HDFC Securities has reviewed the second-quarter earnings of nine companies across paints, retail, pharmaceuticals, cement, technology, defence, consumer durables and infrastructure including Asian Paints, Trent, Ambuja Cements, Zensar Technologies, Paras Defence, Symphony, Heidelberg Cement, Laurus Labs and PNC Infratech. The brokerage's latest analysis reflects a mixed earnings season, with revenue growth, improving operational performance, business expansion and new order opportunities supporting some companies, while rising input costs, margin pressures, subdued pricing and execution delays continue to weigh on others.
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HDFC Securities Institutional Equities
HDFC Securities has reviewed the second-quarter earnings of nine companies across paints, retail, pharmaceuticals, cement, technology, defence, consumer durables and infrastructure including Asian Paints, Trent, Ambuja Cements, Zensar Technologies, Paras Defence, Symphony, Heidelberg Cement, Laurus Labs and PNC Infratech.
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The brokerage's latest analysis reflects a mixed earnings season, with revenue growth, improving operational performance, business expansion and new order opportunities supporting some companies, while rising input costs, margin pressures, subdued pricing and execution delays continue to weigh on others.
In this report, HDFC Securities maintained Buy ratings on Ambuja Cements, Symphony and PNC Infratech, with target prices of Rs 550, Rs 790 and Rs 234, respectively.
While the brokerage retained its targets for Ambuja Cements and Symphony, it reduced PNC Infratech's target price from Rs 304 to Rs 234.
The brokerage retained Add ratings on Asian Paints, Trent and Zensar Technologies, assigning target prices of Rs 2,850, Rs 3,100 and Rs 575, respectively. Asian Paints' target price was lowered from Rs 2,900, while Zensar Technologies' target was raised from Rs 565. Trent's target remained unchanged at Rs 3,100.
Meanwhile, Laurus Labs, Paras Defence and Space Technologies, and Heidelberg Cement retained Reduce ratings, with target prices of Rs 2,250, Rs 960 and Rs 140, respectively.
HDFC Securities raised Laurus Labs' target from Rs 1,580 and Paras Defence's from Rs 820, while keeping Heidelberg Cement's target unchanged.
Based on the market prices in the report as of October 29, PNC Infratech offers the highest target-implied upside of up to 75%, followed by Ambuja Cements at 55% and Symphony at 54%. However, Paras Defence's target implies a downside of nearly 28%.
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