Should you buy, sell or hold ITC, Vedanta, DLF, M&M, Bajaj Finance, other stocks?
Share Market News: Domestic equity benchmarks Nifty 50 and Sensex gained about 0.7-0.8 per cent on Tuesday in a broad-based rally driven by financial and energy shares. Here's what brokerages make of a few stocks buzzing in trade on December 3.
Share Market News: Domestic equity benchmarks Nifty 50 and Sensex registered sharp gains on Tuesday, on track to close for the third trading session in a row. The Sensex jumped as much as 605.5 points, or 0.8 per cent, to touch 80,853.6 during the session, while the Nifty 50 came almost within 50 points of the psychologically important 24,500 mark. A broad-based rally powered the gains on Dalal Street, with strong buying interest in financial and oil & gas shares.
Here's a summary of what some of the top brokerages make of a few stocks buzzing in trade:
Should you buy or sell ITC shares?
Macquarie has maintained its 'outperform' rating for ITC with a target price of Rs 560.
ITC shares in focus
The Group of Ministers (GoM) on Rate Rationalisation—a high-level panel that decides changes in the GST rate structure—has proposed a higher rate of 35 per cent on tobacco and tobacco-related products from the existing 28 per cent, Zee Business learned from sources.
According to Macquarie, the reported 35 per cent rate may potentially replace the compensation cess.
Currently, cigarettes attract 28 per cent GST and a compensation cess of 5-36 per cent based on factors such as stick length.
How Nomura & Macquarie view M&M
Nomura has maintained its 'buy' call for M&M with a target of Rs 3,664.
Macquarie has continued with its 'outperform' rating for M&M with a target price of Rs 3,441.
Should you buy or sell Vedanta shares?
BofA Securities has kept a 'neutral' call on Vedanta shares with a target price of Rs 470.
The brokerage has summarised the key takeaways from the mining giant's management meeting:
--FY25 aluminium cost of production guidance maintained
--Oil & gas production likely to be muted in the near term
--In final stages of demerger with shareholder and creditor meetings scheduled in the coming months
Should you buy or sell M&M shares?
Citi has retained a 'buy' rating for M&M with a target of Rs 3,520.
UBS initiates coverage on DLF
UBS has initiated coverage on DLF shares with a 'buy' rating and a target price of Rs 1,005.
At the December 2 closing price, the target implies a potential upside of 18.5 per cent in the stock.
While UBS believes DLF is the best play in the luxury segment, it views Prestige as a strong diversified play.
How UBS views real estate space
According to the brokerage, a sustainable upcycle on real estate is expected to be driven by multiple tailwinds, with COVID-related uncertainties now out of the way in the commercial segment.
What UBS makes of Prestige Estates Projects & Oberoi Realty
UBS has also initiated coverage on two other real estate stocks: Prestige Estates Projects and Oberoi Realty.
It has assigned a 'buy' rating to Prestige with a target of Rs 2,175 and a 'neutral' call to Oberoi Realty with a target price of Rs 2,230. The targets suggest potential upsides of 26.4 per cent and 7.7 per cent from their previous closing levels, respectively.
Should you buy or sell JSW Steel shares?
BofA Securities has maintained a 'buy' rating for JSW Steel shares with a target of Rs 1,090.
Should you buy or sell Bajaj Finance shares?
HSBC has retained its 'buy' rating for Bajaj Finance with a target price of Rs 7,740.