New Delhi: As the result season for the first quarter of the financial year 2022-23 approaches, foreign brokers have turned cautious over Indian equity markets. Goldman Sachs initiated coverage on Delhivery with a neutral rating while Jefferies maintained a bearish view on metal stocks.
Goldman Sachs set a target price of Rs 540 on Delhivery as it initiated coverage on the logistics startup with a ‘neutral’ rating. It sees Delhivery as a profitable e-commerce growth proxy with scale benefits.
It said the company would reap higher margins from increased outsourcing of first and last-mile operations.
Another global brokerage firm Jefferies is majorly bearish on the metal sector. Indian metal stocks have underperformed Nifty50 by 12-34 per cent in June 2021 quarter.
It added that it is still early to turn constructive on the sectors where P/B valuations remain above the historical troughs.
Jefferies has a hold rating on
and with a target price of Rs 830 and Rs 310, respectively. It has an underperform rating on .
To reduce its carbon footprint, JSW Steel has earmarked a sum of Rs 10,000 crore to increase the use of renewable energy to replace thermal power and other green initiatives. Various steel makers use coal to generate thermal power.
After a strong operational update from
, brokerage firm Morgan Stanley remained ‘overweight’ on the counter with a target price of Rs 4,332 as the company reported the highest absolute revenue in the June 2022 quarter.
“Revenue increased 19 per cent on a 3-year CAGR basis,” the brokerage added. The company will announce its earnings for the March 2021 quarter on Saturday, July 9.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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