CLSA has visited Hindalco’s Sambalpur plant cluster. The key highlights included Hindalco's unrelenting focus on reducing volatility in the business, either through a better product mix or stabilising input costs. CLSA said Hindalco is slowly and steadily reducing its exposure to volatility in commodities and improving its steady state margin profile. It upped its target to Rs 575 from Rs 530 while maintaining its 'Buy' call on the stock.
Nomura India has maintained its 'Buy' rating on GCPL with a target of Rs 1,225. Nomura said the structural initiatives taken by MD and CEO Sudhir Sitapati may drive improvement in growth. Over the medium term, it expects GCPL to deliver strong growth, aided by pickup in volumes in India household insecticides, hair care and hair colours and market development activities across geographies supported by higher-than-industry ad spends.
Motilal Oswal said Dabur India has healthy earnings growth outlook and that the stock is currently trading at 43 times FY25 earnings per share. This, it said, is at a 20 per cent discount to three and 25 per cent discount to its historical three/five-year averages. It has maintained its BUY rating on the stock with a target of Rs 660.
ICICI Securities said Kalyan Jewellers does benefit from faster retail expansion through FOCO model. It reiterated its view that Kalyan may potentially outperform Titan (in revenues) in FY24. It modelled in revenue CAGR (standalone jewellery) of 25 per cent for Kalyan against 16 per cent for Titan over FY23-25E. It has maintained BUY on the stock with a revised target price of Rs300 against Rs 220 earlier.
Motilal Oswal Securities said Bank of Baroda has reported robust business growth, with both advances and deposits growing at a rapid pace. Retail loans continue to drive the overall loan growth, while internal book too saw strong trends. The brokerage has maintained its 'Buy' rating on the stock.
CLSA noted that HDFC Bank has undertaken several ESG initiatives. Not only does it set standards for itself, it also looked for standards set by its borrowers. CLSA said HDFC Bank has a carbon neutrality target by FY32 for Scope 1 & 2 emissions. The brokerage has maintained a ‘Buy’ rating on the stock with a target of Rs 2,025.
Elara Securities expects sugar price rise to continue in FY25 sugar season. Maharashtra cane crop output is likely to be lower in sugar season 2024-25. It stays positive on UP sugar mills, saying they would benefit from better realisation on high volume of sugar. The brokerage prefers Balrampur Chini. It has ‘accumulate’ rating on the stock with a target of Rs 464.
Gravita India's expansion plans coupled with regulatory tailwinds and global focus on recycling can enable it to deliver volume growth of 31 per cent, revenue growth of 24 per cent, Ebitda 28 per cent and profit 24 per cent over FY23–26, Antique Stock Broking said. Considering a steady customer base and leadership position in India in lead recycling, it assigned a 'BUY' rating to the stock with a target of Rs 1,250.
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