Brokerages have Indian Oil Corp. and Havells India Ltd. on their radar following the release of these companies' fourth-quarter earnings. Analysts are also tracking the US economy after the Federal Reserve has kept its key interest rate steady for the sixth straight time.
NDTV Profit is tracking what the brokerages are putting out on specific stocks. Here are all the top calls from the brokerages that you need to know about on Thursday.
Citi Research On US Economics
Citi Research maintains a base case for 25-basis-point rate cuts at each meeting starting in July, for a total of 100 basis points this year.
The Fed will proceed to lower rates as soon as either core inflation data softens or labour-market data weakens.
Core inflation will cooperate in the near term, and can be sufficient for the Fed to start cutting rates from July.
Expects a sharper deterioration in labour market data.
Citi Research On Indian Oil
Citi Research maintains 'buy' on IOC and raised target price to Rs 205 apiece.
Drop in Q4 gross refining margins on unexpected inventory loss.
Implied marketing Ebitda below expectations despite reversal to positive territory.
OMC valuations remain undemanding at discounts to historical levels.
Expects integrated margins to be above historical averages over fiscal 2025–26.
Expects dynamic fuel prices to return post elections.
Expects Q1 to disappoint on higher crude prices, fuel rate cuts, weaker GRMs.
Citi Research On Kotak Mahindra Bank
Citi Research maintains 'neutral' on Kotak Mahindra Bank Ltd. with an unchanged target price of Rs 2,040 apiece.
Investors monitoring management strategy/execution and management changes.
Resignation of KVS Manian set to bring back focus on management attrition.
Resignation unlikely due to the RBI action.
Motilal Oswal On InterGlobe Aviation
Motilal maintains 'neutral' on InterGlobe Aviation Ltd. at a target price of Rs 4,065 apiece.
Latest airbus order to help enhance connectivity from India to southern Europe, US and EU.
Domestic growth potential, expanding airport infra to make India third-largest aviation market globally.
A321XLR aircraft to arrive in 2025, to help strengthen international market position.
Expects intense competition in the sector on the resurgence of Air India.
Citi Research On Havells
Citi Research maintains 'neutral' on Havells India and raised target price to Rs 1,814 from earlier Rs 1,544.
Growth led by improvement in Lloyd margin.
Key negative was muted 6% year-on-year growth in Lloyd revenue.
Signs of real estate-led demand pickup are also visible.
Q1 will see broad-based price hikes to pass on commodity-cost inflation.
Nuvama On Exide Industries
Nuvama retains 'buy' on Exide Industries with a target price of Rs 540.
Ebitda grew 41% on better net pricing and inventory gains
New lithium facility to start operations by Q4FY25
Ascribe 4 times investment value vs 1 times earlier to the Lithium battery business
Slashing the target P/E for the lead acid battery business to 15x from 18x
Increasing FY25E EPS by 4% led by better margin,
Building in core business revenue/EPS CAGR of 8%/17% over FY24-26E
CLSA On REC
CLSA reiterates 'buy' on REC Ltd. and raises the target price to Rs 595 apiece.
Management guides 15–18% AUM growth over next three–four years.
Views higher ROE, capex-led growth outlook as positive
Company expects thermal capex to pick up and aims for a 50% market share in non-NTPC thermal projects.
Does not expect write-backs in FY25 due to more liquidation projects.
Adjusts loan growth, credit cost estimates, leading to 4% rise in FY25 EPS.
Nuvama On Symphony
Nuvama maintains 'reduce' on Symphony Ltd. with a target price of Rs 780 apiece.
Overall Q4 earnings below expectations
Domestic revenue (5% year-on-year) muted due to high base and excess channel inventory.
Overseas subsidiaries showed signs of improvement; should aid performance in coming quarters.
Expect performance to improve from FY25 onwards but still likely to fall below consensus expectations.
Expect 15% domestic growth in FY25, led by a scorching summer season,
Key Growth Drivers FY25 onwards:
Market leadership with launches in air cooler segment
Ongoing summer season and heatwaves
Entry in adjacent product categories
Increasing international business share
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