Stocks that share market analysts recommended on June 6, 2023: Reliance Industries, TVS Motor, Indigo Paints and Bata India

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Stock brokerages such as HDFC Securities, Axis Securities, Nuvama Institutional Equities, and Geojit Financial Services have come out with research reports on select stocks namely Reliance Industries, TVS Motor Company, Indigo Paints and Bata India. Here's what brokerages said about these counters

Stocks to buy

HDFC Securities Institutional Equities has an ‘Add’ rating on Reliance Industries stock with a target price of Rs 2,637 per share. “We use EV/EBITDA to value downstream at Mar-24E EV/e, retail on peer benchmarked EV/e and E&P and Jio on DCF,” it said

Reliance Industries
share price target

Analysts at HSIE are positive on RIL stock. Their outlook is premised on recovery in the O2C businesses; EBITDA growth in the digital business, driven by improvement in ARPU, subscriber addition & new revenue streams; and potential for further value unlocking in the digital and retail businesses

Potential for further value
unlocking for RIL

Axis Securities has a ‘buy’ call on TVS Motor stock with a target price of Rs 1,450. The recent FAME Subsidy cut may force smaller e-scooter makers to exit the market leading to industry consolidation, which will be beneficial for TVS, according to the brokerage

TVS Motor Company
share price target 

Analysts at Axis Securities are bullish on TVS Motor Company given the company's promising Future EV plans, gradual recovery in exports MoM, and competitive position in the growing 125cc segment. According to the brokerage, TVS Motor Company is outpacing its peers in EVs

TVS Motor outpacing
peers in EVs

Nuvama Institutional Equities has a ‘Buy’ call on Indigo Paints stock with a price of Rs 1,970. The brokerage expects Q1FY24E to be strong for Indigo Paints in terms of demand and margins. However, rupee depreciation, monsoon, and Grasim’s entry in paints remain key variables worth monitoring

Indigo Paints share
price target

Analysts at Nuvama expect double-digit volume and sales growth for their paints coverage universe, “not to mention that deflation in raw materials shall aid margin improvement.” Given the positives, the brokerage maintains a ‘buy’ call on the stock with an unchanged share price target

Double-digit growth
for Indigo Paints

Geojit Financial Services has a ‘buy’ call on Bata India stock with a target price of Rs 1,826 per share. According to the brokerage, Bata’s increasing franchisees, along with store renovation, portfolio casualization, and distribution expansion, will support volumes

Bata India share price target

Analysts at Geojit Financial Services believe that the demand is expected to improve as inflation recedes. Bata’s asset-light retail expansion and cost-efficiency measures will enhance its margins. “Given its strong brand recall & reach, they believe that BIL can revive its revenue growth trajectory,” they said

Bata India’s margins
to improve

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

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