BQ Prime’s special research section collates quality and in-depth equity and economy research reports from across India’s top brokerages, asset managers and research agencies. These reports offer BQ Prime’s subscribers an opportunity to expand their understanding of companies, sectors and the economy.
Motilal Oswal Report
The Nifty-50’s rise to a new high was driven by a favorable blend of healthy macro and micro conditions, moderated inflation and falling commodity prices, peaking global interest rates, and six consecutive months of foreign institutional investor inflows with strong retail participation led by an upbeat sentiment.
As the benchmark soars to a new high, the Nifty-50 trades at a 12-month forward price/earning of 18.6 times, at 7% discount to its own long-period average. Further, it also trades at a 12-month forward price/book of 2.9 times, at 8% premium to its LPA. We reckon the upside from here will be a function of stability in global and local macros and continued earnings delivery versus expectations.
Moreover, we note that during the last five General Elections (1999-2019), the Nifty-50 rallied 10-32% six months prior to the announcement of election results. India will be going into General Elections in March-May 2024.
We remain over weight on financials, consumption, and automobiles. We are under weight on metals, energy and utilities and 'Neutral' on IT, healthcare and telecom within our model portfolio.
Top ideas:
Largecaps –
ICICI Bank Ltd., ITC Ltd., Larsen and Toubro Ltd., HCL Technologies Ltd., Titan Company Ltd., Sun Pharmaceutical Industries Ltd., Avenue Supermarts Ltd., Mahindra and Mahindra Ltd., Bank of Baroda, and Zomato Ltd.
Midcaps and Smallcaps –
The Indian Hotels Company Ltd., Ashok Leyland Ltd., Godrej Properties Ltd., APL Apollo Tubes Ltd., Mahindra and Mahindra Finanical Services Ltd., Metro Brands Ltd., Kajaria Ceramics Ltd., CreditAccess Grameen Ltd., Angle One Ltd., and Lemon Tree Hotel Ltd.
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This report is authored by an external party. BQ Prime does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of BQ Prime.
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