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Top brokerage calls for Tuesday: Jefferies underweight on Dr Reddy's, Axis Capital rates hold on Adani Ports

Updated : March 12, 2019 07:53 AM IST

Jefferies on Dr Reddy’s - Sell rating, target at Rs 2,180 per share

Axis Capital on Adani Ports - Hold rating, target at Rs 356 per share

Edelweiss on GMDC- Buy rating, target at Rs 105 per share.

Indian benchmark indices are likely to open in green on Tuesday as Asian shares witnessed a good escalation after the European Commission agreed to changes in a Brexit deal ahead of a vote in the British parliament on a divorce agreement.

On Monday, the 30-share BSE Sensex went up 382.67 points to 37,054.10 along with Nifty which was up 132.65 at 11,168.05.

In brokerage calls today, Axis Capital maintained a "hold" rating for Adani Ports with a target price to Rs 356 per share. Jefferies maintains "underperform" for Dr Reddy's Laboratories at Rs 2,180 per share. Here are the top brokerage calls for today:

Edelweiss On GMDC

-Initiate Coverage With A Buy Call, Target At Rs 105/Sh
-Conviction Is Underpinned By Two Vs: Volume & Valuation
-See Imminent Volume Uptick Post Production Ramp-up At New Mines, Despite Stagnant Prices
-On Valuation Front, Stock Is Trading At The Lowest End Of Its 8-year EV/EBITDA Band

-Expect Co To Surpass The `5,000 Cr (3% CAGR) EBITDA Barrier By FY21

Axis Cap On Adani Ports

-Hold Rating, Target At Rs 356/Sh
-Well Placed To Benefit From Healthy Volume Growth

-May See 12% CAGR In Core EBITDA (ex-SEZ) Over FY18-21

Axis Cap On CONCOR

-Hold Rating, Target At Rs 525/Sh
-Expect Volume Growth Of 10/13/15% To Remain Intact Over FY19-21
-See 4% CAGR In Margin Expansion

-Remain Watchful Of Realisation Pressure On Higher Contribution From Gujarat ports

Axis Cap On Gateway Distribution

-Buy Rating, Target At Rs 150/Sh
-Strategic Rail Terminals & Addl Rake Capacity To Aid Volume Revival
-Expect Current Overhang Of Funding For Blackstone Stake Acquisition To Go Away

-Management Is In Advanced Talks To Close The Deal

Axis Capital On Navkar Corp

-Buy Rating, Target At Rs 53/Sh
-Stock Available At Below Adj Book Value Given Slower-than- expected Volume Growth
-Expect 6% Volume CAGR Though Margin To Be Stable On Lower Diesel Costs

-Given Earlier Slippages, Efficient Execution Remains Crucial For The Stock

Citi On Transportation & Logistics

-Dedicated Freight Corridor Has Achieved 56% Physical Progress & 54% Financial Progress
-Most Of The Land For DFC Acquired But Last Mile Acquisition Is Proving To Be Difficult
-Surat-JNPT Section On Western DFC Is Proving To Be Challenging
-Ports In Gujarat To Get Connected To DFC Earlier, Likely By End CY19
-Freight From Gujarat Ports May Shift To DFC Over Next One Year
-CONCOR Remains The Best Play On Commissioning Of DFC
Gateway Distri Will Benefit As Well

-Maintain Neutral On Adani Ports Given Concerns On Capital Allocation

Jefferies On Dr Reddy’s Laboratories

-Maintain Underperform, Target At Rs 2,180/Sh
-Focussing On Improving Profitability Led By Cost Control, Productivity & Global Product Dvpt
-China & India Are Focus Markets
-India Turnaround Will Take Time Given Underperformance Over Multiple Years
-Near-term US & Cost Control Remains Key-Stock Trades At 19x FY20PE, Implying Full Multiples To Limited Time Earnings

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Top brokerage calls for Tuesday: Jefferies underweight on Dr Reddy's, Axis Capital rates hold on Adani Ports

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