Top brokerage calls for October 9: HSBC cuts target price for Titan; Morgan Stanley 'overweight' on Power Grid

SUMMARY

Key benchmark indices extended their losses for the sixth straight trading session on Monday, dragged by selling pressure in pharma and auto stocks. The indices were shut for a public holiday on Tuesday. Among brokerages, Morgan Stanley is 'overweight' on PowerGrid, while HSBC cut target price for Titan. Here are the top brokerage calls for Wednesday:

By CNBC-TV18Oct 9, 2019 11:38:36 AM IST (Updated)

HSBC on Titan: The brokerage has a 'buy' call on the stock but cut its target to Rs 1,410 per share from Rs 1,450 earlier. According to the brokerage, the company remains a long-term structural winner with appealing valuations. It added that the company can weather the demand weakness with its offers.

Morgan Stanley on Power Grid: The brokerage is 'overweight' on the stock with a target at Rs 229 per share. The board approves asset monetisation through InvIT, said the brokerage, adding that InvIT unit holders returns would be completely linked to dividends/cash flows. Lower debt may result in higher dividend to shareholders.

Citi on Sobha: The brokerage has a 'buy' call on the stock with a target at Rs 640 per share. Property demand seems to have moderated given tough macro environment, the brokerage said, adding that it maintains buy given the company's quality of operations.

Citi on JSW Energy: The brokerage is positive on the stock with a target at Rs 85 per share. The company continues to generate healthy cash flows in its core business, said the brokerage. It added that the firm also continues its efforts to acquire stressed projects at reasonable valuations.

Nomura on Concor: The brokerage is bullish on the stock with its target raised to 670 per share from Rs 652 earlier. The brokerage said that target raised on taxation benefits will be offset by potential receivables write-off. It estimates Rs 860 crore one-time receivable write-off or Rs 14 per share.