Indian markets on Wednesday made a gap-down opening as Nifty opened below 15600 levels and Sensex slipped over 345 points. Whereas Nifty Midcap 100 also declined by 0.3 per cent at open.
Investors may see a stock-specific action in Dr Reddy’s Lab, IndusInd Bank, SBI and Axis Bank in which global brokerages came out with their reports on business development, or earnings outlook.
Dr Reddy’s Laboratories – Upside: 30%
Global brokerage firm CLSA maintained a Buy stance with a target price of Rs 4950 per share. It said there has been a significant thrust in scaling-up biologics globally and reiterated its medium-term aspirations of double-digit sales growth. The stock on Friday closed at Rs 4268 per share.
Similarly, Morgan Stanley maintained Overweight stance with a target price of Rs 5099 per share. It said, future business could potentially contribute 15% of total sales by 2027 and company plans to vigilant on capital allocation.
While both Jefferies and Nomura maintained Buy rating with a target price of Rs 5036 and Rs 5552 per share, respectively on the stock.
IndusInd Bank – Upside: 46%
Global investment banking firm CLSA gives a Buy rating on IndusInd Bank with a target price of Rs 1060 per share, and said asset quality worries are behind as well as credit costs to normalise from FY23, It added that the company is better placed on liabilities and on growth trajectory.
Similarly, Macquarie maintained an Outperform rating with a target price of Rs 1135 per share. The stock on Tuesday closed at Rs 780 per share.
SBI Bank – Upside: 48%
Macquarie maintained an Outperform rating with a target price of Rs 665 per share. The stock on Tuesday closed at Rs 451 per share.
Axis Bank – Upside: 24%
Macquarie also maintained a Neutral rating with a target price of Rs 790 per share. The stock on Tuesday closed at Rs 636 per share.