Brokerage calls: Buy Hexaware, Maruti, L&T, Guj Pipavav

Hexaware
Brokerage: Nomura
Rating: BUY
Target: Rs 130
Rationale: Communication from Baring on what they bring to the table will be keenly watched, especially if Baring can bring any revenue synergies for Hexaware on the business front from among its portfolio companies.

L&T
Brokerage: Barclays
Rating: OVERWEIGHT
Target: Rs 900
Rationale: The brokerage believes that the earnings cycle is heading closer to a trough with likely acceleration from H2FY14, given strength in new order inflows. Stock valuations are at 10-year lows and provide downside cushion. Maruti Suzuki
Brokerage: Bank of America Merrill Lynch
Rating: BUY
Target: Rs 1650
Rationale: Maruti expects one new car launch for 4 successive years. This includes a compact SUV in FY15. The company is still studying feasibility of entering LCV business. It will implement its capex of Rs 35 billion in FY14 despite current demand slowdown. Gujarat Pipavav
Brokerage: Citi
Rating: BUY
Target: Rs 56
Rationale: The brokerage believes that while a delay in environmental clearance is slightly negative for long-term development of the port, the chances are high that the final approval will come through eventually as it has been only put on hold and not entirely cancelled. The brokerage maintains a buy due to volume recovery and currency tailwinds.