Coal India, ONGC, Glenmark: Should you buy?
Coal India has witnessed very good results, CLSA has given a buy call extending target from 275 to 290.
Boosted by optimism from a newly formed cabinet headed by Prime Minister Narendra Modi, who took oath of office on Thursday along with his ministers, the benchmark BSE Sensex reclaimed the 40,000 mark, rallying nearly 300 points in early trade, while the broader NSE Nifty also crossed the 12,000 level, and was trading 81.20 points, or 0.68 per cent, higher at 12,027.10. After hitting a high of 40,119.81, the 30-share index was trading 271.12 points, or 0.68 per cent, higher at 40,103.09. Amidst this optimistic scenario, Zee Business TV looked at call from brokerages on Coal India, ONGC and Glenmark.
According to the report, Citi and CLSA remained bullish on Coal India stock and raised its TP. Coal India has witnessed very good results, CLSA has given a buy call extending target from 275 to 290. Citi has also given a buy rating raising target to Rs 320 from Rs 300 per share. Citi said the company offers an attractive dividend yield.
Talking about ONGC, the report said that CLSA has maintained buy call, raising target from 240 to 285. As ONGC Q4 results confirm a subsidy exemption for FY19, this has attracted a very positive consideration for this PSU.
Macquarie, however, gave 'Outperform' call for ONGC with a target at Rs 210 per share. The key points of ONGC Q4 result include EBITDA-EPS significantly below consensus and estimates; the company did not bear any subsidies in Jan-March quarter; Q4FY19 crude realisation at $62 versus $67 in Q4FY18.
#BrokerageReport | कोल इंडिया, ONGC, ग्लेनमार्क समेत अन्य सेक्टर की कंपनियों पर क्या है ब्रोकरेज हाउस की रिपोर्ट?@devanshiashar @AnilSinghviZEE pic.twitter.com/jiDPemmE76
— Zee Business (@ZeeBusiness) May 31, 2019
About Glenmark, the report said that CLSA has downgraded it to 'sell' from buy, with target cut to Rs 500 from Rs 740 per share. The company's Q4 below estimates due to a miss on US revenue and higher R&D spends. CLSA expects investment phase to remain high over the next two years as high investment phase will keep earnings outlook subdued. It also cut FY20-21 EPS estimates by 22-27 percent.
Macquarie has also reduced target for Glenmark, giving a Neutral call at 600 per share, the report added.
Get Latest Business News, Stock Market Updates and Videos; Check your tax outgo through Income Tax Calculator and save money through our Personal Finance coverage. Check Business Breaking News Live on Zee Business Twitter and Facebook. Subscribe on YouTube.
RECOMMENDED STORIES
SIP Returns: How Rs 3,000, 5,000, and Rs 10,000 SIPs can help you build retirement corpus of Rs 1.06 cr, Rs 1.77 cr, and Rs 3.53 cr
Gold and Silver rate today (May 14, 2024): Precious metals trade in green; yellow metal above Rs 72,000 once again, white metal near Rs 85,350
RCB vs CSK IPL 2024 Ticket Booking Online: Where and how to buy RCB vs CSK tickets online - Check IPL Match 68 ticket price, other details
Top 7 SWP Mutual Funds: Rs 50 lakh investment, Rs 70K monthly pension for 10 years, and Rs 42.30 lakh balance value; know more details
TBO Tek IPO Listing LIVE Update: Bumper Debut! Share list at 55% premium - Buy, sell or hold? Check Anil Singhvi's view
02:14 PM IST