Stock Market

Analyst Calls: Lupin, Bandhan Bank, Eicher Motors, Indigo

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

And Nifty futures on Singapore traded flat this morning, signalling a tepid start for Dalal Street. As you head for the day’s trade, here is a compilation of overnight analyst calls on various stocks. .

Antique Stock Broking has maintained buy rating on Godrej Consumer Products with a target price of Rs 799.

The company's key performance drivers a) recovery in household insecticides b) reversion of aggressive price offers/price hikes in soaps c) improvement in profitability of GAUM and d) scaling up of Indonesia business are well in place, said Antique.

The brokerage is optimistic about a ruralrecovery during FY21, which in turn will provide some fillip to the company's sales growth.

Shares of Godrej Consumer Products ended up 3 per cent at Rs 650.65 on Thursday. .

Kotak Institutional Equities has upgraded Lupin to buy with an unchanged fair value of Rs 840.

The recent share price correction means that Lupin's valuations reflect only domestic segment valuations, implying deep value and market’s disappointments around the regulatory actions against its facilities as well as a lack of cost cuts, and implying no value to the US despite a strong pipeline build-out.

However, Kotak expects continued strong performance in India and emerging markets.

Shares of Lupin ended up 1.9 per cent at Rs 676.40 on Thursday. .

Motilal Oswal has initiated coverage on Bandhan Bank with a target price of Rs 500.

Bandhan Bank has strengthened its positioning as one of the key financial institutions in east/north-east India, said Motilal Oswal.

It has maintained a healthy market share of around 19 per cent in MFI loans with a CAGR of 35 per cent since FY15, said Motilal Oswal.

The brokerage expects the bank to deliver industry leading RoA/RoE of 3.7 per cent/23.4 per cent for FY22.

Shares of Bandhan Bank ended up 5.7 per cent at Rs 423.30 on Thursday. .

IIFL Securities has upgraded Eicher Motors to buy with a target price of Rs 22,700.

Royal Enfield's market share in premium motorcycles has started improving in recent months, said IIFL Securities.

Volume growth would depend on pick-up in the economy; however, there is a strong case for Eicher to start outperforming motorcycles, it said.

More than half of Royal Enfield's retail sales in February 2020 were BS-VI; this shows product acceptance.

Shares of Eicher Motors ended up 2.8 per cent at Rs 17,768.80 on Thursday. .

Morgan Stanley has an overweight rating on InterGlobe Aviation with a target price of Rs 2,057.

Rising Covid-19 cases in India and globally pose a risk to air travel, said Morgan Stanley.

While crude price decline is a positive, airline earnings are more sensitive to forex and yields, it said.

Morgan Stanley said IndiGo is best placed in India but near-term earnings could be volatile.

Shares of InterGlobe ended up 1 per cent at Rs 1,211.85 on Thursday.




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