Tata Communications Ltd., Federal Bank Ltd. and CESC Ltd. have a 'buy' recommendation from Nilesh Jain, head vice president, technical and derivatives research, equity research at Centrum Broking Ltd.
Jain recommended buying Tata Communications at the current market price and suggested setting a stop loss at Rs 1,688 and a target price of Rs 1,801. The company received a coverage initiation from Macquarie Equity Research with an 'outperform' rating on Wednesday. The brokerage has a target price of Rs 2,300, citing the company's strong position in the digital transformation space.
It forecasts an 11% revenue compound annual growth rate from fiscals 2025 to 2028.
For Federal Bank, Jain has advised a stop loss at Rs 212 and a target price at Rs 230. On June 30, the bank's board of directors approved raising of funds worth Rs 6,000 crore by way of issuing debt instruments.
The fundraise could be through additional tier I bonds, tier II bonds, long-term bonds (infrastructure and affordable housing), masala bonds, green bonds, non-convertible debentures or such other debt securities. The fundraise of Rs 6,000 crore will be subject to approval from shareholders and other statutory approvals, according to an exchange filing.
Jain recommends buying CESC with a stop loss at Rs 172 and target price at Rs 184. The power utility company reported a 7% dip in its consolidated net profit to Rs 385 crore in the March quarter, compared to a year ago, mainly on lower deferred tax credits and regulatory income. The company had posted a consolidated net profit of Rs 415 crore in the quarter ended on March 31, 2024, according to a regulatory filing.
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