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

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:

-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

-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

-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

-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

-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

-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

-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