We have collated a list of recommendations of top brokerage firms from ET NOW and other sources:
Morgan Stanley on Page Industries: Overweight| Target Rs 44,738
Morgan Stanley maintained an overweight rating on Page Industries with a target price of Rs 44,738.
The company posted a Q1 FY24 beat, and margins improved sharply. Cost controls drive margin growth.
Volumes were impacted due to subdued demand. The management is hopeful of a strong festive season on a low base.
Emkay on Zee Entertainment: Buy| Target Rs 335
Emkay maintained a buy rating on Zee Entertainment with a target price of Rs 335.
The NCLT approving the merger of Zee Entertainment and Culver Max Entertainment (SPNI) is a major shot in the arm for Zee, also dismissing all related objections.
“We await the detailed judgment for ascertaining details. Necessary approvals from stock exchanges and CCI have already been received. With Punit Goenka’s case with SEBI still ongoing, the issue of who will be at the helm of the merged entity persists,” said the note.
The brokerage firm reinstate its previous targeted EV/ EBITDA (broadcasting) of 9.5x (from 8x), with merger completion now in sight and improving business outlook.
YES Securities on Happiest Minds: Buy| Target Rs 1125
YES Securities maintained a buy rating on Happiest Minds with a target price of Rs 1125. The company reported a slight miss on financial performance for the quarter. Both, the sequential revenue growth and EBIT margin were below estimates.
There was a sequential decline in EBIT margin (down 175 bps QoQ) led by higher cost of revenue. Employee attrition continues to decline as LTM attrition decreased by 320 bps QoQ to 16.6%. Digital accounts for 95.1% of revenue as of Q1FY24 vs 96.3% as of Q4FY23.
YES Securities on Oil India: Buy| Target Rs 335
YES Securities maintained a buy rating on Oil India with a target price of Rs 335.
NRL refinery expansion work to increase capacity from 3mmt to 9mmt to complete in FY26. Crude offtake was low during the quarter as there was a planned shutdown at BPCL & BVFCL.
The company maintained the guidance of growing volumes at 5% for the year. Northeast grid is expected to be completed by FY26, and phase 1 to be completed by Nov’23; this will lead to growth in crude & natural gas volumes.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)