Morgan Stanley maintains overweight target on Maruti with target price at Rs 5899 per share as bookings improved in December.
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India infra stocks
CLSA says USD 25 billion capex plan will benefit construction majors and USD 15 billion infra projects started in Mumbai will drive construction boom. Key beneficiaries of this capex shall be companies like L&T, J Kumar Infra & NCC. It continues to see infra capex picking up, led by the public sector.
Morgan Stanley maintains overweight target on it with target price at Rs 5899 per share as bookings improved in December. Bookings were up 7 percent in first 22 days of December with rural retail sales up 18 percent in first 22 days of December versus 11 percent growth in April-November. It says Maruti is the first company to report rural pick up while blended discounts are similar to levels seen last December.
Credit Suisse assumes coverage with a neutral rating with target price of Rs 176.67 per share.