Brokerage: HSBC | Rating: Buy | Target: Rs 460
HSBC highlighted that Tech Mahindra’s management remains highly focused on improving profitability in near-term. Additionally, it said that a recovery in telecom cycle may help the company outperform over next 2-3 years. Further, it sees a likely pick up in operating earnings in FY19 after 4-5 years of no growth. It also tweaked 2018 earnings on significant hedging gains reported by the company in Q1.
Brokerage: KRChoksey | Rating: Initiate coverage with buy call | Target: Rs 162
The brokerage said that rising MIS opportunity may lift the company’s performance in Maharashtra and other states. It also expects standalone MIS business revenue to rise at a CAGR of over 26% from FY17-19.
Brokerage: IIFL | Rating: Buy | Target: Rs 1,270
IIFL said that the company was on track to demerge its businesses into four verticals. Further, it expects regulatory approvals to come through by Q1, issuance of shares by Q1 and sees the valuation for power business to improve significantly post the demerger. IIFL also expects a market capitalisation of existing entity at Rs 21,600 crore in the bull case scenario post demerger.
Brokerage: Morgan Stanley | Rating: Overweight
The global research firm said that the stars were aligning for surprises in the stock. Further, it sees windfall profits for the company in the upcoming earnings season. It also believes that the share price will rise relative to index over the next 60 days.
Disclosure: Reliance Industries Ltd. is the sole beneficiary of Independent Media Trust which controls Network18 Media & Investments Ltd.
Brokerage: CLSA | Rating: Buy | Target: Increased to Rs 965
CLSA upgraded FY19 IPL revenue by 45 percent.
Brokerage: Credit Suisse | Rating: Outperform | Target: Rs 980
Credit Suisse said that the company may get around Rs 150 crore from IPL and expects another Rs 100 crore more against the expectation of Rs 80 crore.
Brokerage: Emkay | Target: Rs 990
Emkay sees EPS accretion of Rs 1.60 after assuming player cost cap increase of 30%.
Brokerage: Credit Suisse | Rating: Outperform | Target: Raised to Rs 1,055
Credit Suisse said that the company could remain the industry leader on several metrics and gives comfort on the growth outlook. Further, it said that the company was well positioned to return to strong growth rates in the coming quarters.
Brokerage: CLSA | Rating: Sell | Target: Rs 1,750
CLSA is incorporating an upside from IPL, which will drive 13-15% EPS upgrades to FY19-20. It values IPL franchise at around USD 380 million. The sell call is due to concerns with respect to tough regulatory environment.
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