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.
BofA Securities expects 99Acres growth to be weak as it expects increased stress with real estate developers/brokers.
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.
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