ICICI Securities remains positive on Vedanta, JSW Energy and Gravita India despite lowering their target prices, supported by earnings growth, expansion plans and improving operating performance. However, the brokerage has adopted a more cautious approach towards United Spirits and KPIT Technologies due to volume pressures, elevated expenditure and muted demand conditions.
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ICICI Securities Report
ICICI Securities has reviewed the second-quarter earnings of five companies across metals and mining, utilities, consumer staples and discretionary, and technology sectors, including KPIT Technologies, JSW Energy, Vedanta, Gravita India, United Spirits.
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The brokerage has reduced target prices for all five stocks while maintaining its existing ratings, reflecting mixed earnings performance, evolving growth prospects and sector-specific challenges.
In this report, ICICI Securities has maintained Buy ratings on Vedanta, JSW Energy and Gravita India, with revised target prices of Rs 330, Rs 675 and Rs 1,891, respectively. The brokerage lowered Vedanta's target price from Rs 345, JSW Energy's from Rs 700 and Gravita India's from Rs 2,020.
Meanwhile, ICICI Securities retained its Add rating on United Spirits, reducing the target price to Rs 1,400 from Rs 1,450, while KPIT Technologies retained its Hold rating, with the target price lowered to Rs 580 from Rs 670.
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Despite the target price reductions, the brokerage's revised targets imply potential upside of approximately 42% for Vedanta, 41% for Gravita India, 40% for JSW Energy, 14% for United Spirits and 5% for KPIT Technologies, based on the market prices cited in the reports.
The revised recommendations highlight how companies' earnings performance, industry developments and growth expectations are influencing brokerage valuations following the September-quarter results.
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