Monday's biggest brokerage calls: YES Bank, Phoenix Mills and more

SUMMARY

Indian equity markets are likely to open in the red on Monday as global sell-off continued after emergency rate cuts by the US Fed in the wake of the intensification of the coronavirus scare. Among brokerages, Macquarie preferred HCL Tech in large-cap IT companies, while CLSA downgraded Phoenix Mills. Here are the top brokerage calls for today:

By CNBC-TV18Mar 16, 2020 8:41:31 AM IST (Published)

Macquarie on IT companies: Macquarie had HCL Tech as its top pick in largecaps and L&T Info in the midcap space. It added that downside to revenue growth would be the lowest for HCL Tech among the largecaps.

CLSA on Phoenix Mills: CLSA downgraded Phoenix Mills to 'outperform', with the target price maintained at Rs 850 per share. The brokerage, however, remained positive on the company's long-term growth trajectory.

Macquarie on oil & gas: Macquarie maintained a 'neutral' call on Reliance Industries while having an 'outperform' call on BPCL and HPCL.

Morgan Stanley on Bajaj Finance: The brokerage had an 'equal-weight' call on the stock with the target at Rs 4,250 per share. Flexible cost structure positions the company well in the event of a revenue growth slowdown, Morgan Stanley added.

Morgan Stanley on Shriram Transport: The brokerage maintained 'overweight' call on the company with the target price at Rs 1,365 per share. It is comfortable with the company's current level of provisioning coverage.

Morgan Stanley on ICICI Bank: The brokerage had an 'overweight' rating on the stock with the target price at Rs 775 per share. It said that the bank has shown strong improvement in margin and that can continue in the midterm.

Edelweiss on YES Bank: The brokerage had an 'under review' call on Yes Bank and said that the beleaguered bank's reconstruction scheme was novel, but expects collateral damage.

Emkay on YES Bank: The brokerage maintained 'sell' call on the stock and added that it will be a long battle for the bank to survive and thrive independently.