Brokerages initiate coverage on Vedanta Aluminium, Kalyan Jewellers, 3 other stocks with up to 36% upside
Multiple brokerages have begun analyzing selected Indian stocks, anticipating considerable growth in the future. Jefferies has given Kalyan Jewellers a Buy rating with a specific target price. Similarly, Systematix Institutional Equities has rated Vedanta Aluminium as a Buy, while ICICI Securities placed Add ratings on Canara Bank and Bank of Baroda. Nuvama has set a target price for KPR Mill…
A variety of brokerages in India have started covering certain stocks, including Vedanta Aluminium and Kalyan Jewellers, with potential upside of up to 36%. Jefferies, an international brokerage, recommended a Buy on the stock and set a target price of Rs 830, estimating a 36% increase from current levels. They attribute this potential growth to the company's successful combination of neighbourhood relevance with an organized retail scale.
Meanwhile, domestic firm Systematix Institutional Equities offered a Buy rating on Vedanta Aluminium, forecasting a 33% upside with a target price of Rs 598. The firm cites the newly-demerged company's upcoming earnings cycle driven by backward integration as a key factor. ICICI Securities initiated coverage on the lender with an Add rating and a Rs 140 target, indicating an 11% upside, based on its estimated return on assets.
The firm highlighted the bank's substantial 20% share of gold loans as a major contributor to loan growth and financial leverage. ICICI Securities assigned a target multiple slightly lower than its RoA, citing weaker core pre-provision operating profit and a more volatile growth profile. Nuvama, another domestic brokerage, set a target price of Rs 1,276 for KPR Mills, a top garment manufacturer, implying an 18% upside from its previous closing price.
Nuvama views the company as benefiting from global garmenting tailwinds and consistently high utilization levels in its expansion phases.
Written by urgent.news from The Economic Times - Top News's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
