Indian market is likely to test crucial support levels on Friday tracking weak global cues, but there will be stock-specific action in which global brokerage came out with their reports on business development, or earnings outlook.

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We have collated a list of recommendations from various global brokerage firms according to a Zee Business TV report:

Bajaj Auto: Buy| Target Rs 4307

Nomura maintained a buy rating on Bajaj Auto post Q3 results but slashed its target price to Rs 4307 from Rs 4476 earlier which translates into an upside of over 30 per cent from Rs 3309 recorded on 20 January.

The December quarter numbers were largely in line with estimates, but margins are likely to improve on steady global demand.
 
EV scooters could give a potential upside. The current valuation stands at 13x FY24F and core EPS is attractive given high FCF yield of 5.5% (FY23F) & 90% dividend payout.
 

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Havells India: Buy| Target Rs 1600

Jefferies maintained a buy rating on Havells India post Q3 results with a target price of Rs 1600 that translates into an upside of over 22 per cent from Rs 1310 recorded on 20 January.

The company recorded healthy revenue growth; however, margin miss impacted the net profit. The operating profit margin (OPM) stands at 12.1% (-399bp), impacted by elevated commodity costs and lag effect of price hikes.

The ad spend doubled on a year-on-year (YoY) basis at 2.7% of sales now (1.6% yoy).

HUL: Buy| Target Rs 3250

UBS maintained a buy rating on HUL post Q3 results with a target price of Rs 3250 that translates into an upside of over 40 per cent from Rs 2262 recorded on 20 January.

The December quarter results managed to beat estimates despite headwinds. HUL as per target trades at c64x FY23-24E PE.

Asian Paints: Outperform| Target Rs 4200

Macquarie maintained an outperform rating on Asian Paints post Q3 results but raised its target to Rs 4200 from Rs 4100 earlier translates into an upside of over 27 per cent from Rs 3306 recorded on 20 January.

Asian Paints Ltd reported an 18.5 per cent decline in its consolidated net profit to Rs 1,031.29 crore for the third quarter ended December 2021.

(Disclaimer: The views/suggestions/advices expressed here in this article is solely by investment experts. Zee Business suggests its readers to consult with their investment advisers before making any financial decision.)