08 Jun , 2021 By : Kanchan Joshi
Indian equities started the week on a positive note with benchmark indices closing at record high levels on Monday. The Sensex rose 213 points to close at 52,313 while the Nifty ended the session at 15,751.6. Broader indices continued to outperform as the midcap and smallcap indices also posted record closing on Monday. For Tuesday, SGX Nifty indicates a muted start to the Indian market.
Brokerage recommendations:
Larsen & Toubro: Emkay Global Financial Services in a note on Monday said that a strong order book, better prospects and great execution capabilities show L&T is returning to mid-teen earnings growth. The firm’s order book has not revealed any major red flag from the perspective of execution.
The brokerage, therefore, has maintained its ‘Buy’ stance on the stock with the target price of Rs1,770.
Bajaj Finance: Nirmal Bang Institutional Equities believes that the company’s mid-quarter update indicates AUM growth impact of Rs4,000-5,000 crore and credit cost impact of Rs1,100-1,300 crore due to asset quality deterioration caused by the second covid wave.
It has a ‘Sell’ call on the stock with the target price at Rs4,500 per share.
Dhanuka Agritech: Edelweiss Securities said that there can be a decline in Q1FY22 numbers, but the company will grow in double digits due to good monsoon and expansion of canal irrigation. Dhanuka will benefit from the rising commodity prices.
Therefore, Edelweiss has maintained Buy rating on the stock with target price of Rs1,193 apiece.
Bharat Forge: Motilal Oswal Financial Services in a note on June 6 said that all businesses of Bharat Forge are witnessing a sharp cyclical recovery. This, coupled with its focus on creating new revenue pools in defence and e-mobility, can further lead to de-risking of the business.
The brokerage has a ‘Buy’ rating on Bharat Forge’s stock with a target price at Rs850.
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