Tuesday's top brokerage calls: HDFC, Britannia, PI Industries, Varun Beverages, and more

SUMMARY

Among brokerages, Jefferies has upgraded Britannia to 'buy'. Macquarie has maintained 'underperform' on PI Industries, and CLSA is bullish on Varun Beverages. Here's a look at the top brokerage calls for today:

By CNBCTV18.comAug 3, 2021 8:56:49 AM IST (Published)

Jefferies on Britannia: The brokerage upgraded the stock to 'buy' with a target price of Rs 4,150, revised from Rs 3,800. While the company's margin has started to normalise, the revenue trend is better in Q1, it said.

Mac on PI Industries: The brokerage has an 'underperform' call on the stock, with a target price of Rs 2,300. The acquisition of Ind Swift's API business will pave the way for growth opportunities in the pharma industry.

Macquarie on HDFC: The brokerage has an 'outperform' call on the stock with a target of Rs 2,960. The mortgage lender's asset quality remains the biggest plus point, and weaker loan growth is due to a decline in the non-individual book, it said. The stock is cheap at current levels, according to Macquarie.

Morgan Stanley on HDFC: The brokerage has an 'overweight' rating on the stock with a target price of Rs 3,160. The company reported strong growth in NII and core pre-provision operating profit, with a pickup in individual AUM growth. Non-individual AUM growth is likely to be subdued for longer, it added.

CLSA on Varun Beverages: The brokerage has an 'outperform' call on the stock with a target price of Rs 833. Varun Beverages' quarterly earnings were in line with estimates. CLSA remains positive on Varun Beverages given the multiple growth levers.

Morgan Stanley on Cholamandalam Finance: The brokerage has an 'overweight' rating on the stock with a target of Rs 625. The company plans to keep credit costs at FY21 levels, and has cut forecasts to account for lower loan growth and higher provisioning.