Global View: JSW Steel, Mahindra & Mahindra, ONGC, GAIL and Info Edge can give 11-63% return

Indian markets on Monday witnessed a strong start as Sensex grew over 600 points and Nifty above 16500 levels at the market open. Almost all indices gained, and Nifty IT surged over 2 per cent.  

Investors may see a stock-specific action in JSW Steel, M&M, ONGC, Gail, and Info Edge in which global brokerages came out with their reports on business development, or earnings outlook.   

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

JSW Steel – Upside up to 11% 

Global brokerage firm CLSA maintained a Sell rating on JSW Steel with a target price of Rs 500 per share. The stock on Friday closed at Rs 548 per share. It said the uncertainty about the company’s performance may continue however JSW Steel has reported in-line results. 

Similarly, JP Morgan maintained a Neutral rating and revised target price to Rs 610 per share from Rs 730 per share, while Credit Suisse maintained Underperform rating with Rs 550 per share target. 

Mahindra & Mahindra – Upside up to 20% 

On the back of healthy March quarter results, Nomura maintained a Buy rating with a target price of Rs 1160 per share, followed by Morgan Stanley, which maintained an Overweight rating with Rs 1145 per share target, and even Credit Suisse bullish on the stock with Outperform stance and target of Rs 1050 per share. The stock on Friday closed at around Rs 953 apiece 

ONGC – Upside up to 46% 

Amid in-line fourth-quarter earnings for FY22, several brokerages are bullish on ONGC, as JP Morgan maintaining an Overweight stance revised its target to Rs 210 from Rs 250 per share, while Nomura with a Neutral rating sets Rs 185 per share target. The stock on Friday closed at Rs 144 apiece. 

GAIL – Upside up to 46% 

Most of the global brokerages are bullish on GAIL, as CLSA maintained a Buy rating upgrading its target to Rs 195 from Rs 180 per share. The stock on Friday closed at around Rs 142 per share. 

Even Jefferies maintained a Buy rating with a target price of Rs 180 per share. Morgan Stanley and JP Morgan each maintained an Overweight stance with a target price of Rs 207 and Rs 205 per share.  

Info Edge – Upside up to 63% 

CLSA maintained a Sell stance on Info Edge with a target price of Rs 4040 per share, stating that the core business is on track, but pressure on margins continues. It believes the stock is expensive despite the correction. The counter on Friday closed at Rs 3693 per share. 

While JP Morgan maintained an Overweight stance with a target price of Rs 6000 per share.