stock recommendations: Hot Stocks: 3 stocks that may give returns upto 38%

Indus Towers
BROKERAGE BOFA SECURITIES

Price Target: Rs 280 CMP: Rs 240.5 Upside: 16%

• Vodafone Idea’s potential fund raise for network expansion to be positive for Indus as it will get incremental business
• Unless Vodafone clears a large part of its previous dues, Indus may not engage for any new rollout
• If Indus receives its dues (receivables $635 million), it could declare a special dividend – translating into 8-9% of dividend yield

FSN E-Commerce (Nykaa)
BROKERAGE UBS
Price Target: Rs 210 CMP: Rs 152 Upside: 38%

• Rate neutral on the stock as Nykaa’s right-to-win in the Fashion segment remains to be proven
• Management is bullish on overall growth and margin expansion potential
• Ecommerce B2B business still nascent but has large opportunity; enable company to provide comprehensive offering to global beauty brands

Asian Paints
BROKERAGE MACQUARIE
Price Target: Rs 4,000 CMP: Rs 2,983 Upside: 34%

• Retain outperform rating post Grasim’s entry into paints industry given company’s history of effectively defending market share
• Leadership position could affect company less than smaller players on account of a new entrant
• Sharp moderation in demand remains a downside risk to near-term sales growth

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