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Research House: ICICI Securities
Advice: Buy
Stock price: Rs 456
1-year Target Price: Rs 690
Potential upside: 51.3%
Comment: Maintain ‘buy’ as ramp-up of DRI-IF route capacity, recent uptick in prices and stainless steel capacity at Mittal Corp. will aid EBITDA in the second half of 2023-24. Its net debt/EBITDA is the best among peers.
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Research House: Antique Stock Broking
Advice: Buy
Stock price: Rs 1,106
1-year Target Price: Rs 1,420
Potential upside: 28.4%
Comment: Retain ‘buy’ due to strong order backlog, impressive order pipeline, robust export potential, diversification plans and expectations of a significant uptick in execution in the next few years.
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Research House: Jefferies
Advice: Buy
Stock price: Rs 2,171
1-year Target Price: Rs 2,700
Potential upside: 24.4%
Comment: Initiate with ‘buy’ as it will benefit from financialisation of savings, rising equity participation, product innovations, strong potential of derivatives segment, diversified revenue streams and attractive valuations.
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Research House: JM Financial
Advice: Buy
Stock price: Rs 206
1-year Target Price: Rs 250
Potential upside: 21.4%
Comment: Initiate with ‘buy’ due to growing portfolio with rising third-party mix, possibility of upward revision in tariff at its major port terminal, strong balance sheet, ramp-up in capacity utilisation and high promoter ownership.
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Research House: Nuvama
Advice: Buy
Stock price: Rs 334
1-year Target Price: Rs 404
Potential upside: 21%
Comment: Reiterate ‘buy’ as improved e-auction premium and higher volumes may boost earnings in the second half of 2023-24. Likely rise in evacuation capacity, lower costs and decent coal demand outlook are key positives.
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Research House: Motilal Oswal
Advice: Buy
Stock price: Rs 109
1-year Target Price: Rs 130
Potential upside: 19.3%
Comment: Maintain ‘buy’ due to its robust asset quality, steady margins outlook, healthy traction in loan growth, initiatives to control credit costs, moderation in provisions and strong focus on profitability.
Source: ETIG
*Stock prices as on November 30
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