We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Emkay on Tejas Networks: Buy| Target Rs 1050
Emkay initiated coverage on Tejas Networks with a buy rating and a target price of Rs 1050. The company expects to execute orders worth at least Rs.29,200 crore over FY24-28.
There are multiple growth levers to aid in scaling up. The brokerage firm sees revenue peaking in FY25 and settling at 5x FY24 levels.
Tata Group’s semiconductor foray could give an added boost, said the note.
DAM Capital on Sugar Sector: Dwarikesh Sugar, Dalmia Sugar
DAM Capital maintained a buy rating on Dwarikesh Sugar but slashed the target price to Rs 94 from Rs 110 earlier.
The brokerage firm recommended a buy on Dalmia Sugar but slashed the target price to Rs 495 from Rs 540 earlier.
It recommended a buy on Triveni Engineering and Balrampur Chini Mills with a target price of Rs 385 and 485 respectively.
Sugar production is likely to decline and may remain low in the next season as well. A pause in the ethanol policy is temporary.
The brokerage firm is positive on the earnings growth trajectory. It slashed operating profit estimates by 2-8% but share prices have fallen by 15-20% over the past month.
It looks like all the negatives are factored in, and the brokerage firm is positive on UP-based sugar companies.
Some of the positive factors that will favour the sugar sector are higher sugar crushing, better sugar recovery, relatively high sugar prices, and no change in the long-term ethanol blending program.
ICICIdirect on Saregama India: Buy| Target Rs 445
ICICIdirect maintained a buy rating on Saregama India with a target price of Rs 445. It is India’s oldest music label owned by RPSG Group with ~1.5+ lacs songs, which is monetised over various formats such as digital (streaming, YouTube), physical (Carvaan), and television.
We have a positive view on Saregama India as we expect digital monetization to provide sustained growth momentum.
“Synergy from Pocket Aces and accelerated opportunity fructification in new areas like Web Series, Artist management, etc., can provide further growth leg,” said the note.
Motilal Oswal on Barbeque-Nation: Neutral| Target Rs 690
Motilal Oswal recommended a neutral rating on Barbeque-Nation with a target price of Rs 690. Barbeque-Nation is among the few scalable casual dining players with a healthy store economics and net cash balance sheet.
“In the last year, weak macro has adversely impacted SSSG earnings. Management has rationalized the store and with a steady CFO, it is well-positioned to comfortably manage 15-20% growth through internal funding once the market recovers,” said the note.
“At EV/Sales of 1.4x and EV/EBITDA of 14x on FY26E, it is the lowest in the retail space, offering a better risk reward opportunity.” It said.
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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)
