Hot Stocks on October 20 | Havells India, Nestle India, UltraTech, ITC and Voltas
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Also, CLSA upgraded UltraTech Cements to Outperform and UBS has a neutral stance on Voltas while Emkay recommends a buy on ITC.
We have collated a list of recommendations from top brokerage firms from ETNow and other sources:
Nomura on Havells India: Neutral| Target Rs 1410
Nomura maintained a neutral rating on Havells India with a target price of Rs 1410. The 2QFY24 EBITDA was below broader consensus estimates.
The key miss was led by the wires/cables (WC) segment followed by ECD. The EBITDA margin at 9.6% was below our as well as broader consensus estimates.
Macquarie on Nestle India: Neutral| Target Rs 23,270
Macquarie maintained a neutral stance on Nestle India with a target price of Rs 23,270.
The global investment bank believes that volumes were up in the low single digits. The company recorded broad-based domestic growth, and there was an increased focus on small towns/large villages.
CLSA on UltraTech Cements: Outperform| Target Rs 9450
CLSA upgraded UltraTech Cements to outperform and raised the target to Rs 9450 from Rs 8400 earlier.
The 2QFY24 was largely in line with estimates and there are several levers for a margin uptick.
Phase 3 expansion to be announced soon. The global investment bank sees a sharp margin uptick in H2 and strength in volume growth is likely to continue in the medium term.
UBS on Voltas: Neutral| Target Rs 885
UBS maintained a neutral rating on Voltas but raised the target price to Rs 885 from Rs 840 earlier.
Market share with profitability will be an uphill task for Voltas given industry challenges.
Emkay on ITC: Buy| Target Rs 525
Emkay maintained a buy rating on ITC post Q2 results and reduced the target price to Rs 525 from Rs 535 earlier.
ITC’s Q2 earnings delivery stood in line, but topline growth of 3% stood below estimates. Cigarette revenue stood in line with ~4.5% vol. growth, while the EBIT margin was a tad lower at ~74%.
The brokerage sees near-term stress from
a) margin pressure in the cigarettes, and
b) weakness in the paper business.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
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