Kamal Ghorui
Morgan Stanley maintained its overweight rating on Reliance Industries with the target price at Rs 1,803. Analysts said RIL’s 15-year green ammonia deal signed with Samsung C&T is worth $3 billion that marks monetisation of new energy investments. It’s aligned with the hydrogen and decarbonisation strategy of the company. RIL’s new energy business is valued at about $20 billion. Analysts also expect RIL’s energy earnings to rise further. They also feel the stock is trading at about 62% discount to peers.HDFC Securities initiated its coverage of Ask Automotive with an add rating and a target price of Rs 480. Analysts said the company is valued at about 22x its expected March 2028 earnings per share (EPS). They said premiumization and electrification are increasing content per vehicle. EVs have 30% to 40% higher content than ICE. Analysts also expect exports mix to support margin expansion while wheel assembly exit to support margins beyond FY27. They also see some near-term headwinds from higher raw material costs and said that geopolitical tensions may impact export demand.Nomura has a buy rating on M&M with the target price at Rs 4,662. Analysts attended the company US Investor Day. They said that the management expects continued strength across segments, with PVs growing 19% FY26 year-to-date driven by new launches and sustained SUV demand, with LCVs at 17% YTD led by a strong replacement cycle. Tractor demand remains robust at 23% FY26 YTD, with management indicating no clear historical correlation with El Niño, while the Indian monsoon remains the key variable to monitor. The management also expects to manage commodity pressure in the near term through hedging, pricing and favourable mix. The company indicated that its EV business continued to be earnings before interest, taxes, depreciation, and amortisation (EBITDA)-positive, and margins will be further supported from PLI benefit on XEV 9E and 9S from FY27. They also expect a doubling of current annual volumes will drive EBIT breakeven.Jefferies has a buy rating on Max Healthcare with the target price at Rs 1,320. Analysts attended the company’s management meet. The key takeaways were one-off issues that impacted Oct-Dec quarter were resolved and its expansion plans were largely on track. The management said they were not worried about capacity addition in Delhi-NCR region, as the market is highly underserved. The company is also open to acquisitions to strengthen presence in existing markets and enter new regions, though it’s not a core strategy.Goldman Sachs has a buy rating on L&T with the target price at Rs 4,420, down from Rs 4,950 earlier. Analysts said the stock is down 18% since March 2 (vs sensex down 7%) driven by concerns around execution of the current projects in West Asia, the possibility of reduced capex in the region impacting L&T’s prospect base in FY27 driving lower revenue growth in outer years. Analysts said while the near-term concerns on execution may be valid, they see the medium term prospect base is unlikely to change even though deferral for a few quarters is likely, given the ongoing conflict. They also expect lower revenue for Jan-March quarter (Q4FY26) assuming slower execution over the last two weeks of March 2025. Analysts also feel the company would carry forward weak execution into April-June quarter (Q1FY27). They also expect lower core order inflow for FY27E from 7.7% earlier to 1.1% now assuming almost no ordering in international business for one month.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)
