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Bharti Airtel: The brokerage has a 'buy' call on the stock with a target at ₹810 per share, indicating an 18 percent upside. Axis is positive on the stock aided by superior margins, stronger subscriber growth, and higher 4G conversions.
ICICI Bank: The brokerage has a 'buy' call on the stock with a target price of ₹990 per share for the stock, indicating an upside of 33 percent. Strong traction in loan book, strengthening operating performance and comfort on asset quality are key positives for the stock, it said. The bank has been outperforming its peers and has been ticking most boxes on growth, margins and asset quality added the brokerage. On the valuation front, it believes the bank continues to be on a comfortable footing.
Hindalco Industries: The brokerage has a target of ₹63- per share for the stock, implying a 10 percent upside in 1 year. Hindalco’s Net Debt/EBITDA is at 1.93 times, much below the target of 2.5 times, notes Axis. It expects deleveraging to continue, further strengthening the company’s balance sheet. With continued deleveraging, lower earnings risk at Novelis, robust Aluminium outlook, it believes Hindalco is well placed to deliver strong performance.
Maruti Suzuki: The brokerage has a 'buy' rating on the stock with a target at ₹9,800, indicating an 18 percent upside. MSIL could emerge as the biggest beneficiary of demand recovery in the post-COVID period, considering its stronghold in the industry. The company would gain further market share, driven by an expected shift towards petrol & CNG vehicles. Going forward, Axis expects new product launches to resume with a mix of product upgrades and new model launches.
Tech Mahindra: The brokerage has a 'buy' call on the stock with a target at ₹2,060 per share, indicating a 46 percent upside. It believes Tech Mahindra has a resilient business structure and better revenue growth visibility from a long-term perspective but trading at discount as compared to its Indian peers.
SBI: The brokerage has a 'buy' call on the stock with a target at ₹720, indicating a 49 percent upside. SBI continues to be the best play among PSU banks on the gradual recovery in the Indian economy given its robust capitalization, a strong liability franchise, and an improved asset quality outlook, said Axis. It believes credit costs normalization and improved operational performance will lead to double-digit ROEs over FY22-24E.
Bajaj Auto: The brokerage has a 'buy' call on the stock with a target at ₹4,250 per share, indicating an upside of 20 percent. Bajaj Auto is well-placed to capitalize on demand normalization and premiumization trends which should support profitability and operational performance going forward. Moreover, Axis expects the company to gain further market share in exports, driven by its market leadership position. Bajaj Auto remains its preferred pick in the 2-Wheeler segment given reasonable valuations and strong medium-term growth prospects.