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    Adani Ports downgraded to 'hold' rating; other top brokerage calls for the day

    Adani Ports downgraded to 'hold' rating; other top brokerage calls for the day

    Adani Ports downgraded to 'hold' rating; other top brokerage calls for the day
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    By CNBC-TV18  IST (Published)

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    Higher payout to Adani Enterprises for the acquisition and high share pledge raised investor concerns, says Axis Capital

    Nifty and Sensex are likely to be guided by global cues like US-China trade talk ahead of February F&O expiry. The investors will also look forward to macro data including GDP for December quarter on Thursday. According to World Bank, India's GDP is expected to grow at 7.3 per cent in the fiscal year 2018-19. In the previous quarter (July-September), the GDP growth slowed to three-quarter low of 7.1 per cent.
    On Monday, the S&P BSE Sensex rallied 342 points to 36,213 while the Nifty50 gained 88 points at 10,880.
    Here are the top brokerage calls for the day:
    Jefferies on Reliance Indutries (RIL)
    - Rating from the brokerage is 'Underperform' with a target of Rs 935 per share
    - Company’s revenue market share rose 375 bps (QoQ) to 29.2% in Q3
    - Industry revenues were flat on a QoQ basis at $19 billion annualised
    - See little incentive for higher tariffs
    - Earnings per share at risk from weaker downstream margin even as net liabilities continue to rise
    Axis Capital on Adani Ports
    - Downgrade to 'Hold' from 'Buy', target at Rs 356 per share
    - The Adani Agri Logistic (AAL) acquisition seems expensive
    - Acquisition Of AAL is at premium valuations
    - Higher payout to Adani Enterprises and high share pledge raised investor concerns
    - Expect company to reduce exposure to group entities
    - Near-term upside looks capped
    Jefferies On Coal India
    - 'Buy' rating, target at Rs 309 per share
    - Stock price is down 26% in 6 months on volume growth concerns
    - Resolution of short-term disruptions, recent EC nod could lift volume growth
    - With power plant coal stocks normalising, e-auction mix should improve
    - Valuation appears cheap at current levels
    Citi On Gas Sector
    - India’s January LNG imports were sequentially stable at 1.6 mmt
    - Recent softness could be attributable to weaker demand from power and refining
    - Most gas companies either beat or met earnings expectations in Q3
    - Pecking order is Indraprastha Gas, Petronet LNG, Mahanagar Gas, GSPL, Gujarat Gas, GAIL
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