UBS target lifts Apollo Tyres shares; Narayana Hrudayalaya rise after HSBC rating upgrade

Shares of Apollo Tyres Ltd jumped 6 per cent in Monday's trade after UBS raised its rating to 'Buy' on the stock. Narayana Hrudayalaya also moved 3 per cent higher following upgrades in its rating by foreign brokearge HSBC and domestic brokerage Kotak Institutional Equities.

Apollo Tyres advanced 6.53 per cent to hit a high of Rs 468.45 apiece on BSE. Narayana Hrudayalaya added 3.32 per cent to hit a high of Rs 1,876.

In the case of Apollo Tyres, UBS analyst Pramod Kumar has rasied the rating to 'Buy' from 'Neutral' with a target of Rs 590, implying 34 per cent potential upside. In Kumar's case his recommendation received a 4.4 per cent return in the past one year compared with a 7 per cent return on the shares. The recommendation on Apollo Tyres come a day after Investec suggested a 'Buy' and a target of Rs 520 on the stock. The 12-month consensus Bloomberg target on the stock at Rs 499.61 implied 11.6 per cent potential upside on the stock.

In the case of Narayana Hrudayalaya, HSBC analyst Damayanti Kerai recommended 'Hold' against 'Reduce' earlier. Kerai set a target of Rs 1,835 on the stock hinting at 1.1 per cent potential upside. Bloomberg reported that investors, who followed Kerai's recommendation received 1.5 per cent return in the past one year compared with a negative 1.9 per cent return on the shares.

Kotak's Alankar Garude in fact upgraded the stock to 'Buy' with a target of Rs 2,350. This stock is a consensus 'Buy' with 14 'Buy' calls and no 'Sell' recommendation.   The stock's 12-month target stands at Rs 2270, which hinted at 22 per cent potential upside.