Friday's top brokerage calls: TCS, ICICI Bank and more

SUMMARY

Among brokerages, CLSA maintained 'outperform' on TCS post its Q1 earnings, while Macquarie downgraded the stock to 'neutral' from 'outperform'. Here are the top brokerage calls for the day:

By CNBCTV18.comJul 10, 2020 9:14:59 AM IST (Published)

CLSA on TCS: The brokerage maintained an 'outperform' call on the stock and raised the target to Rs 2,260 from Rs 2,240 earlier. Post its Q1 results, CLSA said that Q1 margin missed estimated but cashflow is stable and outlook optimistic.

Macquarie on TCS: The brokerage downgraded the stock to 'neutral' from 'outperform' with a target at Rs 1,900 per share. Growth recovery will be gradual given the uncertainties, it added.

Macquarie on ICICI Bank: The brokerage maintained an 'outperform' call on the stock with a target at Rs 438 per share. Large capital raising would further strengthen the balance sheet and does not indicate any asset quality issues, it said.

CLSA on Adani Ports: The brokerage downgraded the stock to 'outperform' from 'buy' with a target at 386 per share. It also cut the FY21 volume estimate by 3 percent as Q1 traffic fell 27 percent YoY.

CLSA on Insurance: ICICI Prudential Life disappointed but it was a positive surprise from the rest, said the brokerage. It added that private insurers reported a 7 percent YoY drop in new individual APE in June.

Jefferies on Balkrishna Industries: The price gap of the company with global peers has narrowed, said the brokerage. It added that lower production costs in India resulted in a strong margin and return ratios.

Jefferies on Midcaps: The brokerage's top midcap picks are Supreme Industries, Voltas, KEI Industries, Kajaria, V-Guard, ACC, Gujarat Gas, MGL, Bharat forge, Godrej Prop, Narayana. It added that these stocks are typically key industry players with a strong market share.