity (ROE). ADVERTISEMENT Kotak Equities has maintained a 'Buy' rating and raised its target price to Rs 1,260 from Rs 1, a shift in the par business and pressure on non-par margins could lead to sluggish medium-term VNB growth, Kotak highlighted that the recent rally in equity markets will boost investment variance, which had seen large reversals in embedded value (EV) has reflected realized returns (unwinding and economic variance) of about 10% during FY2022–25, including a 25% return in FY2024 and 6% in FY2025. Kotak has built in a 9% CAGR for FY2025–28E. ADVERTISEMENT (Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. 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Time of India
13-05-2025
- Business
- Time of India
Mazagon Dock, GRSE, Cochin Shipyard set for 3x order boom by FY27 amid defence windfall: Antique Broking
India's state-run defence shipbuilders—Mazagon Dock Shipbuilders, Garden Reach Shipbuilders & Engineers (GRSE), and Cochin Shipyard—are poised for an order boom that could more than triple their combined order books over the next two years, according to Antique Stock Broking . The brokerage said a sharp recovery in defence stock prices since April, following a geopolitical flare-up at the India-Pakistan border and the clearance of Rs 54,000 crore worth of defence contracts, has rekindled investor interest after months of price correction. Antique reiterated its 'buy' ratings on Mazagon Dock and GRSE, while maintaining a 'hold' on Cochin Shipyard , citing limited clarity on the timeline and scale of the proposed second indigenous aircraft carrier (IAC-II). The brokerage said it expects the stocks to trade up to 45 times FY27 core earnings, supported by a strong policy framework, rising indigenisation, and a robust defence capex pipeline. The brokerage noted that the Defence Acquisition Council has approved Rs 8.45 lakh crore worth of orders between FY22 and FY25—3.3 times the amount cleared in the prior three years—and projected that significant contracts totalling Rs 2.35 lakh crore are lined up for FY26 and FY27. These include big-ticket naval projects such as three additional Kalvari-class submarines for Mazagon Dock, the P75I submarine program, next-generation corvettes equipped with BrahMos missiles, and the more heavily armed P-17B frigates. Antique said it has strong visibility on Rs 2.12 lakh crore worth of orders expected to be awarded in FY26–27. The Kalvari-class submarine order alone could be worth Rs 36,000 crore and may be placed as early as FY26. The P75I order, estimated at Rs 70,000 crore, is expected to be finalised by FY27 and may be awarded to the sole remaining bidder—Mazagon Dock in partnership with Germany's Thyssen Krupp Marine Systems. The Rs 36,000 crore corvette project is nearing final stages, with bids likely to be opened in the first half of FY26. The P-17B frigate program, potentially worth Rs 70,000 crore, is also progressing, with a request for proposal expected later this year. Live Events Despite this pipeline, Antique flagged the absence of consensus over the need and design of IAC-II as a key overhang for Cochin Shipyard. While previous major projects have concluded, the company's near-term order visibility is tied to the government's decision on whether to prioritise submarines or aircraft carriers. Antique has set target prices of Rs 3,433 for Mazagon Dock, Rs 2,024 for GRSE, and Rs 1,481 for Cochin Shipyard. Shares of all three companies rallied sharply on Tuesday, with Mazagon Dock climbing as much as 4.1% to Rs 3,023.50, GRSE gaining 5.1% to Rs 1,913.95, and Cochin Shipyard rising 4.4% to Rs 1,587.40 on the BSE. Also read | Defence stocks set to rally on export hopes amid rising India-Pakistan tensions: Ashika Equity Looking beyond FY27, Antique said investor concerns about a potential order cliff are unwarranted. The brokerage said it expects the next wave of large-scale orders to be led by Project-18 destroyers, valued at Rs 80,000 crore, and the indigenous Project-76 submarine program, estimated at Rs 1.2–1.5 lakh crore. Antique said it also anticipates a decision on a third aircraft carrier to replace INS Vikramaditya by 2038. 'We see large orders being placed in FY26–27 led by the ordering of six submarines under P75I, three Kalvari-class submarines, next-generation Corvettes, and P-17B Frigates, besides a host of smaller vessels,' Antique said, reaffirming its bullish outlook on India's defence shipbuilding sector.
