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Business Standard
2 days ago
- Automotive
- Business Standard
Nuvama initiates 'Buy' on Hyundai India, sets ₹2,600 target on growth push
Nuvama on Hyundai India: Automobile company Hyundai Motor India (HMI) is likely to stay in the spotlight today after domestic brokerage Nuvama initiated coverage with a 'Buy' rating and a target price of ₹2,600, which reflects a 24.3 per cent upside from the last close of ₹2,091.65 on the BSE. Analysts at Nuvama said the company is entering a high-growth phase supported by a strong launch pipeline and backing from global parent Hyundai Motor Company (HMC). HMI, India's second-largest passenger vehicle (PV) original equipment manufacturer (OEM), is planning 26 launches by FY30, including 7-8 all-new models. 'Over the next 18 months, we expect a new compact SUV, a micro E-SUV and multiple refreshes, ratcheting up HMI's domestic MS by ~1pp to 15 per cent by FY28E,' Raghunandhan NL, Manav Shah, and Rahul Kumar of Nuvama said, in a note, 26 launches by FY30, market share set to rise The product roadmap, analysts suggested, includes facelifts for models like Venue, Verna and Exter, along with new entries based on the Bayon platform (to compete with Maruti Fronx) and a micro electric SUV to rival Tata Punch EV. Nuvama expects this aggressive expansion to lift Hyundai Motor India's domestic volume/revenue CAGR to 6 per cent/9 per cent over FY25–28, aided by SUV mix and premium features like ADAS and sunroofs. Parent support brings tech, global access The company gains a major edge from its parent Hyundai Motor Company (HMC), the world's third-largest mass-market PV maker, with over 40 models sold across more than 200 countries. With $2.9 billion in average annual research and development (R&D) spend (2.5 per cent of revenue), the parent firm enables Hyundai India to fast-track innovation and expand exports. Export volume/revenue CAGR is expected at 9 per cent/11 per cent over FY25–28, with strong demand from Latin America, Africa, and recovery in Asia and the Middle East, analysts noted. Solid financials back valuation Nuvama projects Hyundai Motor India to clock revenue/Ebitda CAGR of 9 per cent/12 per cent with a 57 per cent average RoIC over FY25–28. Annual free cash flow is estimated at ₹4,300 crore during FY26–28, pushing net cash from ₹7,800 crore in FY25 to ₹17,200 crore in FY28. The ₹2,600-target is based on a discounted cash flow (DCF) model implying 30x Sep-27E core PE plus ₹117/share in net cash. Risks to watch Potential risks, analysts believe, include weaker-than-expected domestic or export growth, poor product performance amid heightened competition, and margin headwinds from discounting or currency and commodity volatility.
Time of India
6 days ago
- Business
- Time of India
Aurangabad lad tops CA Final, two from city bag AIR 3 & 4
Mumbai: Aurangabad woke up to a reason to celebrate as Rajan Kabra, son of a chartered accountant, emerged as the national topper in the CA Final examination. Not far behind was Kolkata's Nishtha Bothra, followed by Manav Shah from Mumbai's NM College of Ghatkopar, who clinched the third spot. At all India rank 4 was Mumbai's Suhani Maheshwari. In the Intermediate exam, the list of achievers stretched across geographies — Mumbai's Disha Gokhru and Aurangabad's Sandeep Devidan shared the second rank, while Yamish Jain (Jaipur) and Nilay Dangi (Udaipur) tied for third. For the first time, the Institute of Chartered Accountants of India declared the results of all three levels — Foundation, Intermediate, and Final — on the same day. Toppers for the foundation examination include Vrinda Agarwal of Ghaziabad, Mumbai's Yadnesh Narkar as AIR 2, and Thane's Shardul Vichare as rank 3. You Can Also Check: Mumbai AQI | Weather in Mumbai | Bank Holidays in Mumbai | Public Holidays in Mumbai Of the 99,446 who appeared for the daunting Final exam, some chose to tackle just one group; others braved both. Group 1 saw a 22.4% pass rate, Group 2 fared slightly better at 26.4%, but only 18.8% managed to clear both — a statistic that improved as the ICAI altered its examination strategy. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Is it legal? How to get Internet without paying a subscription? Techno Mag Learn More Undo Rajan Kabra's journey to the top unfolded in the room of Andheri-based Rajasthan Vidyarthi Gruha — a charitable hostel in Mumbai that has quietly nurtured generations of dreamers. Here, Kabra pieced together his preparation, seeking mentorship from different faculty members for each subject. Kabra earlier topped the country at the Intermediate level too. Close on his heels was Manav Shah, a student of NM College in Mumbai's Ghatkopar. "Confidence and consistency" was his formula for success. Both Kabra and Shah cracked the exam in their first attempt. The Intermediate exams saw 1.6 lakh candidates take the exam. In Group 1, just 14.7% made it through; Group 2 had a clearance of 21.6%. But the true grit lay in the 13.2% who cleared both groups. In the case of those starting out, 96,538 candidates took the first exam — the foundation exam — and 15.09% cleared it. To some, it may seem like a stumble at the starting line. To CA Jinesh Shah, a member of the ICAI's western region academic committee, it's a sign that the institute is deliberately tightening the funnel. "The 15% pass rate at the foundation level shows that ICAI is filtering at the entry stage," he said, urging aspirants to stick to the ICAI's own study material and mock exams. Manoj Jariwala, senior faculty at JK Shah Classes, said, "The ICAI has shifted gears. Like IIT-JEE or NEET, students must now prepare intensely for the entry level itself." He concluded, "In CA, we can now say — entry is difficult, exit is easy."
