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These 11 shares including Bajaj Auto, CG Power, Kens Technology? Learn target price from brokerage

by Aaryan Srivastav
January 29, 2025
These 11 shares including Bajaj Auto, CG Power, Kens Technology? Learn target price from brokerage

The business news desk, the brokerage firms today released their reports on shares of about 11 companies amidst the ongoing instability in the stock market. These include stocks like Exide, Bajaj Auto, Hyundai, CG Power, Colgate, Cipla, Mahindra & Mahindra Financial Services, Kans Technology, BHEL, IGL and SBI Card. Brokerage has assessed the quarterly results of these companies. Let’s know what opinion the brokerage has given about these shares and what target price has been fixed for them-

1. Exide (Exide)

City has advised shopping in this stock and has kept the target price of Rs 540 per share. Brokerage said the company’s Q3 performance was a little better than expected, due to the strong gross margin. Demand has increased in the automobile replacement segment, especially in the two-wheeler and four-wheeler segment. The demand in the solar segment also remains strong due to government incentives and ‘solarization’ programs. However, the demand from automotive OEMS was weak, and the infrastructure segment also saw lethargy due to a decrease in government spending.

2. Bajaj Auto

Morgan Stanley has rated Bajaj Auto “overweight” and has kept the target price of ₹ 9,951 per share. Brokerage said the company’s standalone Ebitda remained in accordance with expectations. The management believes that the domestic motorcycle industry will show a sustainable growth of 6-8%, and the segment above 125cc will see a higher rise. The company is expecting an annual growth of more than 20% in its export business. Electric vehicle (EV) portfolio is now positive Ebitda, and the new Chetak 35 platform is helping margin improvement.

On the other hand, CITI has given this stock a rating “SELL” and has kept the target of Rs 7,900 per share for this. Brokerage said that the Ebitda gross margin improved a bit better, but the company has lost the market share in the entry-level bike segment. CITI does not see much possibilities in this due to expensive valuation.

3. Hyundai Motors

Morgan Stanley has rated the stock a “overweight” and has a target price of 2,261 per share. Brokerage said that Q3 recorded weak earnings. After the weak export mix and festive season, sales were affected due to discounts to increase sales in the domestic market. However, the company’s plan to expand capacity with model cycle in FY27 may strengthen its position.

4. Colgate (Colgate)

City has rated the stock “Sell” and its target price has reduced from ₹ 3,000 to ₹ 2,600 per. Brokerage said the company’s total revenue growth was 5%, which was estimated. However, the growth of domestic business was just 3%, while HUL’s Oral Care Business recorded moderate single digit growth. Pricing was flat due to more promotional activities and competition.

5. Cipla

Nomura has advised purchases in this stock and has kept the target price of Rs 1,780 per share for this. Brokerage said the Q3 results were better than expected. However, some major American launch delays may affect FY26 estimates, but FY27 has expectations.

At the same time, HSBC has also given this stock a “BUY” rating and has kept the target price of Rs 1,800 per share for this. Brokerage said that the company’s Q3 profits came more than expected due to better sales mix, low R&D spending and one -time profit.

6. Mahindra & Mahindra Financial Services (M&M Financial Services)

Brokerage firm HSBC has advised purchases in this stock and has kept the target price of Rs 320 per share for this. Brokerage said that the operating profit in Q3 was slightly less than expected, but the net profit was more than anticipated due to the release of better provisions. At the same time, the second Morgan Stanley has rated this stock a rating “Equal Weight” and has kept the target price of Rs 285 per share.

7. SBI Card (SBI Card)

HSBC has rated the stock “Redus” and has kept the target ₹ 580 per share. Brokerage said that the growth outlook looks weak after Q3 and there is uncertainty about asset quality. At the same time, brokerage firm Bernstein has given this stock a “underperform” rating and has kept the target ₹ 620 per share.

8. BHEL

The brokerage firm CLSA has rated the stock “underpoorform” and has reduced the target price to Rs 166. Brokerage said the company’s backlog has recorded an annual increase of 47%, but the Ebitda margin did not remain as expected. On the other hand, Morganstanley has given the stock a “overweight” rating and has kept the target ₹ 352 per share.

9. Indraprastha Gas Limited (IGL)

The brokerage firm CLSA has rated the stock a “outperform” and has a target of Rs 440 per share. Brokerage said that the company’s Q3 profits were much better than expected. Management has estimated 10% volume growth in FY26-27 and has increased Ebitda margin guidance to ₹ 7-8/SCM.

10. CG Power (CG Power)

Brokerage firm Nomura has rated the stock “BUY” and has kept the target price of Rs 900 per share. Brokerage said the company’s Q3 performance was mixed, but during FY25-27, revenue is estimated to grow 32% and profits from 38% CAGR.

11. Kaynes Technology

Brokerage firm Nomura has rated the stock “BUY” and has kept the target price of Rs 6,146 per share. Brokerage said that the company’s EMS segment shows strong demand and the order book also remains good. At the same time, Jefferies has also increased the rating of this stock to “buy”. But its target price has been reduced from ₹ 6,950 to ₹ 5,400.

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