Stock Market

D-Street show toppers of 2019 likely to retain their mojo

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BHARTI AIRTEL| CMP: ₹457.35 | YTD Change: 59.23%THE STOCK is the top performer in the Sensex this year mainly due to the end of the telecom tariff war.

“We remain constructive on Airtel as it remains well positioned to capitalise on pricing recovery,” said Credit Suisse in a recent note.

The consensus target price of ₹517.32 (based on Bloomberg data) implies a potential upside of 13% from current levels over the next one year. ICICI BANK | CMP: ₹541.04 | YTD Change: 50.29%ELARA CAPITAL said the bank has traversed an elongated path through a prolonged cycle of high NPL and credit cost, and offers simultaneous support to profitability from realization from the sale of stake in subsidiaries.

Analysts expect the stock to outperform going ahead.

Elara has an ‘accumulate’ rating with a target price of ₹591 on the stock. KOTAK MAHINDRA BANK | CMP: ₹1,711.7 | YTD Change: 36.42%ANALYSTS EXPECT the lender to sustain its outperformance going ahead due to its strong liability profile and asset quality.

“We expect a 29% PAT CAGR (compounded BAJAJ FINANCE | CMP: ₹4138.35 | YTD Change: 56.69%THE COMPANY has remained a favourite with investors in 2019 due to its ability to deliver superior growth, profitability and asset quality performance.

“Valuations are on the higher side but the market is rewarding cos like Bajaj Finance in a weak economic environment,” said Lalitabh Shrivastawa of Sharekhan.

He expects the stock to touch ₹4,400. RELIANCE INDUSTRIES | CMP: ₹1545.95 | YTD Change: 37.9%ACCORDING TO the Motilal Oswal Wealth Creation Study, RIL has been the biggest wealth creator over 2014-19.

“Higher GRM due to IMO/petcoke gasifier ramp up and improving outlook on telecom/ retail margin will drive 25% EBITDA CAGR over FY19-21,” said Edelweiss, raising target price on the stock to ₹1,844 from ₹1,716, maintaining a ‘buy’ rating. annual growth rate) over FY19-FY22 underpinned by KMB’s strong liability profile and sound asset quality – both key drivers for a sustained valuation premium,” said BOB Capital Markets, which has a ‘buy’ rating on the stock with a target price of ₹1,950. MIDCAPS RELIANCE NIPPON LIFE | CMP: ₹341.75 YTD | Change: 114.68%ANALYSTS SEE the company (now Nippon India Mutual Fund) as an attractive play on the theme of financialisation of savings in India.

“The decline in AUM should get arrested going forward,” said Lalitabh Shrivastawa of Sharekhan, who has a positive view with a target price of ₹427. INDRAPRASTHA GAS | CMP: ₹430.7 YTD | Change: 61.2%THE COMPANY is on an aggressive growth path, and volumes are to more than double over FY20-FY24, according to Prabhudas Lilladher, which has a ‘buy’ rating and target price of ₹468 on the stock.

“We reiterate our positive stance on IGL given the strong traction in core operations in the NCR region along with its subsidiaries MNGL and CUGL,” said Prabhudas Lilladher. ICICI SECURITIES | CMP: ₹379.85 YTD | Change: 46.12%ANALYSTS EXPECT the retail broker to continue benefiting from its large customer base and strong product offering.

“ISEC is responding to aggressive INFO EDGE (INDIA) | CMP: ₹2564.44 YTD | Change: 78.12%ALTHOUGH THE stock has outperformed within midcaps in 2019, Haitong Securities is not positive on its prospects.

Haitong has recently downgraded the stock to ‘sell’ from ‘buy’.

The brokerage has a target price of ₹2015 on the stock. BERGER PAINTS INDIA | CMP: ₹520.1 YTD | Change: 57.30 %ANALYSTS EXPECT some pullback in the stock after the strong outperformance.

Emkay recently downgraded the stock to ‘hold’ from ‘buy’.

While earnings visibility still remains good, valuations at 58 times estimated EPS for FY21 are expensive and the 15% premium over Asian Paints looks unjustified, said Emkay Global.

The brokerage has a target price of ₹460. competition in plain vanilla broking by transforming itself from mere broking / distribution to a ‘financial supermarket’.

Cash rich balance sheet, high dividend payout and strong parental support remain the icing on the cake,” said Antique in a report.

It has a target price of ₹450.




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