Brokers' call: HUL, Bajaj Auto, Maruti

CLSA Puts 'Sell' on HUL

TARGET: Rs 480

CURRENT PRICE: Rs 589

Consumer sentiment continues to remain weak and there have been visible pressures on consumer wallets in the recent months.

The impact of weak macros seems to have also affected HUL in higher discretion categories like skin & packaged foods.

High input costs required HUL to take significant price hike in the soaps & dets segment (~50% of revenue) in the past two years.

Nomura 'Neutral' on Bajaj Auto

TARGET: Rs 1966

CURRENT PRICE: Rs 1836.90

Overall, business fundamentals remain quite strong, although operating cash flow generation was somewhat impacted by increase in working capital in FY13.

The company is not so optimistic on India's economic growth in FY14F and believes that though growth has possibly bottomed out, incremental growth will be very modest.

JP Morgan Downgrades Maruti

TARGET: Rs 1510

CURRENT PRICE: Rs 1522

Over FY11-13, the sedan and SUV segments have been the key growth drivers for the passenger car industry.

These segments have also driven sales for Maruti with the Dzireand Eritga accounting for 20% volumes.

While Maruti has gained from a weak yen, the local currency has been volatile of late. The demand environment remains weak.