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Last Updated : Jan 09, 2020 01:06 PM IST | Source: Moneycontrol.com

HSBC retains buy and raises target price on these 2 stocks, both gain 3-6%

While retaining buy call on Voltas, HSBC raised target price to Rs 735 from Rs 720 (implying 13 percent potential upside from current levels).

 
 
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Global brokerage house HSBC maintained its bullish stance on air-conditioner maker Voltas and PVC water pipes maker Finolex Industries on January 9. Both stocks rallied 3 percent and 6 percent intraday respectively.

While retaining buy call on Voltas, HSBC raised target price to Rs 735 from Rs 720 (implying 13 percent potential upside from current levels) as it feels Room AC industry will post double-digit growth in 2020 with company outperforming the industry.

"Narrative of increasing competitive pressure looks overplayed. We continue to expect margin improvement for room AC segment and expect strong scale-up in projects business & Beko JV," the research house said.

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In case of Finolex Industries, the brokerage maintained buy call and raised the target to Rs 710 from Rs 680 per share (implying 31 percent potential upside from current levels) as the decline in EDC feedstock price will help PVC resin earnings.

"PVC remains the most resilient product chain and the regulatory changes are also helpful," HSBC said.

Voltas was quoting at Rs 671.15, up Rs 20.05, or 3.08 percent and Finolex Industries was at Rs 564.95, up Rs 22.70, or 4.19 percent on the BSE at 1250 hours IST.

Disclaimer: The above report is compiled from information available on public platforms. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.

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First Published on Jan 9, 2020 01:06 pm
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