Global View: Brokerages on Cummins India, InterGlobe Aviation and Kalyan Jewellers

Indian market is likely to trade lower on Tuesday amid muted global cues, but there will be stock-specific action in which global brokerage came out with their reports on business development, or earnings outlook.

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

Cummins India: Reduce| Target Rs 777

Nomura maintained the reduced rating on Cummins India with a target price of Rs 777 which translates into a downside of nearly 20 per cent from Rs 971 recorded on 21 February.
 

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Genset Emission Standard IV+ is notified and the impact will be largely in the 56-800kW range.
 
The global investment bank expects a sharp rise in the engine making costs from FY24F but raising prices to offset cost can be challenging. The new norms are likely to be effective from 1 July 2023.

InterGlobe Aviation: Sell| Target Rs 1550

Citi maintained a sell rating on InterGlobe Aviation with a target price of Rs 1550 which translates into a downside of over 25 per cent from Rs 2086 recorded on 21 February.

There are 2 immediate ramifications of Gangwal’s resignation - 
1)overhang of excess supply of IndiGo shs(own 36.93%)  
2)Recurrent conflict comes to an end Sell on-Rising competition, downside risks to market share & escalated cost

Another global investment bank, Morgan Stanley maintained an overweight rating on InterGlobe Aviation for a target price of Rs 2759.

Kalyan Jewellers: Buy| Target Rs 95

Citi maintained buy rating on Kalyan Jewellers with a target price of Rs 95 which translates into an upside of nearly 60 per cent from Rs 60 recorded on 21 February.

The global investment bank is of the view that steady execution will be key to re-rating. Covid volatility notwithstanding, the management remains fairly optimistic on business prospects as the risk-reward appears favourable.

(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.)