Reliance, while Investec and Morgan Stanley have a 'buy' and 'overweight' call on M&M, respectively. Axis Capital has downgraded ICICI Bank to 'add' from 'buy', while Ambuja Cements received a double upgrade from Nomura. Morgan Stanley has maintained an 'overweight' call on IndiGo.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Jefferies on Reliance: Buy | Target price: Rs 3,580
Jefferies maintained a buy rating on RIL with a target price of Rs 3,580.
Jio's public listing looks possible in CY2025. Jefferies believes the IPO route will provide better control but the holdco discount needs large retail mobilization. Via the vertical spin-off route, no holdco discount but a lower stake for the owner. Investors favour the spin-off route. Jio could list at a $112 billion valuation, 7- 15% upside to RIL.
Investec on M&M: Buy | Target price: Rs 3,100
Investec has maintained a buy call on M&M with a target price of Rs 3,100.
A strategic tweak in pricing is expected to widen TAM & get ready for model refresh. The management mentioned they are in process of launching a mid-cycle refresh for the product, which probably explains lower wholesales for the past couple of months and the move to clear inventory to make space for the refreshed model. As per management, the demand for XUV700 continues to be robust and the company also increased manufacturing capacity for the product in line with demand forecast.
Axis Capital on ICICI Bank: Add | Target price: Rs 1,370
Axis