itc stock price: Hot Stocks: Emkay initiates buy on textile sector; ITC could give 29% returns in 2023
Emkay on Textile Sector: Buy , , and Emkay initiated coverage on Vardhman Textiles, Gokaldas Exports, and Nitin Spinners with a buy rating. Ban on Xinjiang cotton has increased
on Indian spinners. Home textile players are capturing strong market share in geographies like the USA. The sector stands to gain when any FTA (free trade agreements) comes into force.
Given recent PLIs (production-linked incentive schemes), garments would get a significant boost in the coming times.
Emkay initiated coverage on Vardhman Textiles with a buy rating and a target of Rs 455, an upside of over 50% from Rs 294 recorded on December 24. The brokerage initiated coverage on Gokaldas Exports with a buy rating and a target price of Rs 575, which translates into an upside of nearly 70% from Rs 340 recorded on December 24. Emkay initiated coverage on Nitin Spinners with a buy rating and a target of Rs 310, an upside of 69% from Rs 183 recorded on December 24.
Antique on : Buy | Target Rs 419
Antique maintained its buy rating on ITC for a target of Rs 419, an upside of 29% from Rs 326 recorded on December 26. Robust performance could drive re-rating, said the brokerage note. ITC is well-placed to record strong performance in Q3.
The brokerage sees a robust recovery in the Hotel business and is expected to report its best quarter. ITC has a fair probability to post accelerated earnings growth.
on : Buy | Target: Rs 630
Motilal Oswal maintained its buy rating on Can Fin Homes with a target price of Rs 630, an upside of 29% from Rs 488 recorded on December 24. Re-rating is still contingent on CANF’s ability to identify a successor. Robust franchise and follows a processes orientation approach which has served it well.
The housing finance company has stringent cost-control measures that aid in low OPEX ratios. Superior asset quality translates into benign credit costs, the note said.
(Disclaimer: Recommendations, suggestions, views, and opinions given by the experts are their own. These do not represent the views of the Economic Times)
