Indian market tanked in the opening trade in line with the trends hinted by SGX Nifty, which traded lower by more than 400 points at 9.15 am, as Nifty slipped below 15,900 and the Sensex tanked by more than 1300 points. But there will be stock-specific action in which global brokerage came out with their reports on business development, or earnings outlook.

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We have collated a list of recommendations from various global brokerage firms according to a Zee Business TV report:

Asian Paints: Outperform| Target Rs 3800

Macquarie maintained an outperform rating on Asian Paints but slashed its target price to Rs 3800 from Rs 4200 which still translates into an upside of nearly 39 per cent from Rs 2738 recorded on 4 March.
 

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The global investment bank removed Asian Paints from the Marquee Buy List given near-term margin concerns from elevated crude prices post-Ukraine-Russia crisis.
 
It slashed FY22/23/24 EPS by 1%/4%/2% each to factor in these headwinds, said the note.

Dr Reddy’s Laboratories: Buy| Target Rs 5100

CLSA maintained the buy rating on Dr Reddy’s Laboratories with a target price of Rs 5100 which translates into an upside of over 33 per cent from Rs 3829 recorded on 4 March.

The global investment bank slashed estimates. FY22-23 Russia-Ukraine sales estimates cut by 11-34%, and FY22-23 EPS estimates cut by 3-9%.
 
CLSA sees a 13% downside in the most bearish case of no FY23-24 sales in Russia.
 
The global investment bank should see mid-to-high teens earnings growth in the medium-term, the note added.

ICICI Lombard:

Morgan Stanley maintained an overweight rating on ICICI Lombard with a target price of Rs 1920 which translates into an upside of over 57 per cent from Rs 1218 recorded on 4 March.

Motor premium hike proposal after 2 years is a relief. However, we see mixed trends in the magnitude of the hike, said the note.

The hike itself should help sentiment toward the stock. It has lagged Sensex & Bankex both YTD & in the last 2 years.

Hindalco: Buy | Target Rs 700

Jefferies maintained a buy rating on Hindalco but raised the target to Rs 700 from Rs 660 that translates into an upside of nearly 20 per cent from Rs 584 recorded on 4 March.

The global investment bank raised FY23-24 EPS by 5%-11% on higher aluminum prices and see further upside at spot.

Rising global energy prices and concerns on Russian supply have fuelled a 37% CYTD rally in aluminum to a 3-decade high, said the note.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)