According to Axis Securities, the current setup is a ‘Buy on Dips’ market. "We recommend investors to maintain good liquidity to use such dips in a phased manner and build a position in high-quality companies with an investment horizon of 12-18 months," it says
Axis Securities has maintained the Dec’23 NIFTY target at 20,400 by valuing it at 20x on Dec’24 earnings. "While the medium to long-term outlook for the overall market remains positive, we may see volatility in the short run with the market responding in either direction," it says
Axis Securities believes the macro and the current earnings season will drive the market direction moving forward and hence Q4FY23 earnings remain critical at this juncture. Corporate commentaries on the demand outlook for FY24 as well as the margin recoveries will be keenly watched by the street
Target price: Rs 600
Current price: Rs 447.2
Axis Securities expects demand for Active Pharmaceutical Ingredients (API) could continue in upcoming quarters with the ease of supply chain bottlenecks. Increase in volume and fall in solvent prices also led to improve in EBITDA margins led by operating leverage
Target price: Rs 475
Current price: Rs 417.5
Axis Securities' rationale is still intact based on outperformance in European operations, healthy order book and steady growth in Indian operations, strong FCF generations and negligible debt on the balance sheet
Target price: Rs 550
Current price: Rs 356.4
Praj is a key beneficiary of multiple tailwinds provided by the bio-economic revolution, giving strong growth and revenue visibility for the next 3-5 years. The company's key growth levers remain strong
Target price: Rs 660
Current price: Rs 572.05
Axis Securities remains positive on CCL Products given strong footing in the International markets, cost-efficient business model, doubling of Vietnam's capacity, capacity addition in the value-added products and foray into high-margin branded retail business
Target price: Rs 390
Current price: Rs 304.15
Considering strong and diversified order book position, healthy bidding pipeline, new order inflows, emerging opportunities in the construction space, the company’s efficient and timely execution and strong financial credence, Axis Securities expects PNCIL to report revenue/EBITDA/APAT CAGR of 18%/22%/29% respectively over FY22-FY25E
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