JKCEMENT(J K Cement Ltd)
23.12.2022 - Jefferies on JKCEMENT Maintain Buy CMP 2905.4 Target 3250
23.12.2022 - CITI on JKCEMENT Maintain Sell CMP 2905.4 Target 2400
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Friday, December 30, 2022
JKCEMENT
MEDANTA
MEDANTA(Global Health Ltd)
23.12.2022 - Jefferies on MEDANTA Maintain Buy CMP 467.8 Target 550
Thursday, December 29, 2022
GMMPFAUDLR
GMMPFAUDLR(GMM Pfaudler Ltd)
20.12.2022 - Axiscapital on GMMPFAUDLR Maintain Buy CMP 1504.9 Target 2644
Tuesday, December 27, 2022
ICICISEC
22.12.2022 - ICICISEC on IGL Maintain Buy CMP 414.25 Target 540
22.12.2022 - ICICISEC on Jublfood Maintain Buy CMP 510.9 Target 720
15.12.2022 - ICICISEC on Indhotel Maintain Add CMP 314 Target 366
Wednesday, December 14, 2022
YESBANK
YESBANK(Yes Bank Limited)
05.01.2023 - MS on Yesbank Maintain Underweight CMP 19.85 Target 20.5
14.12.2022 - MS on YESBANK Maintain Underweight CMP 22.05 Target 20.50
Friday, December 9, 2022
Monday, November 28, 2022
Thursday, November 17, 2022
OBEROIRLTY
OBEROIRLTY(Oberoi Realty Limited)
17.11.2022 - MS on OBEROIRLTY Maintain Equal-Weight CMP 887.2 Target 885
Wednesday, November 16, 2022
BALKRISIND
BALKRISIND(Balkrishna Industries Ltd)
29.11.2022 - MS on BALKRISIND Maintain Underweight CMP 2032 Target 1661
16.11.2022 - Nomura on BALKRISIND Maintain Neutral CMP 1964 Target 1912
16.11.2022 - MS on BALKRISIND Maintain Underweight CMP 1964 Target 1649
Tuesday, November 15, 2022
Friday, November 4, 2022
BANKINDIA
BANKINDIA(Bank of India Ltd)
18.012023 - CS on BANKINDIA Maintain Outperform CMP 82 Target 110
18.01.2023 - MS on BANKINDIA Maintain Overweight CMP 82 Target 125
04.11.2022 - MS on BANKINDIA Maintain Overweight CMP 67.5 Target 95
Thursday, November 3, 2022
KAJARIACER
KAJARIACER(Kajaria Ceramics Limited)
03.11.2022 - Jefferies on KAJARIACER Maintain Buy CMP 1060 Target 1400
Wednesday, November 2, 2022
KANSAINER
KANSAINER(Kansai Nerolac Paints Limited)
02.11.2022 - Nomura on KANSAINER Maintain Buy CMP 466.5 Target 650
02.11.2022 - MS on KANSAINER Maintain Underweight CMP 466.5 Target 415
Monday, October 31, 2022
TATACHEM
TATACHEM(Tata Chemicals Limited)
17.01.2023 - MS on TATACHEM Maintain Overweight CMP 1002.5 Target 1278
31.10.2022 - Kotak Instl Eq on TATACHEM Maintain Underweight CMP 1132 Target 1200
PNBHOUSING
PNBHOUSING(PNB Housing Finance Ltd.)
28.10.2022 - MS on PNBHOUSING Maintain Overweight CMP 439.75 Target 570
28.10.2022 - BOFA on PNBHOUSING Maintain Underperform CMP 439.75 Target 375
Thursday, October 6, 2022
JBCHEPHARM
JBCHEPHARM(J B Chemicals and Pharmaceuticals Ltd)
15.12.2022 - CS on JBCHEPHARM Maintain Outperform CMP 1932.9 Target 2300
07.10.2022 - CS on JBCHEPHARM Maintain Outperform CMP 1995.15 Target 2300
KALYANKJIL
KALYANKJIL(Kalyan Jewellers India Ltd)
06.10.2022 - HSBC on KALYANKJIL Maintain Buy CMP 99.2 Target 125
Thursday, September 29, 2022
BLUEDART
BLUEDART(Blue Dart Express Ltd)
29.09.2022 - GS on BLUEDART Maintain Buy CMP 8704 Target 9470
Thursday, September 22, 2022
EMKAY
26.12.2022 - EMKAY on NITINSPIN Maintain Buy CMP 217.5 Target 310
26.12.2022 - EMKAY on GOKEX Maintain Buy CMP 381.95 Target 575
26.12.2022 - EMKAY on VTL Maintain Buy 319.7 Target 455
22.09.2022 - EMKAY On PEL Maintain Buy CMP 969.5 Target 1360
APTUS
APTUS(Aptus Value Housing Finance India Ltd)
22.09.2022 - CITI on APTUS Maintain Buy CMP 316.65 Target 425
Wednesday, September 21, 2022
SJVN
SJVN(SJVN Ltd)
12.10.2022 CLSA on SJVN Maintain Buy CMP 32.6 Target 42
21.09.2022 - CLSA on SJVN Maintian Buy CMP 32.2 Target 42
NHPC
NHPC(NHPC Limited)
22.11.2022 - CLSA on NHPC Maintain Buy CMP 41.85 Target 54
21.09.2022 - CLSA on NHPC Maintain Buy CMP 38 Target 51
TCPLPACK
TCPLPACK(TCPL Packaging Ltd)
21.09.2022 - Motilal Oswal on TCPLPACK Maintain Buy CMP 1150 Target 890
Monday, September 19, 2022
HOMEFIRST
Home First Finance Company India Ltd(HOMEFIRST)
17.11.2022 - Jefferies on HOMEFIRST Maintain Buy CMP 733 Target 900
08.09.2022 - Motilal Oswal on HOMEFIRST Maintain Buy CMP 885 Target 1020
Tuesday, September 6, 2022
APOLLOTYRE
APOLLOTYRE(Apollo Tyres Limited)
29.11.2022 - MS on APOLLOTYRE Maintain Overweight CMP 314.2 Target 348
18.11.2022 - MS on APOLLOTYRE Maintain Overweight CMP 275.7 Target 329
16.11.2022 - MS on APOLLOTYRE Maintain Overweight CMP 298 Target 329
16.11.2022 - Nomura on APOLLOTYRE Maintain Neutral CMP 298 Target 327
16.11.2022 - CITI on APOLLOTYRE Maintain Buy CMP 298 Target 340
16.11.2022 - JpMorgan on APOLLOTYRE Maintain Overweight CMP 298 Target 370
15.11.2022 - JpMorgan on APOLLOTYRE Maintain Overweight CMP 298 Target 370
06.09.2022 - MS on APOLLOTYRE Maintain Overweight CMP 272.45 Target 329
Thursday, August 25, 2022
GLAXO
GLAXO(GlaxoSmithKline Pharmaceuticals Limited)
24.08.2022 - MS on GLAXO Maintain Underweight CMP 1482 Target 1416
Friday, August 19, 2022
Wednesday, August 17, 2022
RAILTEL
RAILTEL(Railtel Corp Of India Ltd)
17.08.2022 - Investec on RAILTEL Maintain Hold CMP 98.8 Target 110
Tuesday, August 16, 2022
MAXHEALTH
MAXHEALTH(Max Healthcare Institute Ltd)
09.12.2022 - Jefferies on MAXHEALTH Maintain Buy CMP 432.6 Target 530
16.08.2022 - HSBC on MAXHEALTH Maintain Buy CMP 404.7 Target 425
SOBHA
SOBHA(Sobha Ltd)
09.01.2023 - MS on Sobha Maintain Overweight CMP 594 Target 1024
12.10.2022 - MS on Sobha Maintain Overweight CMP 641.3 Target 1024
17.08.2022 - MS on SOBHA Maintain Overweight CMP 715.9 Target 1024
16.08.2022 - CLSA on SOBHA Maintain Buy CMP 707.85 Target 850
Thursday, August 11, 2022
PIDILITIND
PIDILITIND(Pidilite Industries Limited)
23.11.2022 - UBS on PIDILITIND Maintain Neutral CMP 2694 Target 2850
10.11.2022 - Macquarie on PIDILITIND Maintain Underperform CMP 2662 Target 2250
12.08.2022 - Macquarie on PIDILITIND Maintain Underperform CMP 2626.95 Target 2025
RAINBOW
RAINBOW(Rainbow Children's Medicare Ltd)
12.08.2022 - JpMorgan on RAINBOW Maintain Overweight CMP 585.7 Target 702
TRENT
TRENT(Trent Ltd)
11.11.2022 - Jefferies on TRENT Maintain Hold CMP 1424 Target 1400
12.08.2022 - Jefferies on TRENT Maintain Hold CMP 1352 Target 1300
SAIL
SAIL(Steel Authority of India Limited)
28.11.2022 - Kotak Instl on SAIL Maintain Sell CMP 82.2 Target 55
14.11.2022 - Kotak Instl on SAIL Maintain Sell CMP 86.4 Target 55
14.11.2022 - CITI on SAIL Maintain Buy CMP 86.4 Target 100
12.08.2022 - BOFA on SAIL Maintain Underperform CMP 81.2 Target 70
TORNTPOWER
TORNTPOWER(Torrent Power Ltd)
17.08.2022 - MS on TORNTPOWER Maintain Equal-Weight CMP 582.05 Target 533
10.08.2022 - MS on TORNTPOWER Maintain Equal-Weight CMP 556 Target 533
Monday, August 8, 2022
ALKEM
ALKEM(Alkem Laboratories Ltd)
14.11.2022 - Nomura on ALKEM Maintain Neutral CMP 3145 Target 3487
14.11.2022 - Jefferies on ALKEM Maintain Underperform CMP 3145 Target 2803
08.08.2022 - Jefferies on ALKEM Maintain Underperform CMP 2995 Target 2700
Friday, August 5, 2022
MANAPPURAM
MANAPPURAM(MANAPPURAM FINANCE LIMITED)
03.12.2022 - MS on Manappuram Maintain Overweight CMP 115.7 Target 150
06.08.2022 - BOFA on MANAPPURAM Maintain Buy CMP 105.5 Target 130
05.08.2022 - CLSA on MANAPPURAM Maintain Buy CMP 107.9 Target 130
APLLTD
APLLTD(ALEMBIC PHARMACEUTICALS LIMITED)
05.08.2022 - Jefferies on APLLTD Maintain Underperform CMP 673 Target 609
GSPL
GSPL(GUJARAT STATE PETRONET LIMITED)
22.11.2022 - CITI on GSPL Maintain Buy CMP 238 Target 335
05.08.2022 - Nomura on GSPL Maintain Buy CMP 235.25 Target 470
INOXLEISUR
INOXLEISUR(INOX LEISURE LIMITED)
04.08.2022 - CLSA on INOXLEISUR Maintain Buy CMP 585.05 Target 737
SIEMENS
SIEMENS(SIEMENS LIMITED)
18.01.2023 - Macquarie on Siemens Maintain Outperform CMP 3214 Target 333013.12.2022 - CS on Siemens Maintain Neutral CMP 3036.05 Target 2825
07.12.2022 - Macquarie on Siemens Maintain Outperform CMP 2969.95 Target 3120
25.11.2022 - Nomura on Siemens Maintain Neutral CMP 2814 Target 3008
03.08.2022 - Nomura on Siemens Maintain Buy CMP 2649.8 Target 2770
07.02.2022 - CS On SIEMENS Maintain Neutral CMP 2427.25 Target 2650
07.02.2022 - Jefferies on SIEMENS Maintain Buy CMP 2427.25 Target 3080
Monday, August 1, 2022
IOC
IOC(INDIAN OIL CORPORATION LIMITED)
31.10.2022 - Jefferies on IOC Maintain Hold CMP 68.3 Target 77
01.08.2022 - CLSA on IOC Maintain Buy CMP 71.25 Target 90
01.08.2022 - Nomura on IOC Maintain Buy CMP 71.25 Target 85
Friday, July 29, 2022
NESTLEIND
NESTLEIND(NESTLE INDIA LIMITED)
28.09.2022 - CLSA on NESTLEIND Maintain Sell CMP 18802 Target 17625
29.07.2022 - MS on NESTLEIND Maintain Underweight CMP 19350 Target 14566
LALPATHLAB
LALPATHLAB(DR. LAL PATH LABS LTD.)
14.12.2022 - UBS on LALPATHLAB Maintain Buy CMP 2380 Target 2800
09.11.2022 - MS on LALPATHLAB Maintain Equal-Weight CMP 2621 Target 2214
09.11.2022 - Nomura on LALPATHLAB Maintain Reduce CMP 2621 Target 1819
09.11.2022 - CS on LALPATHLAB Maintain Underperform CMP 2621 Target 1400
13.09.2022 - CS on LALPATHLAB Maintain Underperform CMP 2491.5 Target 1400
29.07.2022 - MS on LALPATHLAB Maintain Equal-Weight CMP 4091 Target 2214
Monday, July 18, 2022
NIACL
NIACL(THE NEW INDIA ASSURANCE COMPANY LIMITED)
15.07.2022 - JpMorgan on NIACL Maintain Underweight CMP 80.60 Target 72
TATAELXSI
TATAELXSI(TATA ELXSI LIMITED)
17.11.2022 - MS on TATAELXSI Maintain Underweight CMP 6938 Target 5800
15.07.2022 - JpMorgan on TATAELXSI Maintain Underweight CMP 8050.4 Target 3700
Wednesday, July 13, 2022
BERNSTEIN
16.01.2023 - Bernstein on Hdfcbank Maintain Outperform CMP 1628.35 Target 2200
10.01.2023 - BERNSTEIN on TCS Maintain Outperform CMP 3337.55 Target 3840
09.12.2022 - Bernstein on Sunpharma Maintain Outperform CMP 993 Target 1099
23.11.2022 - Bernstein on ICICIBANK Maintain Outperform CMP 926.5 Target 1000
23.11.2022 - Bernstein on Kotakbank Maintain Outperform CMP 1951 Target 2100
23.11.2022 - Bernstein on SBIN Maintain Outperform CMP 607.1 Target 700
23.11.2022 - Bernstein on Axisbank Maintain Outperform CMP 887 Target 1000
23.11.2022 - Bernstein on HDFCBANK Maintain Outperform CMP 1617 Target 2200
02.11.2022 - Bernstein on Sunpharma Maintain Outperform CMP 1051.6 Target 1099
11.10.2022 - Bernstein on TCS Maintain Outperform CMP 3064 Target 3850
26.07.2022 - Bernstein on TECHM Maintain Outperform CMP 999.65 Target 1210
25.07.2022 - Bernstein on ICICIBANK Maintain Outperform CMP 795.9 Target 790
11.07.2022 - BERNSTEIN on TCS Maintain Outperform CMP 3084.5 Target 3840
Tuesday, July 5, 2022
BAJAJELEC
BAJAJELEC(BAJAJ ELECTRICALS LIMITED)
01.07.2022 - MS on BAJAJELEC Maintain Equal-Weight CMP 1075 Target 1050
Thursday, June 30, 2022
ANTIQUE
ANTIQUE
30.12.2022 - ANTIQUE on GAIL Maintain Buy CMP 96.75 Target 117
26.12.2022 - ANTIQUE on ITC Maintain Buy CMP 329.5 Target 419
29.06.2022 - ANTIQUE on Asianpaint Maintain Buy CMP 2681 Target 3049
UJJIVANSFB
UJJIVANSFB(UJJIVAN SMALL FINANCE BANK LIMITED)
28.06.2022 - Kotak Inst on UJJIVANSFB Maintain buy CMP 14.75 Target 20
Monday, June 27, 2022
HONAUT
HONAUT(HONEYWELL AUTOMATION INDIA LIMITED)
12.12.2022 - Nomura on HONAUT Maintain Buy CMP 43431 Target 50642
27.06.2022 - Nomura on HONAUT Maintain Buy CMP 34719.85 Target 39827
Friday, June 24, 2022
TIINDIA
TIINDIA(TUBE INVESTMENTS OF INDIA LIMITED)
24.06.2022 - MOTILALOSWAL on TIINDIA Maintain Buy CMP 1570.15 Target 1900
POLYCAB
POLYCAB(POLYCAB INDIA LIMITED)
19.10.2022 - Jefferies on POLYCAB Maintain Buy CMP 2702.25 Target 3325
28.06.2022 - Jefferies on POLYCAB Maintain Buy CMP 2234 Target 3325
24.06.2022 - AXISCAPITAL on POLYCAB Maintain Buy CMP 2199.65 Target 2740
POWERGRID
POWERGRID(POWER GRID CORPORATION OF INDIA LIMITED)
09.11.2022 - MS on Powergrid Maintain Overweight CMP 228 Target 256
30.09.2022 - Jefferies on Powergrid Maintain Buy CMP 212.5 Target 260
27.09.2022 - CITI on Powergrid Maintain Buy CMP 205.25 Target 270
12.08.2022 - CS Powergrid Maintian Neutral CMP 226.9 Target 210
11.08.2022 - CLSA on Powergrid Maintain Outperform CMP 222.2 Target 250
24.06.2022 - BOFA on POWERGRID Maintain Buy CMP 208.90 Target 241
15.02.2022 - MS on Powergrid Maintian Overweight CMP 201 Target 239
10.02.2022 - CLSA on Powergrid Maintain Buy CMP 209.95 Target 250
MACQUARIE ON POWER GRID : 22.06.2021
* Downgrade to Neutral, raise EPS estimates by ~3% for FY22/23E
* Target for Power Grid at Rs 240/share
* Management expects Rs 10,000 cr capex & capitalization run-rate from FY23 onwards
• This implying ~4-5% sustainable growth rate
• Expect dividends to stay elevated at Rs13-14/share
CITI ON POWER GRID : 21.06.2021
• Maintain BUY, Target at Rs 284/share
• Meets FY21 targets; More asset monetization ahead
• PGCIL capitalized assets worth Rs 215bn in FY21
• PGCIL will further monetize Rs 5,000cr worth of TBCB projects
• Capex has expectedly slowed down
• PGCIL has ample scope to monetize assets at competitive cost of capital
CLSA ON POWER GRID : 18.06.2021
* MAINTAIN BUY TARGET: 275
* CLSA raises FY22/23 EPS estimate for Power Grid by5%.
* It's An Attractive Dividend Yield Stock; A Good Play On Green Corridors
• Valuation Inexpensive At Current Levels
• Raise FY22/23 EPS Estimate By 5%
CLSA ON POWER GRID : 18.06.2021
• Maintain BUY, Target at Rs 275/share
• Start of a large high-voltage direct current line improves visibility
• Backlog growth starts; PAT up 13% in a tough year
• Strong capitalisation, but peaked in FY21
* Balance sheet gets better - debtors fall, InviT upside in 1QFY22
• Power Grid is growth plus high-dividend-yield play
Thursday, June 23, 2022
DALBHARAT
DALBHARAT(DALMIA BHARAT LIMITED)
13.12.2022 - CLSA on DALBHARAT Maintain Outperform CMP 1836.45 Target 2100
13.12.2022 - Jefferies on DALBHARAT Maintain Buy CMP 1836.45 Target 2060
13.12.2022 - MS on DALBHARAT Maintain Overweight CMP 1836.45 Target 1900
13.12.2022 - JpMorgan on DALBHARAT Maintain Overweight CMP 1836.45 Target 1845
29.11.2022 - Jefferies on DALBHARAT Maintain Buy CMP 1757.9 Target 2060
03.11.2022 - Jefferies on DALBHARAT Maintain Buy CMP 1656.9 Target 1825
03.11.2022 - MS on DALBHARAT Maintain Overweight CMP 1656.9 Target 1850
23.08.2022 - CLSA on DALBHARAT Maintain Outperform CMP 1562.1 Target 1705
05.08.2022 - MS on DALBHARAT Maintain Overweight CMP 1605 Target 1700
05.07.2022 - JpMorgan on DALBHARAT Maintain Overweight CMP 1302 Target 1680
23.06.2022 - Jefferies on DALBHARAT Maintain Buy CMP 1254.9 Target 1600
Wednesday, June 22, 2022
SYNGENE
SYNGENE(SYNGENE INTERNATIONAL LIMITED)
08.09.2022 - CLSA on SYNGENE Maintain Buy CMP 568 Target 750
21.06.2022 - CLSA on SYNGENE Maintain Buy CMP 557 Target 710
Friday, June 17, 2022
Monday, June 13, 2022
MEDPLUS
MEDPLUS(MEDPLUS HEALTH SERVICES LIMITED)
13.06.2022 - CS on MEDPLUS Maintain Neutral CMP 753 Target 775
PIDILITIND
PIDILITIND(PIDILITE INDUSTRIES LIMITED)
13.06.2022 - CITI on PIDILITIND Maintain Buy CMP 2130.95 Target 2440
CAMPUS
CAMPUS(CAMPUS ACTIVEWEAR LIMITED)
17.08.2022 - CLSA on CAMPUS Maintain Outperform CMP 434 Target 440
28.06.2022 - CLSA on CAMPUS Maintain Outperform CMP 335.1 Target 370
13.06.2022 - BOFA on CAMPUS Maintain Neutral CMP 321.80 Target 355
KEI
KEI(KEI INDUSTRIES LIMITED)
25.10.2022 - Jefferies on KEI Maintain Buy CMP 1629 Target 1915
10.06.2022 - Jefferies on KEI Maintain Buy CMP 1265.75 Target 1440
Wednesday, June 8, 2022
SONACOMS
SONACOMS(SONA BLW PRECISION FORGINGS LIMITED)
10.01.2023 - Nomura on SONACOMS Maintain Buy CMP 428.2 Target 609
10.01.2023 - CLSA on SONACOMS Maintain Buy CMP 428.2 Target 535
04.11.2022 - CITI on SONACOMS Maintain Buy CMP 461.8 Target 560
31.10.2022 - Kotak Instl Eq on SONACOMS Maintain Add CMP 466.5 Target 500
31.10.2022 - JpMorgan on SONACOMS Maintain Underweight CMP 466.5 Target 430
26.07.2022 - JpMorgan on SONACOMS Maintain Underweight CMP 533.45 Target 485
08.06.2022 - Nomura on SONACOMS Maintain Buy CMP 589.9 Target 770
Thursday, June 2, 2022
DELHIVERY
DELHIVERY(DELHIVERY LIMITED)
01.12.2022 - CS on DELHIVERY Maintain Outperform CMP 352.9 Target 550
07.12.2022 - CLSA on DELHIVERY Maintain Buy CMP 352.9 Target 532
30.11.2022 - MS on DELHIVERY Maintain Overweight CMP 334.7 Target 450
23.11.2022 - Jefferies on DELHIVERY Maintain Buy CMP 329.95 Target 700
23.11.2022 - HSBC on DELHIVERY Maintain Buy CMP 329.95 Target 455
16.11.2022 - CLSA on DELHIVERY Maintain Buy CMP 373.8 Target 532
04.10.2022 - GS on DELHIVERY Maintain Sell CMP 595.2 Target 480
03.10.2022 - CITI on DELHIVERY Maintain Buy CMP 565 Target 688
20.09.2022 - BOFA on DELHIVERY Maintain Buy CMP 581.95 Target 700
26.08.2022 - Jefferies on DELHIVERY Maintain Buy CMP 559.5 Target 775
10.08.2022 - CS on DELHIVERY Maintain Neutral CMP 565 Target 675
04.07.2022 - GS on DELHIVERY Maintain Neutral CMP 507.30 Target 540
27.06.2022 - BOFA on DELHIVERY Maintain Buy CMP 492.4 Target 630
24.06.2022 - MS on DELHIVERY Maintain Equal-Weight CMP 492.7 Target 615
02.06.2022 - CS on DELHIVERY Maintain Outperform CMP 567.4 Target 675
MCX
MCX(MULTI COMMODITY EXCHANGE OF INDIA LIMITED)
16.01.2023 - MS on MCX Maintain Equal-Weight CMP 1459.9 Target 3853
16.01.2023 - MS on MCX Maintain Underweight CMP 1459.9 Target 1250
02.01.2023 - MS on MCX Maintain Underweight CMP 1512.95 Target 1220
02.12.2022 - MS on MCX Maintain Underweight CMP 1563.95 Target 1120
28.10.2022 - UBS on MCX Maintain Buy CMP 1532 Target 2000
02.06.2022 - MS on MCX Maintain Underweight CMP 1338.1 Target 1300
ASTRAL
ASTRAL(ASTRAL LIMITED)
14.11.2022 - Jefferies on ASTRAL Maintain Hold CMP 1985.2 Target 2100
20.09.2022 - MS on ASTRAL Maintain Overweight CMP 2429.45 Target 2187
01.06.2022 - CLSA on ASTRAL Maintain Underperform CMP 1771 Target 1827
Tuesday, May 31, 2022
MCDOWELL-N
MCDOWELL-N(UNITED SPIRITS LIMITED)
23.12.2022 - Motilal Oswal on MCDOWELL-N Maintain Neutral CMP 857.05 Target 880
01.06.2022 - CS on MCDOWELL-N Maintain Neutral CMP 823.9 Target 900
31.05.2022 - Macquarie on MCDOWELL-N Maintain Underperform CMP 808.15 Target 640
27.01.2022 - JpMorgan on USL Maintain Overweight CMP 803 Target 1020
Goldman Sachs maintains BUY call on United Spirits, - 20.08.2021
MAINTAIN BUY TARGET: 715GS ON UNITED SPIRITS (CMP: 722)
Reports Indicate Possibility Of An 'Interim' Trade Deal Between UK & India
As Per Reports, Final Negotiations For India & UK Trade Deal May By Year End
Lowering Import Duty On Scotch May Have An Impact On Co's Bottled In Origin Brands
AARTIIND
AARTIIND(AARTI INDUSTRIES LIMITED)
22.11.2022 - MS on AARTIIND Maintain Underweight CMP 672.5 Target 685
17.11.2022 - MS on AARTIIND Maintain Underweight CMP 672 Target 685
31.05.2022 - MS on AARTIIND Maintain Overweight CMP 760 Target 954
DIXON
DIXON(DIXON TECHNOLOGIES (INDIA) LIMITED)
28.09.2022 - Jefferies on DIXON Maintain Buy CMP 4259.95 Target 5305
22.06.2022 - MS on DIXON Maintain Underweight CMP 3371 Target 2634
01.06.2022 - CS on DIXON Maintain Outperform CMP 3918.1 Target 4800
31.05.2022 - GS on DIXON Maintain Neutral CMP 3846.6 Target 3360
Monday, May 30, 2022
SUNTV
SUNTV(SUN TV NETWORK LIMITED)
14.11.2022 - UBS on Suntv Maintain Buy CMP 501.5 Target 600
30.05.2022 - CLSA on SUNTV Maintain Buy CMP 433 Target 560
MACQUARIE ON SUN TV : 14.06.2021
• Maintain Outperform, Target at Rs 612/share
• Low dividend payout is disappointing
• Sun TV posted healthy 7% yoy growth in subscription revenues
* Marginal change of 0-3% for FY22-23E EPS
• Resilient performance in Q4 FY21, COVID wave 2 to impact in near term
CLSA ON SUN TV : 14.06.2021
* MAINTAIN BUY TARGET: 645
* Sun TV's ad revenue revival is likely in Q2FY22, CLSA says
* Ad Revenue & Subscriptions Surprise; Disappointing Dividend Payout
* Management Expects Subscriptions To Again Grow In Double Digits In FY22
* Ad Revenue Revival Is Likely In Q2FY22
* Dividend Disappointed Despite $3,800 Cr Balancesheet Cash Swell
* Over-the top/Sun NXT Ramp-up Bodes Well In The Long Term
MACQUARIE ON SUN TV : 14.06.2021
* MAINTAIN OUTPERFORM TARGET: 612
* Sun TV posted healthy 7% YoY growth in subscription revenue in Q4, Macquarie says
• Posted Healthy 7% YoY Growth In Subscription Revenues In Q4
• Low Dividend Payout A Key Disappointment
* Change FY22-23 EPS Estimates By 0-3%
NOMURA ON SUN TV : 14.06.2021
* DOWNGRADE NEUTRAL TARGET: 601
* Sun TV's Q4 largely in-line but Nomura sees a lack of catalysts.
* Q4 Largely In-line; A Lack Of Catalysts
* Advertising Recovery Slower, Success Of New TV Genres, OTT Critical
• Valuation Not Expensive, Considering Co Has Net Cash Of 4,100 Cr
NMDC
NMDC
26.12.2022 - Motilal Oswal on NMDC Maintain Buy CMP 128.6 Target 138
16.11.2022 - CS on NMDC Maintain Underperform CMP108.95 Target 100
15.11.2022 - CITI on NMDC Maintain Sell CMP 108.95 Target 100
06.06.2022 - BOFA on NMDC Maintain Neutral CMP 123.7 Target 146
30.05.2022 - CITI on NMDC Maintain Buy CMP 123.75 Target 195
11.02.2022 - Jefferies on NMDC Maintain Neutral CMP 159 Target 175
12.01.2022 - JpMorgan on NMDC Maintain Overweight Target 210
JPMORGAN ON NMDC : 14.07.2021
* MAINTAIN NEUTRAL TARGET: 210
* JPMorgan has a Neutral rating on NMDC. Its target of Rs 210 reflects Rs 36/sh of steel plant value (50% discount to invested value)
* Start Of Steel Plant De-merger Positive As It Limits Liability To Co From Steel Plant Losses
* Our Current Tgt Of *210 Reflects 36/sh Of NISP value, At A 50% Discount To Invested Value
* Stock Price Is Likely Reflecting Zero Equity Value For The Steel Plant
CITI ON NMDC : 14.07.2021
* MAINTAIN NEUTRAL TARGET: 195
* Citi maintains Neutral call on NMDC after co's board approved demerger of steel plant. It says, demerger could help unlock value for iron ore biz
* Proposed Demerger Of Steel Plant Could Help Unlock Value For Iron Ore Biz
• Would Stay On Sidelines As Domestic Ore Prices May Not Rise Further In Near Term
• At 4x 1-yr fwd EV/EBITDA On Consensus, Co Trades In line With Global Peers
NMDC OFS floor price at Rs 165/share; govt selling ~7.5% stake : 06.07.2021
Total OFS Size, Including Greenshoe, At 7.49% Eq
* Govt announces OFS of 11.72 cr shares or 4% eq with greenshoe option of 10.22 cr shares
• Total OFS size, including greenshoe, at 7.49% eq
* OFS open for non retail investors on 6th July, retail investors on 7th July
* Alert: Govt currently owns 68.29% stake in company
CITI on NMDC : 02.07.2021
* Further mgmt expects iron ore prices to correct during monsoon, but rebound & stabilize post.
* At 5x 1-yr fwd EV/EBITDA on consensus, trades in-line with its 1-yr fwd mean since 2012 & a premium to global peers (4x)
CITI ON NMDC : 01.07.2021
* MAINTAIN NEUTRAL TARGET: 195
* Prices may not rise further as it's at only 4% discount to import parity, NMDC expects iron ore prices to correct during the monsoon, Citi says, maintains NEUTRAL on the stock
* Prices May Not Rise Further As It's At Only 4% Discount To Import Parity
* Domestic Ore Supply Should Likely Improve
* Co Expects Iron Ore Prices To Correct During The Monsoon
* It's Trading At A Premium To Global Peers
JPMORGAN ON NMDC : 24.06.2021
• Maintain Neutral, Target at Rs 210/share
* Strong near-term earnings, but likely the peak
* Cash usage, steel plant de-merger key to re rating
* Stock is admittedly cheap at 8x FY23E (Normalized) P/E
JPMORGAN ON NMDC : 24.06.2021
* MAINTAIN NEUTRAL TARGET: 210
* JPMorgan maintains NEUTRAL call on NMDC, target at Rs 210/sh
* Strong Near-Term Earnings, But Likely the Peak
* Cash Usage, Steel Plant De Merger Key To Re-rating
* Believe Earnings Will Peak In H1FY22
* Forecast EBITDA To Fall 30% In FY23
CS ON NMDC : 24.06.2021
* DOWNGRADE NEUTRAL TARGET: 200
* Credit Suisse downgrades NMDC to NEUTRAL, target raised to Rs 200/sh
* Fairly Valued As Peak Ore Prices Behind Us
* Expect Domestic Ore Prices To Fall Through FY22
* Raise FY22 Fines Price To *5,100/t; FY22e EPS Rises 22%
* Cut Multiple To 4.5x From 5x EV/EBITDA On Peak Earnings
* Steel Plant Commissioning Remains A Key Catalyst
POLICYBZR
POLICYBZR(PB FINTECH LIMITED)
23.12.2022 - Nuvama on POLICYBZR Maintain Buy CMP 467.5 Target 550
22.11.2022 - BOFA on POLICYBZR Maintain Buy CMP 399.55 Target 555
18.11.2022 - MS on POLICYBZR Maintain Overweight CMP 382.45 Target 620
16.11.2022 - CLSA on POLICYBZR Maintain Buy CMP 388.2 Target 600
09.11.2022 - MS on POLICYBZR Maintain Overweight CMP 384 Target 620
09.11.2022 - BOFA on POLICYBZR Maintain Buy CMP 384 Target 555
21.06.2022 - CITI on POLICYBZR Maintain Buy CMP 510 Target 750
20.06.2022 - Kotak Instl on POLICYBZR Maintain Buy CMP 589 Target 700
30.05.2022 - MS on POLICYBZR Maintain Overweight CMP 689 Target 945
11.01.2022 - MS on PbFintech Maintain Equal Weight CMP 901.40 Target 1160
20.12.2021 - Morgan Stanley on PB Fintech Maintain Equal Weight - Target Rs.1160
Friday, May 27, 2022
PAGEIND
PAGEIND(PAGE INDUSTRIES LIMITED)
27.05.2022 - CITI on PAGEIND Maintain Buy CMP 44350 Target 49000
CREDIT SUISSE ON PAGE IND : 28.05.2021
* MAINTAIN NEUTRAL TARGET: 30,000
* CS maintains Neutral call on Page Ind, expects margin to revert to the 20-22% range from FY22
* Strong Rev Traction, Significant Distribution Expansion Achieved In FY21
• Margin Dropped From 20 22% Range In Last 2 Yrs Due To Slowdown
* Expect Margin To Revert To The 20-22% Range From FY22
MUTHOOTFIN
MUTHOOTFIN(MUTHOOT FINANCE LIMITED)
03.12.2022 - MS on Muthoorfin Maintain Equal-Weight CMP 1101.5 Target 1150
11.11.2022 - CLSA on MUTHOOTFIN Maintain Underperform CMP 1075.5 Target 1200
16.08.2022 - CLSA on MUTHOOTFIN Maintain Underperform CMP 1043 Target 1200
27.05.2022 - BOFA on MUTHOOTFIN Maintain Buy CMP 1094.95 Target 1710
14.02.2022 - CLSA on Muthoot Finance Maintain Downgrade Outperform CMP 1424 Target 1650
29.12.2021 - Nirmal Bang on Muthoot Finance Upgrade Buy Target Rs.1854
MOTILAL OSWAL ON MUTHOOT FINANCE : 03.02.2021
* Muthoot has delivered a strong Q4FY21 especially on growth front
* Loan demand is likely to remain high as customers' cash flows will be stressed
* Expect company to deliver ~15% loan growth in the medium term; Increase FY22E/23E EPS estimate by 3-4%
BERGEPAINT
BERGEPAINT(BERGER PAINTS (I) LIMITED)
27.05.2022 - MS on BERGEPAINT Maintain Underperform CMP 576.7 Target 546
MOTHERSON
MOTHERSON(MOTHERSON SUMI SYSTEMS LIMITED)
03.12.2022 - CITI on MOTHERSON Maintain Sell CMP 73.15 Target 6827.09.2022 - MS on MOTHERSON Maintain Underweight CMP 112.05 Target 106
10.08.2022 - Jefferies on MOTHERSUMI Maintain Underperform CMP 124 Target 105
27.05.2022 - Jefferies on MOTHERSUMI Maintain Underperform CMP 123 Target 105
14.02.2022 - Nomura on MOTHERSUMI Maintain Buy CMP 172 Target 202
14.02.2022 - CLSA on MOTHERSUMI Maintain Outperform CMP 172 Target 203
Thursday, May 26, 2022
ZYDUSLIFE
ZYDUSLIFE(ZYDUS LIFESCIENCES LIMITED)
09.01.2023 - MS on ZYDUSLIFE Maintain Overweight CMP 448.8 Target 513
11.11.2022 - MS on ZYDUSLIFE Maintain Overweight CMP 423.5 Target 513
07.10.2022 - MS on ZYDUSLIFE Maintain Overweight CMP 420 Target 513
11.08.2022 - Jefferies on ZYDUSLIFE Maintain Hold CMP 382.25 Target 408
11.08.2022 - CLSA on ZYDUSLIFE Maintain Buy CMP 382.25 Target 490
23.05.2022 - Jefferies on ZYDUSLIFE Maintain Hold CMP 357 Target 406
23.05.2022 - CLSA on ZYDUSLIFE Maintain Buy CMP 357 Target 490
23.05.2022 - MS on ZYDUSLIFE Maintain Overweight CMP 357 Target 513
23.05.2022 - Nomura on ZYDUSLIFE Maintain Buy CMP 357 Target 489
23.05.2022 - CS on ZYDUSLIFE Maintain Neutral CMP 357 Target 380
TATASTEEL
TATASTEEL(TATA STEEL LIMITED)
18.01.2023 - CLSA on Tatasteel Maintain Outperform CMP 105.85 Target 130
09.01.2023 - MS on Tatasteel Maintain Equal-Weight CMP 117.9 Target 95
02.01.2023 - Jefferies on Tatasteel Maintain Buy CMP 117.9 Target 150
28.11.2022 - Macquarie on Tatasteel Maintain Outperform CMP 104.9 Target 120
21.11.2022 - CITI on Tatasteel Maintain Hold CMP 104.5 Target 95
01.11.2022 - CLSA on Tatasteel Maintain Sell CMP 101.20 Target 90
26.09.2022 - Jefferies on Tatasteel Maintain Hold CMP 99.9 Target 95
26.07.2022 - JpMorgan on Tatasteel Maintain Overweight CMP 947.95 Target 1400
29.06.2022 - JpMorgan on Tatasteel Maintain Overweight CMP 879 Target 1400
22.06.2022 - JpMorgan on Tatasteel Maintain Overweight CMP 840.75 Target 1400
21.06.2022 - CITI on Tatasteel Maintain Buy CMP 836.8 Target 1085
23.05.2022 - CLSA on Tatasteel Maintain Underperform CMP 998.45 Target 1120
08.02.2022 - CLSA on Tatasteel Maintain Buy CMP 1194.95 Target 1750(PREVTGT 1820)
08.02.2022 - Jefferies on Tatasteel Maintain Hold CMP 1194.95 Target 1240
08.02.2022 - BOFA on Tatasteel Maintain Buy CMP 1194.95 Target 1430
07.2.2022 - CLSA on Tatasteel Maintain Buy CMP 1184.95 Target 1820
07.02.2022 - Investec on Tatasteel Maintain Buy CMP 1184.95 Target 2000
07.02.2022 - JpMorgan on Tatasteel Maintian Overweight CMP 1184.95 Target 1850
CLSA ON TATA STEEL : 05.08.2021
* CLSA maintains BUY call on Tata Steel, target at Rs 1,750/sh
* BSL Results indicate Further Upgrades
* EBITDA/T Above Estimates, Similar To JSW Steel
* Tata Steel BSL Reported EBITDA/T OF €27,648 Vs Our Estimate Of 24,700/T
* The Beat Is Driven By Higher Realisations
* See Upside Risks To Our & Consensus Estimates
* Maintain Our Positive Stance On The Sector
* China's Efforts To Reduce Steel Prodn Could Help Improve India Utilisations
* Co Is On Our India Focus Buy List
* MAINTAIN BUY TARGET: 1,750
JPMORGAN ON TATA STEEL : 09.07.2021
* Maintain Overweight, Target at Rs 1,610/share
• Substantial upgrades to European steel estimates
• See material upside risk to Tata Europe business over FY22-23
* European steel environment remains very strong
• JPM's Europe steel analyst has increased estimates sharply
• Positive read-through for Tata Steel Europe
JPMORGAN ON TATA STEEL : 07.07.2021
• Maintain Overweight, Target at Rs 1,610/share
* Leverage and sustainability a positive for shareholders
• Continue to see TATA as a re-rating candidate
* Company uses the current super cycle cash flows to repair its balance sheet
* Detailed Strategy Day was broadly positive for equity shareholders
• See a continued earnings upgrade cycle for the company
• India Capacity roadmap to 40MT by 2030, 25MT by 2025
* ESG Focus on CO2 reduction across operations
TATA STEEL Investor Day Highlights : 07.07.2021
* 2020-30 to be about govt spending-led demand for Steel
• Laid out strategic and financial roadmap
• Targeting 40 mn tn capacity by 2030
* Share from long pdts to increase, India to account for 73% vs 57%
• Reducing dependence on iron ore, focus on recycling
• Debt reduction plan intact; target net debt to EBITDA at 2x
• Make EU business self sustaining
• Restructure EU business-to seperate Netherlands and UK biz
• Strong ESG focus
CLSA ON TATA STEEL : 05.07.2021
• Maintain BUY, Target at Rs 1,362/share
* Q1FY22 sales impacted by Covid-19
* Tata Steel reported 1QFY22 India production of 4.6mt, down 3% QoQ
• Driven by strong steel prices expect margins to improve further
• Believe Tata Steel is likely to benefit from higher steel prices
CLSA ON TATA STEEL : 05.07.2021
* MAINTAIN BUY TARGET: 1,462
* CLSA expects margin for Tata Steel to improve further from the decadal high of Q4, maintains Buy rating on the stock
* Reported Q1 India Production Of 4.6 mt, Down 3% QoQ
* Sales Volume Declined 11 % QoQ To 4.2 mt
* Adjusted For Higher Exports, Domestic Sales Fell 16% QoQ
* Expect Margin To Improve Further From The Decadal High Of Q4
* Europe Volume Fell 5% QoQ, But Spreads Higher $300/t QoQ
* Co Will Benefit From Higher Steel Prices In India & Strong Spreads In Europe
CLSA ON TATA STEEL : 17.06.2021
* MAINTAIN BUY TARGET: 1,362
* CLSA maintains Buy rating on Tata Steel with an expectation of Europe being self-sufficient in cashflows in the near term
* Focus On Cash Generation, Cost Savings & Growth
* Europe Should Be Self Sufficient In Cashflows In The Near Term
* Rising Carbon Costs Are A Medium-term Risk
* With A Stronger Balance Sheet & Improving Returns, Reiterate Buy
CLSA ON TATA STEEL : 17.06.2021
• Maintain BUY, Target at Rs 1,362/share
• Focus on cash generation, cost savings and growth
* Strong FCF generation drove down leverage; return ratios improved
* Cashflow pressures eased; rising carbon costs a medium-term concern
* India focus back on growth as balance sheet concerns allayed
* Well-positioned in the current cycle; reiterate BUY
JEFFERIES ON TATA STEEL : 17.06.2021
* Jefferies has a Buy call on Tata Steel with a target of Rs1,500/sh. It says, FY21 annual report shows a rising focus on sustainability & sets out specific targets for 2025/2030
* FY21 Annual Report Shows A Rising Focus On Sustainability
* Annual Report Sets Out Specific Targets For 2025/2030
* India Capacity Expansion Is A Key Strategic Focus
* Co Is Working On Separating The UK & Netherlands Businesses
* UK Defined-benefit Pension Plan Remains In A Large Actg Surplus, Albeit Lower YoY
* MAINTAIN BUY TARGET: 1,500
JPMORGAN ON TATA STEEL : 15.06.2021
* JPMorgan finds Tata Steel to be a perfect candidate for re-rating.
* EU Safeguard Proposals Better Than Expected; Co Well Placed in This Upcycle
* Operating Environment Remains Strong Especially in Europe
• Any Extension In EU Safeguards Will Provide Extended Visibility In Europe's Earnings
• EBITDA Over Next 3 Yrs May Settle At Higher Level Vs Average Of Last Few Years
• Co Is An Ideal Candidate For A Re rating
* MAINTAIN OVERWEIGHT TARGET: 1,610
JPMORGAN TATA STEEL : 15.06.2021
• Maintain Overweight, Target at Rs 1,610/share
• EU safeguard proposals better than expected
* TSE well placed in this upcycle
* Tata Steel focused on debt reduction
* Likelihood of TSE EBITDA over the next 3 years settling
• Believe TATA is an ideal candidate for a re-rating
• Estimate TATA's FY22 net debt will be at a nine-year low
SHREECEM
SHREECEM(SHREE CEMENT LIMITED)
29.07.2022 - CS on SHREECEM Maintain Neutral CMP 20425.25 Target 22500
29.07.2022 - CLSA on SHREECEM Maintain Underperform CMP 20425.25 Target 21200
23.05.2022 - GS on SHREECEM Maintain Neutral CMP 21110.5 Target 22600
AMARAJABAT
AMARAJABAT(AMARA RAJA BATTERIES LIMITED)
23.05.2022 - Kotak Instl on AMARAJABAT Maintain Sell CMP 492.95 Target 500
NTPC
NTPC(NTPC Limited)
05.01.2023 - CLSA on NTPC Maintain Buy CMP 166 Target 18824.05.2022 - CS on NTPC Maintain Outperform CMP 152.60 Target 180
23.05.2022 - CLSA on NTPC Maintain Buy CMP 150 Target 180
23.05.2022 - JpMorgan on NTPC Maintain Neutral CMP 150 Target 156
23.05.2022 - Jefferies on NTPC Maintain Buy CMP 150 Target 165
21.02.2022 - CLSA on NTPC Maintain Buy CMP 132 Target 180
31.01.2022 - Jefferies on NTPC Maintain Buy CMP 140 Target 165
CS ON NTPC : 21.06.2021
* High Renewable Expectations Have Several Challenges
• Revise Earnings Higher By 1/3%
• Regulated Return Cut Is A Sizeable Risk & Is Coming Closer
* MAINTAIN OUTPERFORM TARGET: 135
RAMCOCEM
RAMCOCEM(THE RAMCO CEMENTS LIMITED)
10.11.2022 - Jefferies on RAMCOCEM Maintain Underperfom CMP 645.9 Target 615
24.05.2022 - CITI on RAMCOCEM Maintain Sell CMP 641.40 Target 600
25.01.2022 - CLSA on RAMCOCEM Maintain Underperform from Outperform CMP 896.10 Target 970(PREV TGT 1180
MOTILALOSWAL
17.01.2023 - Motilal Oswal on FEDERALBNK Maintain Buy CMP 134 Target 170
30.12.2022 - Motilal Oswal on KNRCON Maintain Buy CMP 259.2 Target 310
29.12.2022 - Motilal Oswal on VRLLOG Maintain Buy CMP 548.5 Target 730
29.12.2022 - Motilal Oswal on IPCALAB Maintain Buy CMP 869.95 Target 1000
28.12.2022 - Motilal Oswal on Indigo Maintain Buy CMP 2100 Target 2400
27.12.2022 - Motilal Oswal on MAHINDCIE Maintain Buy CMP 356 Target 360
26.12.2022 - Motilal Oswal on CANFINHOME Maintain Buy CMP 546.5 Target 630
26.12.2022 - Motilal Oswal on NMDC Maintain Buy CMP 128.6 Target 138
23.12.2022 - Motilal Oswal on MCDOWELL-N Maintain Neutral CMP 857.05 Target 880
23.12.2022 - Motilal Oswal on Reliance Maintain Buy CMP 2475 Target 2850
20.12.2022 - Motilal Oswal on Indhotel Maintain Buy CMP 314.1 Target 390
02.12.2022 - Motilal Oswal on WESTLIFE Maintain Neutral CMP 743.8 Target 805
02.12.2022 - Motilal Oswal on BANDHANBNK Maintain Neutral CMP 246.7 Target 270
13.10.2022 - Motilal Oswal on VBL Maintain Buy CMP 1064 Target 1230
21.09.2022 - Motilal Oswal on TCPLPACK Maintain Buy CMP 1150 Target 890
16.09.2022 - Motilal Oswal on PEL Maintain Buy CMP 966 Target 1320
08.09.2022 - Motilal Oswal on HOMEFIRST Maintain Buy CMP 885 Target 1020
25.08.2022 - Motilal Oswal on ABFRL Maintain Buy CMP 298 Target 380
08.08.2022 - MOTILALOSWAL on SBIN Maintain Buy CMP 520.1 Target 625
25.07.2022 - Motilal Oswal on Kotakbank Maintain Neutral CMP 1753 Target 2000
12.07.2022 - MOTILALOSWAL on LEMONTREE Maintain Buy CMP 65.65 Target 86
05.07.2022 - MOTILALOSWAL on LICI Maintain Buy CMP 701.1 Target 830
30.06.2022 - MOTILALOSWAL on ITC Maintain Buy CMP 272.15 Target 335
24.06.2022 - MOTILALOSWAL on TIINDIA Maintain Buy CMP 1570.15 Target 1900
16.06.2022 - MOTILALOSWAL on ITC Maintain Buy CMP 260.4 Target 335
24.05.2022 - MOTILALOSWAL on Divislab Maintain Buy CMP 3898 Target 4480
TORNTPHARM
TORNTPHARM(TORRENT PHARMACEUTICALS LIMITED)
28.09.2022 - CITI on TORNTPHARM Maintain Neutral CMP 1490.75 Target 1700
28.09.2022 - CS on TORNTPHARM Maintain Outperform CMP 1490.75 Target 1750
05.09.2022 - Jefferies on TORNTPHARM Maintain Hold CMP 1511 Target 1484
01.08.2022 - Nomura on TORNTPHARM Maintain Buy CMP 1524.95 Target 1782
01.08.2022 - GS on TORNTPHARM Maintain Buy CMP 1524.95 Target 1800
26.05.2022 - CLSA on TORNTPHARM Maintain Buy CMP 2915.7 Target 3550
26.05.2022 - CS on TORNTPHARM Maintain Outperform CMP 2915.7 Target 3500
26.05.2022 - Jefferies on TORNTPHARM Maintain Hold CMP 2915.7 Target 2573
IPCALAB
IPCALAB(IPCA LABORATORIES LIMITED)
29.12.2022 - Motilal Oswal on IPCALAB Maintain Buy CMP 869.95 Target 1000
16.11.2022 - MS on IPCALAB Maintain Equal-Weight CMP 869.95 Target 1096
12.08.2022 - Investec on IPCALAB Maintain Hold CMP 931.1 Target 1030
26.05.2022 - CLSA on IPCALAB Maintain Outperform CMP 919.65 Target 1050
METROPOLIS
METROPOLIS(METROPOLIS HEALTHCARE LIMITED)
16.08.2022 - MS on METROPOLIS Maintain Overweight CMP 1447 Target 1547
26.05.2022 - CS on METROPOLIS Maintain Underperform CMP 1610 Target 1400
15.02.2022 - MS on METROPOLIS Maintain Overweight CMP 2091 Target 3317 (PREV TGT 3618)
15.02.2022 - CS on METROPOLIS Maintain Underperform CMP 2091 Target 1700
14.02.2022 - CS on METROPOLIS Maintain Underperform CMP 2422 Target 1700
Wednesday, May 25, 2022
CONCOR
CONCOR(CONTAINER CORPORATION OF INDIA LIMITED)
12.01.2023 - Macquarie on Concor Maintain Underperform CMP 724.75 Target 620
02.01.2023 - Macquarie on Concor Maintain Underperform CMP 724.75 Target 620
28.11.2022 - Macquarie on CONCOR Maintain Underperform CMP 766 Target 620
14.11.2022 - Nomura on Concor Maintain Buy CMP 761.2 Target 895
14.11.2022 - JpMorgan on Concor Maintain Overweight CMP 761.2 Target 860
14.11.2022 - Jefferies on Concor Maintain Buy CMP 761.2 Target 945
11.11.2022 - Nomura on Concor Maintain Buy CMP 770 Target 918
18.10.2022 - Nomura on Concor Maintain Buy CMP 712.5 Target 918
08.09.2022 - Nomura on Concor Maintain Buy CMP 764 Target 918
08.08.2022 - CS on Concor Maintain Outperform CMP 694.55 Target 700
08.08.2022 - Nomura on Concor Maintain Neutral CMP 694.55 Target 775
05.08.2022 - Nomura on Concor Maintain Buy CMP 686 Target 785
07.07.2022 - Jefferies on Concor Maintain Buy CMP 652.1 Target 850
23.05.2022 - Nomura on Concor Maintain Buy CMP 622.05 Target 785
20.05.2022 - Nomura on Concor Maintain Buy CMP 622.05 Target 863
LICI
LICI(LIFE INSURANCE CORPORATION OF INDIA)
03.01.2023 - Kotak Instl on LICI Maintain Buy CMP 704.95 Target 1000
15.11.2022 - BOFA on LICI Maintain Buy CMP 653.8 Target 945
16.07.2022 - Macquarie on LICI Maintain Outperform CMP 697 Target 850
05.07.2022 - MOTILALOSWAL on LICI Maintain Buy CMP 701.1 Target 830
22.06.2022 - BOFA on LICI Maintain Outperform CMP 667.30 Target 930
22.06.2022 - GS on LICI Maintain Neutral CMP 667.3 Target 700
20.06.2022 - JpMorgan on LICI Maintain Overweight CMP 654 Target 840
17.05.2022 - Macquarie on LICI Maintain Neutral CMP 814.95 Target 1000
TVSMOTOR
TVSMOTOR(TVS MOTOR COMPANY LIMITED)
02.01.2023 - Macquarie on Tvsmotor Maintain Outperform CMP 1006 Target 1260
14.12.2022 - UBS on Tvsmotor Maintain Buy CMP 1029.4 Target 1335
18.10.2022 - UBS on Tvsmotor Maintain Buy CMP 1135 Target 1385
19.08.2022 - Jefferies on Tvsmotor Maintain Buy CMP 957 Target 1450
29.07.2022 - CITI on Tvsmotor Maintain Sell CMP 904.4 Target 640
08.07.2022 - CLSA on Tvsmotor Maintain Outperform CMP 838 Target 922
19.05.2022 - CLSA on Tvsmotor Maintain Outperform CMP 680.2 Target 724
19.05.2022 - Nomura on Tvsmotor Maintain Neutral CMP 680.2 Target 673
08.02.2022 - CLSA on Tvsmotor Maintain Upgrade Outperform from Underperform CMP 636.95 Target 711(PREVTGT 656)
08.02.2022 - Jefferies on Tvsmotor Maintain Buy CMP 636.95 Target 800
08.02.2022 - UBS on Tvsmotor Maintain Buy CMP 636.95 Target 1000
08.02.2022 - CITI on Tvsmotor Maintain Sell CMP 636.95 Target 550
08.02.2022 - Macquarie on Tvsmotor Maintain Outperform CMP 636.95 Target 810
28.01.2022 - UBS on Tvsmotor Maintain Buy CMP 606 Target 1000
16.12.2021 - CITI on Tvsmotor Maintain Sell CMP 669.40 - Target 540
IDFCFIRSTB
IDFCFIRSTB(IDFC FIRST BANK LIMITED)
04.10.2022 - MS on IDFCFIRSTB Maintain Underperform CMP 53.15 Target 34
01.08.2022 - CLSA on IDFCFIRSTB Maintain Outperform CMP 42.05 Target 41
01.08.2022 - MS on IDFCFIRSTB Maintain Underweight CMP 42.05 Target 34
04.07.2022 - MS on IDFCFIRSTB Maintain Underweight CMP 34.1 Target 33
02.05.2022 - CS on IDFCFIRSTB Maintain Neutral CMP 33.75 Target 43
SBILIFE
SBILIFE(SBI LIFE INSURANCE COMPANY LIMITED)
15.12.2022 - CLSA on SBILIFE Maintain Buy CMP 1242.5 Target 1650
25.10.2022 - Kotak Inst on SBILIFE Maintain Buy CMP 1252.25 Target 1650
16.09.2022 - MS on SBILIFE Maintain Overweight CMP 1275.95 Target 1500
29.07.2022 - MS on SBILIFE Maintain Overweight CMP 1294 Target 1500
29.07.2022 - CITI on SBILIFE Maintain Buy CMP 1294 Target 1665
29.07.2022 - GS on SBILFE Maintain Buy CMP 1294 Target 1400
29.04.2022 - GS on SBILIFE Maintain Buy CMP 1117 Target 1370
29.04.2022 - CS on SBILIFE Maintain Neutral CMP 1117 Target 1180
29.04.2022 - MS on SBILIFE Maintain Overweight CMP 1117 Target 1450
HDFCAMC
HDFCAMC(HDFC Asset Management Company Limited)
07.12.2022 - Jefferies on HDFCAMC Maintain Buy CMP 2244.9 Target 2450
16.09.2022 - MS on HDFCAMC Maintain Equal-Weight CMP 1939 Target 2040
29.06.2022 - CLSA on HDFCAMC Maintain Buy CMP 1793.95 Target 2230
28.04.2022 - BOFA on HDFCAMC Maintain Buy CMP 1700 Target 2785
28.04.2022 - MS on HDFCAMC Maintain Equal-Weight CMP 1700 Target 2500
Tuesday, May 24, 2022
CARTRADE
CARTRADE(Cartrade Tech Limited)
28.04.2022 - Nomura on Cartrade Maintain Buy CMP 607.5 Target 770
Monday, May 16, 2022
CANBK
CANBK(Canara Bank)
26.07.2022 - MS on CANBK Maintain Overweight CMP 221.1 Target 230
15.07.2022 - MS on CANBK Maintain Underweight CMP 214.5 Target 240
09.05.2022 - MS On CANBK Maintain Underweight CMP 197.90 Target 240
FEDERALBNK
FEDERALBNK(The Federal Bank Limited)
17.01.2023 - Motilal Oswal on FEDERALBNK Maintain Buy CMP 134 Target 170
17.01.2023 - MS On FEDERALBNK Maintain Overweight CMP 134 Target 175
17.01.2023 - CITI on FEDERALBNK Maintain Buy CMP 134 Target 165
04.07.2022 - MS on FEDERALBNK Maintain Overweight CMP 95.1 Target 130
09.05.2022 - Kotak Instl on FEDERALBNK Maintain Buy CMP 91 Target 120
JSLHISAR
JSLHISAR(Jindal Stainless (Hisar) Limited)
10.05.2022 - Investec on JSLHISAR Maintain Buy CMP 280 Target 314
PVR
PVR(PVR Limited)
25.11.2022 - BOFA on PVR Maintain Buy CMP 1867.5 Target 2405
18.10.2022 - CLSA on PVR Maintain Buy CMP 1692 Target 2410
18.10.2022 - GS on PVR Maintain Buy CMP 1692 Target 2350
01.09.2022 - BOFA on PVR Maintain Buy CMP 1830.75 Target 1830
22.07.2022 - CLSA on PVR Maintain Buy CMP 1938 Target 2410
22.07.2022 - GS on PVR Maintain Buy CMP 1938 Target 2400
22.07.2022 - BOFA on PVR Maintain Buy CMP 1938 Target 2460
14.07.2022 - UBS on PVR Maintain Buy CMP 1903.45 Target 2300
10.05.2022 - CLSA on PVR Maintain Buy CMP 1705 Target 2155
CLSA ON PVR : 03.06.2021
* Maintain BUY, Target cut at Rs 1,600/share
* Q4FY21 movie ticket sales surprise
* Management is hopeful of rapid occupancy resurgence
* PVR's challenge is of near-term occupancy
ABCAPITAL
ABCAPITAL(Aditya Birla Capital Limited)
12.12.2022 - MS on ABCAPITAL Maintain Equal-Weight CMP 156.6 Target 160
09.11.2022 - MS on ABCAPITAL Maintain Overweight CMP 128.3 Target 160
01.11.2022 - MS on ABCAPITAL Maintain Overweight CMP 118 Target 150
05.08.2022 - CS on ABCAPITAL Maintain Outperform CMP 105 Target 125
17.05.2022 - CS on ABCAPITAL Maintain Outperform CMP 95.05 Target 130(PREVTGT 140)
13.05.2022 - MS on ABCAPITAL Maintain Overweight CMP 100 Target 140
SBIN
SBIN(State Bank of India)
08.12.2022 - CS on SBIN Maintain Buy CMP 617 Target 730
23.11.2022 - Bernstein on SBIN Maintain Outperform CMP 607.1 Target 700
07.11.2022 - Investec on SBIN Maintain Buy CMP 613.8 Target 680
07.11.2022 - GS on SBIN Maintain Buy CMP 613.8 Target 770
07.11.2022 - Jeffereis on SBIN Maintain Buy CMP 613.8 Target 760
07.11.2022 - JpMorgan on SBIN Maintain Overweight CMP 613.8 Target 720
07.11.2022 - Nomura on SBIN Maintain Buy CMP 613.8 Target 690
07.11.2022 - MS on SBIN Maintain Overweight CMP 613.8 Target 715
29.09.2022 - CLSA on SBIN Maintain Buy CMP 524 Target 680
21.09.2022 - Jefferies on SBIN Maintain Buy CMP 568.3 Target 700
19.09.2022 - CLSA on SBIN Maintain Buy CMP 571 Target 680
07.09.2022 - MS on SBIN Maintain Buy CMP 532.1 Target 675
05.09.2022 - CLSA on SBIN Maintain Buy CMP 538.75 Target 660
08.08.2022 - CLSA on SBIN Maintain Buy CMP 520.1 Target 660
08.08.2022 - JpMorgan on SBIN Maintain Overweight CMP 520.1 Target 650
08.08.2022 - Macquarie on SBIN Maintain Outperform CMP 520.1 Target 665
08.08.2022 - Jefferies on SBIN Maintain Buy CMP 520.1 Target 630
08.08.2022 - HSBC on SBIN Maintain Buy CMO 520.1 Target 630
08.08.2022 - MOTILALOSWAL on SBIN Maintain Buy CMP 520.1 Target 625
24.06.2022 - CLSA on SBIN Maintain Buy CMP 456.85 Target 615
08.06.2022 - Nomura on SBIN Maintain Buy CMP 471 Target 615
16.05.2022 - Kotak Instl on SBIN Maintain Buy CMP 456 Target 700
16.05.2022 - MS on SBIN Maintain Overweight CMP 456 Target 580
16.05.2022 - CS on SBIN Maintain Outperform CMP 456 Target 600
16.05.2022 - Nomura on SBIN Maintain Buy CMP 456 Target 615
16.05.2022 - CLSA on SBIN Maintain Buy CMP 456 Target 660
Thursday, May 12, 2022
MGL
MGL(Mahanagar Gas Limited)
15.11.2022 - CLSA on MGL Maintain Buy CMP 900.1 Target 1020
21.09.2022 - UBS on MGL Maintain Buy CMP 860 Target 1280
12.09.2022 - CITI on MGL Maintain Positive CMP 888.85 Target 1040
08.08.2022 - CS on MGL Maintain Neutral CMP 818 Target 785
11.05.2022 - Jefferies on MGL Maintain Buy CMP 747 Target 1400
PNB
PNB(Punjab National Bank)
12.12.2022 - JpMorgan on PNB Maintain Overweight CMP 58.15 Target 72
03.11.2022 - JpMorgan on PNB Maintain Underweight CMP 41.45 Target 34
02.11.2022 - MS on PNB Maintain Equal-Weight CMP 39.1 Target 40
29.09.2022 - CLSA on PNB Maintain Outperform CMP 35.55 Target 40
12.05.2022 - MS on PNB Maintain Equal - Weight CMP 33 Target 41
28.01.2022 - MS on PNB Maintain Equal-Weight CMP 41.15 Target 53
CLSA ON PNB : 08.06.2021
* Upgrade PNB to Outperform from Sell, Target at Rs 47/share
* Asset quality outcome weaker vs peers
* PNB to benefit from turning corporate cycle
* PNB's hit from the last corporate cycle was the highest
* Prefer SBI/ICICI/Axis (30-50% upside)
CLSA ON PNB
* UPGRADE OUTPERFORM TARGET: 47
* CLSA upgrades PNB to Outperform from Sell, but given low RoE expectation, prefers SBI, ICICI & Axis
* Turning Corporate Credit Cycle Will Benefit Co As Well
* Will End The Vicious Cycle Of Losses/Dilution Seen Over FY15-20
* Given Low RoE Expectation, We Prefer SBI/ICICI/Axis
Thursday, April 28, 2022
UBL
UBL(United Breweries Limited)
27.04.2022 - JpMorgan on UBL Maintain Overweight CMP 1577 Target 1700
UBS ON UNITED BREWERIES : 23.06.2021
* UBS maintains its Neutral stance on UBL with Heineken looking to consolidate it stake
* MAINTAIN NEUTRAL TARGET: 1,500
* Heineken Likely To Consolidate Stake
* Heineken's Stake Could Potentially Increase To 62%
• Benign Regulatory Environment To Aid Volumes In H2
HINDZINC
HINDZINC(Hindustan Zinc Limited)
14.07.2022 - CITI on Hindzinc Maintain Neutral CMP 284.35 Target 255
25.04.2022 - CITI on HINDZINC Maintain Neutral CMP 345.35 Target 330
TATACOMM
TATACOMM(Tata Communications Limited)
19.10.2022 - CLSA on TATACOMM Maintain Outperform CMP 1230.05 Target 1433
15.09.2022 - CLSA on TATACOMM Maintain Outperform CMP 1242 Target 1433
15.06.2022 - CLSA on TATACOMM Maintain Outperform CMP 877.45 Target 1070
25.04.2022 - CLSA on TATACOMM Maintain Outperform CMP 1085 Target 1440
CLSA ON TATA COMMUNICATIONS : 10.06.2021
* Maintain BUY, Target at Rs 1,475/share
* Shifts in enterprise network spend
* Muted Ebitda margin guidance
* Platforms and collaboration with TCS
* Play on enterprise data; retain BUY
Tatacommunication Management - Key takeaways - 10.06.2021
* Tata Communications targets to be a key enabler of #digital transformation. Check out the highlights from the #management call.
* Management Call - Key Takeaways
* Tata Communications CEO and CFO held a analyst call
* TCom targets to be a key enabler of digital transformation
• Management guided for double-digit data revenue growth
• Cloud is a major growth driver and TCom has an overlap with TCS here
• Both have a growing collaboration and TCom drives India cloud services
• Management margin guidance is muted at 23-25% with part reversal of Covid-19 cost savings
Tuesday, April 26, 2022
SRF
SRF(SRF Limited)
15.12.2022 - CITI on SRF Maintain Buy CMP 2324.95 Target 3125
04.11.2022 - Jefferies on SRF Maintain Hold CMP 2485 Target 2290
30.09.2022 - Jefferies on SRF Maintain Hold CMP 2508 Target 2290
06.09.2022 - MS on SRF Maintain Buy CMP 2617.2 Target 2757
22.07.2022 - MS on SRF Maintain Overweight CMP 2280 Target 2757
10.05.2022 - Jefferies on SRF Maintain Underperform CMP 2248 Target 2010
20.04.2022 - Jefferies on SRF Maintain Underperform CMP 2517 Target 2010
28.01.2022 - Jefferies on SRF Maintain Underperform CMP 2355 Target 1940(PREVTGT 1840)
07.01.2022 - UBS on SRF Maintain Upgrade Target 3000
LTI
LTI(Larsen & Toubro Infotech Limited)
15.12.2022 - CLSA on LTIM Maintain Outperform CMP 4395 Target 4920
15.07.2022 - MS on LTI Maintain Equal-Weight CMP 3972 Target 390
20.04.2022 - GS on LTI Maintain Sell CMP 5472.35 Target 4570
20.04.2022 - Nomura on LTI Maintain Neutral CMP 5472.35 Target 5970
20.04.2022 - MS on LTI Maintain Underweight CMP 5472.35 Target 5500
MACQUARIE ON L&T INFO : 19.07.2021
* Macquarie has an outperform rating on L&T Info with co as a top pick in midcap Indian IT space
* MAINTAIN OUTPERFORM TARGET: 4,700
* Strong Pipeline & New Client Hunting Position Co Well For FY22
* Expect SG&A To Increase In FY22 For Investment Needs In Cloud & Data Practices
* Raise FY22-24 EPS Estimates By 1-3%
* Co Is Top Pick In Midcap Indian IT Space
GOLDMAN SACHS ON L&T INFO : 19.07.2021
* GS has a Sell call on L&T Info as its finds valuations expensive
* Increase Revenue Growth Forecasts By Up To 3% On Back Of Q1 Beat
* Lower Our Margin Assumptions Due To Tight Labour Market
• Valuations Expensive At Current Levels
* MAINTAIN SELL TARGET: 3,587
CITI ON L&T INFO : 19.07.2021
* Citi maintains Sell rating on L&T Info
* Delivered An In-line Quarter
* Attrition Spike, Sharp Decline In Margin & No Large Deals Key Challenges
* Continue To Like Co For Its Mgmt Team & Growth Track Record
* Expectations & Valuations Are Elevated
* MAINTAIN SELL TARGET: 3,870
KOTAK INSTL EQ ON L&T INFO : 19.07.2021
* Kotak Instl Eq retains its Sell stance on L&T Info
* Good Quarter With QoQ Growth Of 4.8% In CC, Powered By Volume Growth Of 8.8%
* EBIT Margin Declined Sharply Due To Wage Revisions, S&M Investments
* Deal Wins Were Soft But Compensated By Discretionary Spending By Clients
* Well Positioned To Capture Market Opportunities
* Poised For Another Strong Year After Industry Leading Growth In FY21
* MAINTAIN REDUCE TARGET: 4,100
MS ON L&T INFO : 19.07.2021
* MS has an Equal-weight call on L&T Info, expects stock to be range-bound
* MAINTAIN EQUAL-WEIGHT TARGET: 4,250
* Risk-reward Not As Favorable As That Of Other Midcaps/ Large Caps
• Turn In Insurance & Energy Verticals Offset By Lack Of Large Deals & Weak Margin
* Expect Stock To Be Range-bound
GS ON L&T FIN HOLDINGS : 19.07.2021
* GS maintains Buy call on L&T Fin. It expects co to diversify towards higher return generating retail biz over long term
* Marginal Operating Miss; Disbursements Bounced Back In June
* View Diversification Towards Higher Return Generating etail Biz Over Long Term
* Key Risks Are Lack Of Clarity On Strategic Direction, Asset Quality Challenges
* MAINTAIN BUY TARGET: 128
Monday, April 18, 2022
TATAPOWER
TATAPOWER(Tata Power Company Limited)
05.01.2023 - MS on Tatapower Maintain Underweight CMP 206.05 Target 189
25.08.2022 - CLSA on Tatapower Maintain Sell CMP 229.5 Target 212
27.07.2022 - CLSA on Tatapower Maintain Sell CMP 218.05 Target 212
11.07.2022 - MS on Tatapower Maintain Underperform CMP 220.9 Target 175
27.06.2022 - MS on Tatapower Maintain Underperform CMP 207.75 Target 175
09.05.2022 - CLSA on Tatapower Maintain Sell CMP 245 Target 212
18.04.2022 - MS on Tatapower Maintain Underweight CMP 258 Target 244
16.02.2022 - MS On TATAPOWER Maintain Equal-Weight CMP 230.40 Target 228
10.02.2022 - CLSA on TATAPOWER Maintain Sell CMP 241.10 Target 195
BROKERAGE RADAR CLSA ON TATA POWER : 09.08.2021
* CLSA on Tata Power: Maintain BUY, Target at Rs 160/share
• Repricing of debt & net long coal drives solid Q1
• Core Q1 Ebitda was up 12% YoY led by strong coal
• Raise Target price from Rs 127 to Rs 160
• Lift our EPS 3% -6% to factor-in de leveraging, lower rates
EDELWEISS ON TATA POWER : 09.08.2021
* Edelweiss maintains BUY call on Tata Power, target at Rs 170/sh
* Co Began FY22 On A Strong Note With A 10% PAT Outperformance in Q1
* Integrated CGPL & Coal Mining Business Reported 150 Cr PAT On Higher Coal Prices
*3,000 Cr Sequential Increase In Net Debt, Largely Due To Refinancing Of Perpetual Debt
* Strong Ramp-Up In EPC, But With Less Than 4% Margins Due To Higher Module Prices
* Odisha AT&C Loss Increased By 200 bps, Impacted By The Second COVID Wave
* Firm Plans To Foray Into Transmission Business
* MAINTAIN BUY TARGET: 170
CLSA maintains BUY call on Tata Power, target at Rs 160/sh
CLSA ON TATA POWER (CMP: 135.30)
Repricing Of Debt And Net Long Coal Drives Solid Q1
Core Q1 EBITDA Up 12% YoY Led By Strong Coal & Lower Mundra Proj Loss-Making Generation
Emerging RE Play & NCLT Approval Of Merger Of CGPL Key
MAINTAIN BUY TARGET: 160
JPMorgan maintains OVERWEIGHT call on Tata Power, target at Rs 155/sh
JPMORGAN ON TATA POWER (CMP: 135.30)
Q1FY22 Beat, Strategic Objectives Of ESG, Growth & Deleveraging Remain In Sight
Mgmt's Key Focus Remains To Scale Up Renewables & Adjacent Biz, Keeping Leverage Contained
Co Is Our Top Pick In Utilities
MAINTAIN OVERWEIGHT TARGET: 155
M&M
M&M(Mahindra & Mahindra Limited)
14.11.2022 - Kotak Instl on M&M Maintain Buy CMP 1280 Target 1500
14.11.2022 - UBS on M&M Maintain Buy CMP 1280 Target 1600
14.11.2022 - Jefferies on M&M Maintain Underperform CMP 1280 Target 1140
14.11.2022 - JpMorgan on M&M Maintain Overweight CMP 1280 Target 1575
14.11.2022 - GS on M&M Maintain Buy CMP 1280 Target 1640
14.11.2022 - Nomura on M&M Maintain Buy CMP 1280 Target 1616
04.11.2022 - GS on M&M Maintain Buy CMP 1340 Target 1640
19.09.2022 - CLSA on M&M Maintain Buy CMP 1290.85 Target 1567
13.09.2022 - CLSA on M&M Maintain Buy CMP 1296 Target 1567
13.09.2022 - CITI on M&M Maintain Buy CMP 1296 Target 1420
23.08.2022 - Nomura on M&M Maintain Buy CMP 1277 Target 1505
17.08.2022 - BOFA on M&M Maintain Buy CMP 1274.9 Target 1450
08.08.2022 - CLSA on M&M Maintain Buy CMP 1275.6 Target 1498
08.08.2022 - JpMorgan on M&M Maintain Buy CMP 1275.6 Target 1450
08.08.2022 - Kotak Instl on M&M Maintain Buy CMP 1275.6 Target 1450
11.07.2022 - CLSA on M&M Maintain Buy CMP 1147.95 Target 1486
28.06.2022 - CLSA on M&M Maintain Buy CMP 1110.5 Target 1356
28.06.2022 - Nomura on M&M Maintain Buy CMP 1110.5 Target 1308
28.06.2022 - MS on M&M Maintain Overweight CMP 1110.5 Target 1198
28.06.2022 - UBS on M&M Maintain Buy CMP 1110.5 Target 1250
08.06.2022 - CLSA on M&M Maintain Buy CMP 1043 Target 1312
31.05.2022 - Nomura on M&M Maintain Buy CMP 1032 Target 1308
31.05.2022 - MS on M&M Maintain Overweight CMP 1032 Target 1198
31.05.2022 - CLSA on M&M Maintain Buy CMP 1032 Target 1257
30.05.2022 - MS on M&M Maintain Overweight CMP 1000 Target 1145
30.05.2022 - Jefferies on M&M Maintain Underperform CMP 1000 Target 615
07.04.2022 - BOFA on M&M Maintain Buy CMP 874.05 Target 1050
11.02.2022 - CLSA on M&M Maintain Buy CMP 853 Target 1220
11.02.2022 - BOFA on M&M Maintain Neutral CMP 853 Target 920
11.02.2022 - MS on M&M Maintain Overweight CMP 853 Target 1117
15.12.2021 - CLSA on Mahindra & Mahindra Limited - Maintain Buy - Cmp 836 Target1090
CLSA ON M&M : 20.05.2021
* MAINTAIN BUY , TARGET: 1,060
* CLSA maintains Buy call on M&M, but cuts target to Rs 1,060/sh
* Cut FY22/23 Core EPS By 13%/9%
* See Weak Tractor Volumes In FY22 & Delay In New SUV Launches
* Underlying Macro Fundamentals Strong For A Rebound In H2FY22 & FY23
GS ON MAHINDRA & MAHINDRA : 31.05.2021
* MAINTAIN BUY TARGET: 993
* GS has a Buy rating on M&M with valuations attractive at current levels
* Q4 In-line; Fitter & Focused For Long term
* Margin Up 83 bps YoY, Underscoring Robust Cost Controls
* Preferred Pick In The PV/CV Space
* Valuations Attractive At Current Levels
UBS ON MAHINDRA & MAHINDRA : 31.05.2021
* MAINTAIN BUY TARGET: 1,030
* Q4 In-line; Intl Auto+FES To Breakeven By FY23
* Capex Will Limit Meaningful FCF Generation
* Maintain Buy On Improving Return Profile, Strong Outlook
UBS ON MAHINDRA & MAHINDRA : 31.05.2021
* Maintain BUY, Target at Rs 1,030/share
* Strong improvement in global ops; capex+investment still looks high
* Maintain Buy on improving return profile, strong auto growth
* Sales higher on high autos ASP; PAT miss due to one-off
TITAN
TITAN(Titan Company Limited)
09.01.2023 - CLSA on Titan Maintain Outperform CMP 2445 Target 3000
09.01.2023 - Macquarie on Titan Outperform CMP 2445 Target 3250
09.01.2023 - MS on Titan Maintain Overweight CMP 2445 Target 3000
07.11.2022 - Kotak Instl Eq on TITAN Maintain Add CMP 2735 Target 2900
07.11.2022 - GS on TITAN Maintain Buy CMP 2735 Target 3175
07.10.2022 - JpMorgan on TITAN Maintain Overweight CMP 2690 Target 2800
13.09.2022 - JpMorgan on TITAN Maintain Overweight CMP 2668 Target 2800
08.08.2022 - CS on TITAN Maintain Neutral CMP 2447.5 Target 2600
08.08.2022 - MS on TITAN Maintain Overweight CMP 2447.5 Target 2621
08.08.2022 - JpMorgan on TITAN Maintain Overweight CMP 2447.5 Target 2800
08.08.2022 - Macquarie on TITAN Maintain Outperform CMP 2447.5 Target 2900
08.08.2022 - CLSA on TITAN Outperform CMP 2447.5 Target 2550
07.07.2022 - MS on TITAN Maintain Overweight CMP 2129.95 Target 2621
07.07.2022 - CITI on TITAN Maintain Buy CMP 2129.95 Target 2890
20.06.2022 - Macquarie on TITAN Maintain Outperform CMP 1966.90 Target 3000
16.05.2022 - Macquarie on TITAN Maintain Outperform CMP 2091.70 Target 3200
08.04.2022 - CS on TITAN Maintain Neutral CMP 2458.35 Target 2750
07.04.2022 - MS on TITAN Maintain Overweight CMP 2540 Target 2700
07.04.2022 - CLSA on TITAN Maintain Underperform CMP 2540 Target 2540
04.02.2022 - MS on TITAN Maintain Overweight CMP 2475 Target 2720(PREVTGT 2501)
07.01.2022 - CS on TITAN Maintain Neutral Target 2700 from 2500
07.01.2022 - CITI on Titan Maintain Buy Target 2975
MACQUARIE ON TITAN : 02.09.2021
* MAINTAIN OUTPERFORM TARGET: 2,150
• Limited Disruption In Operating Environment of Unorganised Peers
• Building Blocks Are In Place To Drive Up Regulatory Compliance
* Maintain Our FY23/24 EPS Estimates
MACQUARIE ON TITAN : 02.09.2021
• Maintain Outperform, Target at Rs 2150/share
* Hallmarking norms diluted See limited disruption in operating environment of unorganised peers
* Building blocks are in place to drive up regulatory compliance across industry
* Largely maintain our FY23/24E EPS
MS ON TITAN : 05.08.2021
* Morgan Stanley maintains EQUALWEIGHT call on Titan, target at Rs 1,358/sh
* Jewellery Segment Performance In-line With Our Estimates
* Losses In Non-jewellery Segments Higher Than Our Expectations
* Management Expects H2 To Be Much Better
* Margin Improvement In Jewellery Segment Remains Key
* MAINTAIN EQUALWEIGHT TARGET: 1,358
CLSA ON TITAN : 07.07.2021
* MAINTAIN SELL TARGET: 1,370
* CLSA maintains SELL call on Titan, target at Rs 1,370/sh
* Hindered By 2nd Wave Of COVID 19, Co Had Muted Topline Recovery YOY
* Adjusted For Bullion Sales, Overall Sales Are Expected To Grow 51%
* Jewellery Sales Up 37% YoY; Adjusted For Bullion, It's Up 107% YOY
MACQUARIE ON TITAN : 07.07.2021
• Maintain Outperform, Target at Rs 1,750/share
• Second wave hurts 1Q performance
• Jewellery sales impacted by second wave
• Weak sales commentary and continued restrictions on store operations
• Believe Titan is well placed to move back to healthy growth trajectory
MS ON TITAN : 07.07.2021
* Morgan Stanley maintains EQUAL-WEIGHT call on Titan, target at Rs 1,358/sh
* MAINTAIN EQUAL-WEIGHT TARGET: 1,358
* Jewellery Sales Up 37% (Adj. For Bullion Sale, It's Up 107% YoY) Vs 1st Wave
* Non-jewellery Biz Saw A Rapid Recovery In Walk ins On Re-opening
CLSA on Titan : 07.07.2021
* Sell, TP Rs 1370
* Hindered by 2nd wave, co had muted top-line recovery YoY
* Adjusted for bullion sales of Rs6bn in 1QFY21, overall sales are expected to grow 51%
* Jewellery sales grew 37% YoY; adjusted for bullion, 1QFY21 sales grew 107% YoY
MS on Titan : 07.07.2021
* EW, TP Rs 1358
* Jewellery sales rose 37%YoY (adj. for bullion sale of Rs6bn in base, sales rose 107% YoY). Vs. 1st wave:
1) co did not undertake customer outreach initiative given higher humanitarian impact,
2) non-jewellery biz saw a rapid recovery in walk-ins
IIFL on Titan : 06.07.2021
* Continues to focus on omni-channel capabilities, regionalisation, & plugging portfolio gaps
* While next 5-yr growth is likely to be robust, stk seems to be pricing-in 30% market share over 20 yrs, which is ambitious
* ADD, TP Rs 1950
RBLBANK
RBLBANK(RBL Bank Limited)
05.01.2023 - MS on RBLBANK Maintain Underweight CMP 177.75 Target 130
03.12.2022 - MS on RBLBANK Maintain Underweight CMP 151.4 Target130
25.10.2022 - MS on RBLBANK Maintain Underweight CMP 136.9 Target 115
22.06.2022 - CS on RBLBANK Maintain Underperform CMP 91 Target 86
22.06.2022 - BOFA on RBLBANK Maintain Underperform CMP 91 Target 110
13.06.2022 - CLSA on RBLBANK Maintain Outperform CMP 87.6 Target 130
13.05.2022 - JpMorgan on RBLBANK Maintain Neutral CMP 102 Target 110 (PREV TGT 170)
07.04.2022 - MS on RBLBANK Maintain Underweight CMP 139.80 Target 140
28.01.2022 - CS on RBLBANK Maintain Underperform CMP 153.40 Target 135 (PREVTGT 180)
28.01.2022 - CLSA on RBLBANK Maintain Buy CMP 153.40 Target 200
27.12.2021 - CLSA on RBLBANK Maintain outperform - Target 200
27.12.2021 - Investec on RBLBANK Maintain Buy CMP 173 - Target 295
27.12.2021 - ICICI SEC on RBLBANK Downgrade Sell CMP 173 - Target 130
27.12.2021 - CLSA on RBLBANK Maintain outperform CMP 173 - Target 200
• Rating for RBL Bank is under-review
* RBI inducts board member & forces CEO change
• RBL has strong capitalization vs other previous instances of RBI intervention
• New management reiterates guidance & continuity of BAF partnership
* Recommendation changed to under review (from BUY)
Wednesday, April 6, 2022
TCIEXP
TCIEXP(TCI Express Limited)
01.12.2022 - Jefferies on TCIEXP Maintain Buy CMP 1867.5 Target 2350
03.06.2022 - Jefferies on TCIEXP Maintain Buy CMP 1696.8 Target 3200
06.04.2022 - Jefferies on TCIEXP Maintain Buy CMP 1849 Target 2300
MARICO
MARICO(Marico Limited)
05.01.2023 - CLSA on Marico Maintain Underperform CMP 501.9 Target 550
05.01.2023 - JpMorgan on Marico Maintain Overweight CMP 501.9 Target 580
05.01.2023 - Nomura on Marico Maintain Neutral CMP 501.9 Target 590
04.10.2022 - CLSA on Marico Maintain Underperform CMP 523.15 Target 530
20.09.2022 - GS on Marico Maintain Buy CMP 529.5 Target 620
06.07.2022 - CITI on Marico Maintain Buy CMP 500.5 Target 595
06.04.2022 - Nomura on Marico Maintain Buy CMP 543 Target 665
06.04.2022 - Macquarie on Marico Maintain Outperform CMP 543 Target 600
06.04.2022 - CLSA on MARICO Maintain Underperform CMP 543 Target 530
31.01.2022 - MS on Marico Maintain Overweight CMP 471 Target 651(PREVTGT 670)
04.01.2022 - CITI on Marico - Maintain Buy Target 640
04.01.2022 - Macquarie on Marico - Maintain Outperform CMP 514 Target 600
CLSA ON MARICO: 04.01.2022
* CLSA on Marico: Low-teen topline growth, but the weak margin to drive 4% earnings growth. Volume in India is likely to be flat YOY, with muted performance in parachute
* Low-teen Topline Growth, But Weak Margin To Drive 4% Earnings Growth
* Co Expects Low-teen Q3 Rev Growth - India In Double Digits & Intl Biz In High-teens
* Volume In India Is Likely To Be Flat YoY, With Muted Performance In Parachute
* See Gross Margin At 45%, Up 250 bps QoQ But Down 200bps YoY
* See Operating Margin At 17.9%, Up 40 bps QoQ & Down 160bps YoY
CLSA ON MARICO : 01.09.2021
• Maintain Underperform, Target at Rs 550/share
* Management's aspiration looks aggressive; maintain Underperform
• After success in flavoured oats (94% share), Saffola foods looking for expansion
• Valuation captures new initiatives
• Maintain Underperform on limited upside
CLSA ON MARICO : 01.09.2021
* Management's Aspiration Looks Aggressive
* Focus Now On Scaling Up Foods & Digital-first Brand Portfolio
* Like Its Strategy To Grow Through Multiple Smaller Sub-categories
* Of 10 Launches In In Pre-pandemic Period, 7 Have Not Fared Well
* Expectations Running High On 5 New Initiatives Taken During Pandemic
* Valuation Gap Vs Peers Has Also Been Bridged
* See Downside Risks To Management's Growth Guidance of 13-15%
* MAINTAIN UNDERPERFORM TARGET: 550
JPM on Marico Over Weight, Target Price Rs 600 -26.08.2021
Offers good combination of healthy double digit rev growth, potential MT upside from successful portfolio diversification, moderating COGS inflation & attractive relative vals (43x F23 P/E vs most peers at 47-57x)
UBS ON MARICO : 03.08.2021
• Maintain BUY, Target at Rs 600/share
* Driving growth on multiple fronts
• Raw material inflation to stabilize in H2FY22
* Scale benefit partially offset the impact on profits
CITI ON MARICO : 03.08.2021
* Citi maintains buy call on Marico after an in-line Q1
* Revenue Growth Of 31% Driven By 35% India Growth & 20% International Growth
* Gross & EBITDA Margins Dipped Given The Cost Push
* MAINTAIN BUY TARGET: 595
UBS ON MARICO : 03.08.2021
* UBS maintains Buy call on Marico
* Driving Growth On Multiple Fronts
• Raw Material Inflation To Stabilise In H2
* Gross Margin To Improve Hereon
* Scale Benefits Partially Offset Impact On Profitability
* MAINTAIN BUY TARGET: 600
JPMORGAN ON MARICO : 15.07.2021
* JPMorgan shares its view on Marico's investment in Just Herbs that was announced yesterday, says it is a step towards building at least three Rs 100 cr+ digital brands in 3 years
• Co Building On Digital-first, Mid-premium Ayurvedic BPC Portfolio Via Just Herbs Acquisition
• Just Herbs Acquisition A Step Towards Building At Least Three 100 Cr+ Digital Brands In 3 Years
* MAINTAIN OVERWEIGHT TARGET: 570
CITI ON MARICO : 15.07.2021
• Business momentum remains healthy with tailwinds for key brands
* Tailwinds of key brands including Parachute/Saffola
• New launches and go-to-market initiatives are mid-term positives
* Recent softening of input costs should aid profitability near-term
CITI ON MARICO : 15.07.2021
* All digital brands could contribute low-to-mid single digits to Marico's earnings by FY24, Citi says
* All Digital Brands Could Contribute Low-to-mid Single Digits To Earnings By FY24
* After Beardo & Just Herbs, Probability Of A Food D2C Brand Under Marico May Be High
* MAINTAIN OVERWEIGHT TARGET: 595
CITI ON MARICO : 05.07.2021
* Maintain BUY, Target at Rs 595/share
• See no material surprises from Marico's 1Q trading update
* Revenue growth will be healthy
* Margins will contract on last year's abnormally high base
• EBITDA growth will be in mid-single digits YoY in Q1
* Medium-term expect a steady business outlook
CITI ON MARICO : 05.07.2021
* MAINTAIN BUY TARGET: 595
* Citi continues to have a Buy call on Marico
* No Material Surprises From Q1 Trading Update
* Rev Growth Will Be Healthy & Margin Will Contract On Last Year's High Base
* 8% 2-yr CAGR Should Be One Of The Highest In Staples Coverage
GOLDMAN SACHS ON MARICO : 05.07.2021
* GS maintains Neutral stance on Marico after Q1 business update
* MAINTAIN NEUTRAL TARGET: 475
• Q1 Trading Update: Input Cost Inflation Offsetting Revenue Growth
* Co Expects To Deliver Muted Bottom Line Growth In The Quarter
CREDIT SUISSE ON MARICO : 29.06.2021
* Maintain Outperform, Target at Rs 600/share
* Marico to achieve its revenue target for Saffola Foods by FY24
* Saffola scores strongly on the two key factors for TAM expansion
* Marginally lower our FY22E EPS (~2%) due to near term margin pressures
* Raise Target price to Rs 600/share from Rs 490/share
CS ON MARICO : 29.06.2021
* It would be amongst most successful TAM expansion in FMCG space in this decade if Marico achieves FY24 rev tgt for Saffola Foods, says Credit Suisse. It believes, Saffola Foods expansion can drive a re-rating in co, target raised to Rs 600/sh
* Amongst Most Successful TAM Expansions If FY24 Rev Tgt For Saffola Is Achieved
* In Our Base Case, We See Saffola Foods Reaching *740 Cr Of Revenue In FY24
* 850 Cr Tgt In Foods Will Be Achieved Via One More Category Entry
* Need Faster Ramp-up In Honey & Soya Chunks To achieve The Revenue Target
* Lower Our FY22 EPS Estimate By 2% Due To Near-term Margin Pressures
* Saffola Foods Expansion Can Drive A Re-rating In Co
* Raise Target Price To 600 From $490/Sh
M&MFIN
M&MFIN(Mahindra & Mahindra Financial Services Limited)
05.01.2023 - MS on M&MFin Maintain Overweight CMP 232.9 Target 275
03.01.2023 - Jefferies on M&MFIN Maintain Underperform CMP 232.9 Target 175
03.12.2022 - MS on M&MFIN Maintain Overweight CMP 229.9 Target 275
03.12.2022 - CLSA on M&MFIN Maintain Buy CMP 229.9 Target 260
04.11.2022 - Nomura on M&MFIN Maintain Neutral CMP 217.5 Target 210
03.11.2022 - Jefferies on M&MFIN Maintain Underperform CMP 218.95 Target 155
03.11.2022 - BOFA on M&MFIN Maintain Buy CMP 218.95 Target 245
03.11.2022 - MS on M&MFIN Maintain Overweight CMP 218.95 Target 225
04.10.2022 - MS on M&MFIN Maintain Overweight CMP 199.2 Target 225
04.10.2022 - BOFA on M&MFIN Maintain Buy CMP 199.2 Target 245
23.09.2022 - MS on M&MFIN Maintain Overweight CMP 180.3 Target 225
20.09.2022 - CLSA on M&M Maintain Buy CMP 227.6 Target 260
01.08.2022 - CS on M&MFIN Maintain Underperform CMP 189.95 Target 157
29.07.2022 - MS on M&MFIN Maintain Overweight CMP 186.8 Target 225
05.07.2022 - MS on M&MFIN Maintain Overweight CMP 178.85 Target 225
06.06.2022 - BOFA on M&MFIN Maintain Buy CMP 186.4 Target 206
05.04.2022 - BOFA on M&MFIN Maintain Buy CMP 168.10 Target 188
03.02.2022 - CLSA on M&MFIN Maintain Outperform CMP 169 Target 240
HSBC
HSBC(Hongkong and Shanghai Banking Corporation Limited)
25.11.2022 - HSBC on Cipla Maintain Buy CMP 1097.1 Target 1340
25.11.2022 - HSBC on Jublfood Maintain Buy CMP 550.75 Target 750
23.11.2022 - HSBC on DELHIVERY Maintain Buy CMP 329.95 Target 455
25.10.2022 - HSBC on Kotakbank Maintain Hold CMP 1871 Target 2030
25.10.2022 - HSBC on Reliance Maintain Hold CMP 2459.2 Target 2500
25.10.2022 - HSBC on Icicibank Maintain Buy CMP 924 Target 1100
06.10.2022 - HSBC on KALYANKJIL Maintain Buy CMP 99.2 Target 125
22.09.2022 - HSBC on Zomato Maintain Buy CMP 63.45 Target 85
24.08.2022 - HSBC on Reliance Maintain Hold CMP 2628 Target 2620
16.08.2022 - HSBC on MAXHEALTH Maintain Buy CMP 404.7 Target 425
16.08.2022 - HSBC on Divislab Maintain CMP 3744 Target 4325
16.08.2022 - HSBC on Apollohosp Maintain Buy CMP 4343.05 Target 5020
08.08.2022 - HSBC on SBIN Maintain Buy CMO 520.1 Target 630
01.08.2022 - HSBC on Sunpharma Maintain Buy CMP 916.25 Target 1120
01.08.2022 - HSBC on Cipla Maintain Outperform CMP 1005 Target 1180
08.04.2022 - HSBC on Jublfood Maintain Buy CMP 2851.44 Target 4300
05.04.2022 - HSBC on Maruti Maintain Buy CMP 7740 Target 9500
03.02.2022 - HSBC on Adaniports Maintain Buy CMP 745 Target 900
KPITTECH
KPITTECH(KPIT Technologies Limited)
22.09.2022 - GS on KPITTECH Maintain Buy CMP 665.75 Target 900
04.04.2022 - GS on KPITTECH Maintain Buy CMP 608.25 Target 840
INSURANCE SECTOR
INSURANCE SECTOR
MORGAN STANLEY ON INSURANCE : 04.04.2022
• Upgrade HDFC Life to Overweight, given the underperformance
* Upgrade PB Fintech to Overweight post sharp stock correction
* Downgrade HDFC AMC to • Risks to growth and capital costs are rising
• Cut forecasts and price targets
• For life insurers, strong numbers but poor narrative driving share prices
CLSA ON LIFE INSURANCE : 18.02.2022
• Maintain BUY on SBI Life, Max Financial & ICICI Pru
• Strong risk-reward skewed on insurance
• Sensitivity analysis suggests just 6-7% growth factored-in now
• Believe part of the correction has been driven by headwinds
• Term life growth slowed since Nov 2020 due to reinsurer-led pressure
• Target for SBI Life at Rs 1600/share
• Target for Max Financial at Rs 1150/share
• Target for ICICI Pru at Rs 660/share
CLSA ON INSURANCE : 08.06.2021
* May was a tough month for Insurance cos as.
* Individual APE dropped 29% Vs May 2019. Max Life & HDFC life had relatively low contractions while SBI Life had maximum drop of 49% YoY due to rural impact. CLSA has Max Fin & SBI Life as preferred insurance picks
* May Was A Tough Month; Individual APE Dropped 29% Vs May 2019
* Given COVID & Mortality Spike, May Was Expected To Be Difficult
* Max Life & HDFC Life Had Relatively Low Contractions Of 10/22% Vs May 2019
* ICICI Pru Grew YoY But Fell 40% Vs May 2019
* SBI Life Had A Maximum Drop Of 49% YoY Due To Rural Impact
* Max Fin & SBI Life Remain Preferred Insurance Picks
Thursday, March 31, 2022
NATIONALUM
NATIONALUM(National Aluminium Company Limited)
26.05.2022 - JpMorgan on NATIONALUM Maintain Overweight CMP 93.4 Target 135
31.03.2022 - JpMorgan on NATIONALUM Maintain Overweight CMP 122.35 Target 158
21.12.2021 - Antique on Nalco - Maintain Buy - Target Rs.126
MOTILAL OSWAL ON NALCO : 29.06.2021
* Maintain BUY, Target at Rs 93/share
• Retain Buy on strong earnings outlook
• Raise FY22E/FY23E EBITDA estimate by 43%/27%
* This factors in higher aluminum prices
* High prices should support strong cash flows
Wednesday, March 30, 2022
ESCORTS
ESCORTS(Escorts Limited)
21.11.2022 - JpMorgan on Escorts Maintain Underweight CMP 2200 Target 1525
03.08.2022 - CS on Escorts Maintain Underperform CMP 1636.85 Target 1440
02.08.2022 - CLSA on Escorts Maintain Sell CMP 1635.05 Target 1612
15.06.2022 - CLSA on Escorts Maintain Buy CMP 1862.5 Target 2069
17.05.2022 - JpMorgan on Escorts Maintain Overweight CMP 1576.7 Target 1800
30.03.2022 - BOFA on Escorts Maintain Underperform CMP 1638 Target 1500
KOTAK INSTL EQ ON ESCORTS : 17.05.2021
* Kotak Instl Eq has a Buy call On Escorts as it expects tractor industry to show strong growth over next 2 yrs
* MAINTAIN BUY TARGET: 1,700
* Tractor Volumes Likely To Grow In FY22 Despite Near term Headwinds
* EBITDA Above Our Estimate, Led By Better than-expected Revenue
* Expect Tractor Industry To Show Strong Growth Over Next 2 Yrs
EMAMILTD
EMAMILTD(Emami Limited)
13.09.2022 - GS on EMAMILTD Maintain Buy CMP 583 Target 565
30.03.2022 - CLSA on EMAMILTD Maintain Outperform CMP 431 Target 470
30.03.2022 - CS on EMAMILTD Maintain Outperform CMP 431 Target 640
STARHEALTH
STARHEALTH(Star Health and Allied Insurance Company Limited)
15.09.2022 - CLSA on STARHEALTH Maintain Underperform CMP 714 Target 760
07.09.2022 - CITI on STARHEALTH Maintain Sell CMP 727.95 Target 670
01.08.2022 - CLSA on STARHEALTH Maintain Underweight CMP 707.65 Target 760
07.07.2022 - CS on STARHEALTH Maintain Outperform CMP 340.4 Target 600
14.06.2022 - UBS on Starhealth Maintain Sell CMP 689 Target 660
25.04.2022 - KOTAK on STARHEALTH Maintain Add CMP 704 Target 775
30.03.2022 - CLSA on STARHEALTH Maintain Buy CMP 688 Target 830
PRESTIGE
PRESTIGE(Prestige Estates Projects Limited)
29.09.2022 - JpMorgan on PRESTIGE Maintain Overweight CMP 447.1 Target 635
11.08.2022 - CLSA on PRESTIGE Maintain Buy CMP 456.1 Target 610
11.08.2022 - Jefferies on PRESTIGE Maintain Buy CMP 456.1 Target 550
30.03.2022 - CLSA on PRESTIGE Maintain Buy CMP 493 Target 595
TATACONSUM
TATACONSUM(TATA CONSUMER PRODUCTS LIMITED)
28.10.2022 - JpMorgan on TATACONSUM Maintain Neutral CMP 770.35 Target 825
30.03.2022 - MS on TATACONSUM Maintain Overweight CMP 743 Target 886
30.03.2022 - JpMorgan on TATACONSUM Maintian Neutral CMP 743 Target 760
03.02.2022 - MS on Tataconsumer Maintain Overweight CMP 742 Target 886
20.01.2022 - MS on TataConsumer Maintain Overweight CMP 726 Target 886
NOMURA ON TATA CONSUMER : 11.06.2021
• Maintain BUY, Target at Rs 825/share
* 'Transforming for better' on track
* Increase FY22-23F EPS forecasts by 2-3% post annual report
* Strong bottom-line growth aided by adoption of packaged foods increasing at a faster pace
* Valuation to Jun-23F from Mar-23F value TCPL on SOTP
* Implying a target P/E of 52x Jun-23F EPS
MOTILAL OSWAL ON TATA CONSUMER PRODUCTS : 10.06.2021
• Maintain BUY, Target at Rs 775/share
• India food business to spearhead growth
* India beverage business to maintain its growth trajectory
* Strong cash generation to support its expansion plans
MFSL
MFSL(Max Financial Services Limited)
15.12.2022 - CLSA on MFSL Maintain Buy CMP 684.45 Target 1200
02.08.2022 - CLSA on MFSL Maintain Buy CMP 847 Target 1050
29.03.2022 - CLSA on MFSL Maintain Buy CMP 703 Target 1030
NEWGEN
NEWGEN(Newgen Software Technologies Limited)
29.03.2022 - Jefferies on NEWGEN Maintain Buy CMP 483 Target 650
19.01.2022 - Jefferies on NEWGEN Maintain Buy CMP 610 Target Rs.770
INDIAMART
INDIAMART(Indiamart Intermesh Limited)
30.03.2022 - BOFA on INDIAMART Maintain Underweight CMP 4302 Target 3285
29.03.2022 - BOFA on INDIAMART Maintain Underperform CMP 4404.6 Target 3285
MEDIA SECTOR
MEDIA SECTOR
CLSA ON INOX-PVR MERGER : 28.03.2022
* Merger Offers Compelling Synergy
* Merger Will Likely Take Over Six Months & Be Subject To Approvals
• PVR & Inox Have Seen A Strong Reopening
* In India, OTTs Have Limited Risk To Multiplexes
* Retain Buy On On PVR & Inox
CLSA ON PVR-INOX : 28.03.2022
• PVR-Inox merger offers compelling synergy
* Consolidating the sector with strong growth ahead
• Retain BUYS on PVR and INOX
• Both stocks have outperformed 35% YTD and
• Both target prices based on EV/Ebitda of 13x Mar-24CL
CLSA ON ZEE ENT & SUN TV : 23.06.2021
* CLSA has a Buy rating on both Zee Ent & Sun TV, but finds Zee Ent better placed on growth parameters
* Zee Ent Is Better Placed Vs Sun TV
* Zee's Ad Revenue Is 3.5x & Subscriptions 2x Of Sun TV
* Both Will Be Beneficiaries Of A Strong Rebound
* Zee Will Surpass The Pre-COVID-19 Peak In FY23
* Zee Offers 34% Earnings CAGR While Sun's Valn Is At A 15% Premium
* Zee Ent Is Top Pick In The Space With A Traget Of *306/Sh
* Have A Buy Call On Sun TV With A Target Of *550/Sh
STEEL SECTOR
STEEL SECTOR
CITI ON STEEL : 28.03.2022
* Citi says if spot spreads sustain, Tata Steel could have significant upside, followed by JSPL. It also expects domestic iron ore prices to rise further
* Overall Demand Growth Prospects For China Materials Relatively Weaker Vs 2021
* Ex-China, Demand For Metals Will Likely Remain Resilient In Next 3-6 Months
* Amid Geopolitical Developments, Believe Reflation Trade Will Last For Longer
* If Spot Spreads Sustain, Tata Steel Could Have Significant Upside, Followed By JSPL
* JSW Steel & SAIL May Be Pricing In Stronger Spreads Than Spot
* Domestic Iron Ore Prices Could Rise Further As Well, Positive For NMDC
JP MORGAN ON STEEL : 11.02.2022
* Steel price hikes start; sharp increase in export prices
* TATA, SAIL trading <3x spot EV/EBITDA
* Regional HRC prices surge on back of re-stocking demand
• Raw material cost push drives HRC prices higher
• HRC prices implied spreads are sharply below recent peak levels
* Suggest that there is scope for further price hikes
BofA SEC ON STEEL : 06.01.2022
* Steel cycle has peaked, Tata Steel only Buy
• Maintain BUY on Tata Steel with Target at Rs 1435/share
• Indian steel prices & stocks have had a strong CY21
• Estimate EBITDA/t decline of 40-56% YoY
* See earnings decline of 37-67% in FY23
* Overall, see Indian steel market being well supplied
JPMORGAN ON STEEL : 07.06.2021
* Steel demand surprisingly strong during lockdown
* Coking coal price surge to limit margin expansion
* Domestic steel demand holds up surprisingly well in April & May
* Steel exports picked up in May, should remain elevated in June
* Domestic steel prices increased again in June, prices close to peak
* Coking coal prices surge, steel spreads likely peaked
* Steel stocks pulled back globally last week
* Maintain our view of near-term consolidation in the Indian Metals & Steel stocks
JPMORGAN ON STEEL : 07.06.2021
* Steel Demand Surprisingly Strong During Lockdown
* Coking Coal Price Surge To Limit Margin Expansion
* Domestic Steel Prices At A Discount Of 15-20% To Landed Steel Prices
* Large Hikes Hereon Unlikely As Regional Steel Prices Are Close To Peak
* Auto Cos Should See Meaningful Increases In Their Contract Prices
* Positive For Companies Like Tata Steel & JSW Steel
MORGAN STANLEY ON STEEL : 07.06.2021
* MS expects elevated steel prices to continue in near term
* May Saw Stable Demand But Was Another Month Of Declining Inventory
* Expect Elevated Steel Prices To Continue In Near Term
* Steel Prices Will Be Supported By Discount Of Domestic To Intl Prices
Friday, March 25, 2022
ANURAS
ANURAS(Anupam Rasayan India Limited)
28.10.2022 - Jefferies on ANURAS Maintain Buy CMP 761.95 Target 1030
25.03.2022 - Jefferies on ANURAS Initiate Buy CMP 859 Target 1040
MARUTI
MARUTI(Maruti Suzuki India Limited)
13.01.2023 - MS on Maruti Maintain Overweight CMP 8855 Target 10483
23.11.2022 - UBS on Maruti Maintain Buy CMP 9025 Target 12000
31.10.2022 - Kotak Instl Eq on Maruti Maintain Sell CMP 9535 Target 8150
31.10.2022 - CLSA on Maruti Maintain Sell CMP 9535 Target 7597
31.10.2022 - JpMorgan on Maruti Maintain Neutral CMP 9535 Target 8700
31.10.2022 - CITI on Maruti Maintain Buy CMP 9535 Target 12500
31.10.2022 - GS on Maruti Maintain Buy CMP 9535 Target 11250
28.10.2022 - GS on Maruti Maintain Buy CMP 9535 Target 10600
13.10.2022 - CLSA on Maruti Maintain Sell CMP 8664 Target 7597
07.10.2022 - GS on Maruti Maintain Buy CMP 8750 Target 10500
27.09.2022 - MS on Maruti Maintain Overweight CMP 8777 Target 9839
27.09.2022 - CLSA on Maruti Maintain Sell CMP 8777 Target 7374
27.09.2022 - Nomura on Maruti Maintain Neutral CMP 8777 Target 8970
12.09.2022 - UBS on Maruti Maintain Buy CMP 8922 Target 10500
01.07.2022 - CLSA on Maruti Maintain Sell CMP 8471 Target 7053
01.07.2022 - Nomura on Maruti Maintain Neutral CMP 8471 Target 8627
29.06.2022 - CLSA on Maruti Maintain Sell CMP 8438.1 Target 7053
27.06.2022 - BOFA on Maruti Maintain Buy CMP 8425 Target 9500
24.06.2022 - JpMorgan on Maruti Maintain Neutral CMP 8254.9 Target 8200
16.06.2022 - Jefferies on Maruti Maintain Buy CMP 7853.45 Target 10250
13.06.2022 - UBS on Maruti Maintain Buy CMP 7901.4 Target 10000
02.05.2022 - Nomura on Maruti Maintain Neutral CMP 7717 Target 8627
02.05.2022 - BOFA on Maruti Maintain Buy CMP 7717 Target 8750
26.04.2022 - MS on Maruti Maintain Overweight CMP 7908 CMP 9473
05.04.2022 - HSBC on Maruti Maintain Buy CMP 7740 Target 9500
25.03.2022 - CLSA on MARUTI Maintain Sell CMP 7533 Target 6430
17.02.2022 - CLSA on Maruti Maintain Sell CMP 8583 Target 6440
27.01.2022 - CS on Maruti Maintain Outperform CMP 8603 Target 10389
27.01.2022 - Macquarie on Maruti Maintain Outperform CMP 8603 Target 9753
27.01.2022 - CITI on Maruti Maintain Outperform CMP 8603 Target 10000
27.01.2022 - Gs on Maruti Maintain Outperform CMP 8603 Target 10100
27.01.2022 - CLSA on Maruti Maintain Sell CMP 8603 Target 6440
27.01.2022 - KotakInstl On Martui Maintain Sell CMP 8603 Target 7800
18.01.2022 - GS on Maruti Maintain Buy CMP 8266 Target 9100
18.01.2022 - CLSA on Martui Maintain Sell CMP 8266 Target 6420
03.01.2022 - GS on Maruti Buy, TP Rs 9000
MACQUARIE ON MARUTI : 02.09.2021
* MAINTAIN NEUTRAL TARGET: 6,800
* Management Sees Sep Production At 40% Of Normal Level
* We See 7-19% Downside To Our FY22 Volume Estimate
• Timing & Intensity Of Recovery In Semiconductor Supply Is Key
* Current Valuations Cap Downside Risk
GOLDMAN SACHS ON MARUTI : 01.09.2021
• Maintain BUY, Target at Rs 9036/share
* Chip shortage to cause further production cuts in September
• Cut FY22E EBITDA by 5%, FY23 / FY24 estimates mostly unchanged
* September production cuts due to semiconductor shortages
* Vol impact to be partially offset by price hikes
MORGAN STANLEY ON MARUTI : 29.07.2021
• Maintain Overweight, Target at Rs 8,307/share
* Troughs in margins, volumes, and the model cycle keep us OW
• P/E in the context of depressed earnings is also attractive
• India's PV cycleisata multi-year low; reiterate OW
BERNSTEIN ON MARUTI : 29.07.2021
* Bernstein maintains OUTPERFORM rating on Maruti as management indicates a recovery in overall demand
* Q1 Results Reflect Challenges On Multiple Fronts
* Commodity Prices Continue An Uptrend & Not Fully Offset By Price Increase In Recent Months
* COVID-related Production Disruption Impacted Operating Leverage
* Commencement of Provisioning For Wage Revision In A Weak Quarter Was An Additional Impact
• Mgmt Commentary Indicated Recovery In Overall Demand
* MAINTAIN OUTPERFORM TARGET: 7,850
KOTAK INSTITUTIONAL EQ ON MARUTI : 29.07.2021
* Maruti's Q1 EBITDA 5% below our expectations due to higher input costs & employee expenses, Kotak Institutional Equities says, maintains SELL call
* Q1 EBITDA 5% Below Our Expectations Due To Higher Input Costs & Employee Expenses
* Volume Growth Outlook Remains Strong Given Strong Order Backlog
* Maintain Sell As We Are Concerned On Market Share Loss In SUV Segment & Rich Valuations
* MAINTAIN SELL TARGET: 6,000
ZEEL
ZEEL(Zee Entertainment Enterprises Limited)
07.12.2022 - CLSA on ZEEL Maintain Buy CMP 260.9 Target 325
14.11.2022 - UBS on ZEEL Maintain Buy CMP 259.2 Target 350
16.08.2022 - CLSA on ZEEL Maintain Buy CMP 237.75 Target 316
25.03.2022 - CLSA on ZEEL Maintain Buy CMP 295.60 Target 380
03.02.2022 - CLSA on ZEEL Maintain Buy CMP 292 Target 427
23.12.2021 - Motilal Oswal On Zeel Upgrade Buy - Target 425
23.12.2021 CITI - buy with target price of 395
23.12.2021 CLSA buy with target price of 415
23.12.2021 MOSL - upgrade to buy target price of 425
23.12.2021 Elara - buy with target price of 450
15.12.2021 - CLSA on Zeel - Maintain Buy - Cmp 372 Target 415
CLSA ON ZEE ENT : 21.05.2021
* MAINTAIN BUY TARGET: 306
* Zee Ent's Q4 ahead of estimates and ad revenue up 9% YOY, CLSA says
* Q4 Ahead Of Estimates And Ad Revenue Up 9% YoY
* Co Sees Rapid Recovery In Ad Revenue If Lockdowns Not Extended
* Balancesheet Cash Has Increased To 21,860 Cr From 1,000 Cr In FY20
* Risk-reward Attractive At Current Valuations
GS ON ZEE ENT : 21.05.2021
* MAINTAIN NEUTRAL TARGET: 208 (PREVIOUS TARGET: 225)
* Goldman Sachs forecasts a 5% FY20-25 revenue CAGR (8% FY21-25 CAGR) for Zee Ent after the media major announced its Q4 results yesterday
* Revenue Growth Of 1% YoY Is 7% Below Our Estimate
* Expect Growth Outlook For Zee To Stay Challenged
* Forecast A 5% FY20-25 Revenue CAGR (8% FY21-25 CAGR)
* Television Advertisement Will Continue To Lose Share To Digital
* Make 7-10% Cuts To Our EBITDA Estimates
UBS ON ZEE ENT : 21.05.2021
* MAINTAIN BUY TARGET: 250
* Healthy ad recovery by Zee Ent, but 2nd COVID wave could negatively impact FY22, UBS says
* Healthy Ad Recovery, But 2nd COVID Wave Could Negatively Impact FY22
* 'If Current Wave Does Not Go Into Q2, Double-digit Growth Is Achievable'
CLSA ON ZEE : 21.05.2021
* Maintain BUY, Target at Rs 306/share
* Q4 India ad revenue up 9% YoY
* Cash rises to Rs 1,860 cr & stock at 12x PE
* Resilient business and a compelling valuation; Zee to pull back investment in the 80%-owned SugarBox
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ERIS
ERIS(Eris Lifesciences Ltd) 18.01.2023 - Macquarie on ERIS Maintain Outperform CMP 625.75 Target 830