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Top brokerage calls for December 20: Macquarie bearish on Britannia; JPMorgan 'overweight' on UPL

Top brokerage calls for December 20: Macquarie bearish on Britannia; JPMorgan 'overweight' on UPL

Top brokerage calls for December 20: Macquarie bearish on Britannia; JPMorgan 'overweight' on UPL
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By CNBC-TV18 Dec 20, 2019 8:06:32 AM IST (Updated)

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SUMMARY

Indian benchmark indices BSE Sensex and NSE’s Nifty50 are expected to open little changed on Friday tracking muted trends in global markets amid thin trades due to the upcoming holiday season. In brokerage calls for today, Macquarie is bearish on Britannia and JPMorgan is 'overweight' on UPL. Here are the top brokerage calls for Friday:

Macquarie on Britannia:
1 / 9

Macquarie on Britannia: The brokerage maintained 'underperform' rating on the stock with a target at Rs 2,662 per share. As per the brokerage, the underperform thesis was based on lower growth estimates. It added that slowing biscuits category growth would make the job tougher for the company.

JPMorgan on UPL:
2 / 9

JPMorgan on UPL: The brokerage was 'overweight' on the stock with a target at Rs 700 per share. The unwinding of working capital should reduce net debt by $600-700 million in the March quarter.

Morgan Stanley on BHEL:
3 / 9

Morgan Stanley on BHEL: The brokerage gave an 'underweight' rating on the stock and cut its target to Rs 37 from Rs 46 earlier. It added that power demand has been weak due to industrial, agricultural sectors.

Morgan Stanley on IT:
4 / 9

Morgan Stanley on IT: Accenture's Q1 results were better than estimates, said the brokerage, adding the Commentary indicates a strong deal pipeline. Bookings were soft with BFSI and auto verticals being weak, the brokerage noted.

Nomura on IT:
5 / 9

Nomura on IT: Accenture Q1 results were ahead of street expectations, said the brokerage. It added that growth broad-based, led by health, public service and resources. bookings were weak in Q1 but guided for strong Q2 bookings, the brokerage further noted.

Morgan Stanley EM Equity Strategy:
6 / 9

Morgan Stanley EM Equity Strategy: The brokerage increased its active position for overweight-rated Korea. It remains 'overweight' on India and Indonesia.

Kotak Institutional Equities on Adani Ports:
7 / 9

Kotak Institutional Equities on Adani Ports: The brokerage gave buy' rating on the stock with a target at Rs 450 per share. It added that improved operating performance of Group companies and recent stake sale are reassuring.

CLSA on Banks:
8 / 9

CLSA on Banks: According to the brokerage, rate cut transmission will gain momentum as they move into the new year. PSU banks will take the 25 bps cut in repo-linked lending rates, it added.

CLSA on Telecom:
9 / 9

CLSA on Telecom: The brokerage prefers Reliance Industries and Bharti Airtel in the sector. It added that floor tariffs will be tough to implement given divergent views, however, IUC extension provides limited relief for incumbents.

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