Q1 Results Impact: On the back of strong earnings in the first quarter of the financial year 2022-23 (Q1FY23), shares of ICICI Prudential Life, L&T Technology Services, Oberoi Realty, and Jindal Steel and Power Limited surged up to 4 per cent on the BSE intraday on Monday as against 1 per cent rise in the BSE Sensex at noon.  

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Individually, ICICI Prudential Life gained 2 per cent to Rs 527.45 per share, and Oberoi Realty advanced over 1.5 per cent to Rs 351 apiece on the BSE intraday.

Oberoi Realty shares jumped most of all, up by over 4 per cent to Rs 884.5 per share, followed by L&T Technology Services up by nearly 3 per cent to Rs 3178 a share on the BSE intraday. JSPL was trading over 1.70% higher at Rs 351 apiece.

While the majority of the brokerages are bullish on JSPL and ICICI Pru Life, many are skeptical of L&T Tech.  

CLSA maintains Underperform call on L&T Tech, the high sensitivity of ER&D spends to macro headwinds remains a longer-term risk, ti sets a target price of Rs 3100 apiece While Citi gives a Sell call on L&T Tech with a target of Rs 2810 apiece, it said wage hike in Q2 and measures to manage attrition will keep margin in check. 

While CLSA being bullish on JSPL maintained an Outperform call on the stock, it gave a target of Rs 400 per share. It said, deleveraging hinges on the unwinding of working capital and margin recovery, while valuations offer comfort, but the steel price outlook is uncertain.   

Similarly, Citi maintained a Buy call on JSPL with a target price of Rs 450 per share. It believes, any positive news from China hereon would drive stock. 

Meanwhile, Jefferies has a Buy call on ICICI Pru with a target price of Rs 700 per share. It said that VNB surpassed expectation on the back of expansion in the margin to 31 per cent. With an Overweight rating, Morgan Stanley also sets a target of Rs 700 per share for ICICI Pru on the above estimated VNB numbers.