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Domestic benchmarks settled higher, rebounding from their two-day fall. The 30-share BSE Sensex pack jumped 490 points or 0.77% to close at 64,081, while the broader NSE Nifty index moved 144 points or 0.76% up to end the session at 19,133. India VIX, fear index, slumped 8.07% to 11.08-level
For November 3 (Friday), share market analysts from a few brokerages have assigned 'Buy' calls on Hero MotoCorp, Britannia Industries, Torrent Pharmaceuticals and Syrma SGS Technology. Check share price targets, analysis, investment rationale and other crucial details about these long-term bets
LTP: Rs 3,049.60 Analysts at Nuvama Institutional Equities have given a 'Buy' call on Hero MotoCorp shares with a target price of Rs 4,040. The stock has climbed 12.58% in 2023 so far
"Hero MotoCorp currently has Xtreme, Xpluse, Harley and Karizma models. More variants are likely to be added to the product portfolio in four to six quarters. Harley/ Karizma had pending orders of 25,000+/13,000+ units, and the company is expanding cumulative capacity to 10,000 units/month," Nuvama said
LTP: Rs 523.90 Nuvama has also selected Syrma SGS Technology in its stock recommendations. Analysts at the brokerage have given a 'Buy' call on the counter with a 12-month target price of Rs 710 per share. The stock has gained 89.44% on a year-to-date (YTD) basis
”Syrma's order book stood at Rs 3,800 crore (2x FY23 sales). Essentially, this hints at a strong H2 FY24 and beyond. We expect Syrma to achieve its sales guidance of Rs 2,800-3,000 crore for FY24E. We estimate another 40%-plus sales growth in FY25E," Nuvama stated
LTP: Rs 1,926.65 Geojit has picked Torrent Pharmaceuticals in its long-term bets. The brokerage has given 'Buy' rating on the counter with a target price of Rs 2,189. The scrip has risen 24.38% in 2023 so far
"We believe the company's strong presence in the branded generics segment, new product launches, increasing market share and productivity, cost optimisation, and approvals for new products made at the Dahej factory will boost its future performance," Geojit stated
LTP: Rs 4,528.90 For traders, Religare Broking suggested Britannia Industries shares with a long-term view. The brokerage has given a 'Buy' rating for a target of Rs 5,348. The scrip has moved 5.51% up in 2023 so far
Britannia's gross profit grew by 11.5%/13% YoY/QoQ to Rs 1,901 crore with margin at 42.9% which saw healthy improvement of 396bps/95bps YoY/QoQ because of decline in raw material price mainly palm oil while flour and sugar was marginally higher, Religare said
"Downside support is in the 19,000-18,900 range with visible fresh put writing. Immediate resistance is situated at the 19,200 level and a breakthrough at this point could trigger fresh short-covering, potentially propelling the index towards 19,300-19,350," said Kunal Shah, Senior Technical & Derivative analyst at LKP Securities
"Nifty Bank failed to close above its critical 200-day Simple Moving Average (SMA), at 43,200, implying strong resistance at this level. To consider a long position, it is advisable to wait for a sustained breakthrough above the 200-day SMA, which could indicate a potential upward trend," Shah from LKP mentioned
Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of Business Today. Investors should consult their financial advisors before taking any position