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Reliance Industries Ltd (RIL), UPL Ltd, and HDFC Bank Ltd are among the Nifty stocks trading near their 52-week low levels but with average share price targets suggesting significant upside potential. Macquarie has increased its target for RIL to ₹2,200, indicating a potential upside of 21%. Other financial institutions have also shown confidence in RIL’s prospects. ICICI Securities suggested a price target of ₹2,585, Prabhudas Lilladher projected the stock at ₹2,618, and Jefferies raised its target price to Rs 3,000. Morgan Stanley underscored RIL’s appealing risk-reward scenario.
UPL Ltd revised its EBITDA growth guidance to nil or minus 5% and announced plans to reduce its gross debt by $500 million in FY24E. The company’s revised target indicates a potential upside of 30%.
In the banking sector, HDFC Bank’s average target price implies a potential upside of 32%. While the bank posted positive results recently, there are ongoing concerns about the impact of the HDFC merger on its financial ratios.
Kotak Mahindra Bank’s Q2 results met expectations. However, the appointment of an external CEO is perceived as a near-term overhang. This led Motilal Oswal to suggest a ‘Neutral’ rating and Emkay Global to maintain a ‘Hold’ on the stock. Nirmal Bang sees the stock at ₹2,182 (USD1 = INR83.281).
Hindustan Unilever (LON:) Ltd (HUL) reported a soft adjusted revenue growth of 3% YoY due to volume growth, with price growth remaining flat. Despite trading near their 52-week low levels, these stocks have average share price targets that suggest an upside potential of 14%-32%.
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