The Indian stock market is set to open little changed on Monday, following flat Asian stocks and rising crude oil prices. On Friday, the market was shut on account of Good Friday.

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Among brokerages, CLSA maintains buy rating for both HDFC Bank and Reliance Industries Ltd (RIL) post their Q4 results and raised their target price.

Morgan Stanley was also overweight on both RIL and HDFC Bank.

>>10 things you need to know before the opening bell on April 22

CLSA On HDFC Bank

- Uptick in current and savings account ratio key to growth and profitability

- Maintain buy rating, target raised to Rs 2,850 from Rs 2,730 per share

- Profit ahead of estimates aided by lower provisions

- Disappointed by the slower rise in its core retail segments

- Would watch out for trends in unsecured retail and business banking

- FY19 was a tad weaker for subsidiaries

- See a 21 percent profit CAGR over FY19-21

CLSA on Reliance Industries

- Maintain buy call, target raised to Rs 1,665 from Rs 1,500 per share

- $15 billion cut in liabilities and capital expenditure intensity may have peaked

- Lease payments for demerged assets drive a 3-8 percent cut in EPS (earnings pr share) estimates

Morgan Stanley on HDFC Bank

- Overweight call, target raised to Rs 2,700 from Rs 2,550 per share

- Profit 2 percent ahead, helped by strong loan growth

- Fee growth slowed down to 11 percent

- With LCR (liquidity coverage ratio) trending down, liability growth remains the key constraint

Morgan Stanley on Reliance Industries

- Overweight call, target at Rs 1,230 per share

- Q4 earnings 7 percent higher than our estimate, with a slight miss in EBITDA

- Refining margin slightly better; telecom ARPU lower than expected

- Improved utilisations will drive earnings growth of 18 percent into FY20

- Asset monetisation will help company transfer $8.7 billion of liabilities to InVit (Infrastructure Investment Trust)

Nomura on L&T

- Buy call, target at Rs 1,670 per share

- Approval of L&T-Schneider deal big positive

- Expect proceeds being realised in Q3 for L&T

- See modifications in certain segments where combination share exceed 50 percent

- Core business can turn net cash in FY20

>Top stocks to watch out for on April 22: HDFC Bank, Jet Airways, RILDisclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary

First Published:Apr 22, 2019 8:18 AM IST