Brokers’ Call: Glenmark, Jet Airways

Glenmark a Buy: BofA-ML

Bank of America-Merrill Lynch has maintained a ‘Buy’ rating on Glenmark Pharma with a target price of Rs 475. Glenmark’s June’12 net profit of Rs 120 crore, adjusted for Rs 55 crore forex loss beat estimates by 34%, led by higher revenues of Rs 10,400 crore and stronger margins. Favourable currency and better revenue mix drove EBITDA margins at 21.1%.

Jet Airways now a Buy: CLSA

CLSA has upgraded Jet Airways ratings to ‘Buy’ from ‘Sell’ and set target price of Rs 500. Jet reported betterthan-expected results for 1QFY13 with pre-ex PBT of Rs 45.6 crore after five successive quarters of losses. Yield improvements, particularly in the international business, helped drive 30% revenue growth. Costs remained under control and helped drive a 113% YoY increase in Ebitdar.