Kamal Ghorui
Nomura has a buy rating on Bharti Airtel with the target price at Rs 2,300. Analysts attended Bharti Airtel’s investor call. Among the key takeaways were the company’s commitment of Rs 20,000 crore into Airtel Money that will be done gradually over the years with 10-15% to be invested in the first year. The company will also adopt a progressive dividend policy going forward as free cash flow (FCF) generation accelerates. Singtel may continue to sell its 7% treasury shares in Bharti Airtel gradually over the next few years as they consolidate their investments in associate companies. Bharti Airtel will likely continue to increase its stake in Indus Towers from 51% currently, and have a board approval to buy another 5% stake. The company also said that the stake in British Telecom will continue to be with the promoter entity and there are no plans for Bharti Airtel to buy that stake. Bharti Airtel will consolidate its stake in Airtel Africa (63% currently) by purchasing a 16% stake from the promoter family.UBS initiated its coverage of Billionbrains Garage Ventures (Groww) with a neutral rating and a target price of Rs 185. Analysts believe the high growth phase for Groww’s broking business is over, with broking revenue to record a compounded annual growth rate (CAGR) of 17% in FY26-FY28. Groww is diversifying into non-broking businesses, including Margin Trading Facility (MTF), wealth management (WM) and credit by leveraging its platform. They believe the non-broking segment will be a growth driver with revenue recording a 59% CAGR in FY26-FY28. They expect costs to normalise, enabling operating leverage and margin expansion.Bernstein has an outperform rating on Eternal with the target price at Rs 370. Analysts said heightened competitive intensity, slowing quick commerce (QC) growth and AI-questions on food delivery have led to a 20% price correction in the last few weeks. The recent correction offers a good buying opportunity with a favourable risk-reward ratio for a 12-18-month time-period as key risks are priced in. Near term (2-3 quarter) growth and profit trajectory may retain some volatility basis how competitive scenarios unfold.JP Morgan has an overweight rating on Dixon Technologies with the target price at Rs 13,700. Analysts said Mobile PLI 2.0 would be a bit different from the existing scheme. They believe the street has been assuming that the PLI scheme would not be extended, and Dixon’s mobile business would see a 50 basis points margin reduction from FY27. If the scheme were to be extended, Dixon could continue to enjoy a 50 basis points margin benefit. This could lead to 12-16% earnings per share (EPS) upgrades over FY27-FY28.Motilal Oswal Securities maintained its buy rating on Hyundai Motors India with the target price at Rs 2,567. Analysts said that the company’s management indicated retail demand was healthy across small cars and SUVs, with compact/micro-SUVs currently outperforming cars. The company’s new launch cycle was underway with the new Venue. It plans to introduce 26 models by 2030. They believe its margins may stay under pressure near term due to start-up costs of the Pune plant. They also believe in improving mix and localisation to aid long-term expansion. Analysts expect Hyundai Motor India to deliver earnings CAGR of about 12% over FY25–FY28.(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)
