Brokerage Views: Jefferies On Emcure, Investec On Bansal Wires, ICRA On Mining And More

Jefferies initiated coverage on Emcure Pharmaceuticals Ltd., while Investec began coverage on Bansal Wires, both with a 'buy' rating.

Citi remains positive on GoDigit General Insurance Ltd. as the company is its preferred pick in the non-life insurance sector. ICRA Research shares its outlook on the Indian mining industry.

Nuvama continues to have a 'hold' on Coal India Ltd., while Motilal Oswal Financial Services Ltd. remains bullish on Mankind Pharma Ltd and Kaynes Technology India Ltd.

NDTV Profit tracks what brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Monday.

Jefferies On Emcure Pharmaceuticals

The brokerage initiated a 'buy' rating with a target price of Rs 1,600 per share, implying a potential upside of 17%.
Key differentiators include strong chemistry skills in complex molecule development and no exposure to volatile US market.
Growth drivers are high growth in India and Canada.
Operating leverage and debt reduction should help in near term.
Profit outlook indicates an estimated 11% revenue CAGR from India market share gains and new export launches.
Ebitda margin expansion of 2.2 percentage points is expected.
Lower finance costs to drive 29% profit after tax CAGR over fiscals 2024 to 2027.

Nuvama On Coal India

Maintained a 'hold' rating on the stock with a target price of Rs 567 per share, indicating a potential upside of 5.4%.
Expects financial year 2025 and 2026 volumes to be at 791 million and 831 million tonnes respectively, compared to management guidance of 838 million and 905 million tonnes.
Expects capex of Rs 15,500 crore per year over fiscal 2025-26.
Liability of Rs 31,590 crore due to mineral taxation. Expects firm to recover Rs 24,000-25,000 crore.
Volume growth critical to hit Ebitda CAGR of 5% in fiscals 2024-26.
Benefits of non-coal focus capex at least four to five years away.

Also Read: Coal India May Miss Volume Target For This Fiscal

Citi On GoDigit General Insurance

The brokerage maintained a 'buy' rating on the stock with a target price of Rs 425, indicating a potential upside of 18%.
Analyst's day takeaways include building a scalable and profitable model.
Cautious on growing large corporate group health, owing to elevated pricing pressure.
Strong growth in small and medium-sized enterprises group business.
Focus on shifting towards higher share of in-house claims processing in group health.
Development of ‘OJAS’ platform for agents to track progress.
Assertive stance on motor target price claims provisioning relative to most peers.
Sustained investment in scaling up tech-backed models for risk prediction and selection.
Management upbeat on revival in growth trajectory alongside controlled claims in near-term.
Go Digit is the brokerage's preferred pick within non-life insurers.
Stock trades at 60 times the earnings per share value of fiscal 2027.

Also Read: Nuvama Recommends 'Buy' On Paint Incumbents Despite Rising Competition

Investec On Bansal Wires

Initiates coverage with a 'buy' rating on the company, with a target price of Rs 440 per share, implying a potential upside of 25%.
New Dadri plant with high automation could drive 40% Ebitda CAGR over fiscal 2027.
Clocked in 20% revenue CAGR over the past 10 years.
Created a niche for itself in steel and stainless steel wires.
Reduced cost via scale, automation and higher utilisation levels.
Undertaking two initiatives with higher profitability: foraying into steel cords and backward integrating in stainless steel cords.

Motilal Oswal On Mankind Pharma

Retained 'buy' rating on the stock with a target price of Rs 2,760 per share, indicating a potential upside of 17%.
Roadmap for growth through expansion in high entry barrier innovative product launches.
Implementing efforts to deepen its presence in tier-I and metro cities.
Expanding in the consumer wellness segment via product launches.
Expects 14% earnings CAGR; values company at 42 times its 12 month forward earnings.

Also Read: Stock Market Today: Nifty Registers Longest Gaining Streak In Over A Year To End Above 25,000-Mark

Motilal Oswal On Kaynes Technology

Retained 'buy' rating on the stock with a target price of Rs 6,000 per share, implying a potential upside of 19%.
Inaugurated its electronics manufacturing facility in Hyderabad.
Includes production of smart meters, projected to generate annual revenue of Rs 800 crore from fiscal 2026.
Facility will subsequently expand into manufacturing of other segments such as aerospace.
India requires 25 crore smart meters with only one crore installed yet.
Currently only Iskraemeco India Pvt., Larsen & Toubro Ltd., Schneider Electric Ltd., Genus Power Infrastructures Ltd., and Kaynes Technology India Ltd. manufacture smart meters.
Capacity can expand to 40 lakh per year and already has orders for 35 lakh meters.
Also announced three new partnerships in both existing and new markets: Brightgrid Technologies LLP for smart meters, Lightspeed Photonics for semiconductors, and VLSI Society of India, to develop skilled workforce.

Also Read: Adani Energy QIP Raises Rs 8,373 Crore For Transmission Assets Investment, Smart Metering

Emkay On Dalmia Bharat

The brokerage maintained a 'reduce' rating on the stock, with a target price of Rs 1,800 per share.
Capacity target of 75 million tonnes and 110-130 million tonnes by fiscals 2028 and 2031, respectively.
Cement prices have likely declined by 3% sequentially in the second quarter till date.
Remains hopeful of demand and price recovery in second half of fiscal 2025.
Targeting sustainable cost savings of Rs 150 to Rs 200 per tonne during the next three years.

ICRA Research On Indian Mining Industry

Mining central excise and service tax expected to elevate input costs, compress operating margins.
Secondary steel producers to face more pronounced impact on lower margins.
Expects margin decline of 60 to 80 basis points for primary steel producers.
Expects margin decline of 80 to 250 basis points for secondary steel producers.
Imposition of cess to increase landed iron ore cost in Odisha by 11%.
Expects increase in crude steel input costs by Rs 1,200 per tonne.

Also Read: Mining Royalty: Impact Of Retrospective Tax Not Alarming, Says Nuvama