tata chemicals stocks: Hot Stocks: Brokerage view on Tata Chemicals, M&M, HDFC Bank and SBI Life

Brokerage firm HSBC maintained a buy rating on Tata Chemicals and it also has a buy rating on M&M.
Motilal Oswal recommends a buy on HDFC Bank, and Emkay has a buy rating on SBI Life.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

HSBC on Tata Chemicals: Buy| Target Rs 1100
HSBC maintained a buy rating on Tata Chemicals with a target price of Rs 1100. Soda ash prices in China have increased sharply.

The global investment bank believes that this could be temporary and soon normalise. Tata Chemical capacity expansions in India, the US, and Kenya over the next few years should support growth. However, China’s capacities remain a risk

HSBC on M&M: Buy| Target Rs 1800
HSBC maintained a buy rating on M&M with a target price of Rs 1800. Growth is moderating, but the risk-to-reward ratio is still attractive.

Tractor business surprised positively, although underlying monsoon trends are not encouraging. HSBC sees downside risk to FY25 tractor growth.

Motilal Oswal on HDFC Bank: Buy | Target Rs 2070


Motilal Oswal maintained a buy rating on HDFC Bank with a target price of Rs 2070. HDFC Bank has delivered an exemplary track record over the past two decades.

Now the merged entity is set to extend its lead with a market share of 16% in loans. The merger offers a major cross-sell opportunity, which along with aggressive distribution expansion, would enable healthy loan growth of 17% CAGR by FY26.

“We estimate the mortgage mix to rise to 33% by FY26. We estimate a 22% CAGR in net earnings over FY24-26, while RoA/RoE would expand to 2.1%/17% by FY26,” said the note.

Emkay on SBI Life: Buy| Target Rs 1690

Emkay maintained a buy rating on SBI Life with a target price of Rs 1690. Post the strong performance of retail new business during Jul-Aug 2023, SBI Life shares have not moved much, given investor concerns on such growth being a factor of ULIP-led growth, hence, margins are likely to come under pressure.

“However, our channel checks and discussions with the company suggest that these concerns are unfounded and that Company is well on track to deliver ~20% Retail APE growth in FY24 with VNB margin upholding at ~29%,” said the note.

The brokerage firm increased FY24-26E APE and VNB by ~2-3% each for SBI Life, and reiterated a buy rating on the stock with Sep-24E target price of Rs1,690/share.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

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