Brokerage Views: Jefferies On Telecom And Amber Enterprises, Citi On ICICI Bank And More

Jefferies offers outlook on telecom with a bullish view on Bharti Airtel and Jio.

Citi remains positive on ICICI Bank with growth momentum expected to sustain in mid-teens, and Jefferies maintains 'buy' on Amber Enterprises India.

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

Jefferies On Telecom

Sim consolidation post tariff hike led to a decline in sector’s active subscriber base.
Vodafone Idea lost subscribers for the eighth straight month.
Bharti Airtel gained market share in 4G and 5G additions.
Data subscribers continue to rise, hence are less price sensitive than voice subscribers.
BSNL and MTNL unlikely to post risk to Bharti and Jio in the medium term.
Continue to expect Bharti and Jio to gain market share in the near term.

CLSA On Urban Consumption

Consumption trends changing, Zomato is the best way to play this theme.
Quick-service restaurants struggling but Zomato and Swiggy food delivery chugging along.
Well over 1,00,000 people ahead in ticket queue for $50 to $400 tickets.
Four concerts alone saw ticket sales of over Rs 3.5 billion to Rs 4 billion or over 40% of the incremental quarterly sales of listed QSRs.
Data points from Nykaa, MakeMyTrip and Trent suggest consumption remains robust.
Consumption is just different from the past where FMCG companies and QSRs were seen as bellwethers.
Zomato is well placed to tap into increasing demand for consumer experiences.

Citi On ICICI Bank

Maintain a 'buy' rating on the stock with the target price increased to Rs 1,547 from Rs 1,464 earlier, indicating a potential upside of 14.7%.
Meeting with ICICI Bank management reaffirms stance on growth sustenance and contained credit cost.
Growth momentum to sustain in mid-teens.
Will be led by business, banking, MSME, and corporate sectors.
Comfortable asset quality with expectations of slippages and credit cost at 1.8% and 0.5%.
Led by 80% provision coverage and 1.07% contingency buffer.
Positive on initiatives to boost card spend growth & optimising in-house sourcing for PL.
Building in NIM of 4.3% over fiscals 2025 to 2027.
Revise earnings estimates by 1-2% for fiscal 2025 and 2026.
Assign three times the fiscal 2026 price to book for its banking business.

Jefferies On Amber Enterprises India

Maintain a 'buy' rating on the stock with a target price of Rs 5,200, implying a potential upside of 19%.
AC vertical has potential for J-curve, to clock 17% CAGR up to fiscal 2030.
Strong growth prospects for electronics industry with imposition of anti-dumping duty.
Strong order book of Rs 2,070 cr in mobility with long-term prospects intact.
Normalised capex of around Rs 370 crore in fiscal 2025 to aid return on capital employed of 20% by fiscal 2026.
Retain price-earnings ratio of 37 times broadly in-line with five year average.

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