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Domestic benchmarks extended their gains for the third straight session during previous trade. The 30-share BSE Sensex pack soared 595 points or 0.92 per cent to close at 64,959; while the broader NSE Nifty index moved 181 points or 0.94 per cent up to settle at 19,412. India VIX, fear index, rose 2.04% to 11.11-level.
For November 7 (Tuesday), share market analysts from a few brokerages have assigned 'Buy/Accumulate/Hold' calls on Gujarat Gas, IndiGo, Policybazaar and Bank of Baroda. Check share price targets, analysis, investment rationale and other crucial details about these long-term bets.
LTP: Rs 417.20 Analysts at Prabhudas Lilladher (PL) have given an 'Accumulate' call on Gujarat Gas shares with a target price of Rs 477. The stock has slipped 14.88% in 2023 so far and 9.18% in last six months.
"We cut FY24/25 EPS estimates by 10.6/9.1% due to reduction in EBITDA/scm estimates. The stock is currently trading at 25.7x P/E. We build in 10% CAGR volume growth over FY24-26E. Owing to competition from alternate fuels we estimate an EBITDA of Rs5.5/scm going forward," PL said.
LTP: Rs 2,557.95 PL analysts have also selected InterGlobe Aviation (IndiGo's parent) in their stock recommendations. The brokerage has given a 'Buy' call on the counter with a target price of Rs 2,816 per share. The stock has climbed 25.22% on a year-to-date (YTD) basis and 16.28% in six months.
"We believe IndiGo is well placed to strongly benefit from capacity deployment (north of mid-teens capacity guidance remains intact for FY24E, despite escalation in engine issues at P&W), network expansion in domestic as well as international markets and superior balance sheet (Rs 18,000 crore of free cash)," PL stated.
LTP: Rs 714 Analysts at Nuvama have included PB Fintech (Policybazaar) in their long-term bets. The brokerage has given a 'Hold' rating on the counter with a target price of Rs 750. The multibagger scrip has gained 57.91% in 2023 so far and 16.18% in the past six months.
"The company is focused on improving productivity and building trail revenues. We increase our revenue estimates but cut near term FY24E/25E EBITDA by 4.6%/6.8% to build in slightly lower margins. We raise our DCF based target price to Rs 750 (earlier Rs 720)," Nuvama said.
LTP: Rs 195.70 Nuvama has also selected Bank of Baroda in its long-term bets. The brokerage has downgraded the stock from 'Buy' to 'Hold' with a target price of Rs 220. The scrip has risen 5.07% in 2023 so far and 6.94% in the last six months. "BoB's strong growth is leading to frequent NII misses. Negative surprises on its overseas book have also been higher than peers. We believe achieving the guided NIM of 3.15% (higher than the current 3.07%) is a tall task given the intense competition," the brokerage stated.
"Nifty maintained a positive trajectory throughout the day. On the upper side, the rally encountered resistance at the 21-day moving average (21-DMA). It is anticipated that the trend will continue to move sideways in the near term. A decisive breakthrough above 19,450 could potentially pave the way for a rally. On the lower end, support is situated at 19,300," said Rupak De, Senior Technical analyst at LKP Securities
"Nifty Bank stayed positive throughout the day. On the higher side, the index closed above the 21-DMA. The trend is expected to remain sideways to positive in the near term. Support on the lower end is located at 43,300. On the higher end, a move above 43,700 could trigger a rally towards 44,500," the LKP analyst mentioned
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