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Houseviews: Get advice on Kingfisher, RIL, BPCL
JPMorgan is underweight on Kingfisher with a target Rs 15 after SBI classified its loans to the airline as NPAs. They believe raising fresh capital to fund these obligations looks difficult in the current environment.
JPMorgan is underweight on Kingfisher with a target of Rs 15 after SBI classified its loans to the airline as NPAs. They believe raising fresh capital to fund these obligations looks difficult in the current environment. Promoters providing secondary collateral in the form of group company shares is also a negative and could pressure near-term price performance
Morgan Stanley maintains equalweight on Reliance Industries with a target of Rs 921. They believe the partial divestment of stake in several ETV channels gives Reliance access to a broad content for its broadband foray through the TV18 group. But they still remain concerned about its diversification into non-core areas.
RBS has a buy on BPCL with a target of Rs 650. BPCL's partner in the Mozambique block has started the formal process of selling its stake and this will establish a valuation benchmark for the block, which in turn could support BPCL's valuation.
Bank of America Merrill Lynch reiterate their underperform rating on Jet Airways on the back of muted domestic yields, higher cost due to a weaker rupee and worsening fundamentals of its subsidiary Jetlite.
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