Indian equity markets opened higher on Friday, bucking the mixed global cues. The Sensex jumped 406.11 points, or 0.68 per cent, at 60,338.35, whereas NSE’s Nifty50 rallied 90.20 points, or 0.51 per cent, at 17,700.60.
Two Tata Group companies— Titan and Tata Consumer Products had declared their results and they will be key stocks to watch on Friday. Meanwhile brokerages have already given their targets for these stocks:
The share price of Titan Company Limited, a Tata Group Stock zoomed 5.48% on Friday’s intraday trades to reach an intraday high of ₹ 2434.50 apiece on the National Stock Exchange (NSE). Its shares were trading at ₹ 2426.10 apiece, up 5.11% at 12:56 PM on Friday.
The company reported a 9.96% drop in its consolidated net profit for the quarter that ended December 31, 2022, at ₹ 904 crores, against ₹ 1,004 crores in the corresponding quarter last year. It posted a revenue of ₹ 11,698 crores, up 15.89 as against ₹ 10,094 crores in the corresponding quarter a year ago. However, brokerages have an optimistic outlook for the next quarter and an even more attractive entry point post-correction.
HSBC has a buy call on the shares with a target price of ₹ 3350.00 apiece. This translates to an upside of 38.08% as compared to its share price of ₹ 2426.10.
Titan is among India’s highly respected lifestyle companies. It is a Tata Group company that has established a leadership position in the watches, jewellery and eyewear categories, led by its trusted brands and differentiated customer experience. Titan is a large-cap company with a market capitalization of 2,04,910 crores.
The shares of another Tata Group company —Tata Consumer Products were trading at ₹ 723.40 apiece, down 1.87% at 01:18 PM on Friday, in spite of a growth of 8% YoY (year-on-year) in its revenue.
Tata Consumer Products posted revenue from operations of ₹ 3,475 crores in the quarter ended December 31, 2022, against ₹ 3,208 crores reported in the same quarter a year ago. This indicated an increase of 8.32% YoY. Its profit after tax increased by 28.13% to ₹ 369 crores against ₹ 288 crores reported in the corresponding quarter last year.
Morgan Stanley has an overweight rating on the stock with a target price of ₹ 904.00 apiece. This translates to an upside of 24.97% as compared to its current share price of ₹ 723.40.
Tata Consumer Products has a presence in the food and beverages business in India and internationally. It is the second-largest tea company globally and has a significant market presence and leadership in many markets. It is a large-cap company with a market capitalization of 67,070 crores.
Written by Simran Bafna
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