Hot Stocks: Brokerage view on BPCL, HDFC Bank, IIFL Finance and Hindalco Industries
BPCL while Morgan Stanley maintained an overweight rating on HDFC Bank.
HSBC initiated a buy rating on IIFL Finance and Axis Securities recommended a buy on Hindalco Industries.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Jefferies on oil & gas sector: BPCL, GAIL India
Jefferies downgraded BPCL to underperform from hold and slashed the target price to Rs 310 from Rs 425 earlier.
The global investment bank upgraded GAIL India to buy from underperform and raised the target price to Rs 136 from Rs 105 earlier. The company would be a beneficiary of high crude oil prices.
Opec + production cuts and low US inventories are likely to keep oil prices elevated.
Morgan Stanley on HDFC Bank: Overweight| Target Rs 2110
Morgan Stanley maintained an overweight rating on HDFC Bank with a target price of Rs 2110.
The disclosed net worth post-merger is lower than estimated.
Margins will be impacted in the near term given excess liquidity drag and incremental CRR imposed by the Reserve Bank of India (RBI).
On a proforma merged basis, the bank alluded to sustainable RoA at 1.9-2.1%. The global investment bank expects FY24-26 underlying earnings growth to be ~18% and RoA to average ~1.9% ~18%.
HSBC on IIFL Finance: Buy| Target Rs 790
HSBC Global Research initiated coverage on IIFL Finance with a buy rating and a target price of Rs 790.
