Produced by: Amit Mudgill Designed by: Manoj Kumar
A few brokerages have offered positive outlook on a handful of stocks including Tata Motors, Bajaj Electricals, SRF, NHPC, Finolex Cables, Tata Power and UltraTech Cements. Check out targets price and other crucial details in this Business Today Visual Story.
CLSA has maintained 'Buy' on Tata Motors Ltd with target price of Rs 841. Key catalysts for the stock are an increase in production levels of JLR in 2HFY24, market share gains in domestic PV business in FY25 led by new launches, and sustaining a double-digit Ebitda margin in its domestic CV business, the foreign brokerage said.
ICICI Securities believes Bajaj Electricals Ltd has been taking several initiatives to drive growth but its recent results were likely impacted by weak macros. The brokerage anticipates muted growth for Bajaj Electricals in H2FY24, but factors in revival in FY25 and beyond. It maintained a 'Add' on the stock with a target of Rs 1,140.
JM Financial noted that SRF has started commercial sales of PTFE in the domestic market and has begun supplying samples to Europe. The company management expects to start sampling of value added grades to start over the next 5-6 month and achieve optimum utilisation in a years’ time. The domestic brokerage maintained its 'Buy' on the stock as it believes SRF remains at the forefront of capturing growth in the fluorochemicals space.
CLSA hosted the NHPC management. NHPC, it said expects to part commercialise India’s biggest hydro project, Subansiri Lower Hydroelectric Power Project from Q4FY24. CLSA expects the project additions over FY23-26 to increase the regulated equity by 70 per cent. The NHPC management expects CERC draft regulation for rate review to be issued during December 2023 and final regulation by February 2024. It does not expect any major changes in RoE or incentives parameter in regulations over FY24-29. CLSA maintained its Buy on the stock.
Motilal Oswal Securities said the proposed acquisition of Kesoram's cement business is positive, as this allows industry consolidation and help UltraTech Cement gain capacity share in the industry. The acquisition will help the company strengthen its presence in the south and Maharashtra markets, it said. The brokerage as maintained it 'Buy' rating on the stock with a target of Rs 10,100, valuing at 16 times September 2025 EV/Ebitda.
Antique Stock Broking noted that Tata Power Company Ltd is aiming for Rs 60,000 crore capex by FY27E, with a 45 per cent share for renewable energy. Tata Power, it aid, carved out 15 per cent capital allocation separately for PSP projects. Tata Power expects to achieve a revenue of Rs 1.1 lakh crore, Rs 20,000 crore Ebitda and Rs 7,600 crore net profit. Antique maintain BUY on the stock.
Given a healthy balance sheet, strong cash flows, and a healthy earnings outlook of 19 per cent CAGR over FY23–25E, Geojit reiterated its positive stance on Finolex Cables Ltd . It values Finolex Cables' core business at a P/E multiple of 21 times on FY25E and value Finolex Cables' investments in Finolex Industries at Rs 126 to arrive at a price target of Rs 1,108. It maintained its 'Accumulate' rating on the stock.
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