A host of brokerages, including global and domestic, have initiated coverage on several stocks. They are bullish on companies such as Zomato, Muthoot Finance, Sansera Engineering, and CE Info Systems with a targeted upside of up to 30%. Here is a list of 7 stocks on which brokerages initiated coverage: Stock Watchlist

Brokerages initiate coverage on Zomato, 6 other stocks; see up to 30% upside potential - Stock Watchlist

Board of Max Healthcare Institute approves loan to Muthoot Hospitals

Sell your gold at Muthoot Exim’s Gold Point Centre in Thiruvananthapuram, offering transparent valuations and instant cash payments.

Muthoot Exim opens Gold Point Centre in Thiruvananthapuram

Budget 2024 Income Tax Expectations: Finance Minister Nirmala Sitharaman will present the Union Budget 2024 on Tuesday, July 23, 2024. Taxpayers are eagerly awaiting significant tax reliefs from the first Budget of the newly elected government. From hiking the standard deduction limit to tweaking the income tax slabs, the taxpayers want Budget 2024 to introduce measures that will ease their financial burden. Arun Poddar, CEO and Executive Director, of Choice International Limited says, “As we anticipate the Budget 2024, we expect measures that will further propel India’s economic growth trajectory. We look forward to initiatives that will bolster the financial ecosystem, including banking, insurance, and capital markets. Some potential adjustments to the tax structure for lower-income brackets could stimulate consumer spending and drive economic momentum, further reinforcing India’s growth narrative.” Sonal Badhan, Economist of Bank of Baroda says, “As the budget presented on 23 July 2024 will be the 1st for NDA 3.0, we expect the government to stick to its path of fiscal consolidation, without compromising on the quality of expenditure. In the wake of slowing global growth and to maintain momentum in domestic growth, the focus will be on improving rural and urban consumption, savings, and investments. In addition, we also expect this document to reflect the government’s vision for turning India into ‘Viksit Bharat’ by 2047. On the receipt front, certain reductions can be expected if the government decides to relieve the burden of individual taxpayers and give incentives for savings.” Some of the key tax measures that common man wants from Budget 2024 are Union Budget 2024-25 expectations: Increase in standard deduction limit in the new tax regime Experts believe the government may increase the standard deduction limit in the new tax regime, currently set at Rs 50,000. This would leave taxpayers with more disposable income after accounting for deductions. Estimates suggest a moderate hike of Rs 10,000 to Rs 75,000. Union Budget 2024-25 expectations: Raise the basic exemption limit Another key expectation is an increase in the basic exemption limit, which currently stands at Rs 3 lakh in the new tax regime. Experts suggest raising it to Rs 5 lakh, offering wider tax relief to all individual taxpayers. Keep in mind that the basic exemption limit is set at Rs 2.5 lakh in the old tax regime. George Alexander Muthoot, MD of Muthoot Finance says, “The forthcoming union budget is poised to chart the course for the new Indian government’s economic growth agenda. On the back of the political stability and resilient economy, it is expected to provide relief to various sections of the society and benefits for various sectors.”

Union Budget 2024 Income Tax Expectations Highlights: Hike in standard deduction limit, other measures; what to expect from Budget 2024 - The Economic Times

Muthoot Microfin reduced micro loan rates by 35 basis points to 23.3%, following a 55 basis point cut in January. CEO Sadaf Sayeed cited competitive funding from domestic and international lenders. They passed savings to new borrowers. Q1 net interest margin was 13.52%, 65 basis points more than last year, with Rs 12,193 crore in assets at March end.

Muthoot Microfin reduces lending rate by 35 bps

With this adjustment, Muthoot Microfin’s effective lending rate will decrease from 23.65% to 23.30%.

Muthoot Microfin Cuts Interest Rates After Asset Quality Improves

DMA honours Dr. Sara George Muthoot on its 75th Anniversary

Union Budget: Gold loan companies are lobbying for several key measures ahead of the Union Budget. Muthoot Finance’s managing director, George Alexander Muthoot, urged granting eligible gold loan NBFCs ‘priority sector status’ to enhance financial inclusion, particularly benefiting small borrowers with needs under Rs 50,000.

Union Budget: Gold loan companies want govt to grant eligible gold loan NBFCs with ‘priority sector status’

As part of its USD 2 billion Global Medium Term Note Programme

Corporate

Muthoot Finance allots USD 100 million Senior Secured Notes due 2028

Muthoot Microfin Ltd offers a compelling opportunity in the MFI space with strong risk assessment, tech integration, and growth potential.

Broker’s call: Muthoot Microfin (Buy)

Muthoot Microfin has secured a corporate agent license from the Insurance Regulatory and Development Authority of India (IRDAI) that would enable it to offer tailored insurance plans to its customer base.

Muthoot Microfin secures corporate agent license from IRDAI

Hasn't fared well - amongst the low performers

Performance

Seems to be overvalued vs the market average

Valuation

Lagging behind the market in financials growth

Growth

Average profitability - not good, not bad

Profitability

The stock is overpriced but is not in the overbought zone

Current price is more than the intrinsic value

Fundamentals

Good time to consider, stock is not in the overbought zone

Technicals

Entry point

Promoter pledged holding

Unsolicited messages

Default probability

Red flags

Muthoot Finance Limited is a non-banking financial company (NBFC), which is engaged in providing loan (financing) against collateral of gold jewelry.