JP Morgan has an “overweight” rating on L&T, while Jefferies downgraded Tata Steel and JSW Steel.
The brokerage said the order inflow trend gave the company hope that it might stick to its guidance. JPMorgan sees a pickup in government capital spending and international orders as medium-term catalysts.
The brokerage has downgraded Tata Steel shares to “hold” and JSW Steel to “underperform”. However, Jefferies retained a “buy” rating on Hindalco stock. The foreign brokerage said weak macroeconomic and demand concerns in China were weighing on metal prices.
The brokerage sees upside risks to PB Fintech’s third-quarter revenue forecast. Morgan Stanley maintained an “equal weight” rating on PB Fintech shares with a target price of Rs 1,160.
Morgan Stanley said channel checks indicated a positive response from clients. The brokerage’s revenue from the West Delhi project is estimated at Rs 4,200-4,500 crore.
While Asian stocks moved slightly differently, gains in Europe provided some support for Indian markets. The 30-share BSE Sensex closed up 221.3 points, or 0.4 percent, at 60,616.9, while the broader NSE Nifty50 benchmark settled at 18,055.8, up 52.5 points, or 0.3 percent, from its previous close. Both indexes closed higher for the third straight session.
Complete News Source : CNBC TV18
