We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Citigroup on RIL: Neutral| Target Rs 2910
Citigroup maintained a neutral rating on RIL with a target price of Rs 2910. There are some overcapacity concerns in the solar equipment space.
RIL is targeting phase-wise commissioning of its solar manufacturing capacity from H2CY24. Project returns could be hampered by oversupply in China.
Green H2 incentives too are still insufficient. The current price action warrants some prudence while valuing RIL’s new energy business.
Jefferies on Marico: Buy| Target Rs 650
Jefferies maintained a buy rating on Marico but slashed the target price to Rs 650 from Rs 660 earlier.
Gross Margin expanded sharply to a multi-quarter high on input cost correction along with the mix change.Revenues declined but are less relevant given the high commodity dependence, and the volume growth remained weak for the quarter that ended December 2023.
The management sounded confident about FY25 as it expects low teen EPS growth.
Macquarie on Bajaj Finance: Neutral| Target Rs 8100
Macquarie maintained a neutral rating on Bajaj Finance with a target price of Rs 8100. The net profit was largely in line with estimates.
However, higher credit costs are offset by a lower-than-expected margin decline. The pace of net interest margin (NIM) compression is slower than expected. Credit costs are likely to increase as delinquencies normalize.
Investec on Gail India: Buy| Target Rs 200
Investec maintained a buy rating on GAIL India but raised the target price to Rs 200 from Rs 155 earlier.
Strong core performance continues. The headline EBITDA comes in ~35% ahead of consensus estimates.
The domestic brokerage firm sees continued strength in gas transmission and marketing and recovery in LPG/OHC and petchems.
Investec on ITC: Buy| Target Rs 499
Investec maintained a buy rating on ITC with a target price of Rs 499. The December quarter was operationally a weak one.
There was weakness in the cigarette business after several strong quarters. The domestic brokerage firm expects a revenue growth uptick from Q1FY25.
The note says we believe in the context of a weak staple’s environment.
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(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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