ICICI SECURITIES
NMDC
LTP: Rs 209 | Target Price: Rs 250
NMDC is our top pick in the metal space amid rising per capita steel consumption domestically, and crude steel capacity set to double to 300 MT by 2030.
GRINDWELL NORTON
LTP: Rs 2,325 | Target Price: Rs 2,700
Going ahead with strong GNL exposure towards all core sectors of the economy, the abrasives and ceramics segment will bounce back and grow in double digits. Overall revenue and net profit are expected at 14% and 16% over FY23-FY26.
GREENPLY INDUSTRIES
LTP: Rs 238 | Target Price: Rs 295
The bulk of the residential real estate in the last 2-3 years will start hitting completion in CY24 and onwards, driving the building materials segment like woodpanel. Greenply will be one of the key beneficiaries of the same.
KOTAK SECURITIES
INFOSYS
LTP: Rs 1,542 | Target price: Rs 1,870
In the first half of FY2024, Infosys won a fair share of large deals to provide some visibility for FY25 growth. We expect Infosys growth to normalise to 9.1% in FY25E from 2% in FY24E.
SIGNATURE GLOBAL
LTP: Rs 876 | Target Price: Rs 910
Signature has an enviable track record of quick turnaround, which is reflected in its superior capital efficiency. Signature Global offers equity investors an alternative to DLF to participate in the burgeoning real estate market in Gurgaon.
SAMHI HOTELS
LTP: Rs 166 | Target Price: Rs 230
Samhi has an incremental pipeline of 617 keys. We estimate moderation in capex and improving cash flows, besides the infusion of fresh equity, to help SAMHI generate higher free cash for further deleveraging.
MOTILAL OSWAL
STATE BANK OF INDIA
LTP: Rs 641 | Target Price: Rs 800
SBI’s robust performance has been aided by solid loan growth and lower provisions. Asset quality has remained under control with constant moderations in gross NPA and net NPA ratios to 2.55% and 0.64% in the second quarter of FY24.
DALMIA BHARAT
LTP: Rs 2,279 | Target Price: Rs 2,800
Dalmia Bharat is benefiting from an improvement in demand and robust price hikes in the East. We estimate volume to clock 11% CAGR over FY23-26.
CYIENT DLM
LTP: Rs 674.80 | Target Price: Rs 870
We expect Cyient DLM to clock 41% CAGR in revenue and 83% in adjusted profits over FY23-26, aided by a strong order book coupled with healthy order inflows, high customer stickiness and a strong promoter heritage.
IIFL SECURITIES
ITC
LTP: Rs 462 | Target Price: Rs 490
ITC is focused on growing its non-cigarette FMCG portfolio via premiumisation and portfolio expansion. In the cigarette business, the focus is on increasing cigarette share of tobacco consumption and consolidating market share in the context of a reasonable tax regime. We expect robust, diversified growth to continue.
DEEPAK FERTILIZERS
LTP: Rs 678 | Target Price: Rs 780
We have maintained mainly our FY24- 26 EPS estimates as improvement in ammonia spreads was compensated by lower TAN spreads.
UPDATER SERVICES
LTP: Rs 337 | Target Price: Rs 418
Updater Services, a leading Integrated business services platform, will benefit from economic growth, higher outsourcing and market share gains. We see EPS CAGR of 21% over FY23-26, but reported EPS may jump 4x.
RELIGARE BROKING
KOTAK MAHINDRA BANK
LTP: Rs 1,905 | Target Price: Rs 2,180
The bank remains focused on technological advancement to improve customer experience and cost efficiencies as well as expects to continue maintaining the industry’s best asset quality.
EICHER MOTORS
LTP: Rs 4,132 | Target Price: Rs 4,800
With the industry witnessing a gradual shift towards the 125+cc category of motorcycles, Eicher will be a direct beneficiary of such a trend. Eicher will also leverage its Stark Future investment, which is aimed to accommodate the EV demand in the commercial vehicle segment.
MPHASIS
LTP: Rs 2,733 | Target Price: Rs 3,350
Key points include, healthy demand for AI, cloud and transformation deals, a firm order pipeline that is yet to get converted to revenue. Mphasis is also investing in the technology. So, all this is playing well for the company.