Macquarie Equity Research has put an ‘underperform’ rating on Vodafone India with a target price of Rs 6.50. Analysts feel the government’s decision to convert the company’s obligations due in FY26 to equity reiterate the government’s supportive intent for a three-player market, but they expected timeline extensions instead of equity dilution. With underlying free cash flow generation for VodaIdea still inadequate, they maintained their guarded stance.
Elara Securities India has put an ‘accumulate’ rating on Hindalco Industries with a target price of Rs 734. Analysts feel that in the long run the company may witness margin expansion in its domestic business, driven by operational benefits from coal mines and a higher share of value-added products. For Novelis, margin growth would be supported by operating leverage, contract repricing, and cost-saving initiatives. As most margin drivers are likely to materialize beyond FY27, we retain our earnings estimates and our target price.
Emkay Global Financial Services has downgraded Dabur to ‘reduce’ rating with a reduction in target price to Rs 450 from Rs500 earlier, mainly due to weak business execution. Analysts said Dabur in its recent business update noted a mid-single-digit decline in the domestic business, which is a key business concern in our view. While Dabur has been focusing on share gains across most segments, they see a need for aligning with the evolving consumption trend, for topline recovery. Consolidated revenue is likely to be flat in Jan-Mar 2025 quarter, while margin is likely to see compression, which will drive a low double-digit decline.
JM Financial has initiated its coverage of Inox India with a ‘buy’ rating and a target price of Rs 1,240. Analysts said that the company is India’s largest manufacturer of cryogenic equipment, a dominant player, about four time the size of its nearest competitor. Its key strengths include over 30 years of expertise in engineering and design, quality management, and testing, an impeccable execution track record, and most globally required certifications in place, all of which make it a preferred supplier for its clients.
Nirmal Bang Securities has given a buy recommendation on Sky Gold & Diamonds with a target price of Rs 482. The company specialises in design, and manufacturing of casting gold jewellery for large and mid-to-small jewellers. Among its top clients are Malabar, Joyalukkas, Kalyan, Reliance, Senco, PN Gadgil and CaratLane. Analysts feel since the industry is shifting towards large B2B suppliers, the company is in a sweet spot. While the market is large, a small base provides for multi-year growth opportunities. It’s also preparing to tap new opportunities with new products. The company is also onboarding new clients.
Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
Buy or sell: Stock recommendation by brokers for April 4, 2025 – The Times of India
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