INSUBCONTINENT EXCLUSIVE:
Good morning!
The domestic stock market on Tuesday showed early signs of a possible breakout from its consolidation range
And Nifty futures on Singapore traded 9.50 points lower this morning, signalling a tepid start for Dalal Street.
Haitong Securities has retained buy rating on Eris Lifesciences and raised target price to ?690 from ?570
With superior profitability, strong free cash flow generation and 35 per cent return on invested capital, Eris' financials are comparable to
its MNC peers, said Haitong
The brokerage values Eris at a 20 per cent premium to its mid-cap peers
The stock is trading at par with mid-cap peers which have a significant exposure to low multiple generic markets, said Haitong
The stock ended down 2.3 per cent at ?481.50 on Monday.
Bank of America Securities has downgraded Info Edge India to underperform and cut target price to ?1,875 from ?2,380
The brokerage expects economic slowdown to impact the company's flagship business Naiukri
The brokerage does not expect material valuation upgrades in the next funding roundas for private investments like Zomato and so it doesn't
expect any material de-rating on the back of this for the next 12 months
The stock ended down 1.7 per cent at ?2,444.10 on Monday.
Antique Stock Broking has initiated coverage on Essel Propack with a target price of ?240
Given the acquisition of Essel by Blackstone, the company is on its clear path of value creation charted by the inhouse experts with an eye
on prudent capital allocation and enhanced corporate governance, said Antique
Essel should get rerated further given the improvement in management practices post acquisition, efficient capital allocation, deleveraging
and synergies expected out access to Blackstone's portfolio companies, said Antique
The stock ended up 2.6 per cent at ?177.95 on Monday.