Daily Brief India: Nifty Next 50 Index, Zydus Lifesciences Ltd, Vedanta Resources, Bajaj Finance Ltd and more

• Top longs have been India and Australia. Top shorts HSI and Korea. Korea’s bearish wedge is maturing and stands out as macro risk.
• Turned neutral the Nikkei above 29,200. 29,500 represents from buy support to threaten 31,000. Near term top at 31k for a pullback try.
• USD upside breakout is front running a softer equity bias in Asia for June. SPX 4,200/20 top zone throw over probable.

• Zydus Lifesciences Ltd (ZYDUSLIF IN) recorded 32% growth in revenue to INR50B in Q4FY23, driven by 58% YoY growth in US formulation business. India business revenue grew 11% YoY.
• US business growth was driven by volume expansion in existing products and new launches. The company has launched eight new products in the US during the quarter.
• Going ahead, growth is expected to moderate, due to high base effect. The company expects single-digit growth in the US business in FY24, slower than 28% growth recorded in FY23.

Lucror Analytics Weekly Wraps provide an overview of all Morning Views comments and reports published by our analyst team in the past week, and also showcase a list of the most-read reports.

In this Insight:

1. Melco Resorts & Entertainment
2. Hopson Development
3. China Jinmao Holdings
4. Lifestyle International Holdings
5. Geely Auto

and more…

• BAF ended FY23 with a PAT of INR 11508cr in line with our estimate of INR 11500cr+. BAF has guided for 5.1%+ ROA and 25%+ growth for FY24.
• Despite heightened competitive intensity from banks, Bajaj Finance Ltd (BAF IN) has managed to grow well as per its targeted levels without comprising on profitability. 
• BAF’s growing omnipresence via its digital platforms, branch expansion and deepening of product suite across branches will be key drivers of its next phase of growth.