MOSL: Morning India (11/August/22): 1. India Strategy (Cherry-picking the Nifty-50 ‘Chartbusters’); 2. Coal India; 3. Hindalco; 4. Pidilite; 5. Eicher Motors; 6. Tata Consumer
Morning India (11/August/22):
Today’s top research theme
India Strategy: Cherry-picking the Nifty-50 ‘Chartbusters’…
…by gauging their ‘Popularity Quotient’ from a consensus perspective!
- Analyst sentiment, which is measured by the proportion of Buy/Hold/Sell ratings, has improved over the past year with the percentage of Buy ratings increasing to 75% from 74% a year ago. Further, the percentages of Hold have remained stable. While Sell ratings declined to 9% from 10%, a year ago.
- Sentiments on Autos, Cement, and Healthcare have been positive with their coverage improving 8%, 6% and 5% YoY, respectively. NBFCs (due to a drop in coverage of HDFC), Insurance, and Retail have taken a hit, with their coverage slumping 16%, 8% and 6% YoY, respectively.
- Among the Nifty constituents, Maruti Suzuki and Bajaj Auto are the most widely covered stocks on the Street, while Grasim Industries and Bajaj Finserv are the least covered stocks (10 analysts covering these stocks).
- ICICI Bank is covered by 51 analysts on the Street and it enjoys 98% Buy ratings, followed by L&T (98%), ITC (97%), SBI (96%) and HDFC (96%).
- Conversely, JSW Steel (24%), Wipro (33%), Shree Cement (38%), TCS (47%), and Asian Paints (48%) have the lowest percentage of Buy ratings.
- Based on the consensus target prices for the Nifty-50 companies, there is a potential upside of 13% for Nifty-50.
Piping hot news
RBI cancels banking licence of Rupee Co-operative Bank
The Reserve Bank of India (RBI) on Wednesday cancelled the licence of Rupee Co-operative Bank Ltd in Pune with effect from six weeks from today. According to a press release, the commissioner for cooperation and registrar of Cooperative Societies, Maharashtra has also been requested to issue an order for winding up the bank and appoint a liquidator for the bank.
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