Mahindra & Mahindra
BROKERAGE: HSBC SECURITIES
Price Target: Rs 1800 CMP: Rs 1,536.6 | Upside: 17.1%
- Tractor demand resilient despite lower than normal monsoon this year
- Likely weak tractor demand to be offset by the continued traction in sport utility vehicle (SUV) business and market share gains in light commercial vehicle (LCV) business
- Expects FY25 to be tougher for M&M as compared with other tractor manufacturers
Star Health Insurance
BROKERAGE: NUVAMA
Price Target: Rs 770 CMP: Rs 631 | Upside: 22.0%
- Dominant market leadership position (33.7% in FY23) in a fast-growing retail health market
- Strong product suite spans individual and family floaters, and specialised products where competition is limited
- Greater network with scale to drive up returns ratios to 16.7% by FY26 versus 12.4% in FY23
Zomato
BROKERAGE: ELARA CAPITAL
Price Target: Rs 130 CMP: Rs 97.9 | Upside: 32.7%
- No threats of new entrants in the existing duopoly with FY23 combined market share of Zomato and Swiggy at 65%
- Advertising revenue has been a silver lining for Zomato as it enjoys niche customers, leading to higher ad revenue
- Blinkit poised to break-even in the next few quarters, which may boost valuation
Bajaj Finance
BROKERAGE: PHILLIP CAPITAL
Price Target: Rs 10,000 CMP: Rs 7,475 | Upside: 33.7%
- Troika of growth, risk management, and high capital buffers makes for a compelling investment argument Transitioning to financial services and payments player with entry into microfinance, new-car finance, flexi loans on QR for merchants, and tractor finance
- Market underestimating Bajaj’s cross-selling franchise and fee-income potential
“Nifty’s progress is a testament to the trust Indian and foreign investors place in India’s capital markets and its regulatory legal system to provide a fair, efficient, transparent, low-cost, always available, orderly marketplace that is better than the best in the world. India has come a long way in the last 30 years in its market’s participation. India will continue to progress, and markets will continue to reflect that progress, as seen in the Nifty 50 index,” ASHISHKUMAR CHAUHAN, MD & CEO, National Stock Exchange said.
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