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HSBC

Articles By HSBC

194 Articles

HSBC maintains ‘buy’ on Oberoi Realty, raises target price to Rs 520 from Rs 490

As Q2 sales reach pre-Covid levels, management painted a bullish picture on return to normalcy and new launches.

Infosys Rating ‘buy’: A strong showing in Q2 by company

Margin beat a huge surprise; FY21/22e EPS up 4/3.7%; stock best long-term bet in sector; TP raised to Rs 1,295

Retain ‘buy’ on Kajaria Ceramics, TP lifted to Rs 620

Despite anticipated headwinds, strong growth momentum in exports has supported the industry in challenging times.

Adani Ports & SEZ Rating: Buy- KPCL buy to aid post Covid-19 recovery

Acquisition to be value- and earnings-accretive; FY21-23e ports Ebitda up 10-25%; TP raised to Rs 435 from Rs 400; ‘Buy’ retained

IT stocks: Q2FY21 preview – Strong Q2 is priced in by valuations

While FY22 recovery hopes are intact, recent euphoria worrisome in the near term; LTTS downgraded to ‘Hold’

TCS, Infosys, Wipro, IT stocks

Titan Company Rating: Buy; a strong festive season may be in offing

Revival in sales better than expected; sharp growth rebound likely; valuation is appealing; Buy retained with revised TP of Rs 1,250

The festive season demand outlook and channel partners’ confidence has improved materially over the past two months.

Maruti Suzuki rating: Buy; Demand outlook bodes well for company

Operating leverage likely to boost margins; rise in first-time buyers a positive; upgraded to ‘Buy’ with TP up to Rs 7,500 from Rs 6,100

Phoenix Mills rating: Buy; Capital position lends company an edge

Journey to normalcy is on track; despite crisis, likely to gain market share; ‘Buy’ retained with TP of Rs 860

Consumption (adjusted for non-permissible area) has now almost reached c50% of pre-COVID-19 levels.

Retain ‘hold’ on Mahindra Finance with TP at Rs 125

Growth outlook is gradually improving on healthy agri sector demand; other segments likely to follow.

Dr Reddy’s Laboratories Rating’ buy’; patent deal dispels launch uncertainties

Despite initial volume curbs, Revlimid to be a meaningful opportunity; FY21-23e EPS up 1-3%; TP raised to Rs 5,400

Reliance Industries rating: Hold — Deal could start off another round of investments

PE investment in line with intent to induct partners in retail business; no major catalysts visible over next six months; ‘Hold’ retained

Biocon rating: Buy — Semglee launch in the US boosts prospects

Right execution should help bag good market share; firm likely to gain from push for biosimilars; ‘Buy’ retained

The insulin glargine market in the US is significant, with $1.3-bn sales for Lantus and $876-m for Basaglar in CY2019.

DMart rating: Maintain ‘buy’ with target price of Rs 2,750

The exit of Future Group is indeed an industry-shaping event and one that highlights that winners will be few even though the opportunity for modern retailing in India is large.

A country of India's size can easily accommodate three to four large-scale national players.

Info Edge rating ‘hold’; Zomato critical to future valuations

TP raised to Rs 2,810 due to rise in Zomato valuation; need for caution; ‘Hold’ retained

Union Bank of India rating: Hold — Operating performance muted for merged entity

Net NPAs moderated q-o-q; outlook is uncertain with few buffers; ‘Hold’ retained given inexpensive valuation

Lower cost of funds (down 65bp y-o-y) drove NII growth of 17% y-o-y.

Glenmark Pharma rating: ‘Hold’; Cost control shored up the quarter

Execution key for recovery; FY21-23e EPS up 11-12% on current outlook; TP raised to Rs 500; ‘Hold’ maintained

Hindalco rating: Buy — Resilient performance in the first quarter

Better days ahead; present valuations are unjustified given the prospects; ‘Buy’ retained with TP of Rs 230

CCRI rating: Downgrade to ‘hold’, target price lowered to Rs 480

In the notes to accounts to its Q1FY21 results, CCRI highlighted that it had received a demand of Rs 7.8bn from MoR as LLF for FY21 for just 2 terminals in Delhi (Okhla and Tughlakabad) which is significantly higher than Rs 4

CCRI rating, CCRI target price, LLF calculation, Dedicated Freight Corridor, LLF costs. latest news on CCRI rating

Maintain ‘hold’ on Divi’s Lab with target price at Rs 2,755

Retain ‘hold’ and raise TP to Rs 2,755 (from Rs 2,135); key upside risk is benefits from supply of Covid-19 drugs.

Interglobe Aviation rating: Retain ‘hold’ with target price of Rs 935

The company plans to increase liquidity by Rs 50-60 billion by deferring rentals, cutting costs and through the sale and lease-back of its owned aircraft.

The company plans to operate 40% of capacity in Q2.

JSW Steel rating: Reduce — A net loss for company after 17 quarters

Subsidiaries performed better than expected; BS continued to deteriorate; valuations are stretched; ‘Reduce’ maintained.

manufactruing PMI, factory output, make in india

Hindustan Zinc rating: Hold — Results in Q1 were better than expected

FY21e Ebitda up 14% given positive guidance; ‘Hold’ retained with TP of Rs 200

Adjusted PAT of Rs 14.4 bn fell 18% y-o-y but came in 35% ahead of consensus on higher operating profit, better-than-expected other income and lower taxes.

Jindal Steel rating: Buy with target price of Rs 240

Management have maintained their debt reduction commitment with a target to bring down debt to Rs 250bn in the next two years.

ICICI Lombard rating: Reduce — Weak sales, better loss ratio marked Q1

Profit met expectations; health remains top-line driver; downgraded to ‘Reduce’ with TP revised to Rs 1,040 from Rs 1,027

Analyst Corner| SBI Cards & Payment: New TP at Rs 825 from Rs 720

In June 2020, daily average card spend in the retail and corporate segments reached 81% and 55% of pre-Covid-19 levels, respectively.

As of now, the bank has only mentioned that the candidates will be shortlisted on the basis of their application forms and then interviewed to prepare the final merit list.

Analyst Corner| Britannia Industries: Upgrade rating to‘buy’ from ‘hold’

Owing to consumer preferences for safer, trusted branded packaged food products amid the COVID-19 pandemic and Britannia’s sharp execution and agility in rising to the occasion, it delivered an exceptional performance in a

Analyst Corner, Britannia Industries Q1 sales growth, COVID-19 pandemic,  EBITDA, CAGR

Wipro rating: Hold — Growth outlook remains uncertain, especially in near term

Growth outlook remains fuzzy; FY21e EPS up c5% given rise in Ebit margin estimate; ‘Hold’ retained with TP going up to Rs 230

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