Even as markets were trading with a negative bias during the early morning trade on Wednesday, they are likelty to pick up momemntum as the day advances. The current optimism is on the back of positive global cues. However, a stock-specific action is expected. Global brokerage have come 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:

ONGC: Buy| Target Rs 300

CLSA maintained a buy rating on ONGC with a target price of Rs 300 that translates into an upside of about 80 per cent from Rs 164 recorded on 15 February.

The risk-to-reward ratio is attractive at current levels. The December quarter results were ahead of estimates. FY23 brent/gas price forecast is 18%/ 17% lower than the price suggested, said the note.

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Balkrishna Industries: Neutral| Target Rs 2246

Nomura upgraded Balkrishna Industries to Neutral from Reduce earlier and has also raised the target to Rs 2246 from 2233 earlier translates into an upside of around 6 per cent from Rs 2127 recorded on 15 February.

The company has a strong demand outlook; however, cost headwinds remain.

Valuations remain fair, and the company expects another 2-3% cost increase in 4Q and looks to sustain current margins. The global investment bank maintains its target of 28-30% EBITDA margins over the medium term.

VA Tech Wabag: Buy| Target Rs 634

Nomura maintained a buy rating on VA Tech Wabag and raised its target to Rs 634 from Rs 581 earlier which translates into an upside of over 100 per cent from Rs 296 recorded on 15 February.
 
The company reported robust Q3 with EBITDA margins improving. The company posted a strong debt reduction, over 10% EBITDA margin, and focus on securing tech-focused orders are key positives.

Tech-focused orders with low civil components could improve both margins & cash flows, said the note.

The company reported strong results in Q3. The net profit rose to Rs 44 cr for the quarter ended December compared to about Rs 26 cr seen in the September quarter.

(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.)