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Top brokerage calls for August 19: Edelweiss puts Ujjivan Finance under review, Morgan Stanley 'overweight' on JSPL

Updated : 2019-08-19 08:40:42

Indian benchmark indices are likely to open in the green, tracking the positive trend in the global markets and amid hopes of new measures from the government to revive growth. However, continued selling by FPIs may cap gains. Among brokerages, Edelweiss put Ujjivan Finance under review while Morgan Stanley is 'overweight' on JSPL. Here are the top brokerage calls for Monday:

<strong>Citi on India Strategy:</strong> The brokerage cut Sensex target to 39,000 from 39,600 earlier. Nifty and Sensex earnings rose 3 percent and 13 percent YoY, missing estimates by 4 percent and 10 percent respectively, it said. Preference remains for growth visibility, reasonable valuations, and defensive appeal, it added.
Citi on India Strategy: The brokerage cut Sensex target to 39,000 from 39,600 earlier. Nifty and Sensex earnings rose 3 percent and 13 percent YoY, missing estimates by 4 percent and 10 percent respectively, it said. Preference remains for growth visibility, reasonable valuations, and defensive appeal, it added.
<strong>Edelweiss on Ujjivan Finance:</strong> The brokerage said it has a positive business outlook on Ujjivan Small Fin Bank (USFB) and that listing Of USFB will mean dilution and holding company discount for existing shareholders. It put the stock under review and advises investors to hold on to the stock until clarity on USFB IPO pricing emerges.
Edelweiss on Ujjivan Finance: The brokerage said it has a positive business outlook on Ujjivan Small Fin Bank (USFB) and that listing Of USFB will mean dilution and holding company discount for existing shareholders. It put the stock under review and advises investors to hold on to the stock until clarity on USFB IPO pricing emerges.
<strong>Morgan Stanley on JSPL</strong>: The brokerage is 'overweight' on the stock with a target of Rs 188 per share. Management reiterated its FY20 volume guidance of 6.5 million tonnes, the brokerage said, adding that the company expects to achieve reasonably good EBITDA/tonne despite lower realisations.
Morgan Stanley on JSPL: The brokerage is 'overweight' on the stock with a target of Rs 188 per share. Management reiterated its FY20 volume guidance of 6.5 million tonnes, the brokerage said, adding that the company expects to achieve reasonably good EBITDA/tonne despite lower realisations.
<strong>Morgan Stanley on Glenmark:</strong> The brokerage has 'equal-weight' rating on the stock with target cut to Rs 394 per share from Rs 615 earlier. The brokerage said that the company's near-term business outlook is modest but balance sheet appears stretched.
Morgan Stanley on Glenmark: The brokerage has 'equal-weight' rating on the stock with target cut to Rs 394 per share from Rs 615 earlier. The brokerage said that the company's near-term business outlook is modest but balance sheet appears stretched.
<strong>ICICI Securities on India Strategy:</strong> The brokerage believes earnings downgrade continues albeit at a slow pace. Growth was largely driven by a favourable base of corporate lenders and ex-financial Nifty50 companies' PAT declined 8.9 percent YoY.
ICICI Securities on India Strategy: The brokerage believes earnings downgrade continues albeit at a slow pace. Growth was largely driven by a favourable base of corporate lenders and ex-financial Nifty50 companies' PAT declined 8.9 percent YoY.
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