ICICI Securities has maintained its ‘buy’ rating on Grasim Industries with a target price of Rs 3,093. Analysts said that the management is confident of further ramp-up of its new paint business. Flushed with initial success of product/brand acceptability in the market, Grasim is on track to meet its guidance of seizing a high-single-digit industry market share. Further, buoyed by the success of its economy product range, Grasim is all set to make its mark in the premium decorative paint segment. With expected scale-up in institutional segment sales and broader endeavour to operate at optimal capacity utilisation, Grasim reiterated its guidance of Rs 10,000 crore revenue and EBITDA breakeven in FY28.
Macquarie has put an ‘outperform’ rating on Tata Motors with a target price of Rs 826. Analysts feel the key drivers to track would be the management’s confidence on delivering JLR’s net cash balance sheet by March 2025, healthy growth outlook for the US along with signs of recovery in the EU and the UK, partly offset by volume risk in China, and market-share gains in the domestic CV segment.
Motilal Oswal Financial Services has a ‘neutral’ rating on One97 Communications (PayTM) with a target price of Rs 870. Analysts said they remain watchful on the challenging macro-environment, traction in the financial distribution business and near-term UPI market share. They feel in case a merchant discount rate is introduced on UPI payments, that will be a significant boost to PayTM’s revenue and will incentivize the company to push for market share gains in the consumer payments.
JM Financial has initiated coverage of Tata Communications with a ‘buy’ rating and a target price of Rs 2,030. Analysts are bullish on the company’s data business as they expect data segment EBITDA to grow at a robust CAGR of ~21% over FY24-28 (Expected). They feel the key risks to the stock’s target price are weak global macro leading to deferment in discretionary tech spends and adverse AGR ruling.
InCred Equities has an ‘add’ rating on Pidilite Industries with a target price of Rs 3,470. Analysts feel the company is building focused portfolios and separate teams aided growth in underserved markets. Distribution expansion and the innovation engine will continue to drive growth. While the near-term demand environment remains under pressure, Pidilite targets double-digit UVG in the medium term.
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