On November 26, the Indian market bounced back from the previous session’s sell-off to end near the day’s high with Nifty50 ending the November F&O series near 13,000, supported by metal and financial stocks. Here are 5 stocks on bokerages' radar:
CLSA retained buy on ITC with a target of Rs 235 per share. It see 25% upside for the stock, including about 5% dividend yield.
Jefferies has maintained a buy rating on IndusInd Bank with a target of Rs 1,000 per share. The provisioning may be elevated in H2 as the company recovers for downgrades & some buffer provisions. The lower concentration on assets & liabilities is the key for the medium-term targets. Warrants which are due for conversion in January at Rs 1,709 per share can add 5% to the capital, reported CNBC-TV18.
CLSA maintained buy call on Bharti Infratel and raised the target to Rs 280 from Rs 265 per share. Towerco gearing post-merger is about 1x EBITDA including lease liabilities and with an improving growth outlook, Towerco could rerate. The stock is at a compelling 5x EV/EBITDA, reported CNBC-TV18.
CLSA maintained buy call on Tata Motors with a target of Rs 220 per share. There was a good start to Q3, and the JLR volume recovery continues to be driven by China. The improvement in JLR was mainly driven by China & US while the UK & EU were weak. The volume recovery on QoQ basis coupled with cost cuts should drive deleveraging for company. However, risks include a sudden slowdown in its recovery trajectory & no-deal Brexit, reported CNBC-TV18.
Nomura maintained buy on Dr Reddy’s Laboratories with a target of Rs 6,066 per share. There was a positive second interim results of Sputnik-V COVID-19 vaccine and its efficacy appears to be better than other alternatives for India. RDIF has indicated that the vaccine will be priced at less than $20 for two doses, which makes the opportunity size of 200 million doses at less than $2 billion. The 200 million doses to contribute EPS of less than Rs 66 assuming 10% EBITDA margin. The company may realise high single-digit to low double-digit EBITDA margin on sales, reported CNBC-TV18.
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