Should you buy, sell or hold Tech Mahindra, Infosys, IndusInd Bank, ICICI Lombard and other stocks in focus today?
Stocks to buy, hold or sell today: From IT to banks, global brokerage houses were mostly bullish Monday on the stocks like Tech Mahindra, Infosys, IndusInd Bank, ICICI Lombard and other private lenders they had under their radar.
Most brokerage houses are bullish on Tech Mahindra and IndusInd Bank as the former appoints a new MD & CEO while the latter gets RBI’s approval to renew the current MD & CEO. Similarly, Macquarie was bullish on banking heavyweights, largely due to positive business prospects going forward.
Check out the full list of broker talks at Tech Mahindra, Infosys, IndusInd Bank, HDFC Bank, ICICI Bank, Axis Bank and ICICI Lombard:
Most global brokerage firms are bullish on Tech Mahindra after the IT firm announced former Infosys President Mohit Joshi as the successor to MD & CEO CP Gurnani on Saturday.
CLSA was upgraded from a “reduced” rating to “accumulate,” while Nomura maintained a “buy” target on the IT company’s shares. While JP Morgan and CITI each have a “neutral” rating on the meter.
With Mohit’s appointment, the real performance test begins next calendar year when the new MD and CEO takes office, CITI said in its statement.
Global brokerage is divided at Infosys after the company’s president, Mohit Joshi, resigned to join rival Tech Mahindra as managing director and CEO. JP Morgan keeps a “neutral” rating, while CLSA has a “buy” stance on the large-cap IT stock.
According to CLSA, Infosys needs to find a replacement quickly to ensure minimal business disruption, especially with ongoing contract negotiations
Most brokers are bullish on IndusInd Bank as Reserve Bank of India (RBI) approves reappointment of Sumant Kathpalia as MD & CEO for the next two years. Macquarie maintains an “outperform” rating, while Morgan Stanley maintains an “overweight” rating on the stock.
Similarly, Jefferies has a “buy” rating on IndusInd Bank, mainly due to attractive valuations, and IndusInd Bank is among the top buys for the brokerage.
On the contrary, JP Morgan downgraded IndusInd Bank to neutral from overweight as the RBI extended the tenure of current CEO, Sumant Kathpalia, by 2 years instead of the proposed 3 years.
Macquarie on private banks
According to the broker, low borrowing costs will continue to translate into high multi-year returns on investments (ROAs). The brokerage firm has Outperform ratings on both HDFC Bank and ICICI Bank, while maintaining a “Neutral” stance on Axis Bank.
Morgan Stanley maintains an “overweight” position in ICICI Lombard as parent company ICICI Bank receives a one-year extension to reduce its stake in the insurance arm to 30% from the current 48.02%.
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