Top brokerages have shared a number of calls as Dalal Street enters the February 2 session, a day after Finance Minister Nirmala Sitharaman unveiled a wholesome Budget 2023. On their radar are stocks such as Britannia, ITC, HDFC Life, SBI Life, DLF, Zomato, Titan and Max Financial. 

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Here's the complete list of brokerage views on some of the key stocks in focus today:

Real estate  

CLSA maintains a 'reduce' call on Macroteach Developers and reduces its target to Rs 1,083 from Rs 1,102. 

Here are some of the brokerage's other calls in the space:

Brokerage Stock Rating Target
CLSA DLF Buy Reduced to Rs 458 from Rs 470
CLSA Oberoi Realty Outperform Reduced to Rs 906 from Rs 925
CLSA Embassy Office Buy  Reduced to Rs 381 from Rs 400

Insurance stocks

CLSA reduces the target price for the stocks in its coverage on the sector by 25-35 per cent. The brokerage: 

  • Downgrades HDFC Life to 'sell' 
  • Downgrades Max Financial to 'underperform' from 'buy' 
  • Downgrades ICICI Prudential and SBI Life to 'outperform' from 'buy' 
Brokerage Stock Rating Target
Citi HDFC Life Buy  Reduced to Rs 595 from Rs 695
Nomura HDFC Life Buy Rs 660
Macquarie HDFC Life Outperform Rs 655
Citi SBI Life Buy Reduced to Rs 1,657 from Rs 1,825
Credit Suisse SBI Life Neutral Rs 1,230
Nomura SBI Life Buy Rs 1,625
Macquarie SBI Life Outperform Rs 1,580

Here's what Morgan Stanley thinks of the space:

  • Budget proposals likely to impact business growth from high net worth individuals 
  • Budget proposals likely to impact growth in non-participating guaranteed return segment 
  • Products have been drivers of annual premium equivalent (APE) growth and value of new business (VNB) margin expansion in recent years 
  • See meangiful downside risks to FY24 APE and VNB growth forecasts 

ITC shares

Brokerage Stock Rating Target
Morgan Stanley ITC Overweight Rs 374
Jefferies ITC Buy Rs 415
Goldman Sachs ITC Buy Raised to Rs 430 from Rs 410
Citi ITC Buy Raised to Rs 415 from Rs 390

Titan shares

CLSA upgrades Titan to 'buy' from 'outperform' with a target price of Rs 3,000.

The brokerage retains a 'sell' call on Pidilite Industries and reduces its target for the stock to Rs 2,035 from Rs 2,235.

Britannia shares

Here's what brokerages make of the FMCG major's stock:

 

Brokerage Rating Target
Morgan Stanley Overweight Rs 4,427
Jefferies Buy Rs 5,000
Nomura Buy Rs 5,200
Macquarie Neutral Rs 4,000

According to Jefferies, Britannia's strong quarterly performance is driven entirely by its margin, which nears a record level owing to correction in input costs and the raw material inventory.

Paint stocks

Brokerage Stock Rating Target
CLSA Asian Paints Downgrade to 'sell' from 'underperform' Reduced to Rs 2,580 from Rs 3,100
CLSA Kansai Nerolac Buy Reduced to Rs 510 from Rs 560

Zomato shares

CLSA continues with a 'buy' rating on Zomato but reduces its target price by Rs 15 to Rs 70.

Ashok Leyland shares

Here's what brokerages recommend on the auto maker's stock:

Brokerage Rating Target
Morgan Stanley Overweight Rs 175
Jefferies Buy Rs 180
Nomura Buy Rs 179
Macquarie Neutral Rs 162

Read more on Ashok Leyland shares, sales

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