The domestic stock market on Thursday showed early signs of a possible breakout from its consolidation range. And Nifty futures on Singapore traded 14.50 points lower this morning, signalling a weak start for Dalal Street.
As you head for the day’s trade, here is a compilation of overnight analyst calls on various stocks.
. Motilal Oswal has initiated coverage on Essel Propack with a buy rating and target price of Rs 210. Essel Propack is set to benefit from various expansion measures and efforts to improve its product mix across geographies over the last two years, said Motilal Oswal. Operating leverage benefits are likely to kick in with ramp-up of operations, particularly in the Americas and Europe, the brokerage said. Shares of Essel Propack ended up 8 per cent at Rs 173.50 on Wednesday.
. Investec Securities has initiated coverage on Aditya Birla Capital with a buy rating and target price of Rs 135. The brokerage derives comfort from the company’s a) strong risk management, b) low cost of funds, and c) professional management. Further, group synergies are significant and provide a strong platform to its subs on brand, distribution and risk, said Investec. Return on equity expansion in lending subsidiares is key to value creation over the medium term, with asset quality deterioration a notable risk, said Investec. Shares of Aditya Birla Capital ended down 3 per cent at Rs 75.50 on Wednesday.
. Jefferies has a buy rating on Syngene International with a target price of Rs 350. The company’s FY20 growth has been lower due to slower ramp-up of biologics manufacturing, said Jefferies. Syngene remains well placed to gain market share and see strong earnings traction over the medium term, said Jefferies. Shares of Syngene International ended up 1.7 per cent at Rs 298.65 on Wednesday.
. Emkay Global has maintained buy rating on Britannia Industries with a target price of Rs 3,500. The recent stock underperformance and improving margin outlook provide a good entry opportunity, said Emkay Global. Valuations at 39 times FY22 estimated earnings per share (EPS) are attractive versus peers, said Emkay. Recent price hikes and the company’s strong focus on cost efficiencies point to further margin expansion ahead, it said. Shares of Britannia Industries ended up 1.2 per cent at Rs 3,062.90 on Wednesday.
. HSBC has maintained buy rating on Phoenix Mills and raised target price to Rs 1,110 from Rs 1,000. The brokerage expects rental growth to remain strong on ramp up of Palladium, Chennai, and start-up of Lucknow mall. This should drive consolidated rental growth of 15 per cent over the next five years (FY20-25) as against 11 per cent during FY14-19 as new malls come on-stream, said HSBC. Shares of Phoenix Mills ended up 3.9 per cent at Rs 864.35 on
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