The flagship company of Adani Group has incubated multiple businesses in ports, power, city gas distribution, transmission, and FMCG over the past decade, and Jefferies believes that the new businesses — Green Hydrogen, Airports, Data Center, Roads, Copper – will emerge as industry leaders in the future.
BAT s potential stake sale in ITC could result in a supply overhang of about $2.5 billion. BAT is facing challenges from declining cigarette volumes in key markets, including the US. The company also holds $40 billion in net debt, accounting for 3x Ebitda and nearly 60% of the market cap.
Chris Wood, in his Greed & Fear weekly newsletter, said he was pleasantly surprised at the Budget which was almost devoid of vote-buying populism despite coming just ahead of the Lok Sabha elections later in the year. In Wood s global long-only portfolio, the investment in HDFC Bank will be reduced by two percentage points, while the investments in Axis Bank and TSMC will be increased by one percentage point each.
Over the last three years, ITC stock has given a return of more than 3x from led by strong cigarette volume growth, scale-up in FMCG, improved capital allocation, & increase in FII holding.