Joshua Cooper

Voltas Limited : Jefferies raises target price by 15% to INR2,030

Jefferies maintained their “Buy” rating and raised the target price for Voltas Ltd. (Voltas) to INR2,030 from INR1,770 on 31st October 2024, implying a 15% upside potential over previous day’s close. The increase in the target price was driven by Voltas strong performance in 1H25 and managements positive comments on increasing market share and volumes. Jefferies expects India’s domestic AC market to grow strongly his year, which should help Voltas as they are the market leaders in Unitary Cooling Products (UCP) with a 21% market share. Jefferies also sees India’s capex cycle recovering gradually, which should help drive Voltas’ order book.

December 09, 2024 at 10:16 am

NMDC Limited : Contract award of over USD300mn from Ta’ziz

NMDC has received a letter of award of over USD300mn from Ta’ziz (JV between Abu Dhabi National Oil Co. and Abu Dhabi Developmental Holding) on November 6, 2024. The award pertains to engineering, procurement and construction (EPC) work for the Port Package logistic project. The project is expected to be completed within the next 25 months.

December 06, 2024 at 10:14 am

Samvardhana Motherson International Limited : CLSA upgrades to Outperform and raises target price

On November 13, 2024, CLSA upgraded its rating on SAMIL to Outperform, with a new target price of INR190, implying an upside potential of 14%. CLSA is looking beyond the 2Q25 results that missed market expectations, which they attribute to the weak OEM demand scenario and recent acquisitions that are not yet baked into the numbers. They also see the recently de-levered balance sheet as a tailwind to future growth through acquisitions, and diversification efforts of management.

December 03, 2024 at 12:27 pm