Hot Stocks: Brokerage view on RIL, IIFL Finance, MGL and UltraTech Cement

economictimes.indiatimes.com:

UltraTech Cement but downgraded MGL to sell. Jefferies downgraded IIFL Finance to hold and JPMorgan maintained an overweight rating on RIL.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Citigroup on UltraTech Cement: Buy| Target Rs 11700

Citigroup maintained a buy rating on UltraTech Cement with a target price of Rs 11700. The pace of demand growth has slowed down.

FY25 growth is seen at 8-9% despite a muted first half owing to elections. The management indicated prices are likely to be soft as producers focus on market share.

Historically, when India's capacity utilisation goes beyond 85%, then there is natural pricing power.

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Citigroup on MGL: Sell| Target Rs 1405

Citigroup downgraded MGL to sell from a buy earlier and has also reduced the target price to Rs 1405 from Rs 1480 earlier.

The global brokerage firm is concerned by recent statements by the oil minister. The minister said that end-consumers have failed to fully benefit from the govt's gas reforms.

The minister said that city gas distribution companies (CGDs) are continuing to enjoy high profits. The minister said that the gov't would be willing to consider drastic steps to ensure consumers benefit.

“We fear this could translate into renewed concerns on exclusivity & margins,” said the note.

Jefferies on IIFL Finance: Hold| Target Rs 435

Jefferies downgraded IIFL Finance to hold from buy earlier and