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Brokerage firm HSBC maintained a buy rating on Sun Pharma, Citigroup recommended a buy rating on ICICI Bank, JPMorgan has an overweight rating on Bajaj Finance and CLSA recommended a buy rating on Avenue Supermarts.We have collated a list of recommendations from top brokerage firms from ETNow and other sources:HSBC on Sun Pharma: Buy| Target Rs 1790HSBC maintained a buy rating on Sun Pharma but raised the target price to Rs 1790 from Rs 1550 earlier.The company has a healthy outlook for its specialty portfolio. The growth runway should continue for the Ilumya brand on the back of the continued strong market demand for anti-IL drugs.The filing of Nidlegy with the EU regulator in H1CY24 and FDA approval for 900 deuruxolitinib (alopecia drug) are key catalysts for the stock price in the future.The global investment bank assumes notable gains from gRevlimid in the March quarter.Citigroup on ICICI Bank: Buy| Target Rs 1322Citigroup maintained a buy rating on ICICI Bank with a target price of Rs 1322. The global investment bank has enhanced confidence on sustaining ROA/ROE post Q4.Operating leverage delta will be prominent from Q4 onwards. Amidst intense price wars, preference is to manage ROA threshold over chasing growth.Not actively resorting to bulk deposits reflects its focus/confidence in mobilizing granular retail deposits.Citigroup expects a 4% QoQ deposits growth translating to 17-18% YoY growth.JPMorgan on Bajaj Finance: Overweight| Target Rs 8500JPMorgan maintained an overweight rating on Bajaj Finance with a target price of Rs 8500. The $9.5 billion valuation of the housing finance subsidiary implies 26x FY26 PE.The listing could place a hold-co discount of 15% on Bajaj Finance. It would potentially remove a medium-term overhang of a bank conversion by 4900 creating two listed NBFCs.CLSA on Avenue Supermarts: Buy| Target Rs 5307CLSA maintained a buy rating on Avenue Supermarts but raised the target price to Rs 5307 from Rs 5107 earlier.D-MART opened 16 stores in Q4, three ahead of the forecast. Store additions a key focus point for investors.Rising inflation in palm oil and crude should allow DMART some room on pricing in FY25.(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)

The Tatas, Ambanis, and the Adanis may be ruling the corporate world, but it’s the Goenkas that have won the race against these honchos, at least on Dalal Street. The cumulative growth in the market capitalisation of all the listed companies of the RPG Group was the highest in the current financial year and surpassed that of conglomerates Tata Group and Reliance Industries by a significant margin. The listed companies of the Kolkata headquartered RPG Group are managed by the two brothers — Harsh Goenka and Sanjiv Goenka. The market capitalisation of RPG Enterprises companies, led by Harsh Goenka, grew by a staggering 77% in FY24 to Rs 45,932 crore as of March 22, data by Ace Equity showed. <iframe title="Growth in market cap of Harsh Goenka-led cos in FY24 " aria-label="Table" id="datawrapper-chart-pnhkS" src="https://et-infographics.indiatimes.com/graphs/pnhkS/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="405" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}(); </script>Such a strong growth was led by four companies – RPG Lifesciences, STEL Holdings, Summit Securities, and Zensar Technologies – whose market capitalization more than doubled in the financial year. The market cap of RPG Lifesciences increased by 118% in value terms in FY24, and that of STEL Holdings soared 131%. Zensar Technologies saw its market cap increase by 115% in FY24, and this sharp appreciation in the stock has come despite the information technology sector facing rough weather in the form of lower discretionary spending. Meanwhile, the market capitalization of RPSG Group companies, led by Sanjiv Goenka,surged 73% in FY24 to Rs 49,387 crore. <iframe title="Growth in market cap of Sanjiv Goenka-led cos in FY24" aria-label="Table" id="datawrapper-chart-BJsls" src="https://et-infographics.indiatimes.com/graphs/BJsls/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="349" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Under this conglomerate, only one entity – PCBL Ltd – saw over 100% growth in market capitalisation, but four other companies saw a growth of more than 70%.The market cap of Firstsource Solutions surged 82.4% in FY24, and that of CESC Ltd grew by 80%.How Others Performed? Despite being ambushed by the explosive report by Hindenburg Research in early 2023, Gautam Adani-led companies not only rebounded sharply but also managed to become the third runner up on Dalal Street. The cumulative market capitalization of the listed companies of Adani grew by 70% in FY24. Three of the group entities – Adani Ports and Special Economic Zone, Adani Green Energy, and Adani Power, saw their market cap more than double in FY24. <iframe title="How Market Cap of Big Conglomerates changed in FY24? " aria-label="Table" id="datawrapper-chart-K4Vzk" src="https://et-infographics.indiatimes.com/graphs/K4Vzk/1/" scrolling="no" frameborder="0" style="width: 0; min-width: 100% !important; border: none;" height="265" data-external="1"></iframe><script type="text/javascript">!function(){"use strict";window.addEventListener("message",(function(a){if(void 0!==a.data["datawrapper-height"]){var e=document.querySelectorAll("iframe");for(var t in a.data["datawrapper-height"])for(var r=0;r<e.length;r++)if(e[r].contentWindow===a.source){var i=a.data["datawrapper-height"][t]+"px";e[r].style.height=i}}}))}();</script>Adani Power registered the highest growth in market cap at a whopping 177%, while Adani Green and Adani Ports saw their market cap grow 110% and 103%, respectively in the ongoing financial year. The Tata Group put up a fairly good show, thanks to the stellar rise in two of its crown jewels – Tata Motors and Tata Power. The cumulative market cap of all the listed companies of the group grew by 44% in FY24 to Rs 29.5 lakh crore. The strong recovery in the earnings performance of Tata Motors’ India operations as well as Jaguar Land Rover, drove the stock higher and saw the market cap surge 133% in FY24. Tata Power Co’s market cap increased by over 105% to Rs 1.25 lakh crore. Tata Investment Corporation, a lesser known listed firm of the Tata Group, grabbed the limelight and saw the highest rise in market cap after news of a possible initial public offer of Tata Sons hit the Street. While the IPO hasn’t fructified yet, it did enough good for the group’s stocks. Tata Investment Corp’s market cap soared by 241% in FY24 to Rs 30,156 crore. Two other stocks of the group – Trent and TRF – also saw an over 100% growth in their market capitalization. The conglomerate that performed the least during the year was that of Mukesh Ambani’s. The cumulative market capitalization of all the listed companies of Reliance Industries rose just 25% in FY24 to Rs 19.93 lakh crore. This is largely because of the underperformance of the parent company. RIL’s market cap in FY24 rose just 25% to Rs 19.69 lakh crore. The highest rise in the market capitalization among the listed group companies was that of Den Networks at 89%, followed by Network18 Media at 69%. So, while FY24 was that of the Bengal Tigers on Dalal Street, one needs to see who wins the race in FY25. (Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of The Economic Times)

FTSE Russell said Portugal would be added to a key government bond index and held off on a decision on South Korea and India for at least six more months. The index provider will add Portugal to the FTSE World Government Bond Index effective November and remove Switzerland from the upgrade watch list, according to a statement released Wednesday after markets closed in New York. South Korea, meanwhile, continues to stay on the watch list for inclusion to the FTSE global bond index — and India for the emerging-market equivalent — once more delaying the countries’ addition to the key gauges.FTSE Russell “will continue to monitor the positive developments in the South Korean government bond market towards the successful fulfillment” of the criteria, FTSE said in the statement.It also acknowledged progress in “the accessibility of the Indian government bond market,” but said the Indian market still doesn’t satisfy certain criteria.South Korea has been keen to get the index upgrade since FTSE added the country to its watch list for potential inclusion in September 2022. The move is expected to draw as much as 90 trillion won ($66.7 billion), according to the Korean government, citing estimates from investment banks.Korean authorities have been intensifying efforts to improve the country’s market systems to court more foreign investors, most recently letting some global investors participate in the local interbank currency market. The government is also testing out extended trading hours of the local won market, ahead of its official extension due in July.Meanwhile, India still doesn’t meet criteria including increased regulatory reporting and the tax clearance process, FTSE said. Both countries were not included on the indexes when they were last reviewed in September, 2023.FTSE Russell’s decision highlights the hurdles some investors continue to face in accessing India’s bond market, even as the nation’s debt is set to get added to JPMorgan’s flagship emerging markets gauge starting in June. Others have been piling in though, with inflows to the nation’s bonds helping make it one of the top performers in local currency emerging market debt this year.Vietnam, PakistanOn the equities side, FTSE Russell said it will keep Vietnam’s status as a frontier market unchanged. While it highlighted the country’s “resolute” drive, the index provider said it needs to see more improvements in access to the local equity market and issues around settlement of trades. The country was added to the watch list in September 2018 for possible reclassification to secondary emerging markets, but the index compiler had said its progress has been slower than anticipated, in part due to Covid. A pre-funding requirement is the key hurdle to an upgrade, investors say.The index compiler also retained Pakistan on the watch list for potential demotion to frontier market status from secondary emerging market amid a steady decline in its index weight over the past few years.

Mumbai: Piramal Capital and Housing Finance will add gold loans, micro business loans and unsecured microfinance loans to its portfolio next fiscal to broaden its consumer finance focus as it continues to move away from its original avatar as a real estate lender, a top official said.Though the new businesses have a higher risk profile, the company has the underwriting capabilities to originate them, said Jairam Sridharan, managing director of Piramal Capital and Housing Finance."We are looking at the traditional gold loan business," he said. "Operationally, it's a complex business... There are lots of things that can actually go wrong with it. Building the right controls is very important. But it's a business we like, and we would love to do more of."Sridharan said unsecured microfinance loans and low-ticket loans against property will be also introduced mostly in the first half of the next fiscal. "These loans will be small-ticket... may be less than ₹10 lakh, with a small shop or a property as collateral," he said. "This business has become big in terms of revenue over the last five to six years as many new players have emerged who have done interesting work. We think that there is a market there for us to explore as well and try and build some of that business for ourselves."The company has been slowly building its microfinance business for the last one-and-a-half years, but at about ₹1,000 crore, it is still a very small part of the company's ₹70,823 crore of assets under management (AUM).The company's credit cost increased to 162 basis points of total loans in the quarter ended December 2023 from 121 basis points in September 2023, but Sridharan said the credit environment is still benign and the new loans, though at higher risk, will have little impact on costs. One basis point is 0.01 percentage point."There is never a perfect time to start a new business, but we are better off not trying to time the market," Sridharan said.Retail loans constituted 64% of Piramal Capital and Housing Finance's AUM at the end of December.The company aspires to have 70% of its loans from retail with the rest of the 30% in wholesale loans to real estate and mid-market companies."We have reduced our average ticket size from real estate loans to about ₹180 crore from ₹500 crore earlier with loans now spread more geographically outside the big metros," Sridharan said. "We are also giving non-real estate loans of average ticket size of ₹50 crore to companies rated at investment grade and may also look at small developer finance as part of our new wholesale loans."The company has halved its wholesale book, which it got as part of the acquisition of the erstwhile DHFL, to ₹18,693 crore at the end of December 2023.In a post-result note, JM Financial said it expects Piramal Capital and Housing Finance to gradually navigate through its changing product mix, leading to reduced uncertainty on cashflows supported by strengthening of the risk standards, which will improve profitability over the medium term.The company is in the final stages of fully exiting its partnership with Shriram Group and announced that it will sell its stake in Shriram Investment Holdings by March 31 in what is probably the final leg of ending a failed venture that started in May 2013.

Mumbai: Shares of Reliance Industries, which have the second-highest weighting in the Nifty 50, surged more than 4% intra-day to touch a near three-week high after Goldman Sachs raised its target price citing higher returns on cash invested, and a change in the mix of capital expenditure.Reliance Industries is currently the largest company in India by market capitalisation, which is a little over ₹20 lakh crore.The brokerage now has a target price of ₹3,400 for the shares of Reliance - up 16% from earlier- and this implies an upside of 14% from Wednesday's closing price of ₹2,983.65.108834174"RIL's consolidated returns are at an inflection point in FY24 and we estimate CROCI (cash return on cash invested) will expand by ~270 bps to 12% in FY27 (highest since 2011)," analysts at Goldman Sachs said in a note to clients.The brokerage also expects the company's operating profit to expand 17% on a compounded annual basis until FY27, majorly driven by the energy business.The last decade saw Reliance investing more than $125 billion in its hydrocarbons and telecom business, both of which have a gestation period of more than five years. The capital expenditure cycle for the 5G technology telecom is also set to be completed this year."We believe the businesses RIL is investing more in the next three years (retail and upstream new energy) are relatively less capex heavy, higher in returns and have a shorter gestation period," the analysts said.Shares of Reliance Industries have already gained more than 15% so far in 2024, hitting its lifetime high of ₹3,024.90 earlier this year.The end to the massive capex cycle will also help Reliance Industries turn free cash flow positive in FY25, while the operating profit is seen expanding 20% on year, driven by a telecom tariff hike, higher retail same-store sales growth and a recovery in margins in the chemicals business.Goldman Sachs has reiterated its 'buy' rating for shares of Reliance. Of the 35 ratings available for the company on Bloomberg, 29 had a 'buy' or equivalent rating, 4 analysts suggested a 'hold' rating for the stock, while 2 recommended a 'sell'. Shares of RIL could rise to ₹3,200-3,300 in the near term, said Atul Chaturvedi, analyst at Antique Stock Broking. He recommends that investors looking to buy the stock should maintain a stop loss of ₹2,850.