Hot Stocks: HSBC initiates coverage on Kalyan Jewellers; Macquarie sees 30% downside in Bajaj Finance

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

JP Morgan on Hindalco: Overweight| Target Rs 560
JPMorgan maintained an overweight rating on Hindalco with a target price of Rs 560. Novelis segment provides a floor to Hindalco stock price, said the note.

We would focus on Chinese aluminum production supply, the note added.

HSBC on Kalyan Jewellers: Buy| Target Rs 125
HSBC initiated buy coverage on Kalyan Jewellers with a target price of Rs 125. The global investment bank is of the view that expansion outside South India is key to unlocking value.

“Kalyan plans to aggressively build out its jewellery stores. Higher-margin markets outside its home base of South India. If executed well, this can trigger structural ROE expansion and a strong growth trajectory,” said the note.

Macquarie on Bajaj Finance: Underperform| Target Rs 5000
Macquarie maintained an underperform rating on Bajaj Finance with a target price of Rs 5000 which suggests a downside of over 30 per cent from Rs 7489 recorded on 4 October.

The volume of loans booked is still flattish vs FY20. The global investment bank believes that volume growth is still relevant. Digital transformation is all about volumes.

Citigroup on GCPL: Buy| Target Rs 1050
Citigroup maintained a buy rating on GCPL with a target price of Rs 1050. The company is deploying new strategies for market development.

However, subdued demand trends and inflation is likely to impact profitability.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)