Home >Markets >Stock Markets >Top stock picks: Brokerage recommendations on Tata Steel, Godrej Agrovet and more

Indian benchmark equity indices closed in red on Tuesday after touching record highs during day's trade. The Sensex reached a new high of 53129.37, before closing 0.04% lower on Tuesday. Meanwhile, the Nifty 50 crossed the 15,900-mark yet again only to close 0.10% lower.

Sensex, Nifty may open flat on Wednesday as indicated by the SGX Nifty.

Brokerage recommendations:

Tata Steel: Edelweiss Securities in a note on July 5 said that the brokerage expects better days ahead for Tata Steel owing to profitable domestic operations and sustained turnaround in TSE in FY22. ‘’We expect TSE’s performance to get a leg up from contracts,’’ it said.

The brokerage has a ‘Buy’ stance on the stock with the target price of 1,300 apiece.

Godrej Agrovet: Brokerage firm Motilal Oswal Financial Services expects 76% sales and 85% Ebitda (earnings before interest, taxes, depreciation, and amortization) on compounded annual growth rate (CAGR) basis for the palm oil segment over FY21–23, 39% revenue CAGR over FY21–23.

It has a Buy rating on the stock with the target price of 758 per share.

Dr Reddy’s: Nomura Financial Advisory Services in a note on July 5 said that the annual filings further reiterate the strategic and operational transformation of Dr Reddy’s Laboratories (DRL_. If executed successfully, it could lead to stronger earnings growth and a higher valuation multiple, it added.

Nomura has a ‘Buy’ rating on the pharma stock with target price of 6,145 per share.

STFC: For Shriram Transport Finance Co. (STFC), Emkay Global Financial Services in a note said ‘’we are now incorporating the latest issuance (capital raising) into our estimates but are building in some stress on asset quality for FY22-23 due to recent lockdowns.’’

It has a ‘Buy’ stance on the stock with target price of 1,630 per share.

The views and recommendations made above are those of individual analysts or broking companies, and not of Mint.

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