DLF Ltd., Adani Ports and Special Economic Zone Ltd., FSN E-Commerce Ventures Ltd., and Bharat Electronics Ltd. were among the top stocks on brokerages’ radar on Friday, along with steel sectors in focus.

JPMorgan said that recent gains in steel stocks were likely driven by optimism that policy measures could ease the global supply glut and improve profitability.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Friday.

Jefferies On DLF

  • Retained a ‘buy’ rating on the stock and a target price of Rs 1,000 apiece.

  • Strong cash flows and a positive response to the Dahlias project launch indicate that concerns about the Gurugram market are likely overblown.

  • Lease income is set for a 20% uptick as several properties are near completion.

  • The stock trades at a 30% discount to net asset value, which is attractive.

  • Market valuation ignores the significant potential of the company’s land bank beyond the near-term project pipeline.

  • The Mumbai project launch could serve as a near-term trigger.

Goldman Sachs On Adani Ports

  • Retained a ‘buy’ rating on the stock and a target price of Rs 1,400 apiece.

  • New port ramp-up, growing inland logistics operations, and reasonable valuations drive a positive outlook.

  • Logistics revenue and earnings before interest, tax, depreciation, and amortisation will continue to grow at a faster pace in the medium term.

  • Adani Ports, with a market share of 27-28% in India’s total port volume, remains in a position of strength.

UBS On Nykaa

  • Upgraded rating to ‘buy’ from ‘neutral’ and lowered the target price to Rs 200 apiece from Rs 205.

  • Beauty and personal care segment performance continues to exceed expectations.

  • Beauty and personal care segment shows improving growth and stable margins despite competitive pressures.

  • Management has taken a calibrated approach in the fashion segment by limiting marketing investments.

JPMorgan On Steel Sector

  • Recent gains in steel stocks likely driven by optimism that policy measures could ease the global supply glut and improve profitability.

  • Encouraged by these developments, but the exact scale of China’s steel production cuts remains unknown.

  • The German infrastructure investment plan will be spread over a 10-year period.

  • Reports suggest that India’s safeguard duties investigation could take six to nine months to conclude.

  • Recent uptick in European and Indian steel spreads suggests earnings before interest, tax, depreciation, and amortisation per tonne has likely bottomed for Indian steelmakers.

  • Sustained stock price performance depends on clarity regarding the timeline and magnitude of China’s steel output cuts and India’s safeguard duties.

  • Potential demand destruction from United States tariffs remains a concern for investors.

  • Maintained a positive bias on India’s steel sector and recommends accumulating stocks on dips.

  • Retained an ‘overweight’ rating on JSW Steel and Tata Steel, while maintaining a ‘neutral’ rating on Steel Authority of India.

JPMorgan On BEL

  • Retained an ‘overweight’ rating on the stock and a target price of Rs 343 apiece.

  • Structural growth opportunity with strong upcoming order announcements.

  • A 20% correction from peak levels presents a good entry opportunity.

  • Bharat Electronics remains the most diversified and consistent play on defence capital expenditure.

  • Expects compound annual growth rates of 15% in revenue, 17% in earnings before interest, tax, depreciation, and amortisation, and 16% in profit after tax over fiscals ending March 2024-2027, with an average return on equity exceeding 25%.

  • High probability of the company announcing orders worth Rs 12,000 crore by March 31, which could serve as a near-term catalyst for stock price appreciation.

Macquarie On Reliance Industries

  • Upgraded rating to ‘outperform’ from ‘neutral’ and raised the target price to Rs 1,500 apiece from Rs 1,300.

  • The upgrade reflects a series of incremental positives expected over the next six to 12 months.

  • Key catalysts include improved earnings momentum, a potential listing of Jio Platforms, and the gradual commissioning of new energy capacities.

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