INSUBCONTINENT EXCLUSIVE:
Good morning!
The domestic stock market on Wednesday showed early signs of a possible breakout from its consolidation range
And Nifty futures on Singapore traded 10.50 points higher this morning, signalling a good start for Dalal Street.
Bank of America Securities
has initiated coverage on SBI Cards with a buy rating and target price of ?680
SBI Cards' ability to leverage its SBI association positions it well in the high-growth Indian credit-card market, said BofA Securities
Despite factoring the near-term impact of COVID-19, the brokerage sees strong long-term growth supported by SBI Cards' diversified model
The stock ended down 2.7 per cent at ?525.60 on Tuesday.
Goldman Sachs has a buy rating on Kotak Mahindra Bank with a target price of ?1,561 after the bank announced a board meeting on April 22 to
consider equity capital raising
The rationale for the potential capital raise may not necessarily be for shoring up provisions or potential asset quality concerns given the
strong balance sheet and healthy NPL coverage, said Goldman Sachs
possibilities if valuations are reasonable, said Goldman Sachs
The stock ended down 4 per cent at ?1,130.45 on Tuesday.
Nomura has retained buy rating on Dr Reddy's Laboratories and raised target price to ?4,426 from ?3,684
Nomura said Dr Reddy's near term earnings are dependent on North America generics and it expects 52 per cent of FY22 EPS from the region
The brokerage sees earnings support on account of new product launches and market share gains in products already launched
The stock ended up 4.5 per cent at ?4,015.55 on Tuesday.