Mahindra & Mahindra is amongst the top picks for 2024 as it is well poised to outperform across all its verticals, Motilal Oswal said. The brokerage said that growth should moderate in some of its verticals. It maintained a 'buy' call with target price of ₹2,005 apiece.
Morgan Stanley said Federal Bank's loan growth moderated while customer deposits continued to do well. The overall deposit growth was lower owing to a decline in interbank and certificates of deposit, it said. The brokerage maintained an equal-weight on the lender with target price of ₹165 apiece.
Nomura reduced target on M&M Finance to ₹230 apiece. It said that disbursement growth of the company has moderated, while business asset growth has remained strong.
Jefferies maintained 'hold' call on M&M Finance, with target price of ₹295 apiece. It added that company's Q3 AUM grew by 25% YoY (3% QoQ) to ₹96,900 crore, a tad below its estimate.
Morgan Stanley maintained 'overweight' rating on Avenue Supermart, with target price of ₹4,471 apiece. The brokerage said that pace of store additions needs to pick up.
2023 saw earnings upgrades for most industrial companies. Brokerage firm Jefferies said that year-on-year (YoY) order flow growth slowed for some but was in double-digits.