Top brokerage calls for November 22: Morgan Stanley upgrades NTPC; HSBC raises target price for RIL

SUMMARY

Indian shares are expected to open flat on Friday, following the global markets as investors stay cautious amid worries over the status of trade negotiations between China and the United States. Among brokerages, Morgan Stanley upgraded NTPC to 'overweight', while HSBC has raised target price for Reliance Industries. Here are the top brokerage calls for Friday:

By CNBC-TV18Nov 22, 2019 8:27:10 AM IST (Published)

HSBC on Reliance Industries: The brokerage retains a 'buy' call on the stock and has raised its target to Rs 1,700 per share from Rs 1,565 earlier. Operating trends for both telecom and organised retail remain strong, said the brokerage, adding that telecom and retail segments are set to drive near-term upside potential. (Disclosure: Network18, the parent company of CNBCTV18.com, is controlled by Independent Media Trust, of which Reliance Industries is the sole beneficiary.)

HSBC on Financials: Near-term growth outlook deteriorated further in Q2 for most asset financing companies, said the brokerage. It retains Bajaj Finance as its preferred pick and added that expectations now hinge upon a revival in rural demand post good monsoon.

CLSA's Market Strategy: According to the brokerage, Nifty at 12,070-12,118 should provide a platform for the resumption of the market's long-term uptrend. It added that a break above 12,070-12,118 would project an upside target of 13,700-13,800.

Macquarie on Ujjivan Financial Services: The brokerage has a 'neutral' rating on the stock but raised its target price to Rs 325 per share from Rs 260 earlier. Ujjivan Small Finance Bank listing is imminent, said the brokerage, adding that promoter stake sale/ reverse merger would be the new monitorable.

Morgan Stanley on NTPC: The brokerage upgraded the stock to 'overweight' with a target at Rs 152 per share. According to the brokerage, the impact of regulations known but potential government stake sale remains an overhang.