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ICICI Bank: The brokerage has a buy call on the private sector lender with a target price of ₹1,150, indicating an upside potential of 21%. The lender posted another year of solid performance, highlighted Kotak. Early warning signals in the portfolio show limited stress and the bank continues to execute well on nearly all operating metrics, it added.
Bajaj Electricals: The brokerage has an add call on the stock with a target price of ₹1,256, implying a 14% upside potential. Kotak noted that in Q1FY24, the firm reported a decline in revenue and profits amid a weak demand environment, however, going ahead, it expects demand to gradually improve going ahead. Management continues to focus on cash flow generation/strengthening balance sheet and Kotak estimates earnings per share growth of 31.9% in FY24E and 44.5% in FY25E.
CMS Info Systems: The brokerage has a buy call on the stock with a target price of ₹419, implying a 20% upside potential. It is the best bet to play on the formalization of the Indian economy, said Kotak since the stock is a market leader in Cash Logistics, ATM Software Solutions, & AIoT Remote Monitoring, which has high growth potential.
Cummins India: The brokerage has an add call on the stock with a target price of ₹2,020, which implies an upside potential of 19%. The company's results were 7% ahead of our estimates on revenue, while the EBITDA was 4% lower than our estimates, said Kotak. However, it added that the firm's domestic strength sustains while exports reflect weakness in markets. It is Optimistic on 2X GDP growth and 100 bps margin improvement but has cut EPS estimates by 3% in FY25.
Hindustan Unilever: The brokerage has an add call on the stock with a target price of ₹2,835, indicating an upside potential of 15%. Q1FY24 was a weak quarter, miss on most counts, said Kotak, adding that Sales growth of 7 percent came in below estimates. Management’s commentary on rural was also mixed given weather-related risks and the time lag between easing inflation and volume recovery to weigh in short term, it added.
Mankind Pharma: The brokerage has an add call on the stock with a target price of ₹2,025, indicating an upside potential of 13%. Domestic volume outperformance and elevated US sales drive beat in Q1FY24. The firm is well-positioned to further leverage its robust marketing prowess and reach, said Kotak. Domestic sales grew 14% yoy and exports surged more than 3X YoY and the firm is likely to report robust 15%/22% sales/adjusted EBITDA CAGRs over FY23-26E. Kotak also raises FY24-26E estimates by 4-6% and increase June 2025 P/E multiple to 33X (32X earlier).