Bharti Airtel, HDFC, Sesa Sterlite in Focus Today
- Bharti Airtel: The Reserve Bank of India has hiked investment limit for foreign investors, who can now buy 74 per cent of Bharti Airtel's paid-up capital.
- Dhanlaxmi Bank: Shareholders of the bank have approved a Rs 199 crore preferential issue.
- Siemens/Prestige Estates Projects: Siemens India has sold a Bangalore property to realty firm Prestige for Rs 345 crore.
- Sesa Sterlite is planning to resume iron ore production in Goa in September. The Supreme Court had put a ban in October 2012 on Goa mines to curb illegal mining and later on it has lifted the ban in April 2014.
- HDFC will go ex-dividend today. The company has declared a dividend of Rs 14 per share.
- Lupin: CLSA maintains buy on the stock with a target price at Rs 1,250 per share on expectations of a pick-up in Lupin's Japan business. US generic business may grow at a CAGR (Compound Annual Growth Rate) of 26 per cent. Strong cash flow of the company will lead to higher valuation.
- Bajaj Auto: Citi has downgraded the stock to sell with a target price at Rs 2,223 and cut its FY15 and FY16 earnings estimate of the company by around 12 per cent and 7 per cent respectively. The brokerage says two-wheelers will see increased competitive intensity.
- Havells India: Bank of America Merrill Lynch (BofAML) maintains buy on the stock with a target price at Rs 1,328 per share. Re-rating will continue in the stock on the back of strong growth in return on capital employed. Demand recovery for electrical equipment is likely.
- HDFC Bank: JP Morgan retains overweight on the stock with a target price at Rs 1,025. Proposed capital issuance will strengthen the balance sheet of the bank. Growth momentum and strong return ratios should continue. HDFC Bank is JP Morgan's top pick among the Indian banks.
- Tata Motors: JP Morgan maintains overweight on the stock with a target price at Rs 482. Outlook for Indian business is improving. Tata Motors is launching new passenger vehicles models after six years, these models can add 20-40 per cent to its car sales.
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