Stock Market

Analyst Calls: CFSL, ONGC, MRPL, RIL, ICICI Bank

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Good morning! The domestic stock market on Monday showed early signs of a possible breakout from its consolidation range.

And Nifty futures on Singapore traded 17.50 points lower this morning, signalling a weak start for Dalal Street. As you head for the day’s trade, here is a compilation of overnight analyst calls on various stocks. • Phillip Capital has reiterated its buy rating on Camlin Fin Science (CFSL) with a target price of Rs 140.

The brokerage expects CFSL to deliver rapid value growth led by Dahej plant commissioning, ramp-up in blends business, improvement in Chinese vanillin plant utilization and continued growth momentum in performance chemicals.

Due to the weak operational performance in the recent past, CFSL trades at deep discounts of 4 times FY21 EV/EBITDA and 7 times FY21 PE.

Shares of Camlin gained 7.2 per cent to Rs 63.55 on Friday. • Geojit Financial has maintain a hold rating on Oil - Natural Gas Corp (ONGC) with a target price of Rs 137 citing lower than expected September quarter results.

Crude oil prices are expected to recover to some extent in the second half of the year; however, natural gas sales will remain subdued owing to reduction in prices.

The government is in deliberations over lifting price restrictions on locally produced natural gas, which may take time and hence the brokerage remain cautious on ONGC’s nearterm prospects.

Shares of ONGC ended 1.71 per cent lower at Rs 126.60 on Friday. • Motilal Oswal Financial Services has maintained its neutral rating on MRPL with a target price of Rs 49 citing subdued global oil demand, incremental capacity addition and suppressed GRM.

MRPL’s stock price has declined 37 per cent in FY20 YTD due to concerns about benchmark GRMs and shutdowns further impacting the performance.

The brokerage expects the refining margins to remain weak while the dependence on the Nethravathi River until the desalination plant comes on stream in 2021.

Shares of MRPL declined 1 per cent to Rs 46.40 on Friday. • Emkay Global has maintained its buy rating on Reliance Industries with a target price of Rs 1,740 citing tariff hike would upgrade the Jio earnings.

Overall increase in tariff on a pre-IUC/post-IUC basis is 12-34 per cent/8-33 per cent, with the quantum being slightly lower than expected but still positive, said the brokerage.

Emkay revised Jio’s FY20/21/22E Ebitda by 8 per cent/18 per cent/7 per cent, building in higher Arpus though cutting subscriber assumptions.

RIL stock ended at Rs 1,555 on Friday. • HDFC Securities has maintained a buy rating on ICICI Bank with a target price of Rs 565.

Our constructive stance on ICICI Bank has been mostly premised on the reduction in stress pools, consequently lower provisions and (therefore) earnings expansion.

The visible risk-consciousness in corporate lending reconfirms our stance on asset quality.

The action on digital and retail fronts sets bank up for strong, granular and efficient growth which would merit a hike in valuation multiple from 2.0 to 2.2x.

Shares of ICICI Bank declined half a percent to Rs 525 on Friday.




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