Hot Stocks: Brokerage view on Kotak Mahindra, Glenmark Pharma, Biocon and RIL

Brokerage firm Jefferies downgraded Biocon to underperform and recommended a buy rating on RIL. HSBC upgraded Glenmark Pharma to a buy and Nomura retained its neutral rating on Kotak Mahindra Bank.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

Jefferies on Biocon: Underperform| Target Rs 250

Jefferies downgraded Biocon to underperform rating with a target price of Rs 250 as it sees continued challenges for 2024.

The risk-to-reward ratio is unfavourable at current levels. Earnings downgrades will continue due to a lack of new launches.


The company reported a weak FY25 outlook for Syngene due to a lack of major manufacturing contract wins.

Weak free cash flow (FCF) generation, and high leverage might continue to hurt the company finances in the medium-long term.

Jefferies on RIL: Buy| Target Rs 3140

Jefferies maintained a buy rating on Reliance Industries with a target price of Rs 3140. Peak capex announcements in Jio and Retail are behind us.

The global diesel demand remains resilient. The global investment bank raised FY24-25E EBITDA on O2C strength. The stock trades cheap relative to the Nifty.

HSBC on Glenmark Pharma: Buy| Target Rs 1100

HSBC upgraded Glenmark Pharma to a buy rating from hold earlier but raised the target price to Rs 1100 from Rs 960 earlier.

The 3QFY24 was a disrupted quarter on the back of the restructuring of the distribution model. There is a recovery in Indian sales.

Lower R&D spending & start of supplies from Monroe Plant bode well for margin expansion. Glenmark Pharma has multiple margin drivers, which should further help in re-rating.

Nomura on Kotak Mahindra Bank: Neutral| Target Rs 2040

Nomura maintained a neutral rating on Kotak Mahindra Bank with a target price of Rs 2040. The management rejig shortly after Ashok Vaswani has taken over as MD & CEO.

KVS Manian, re-designated as the Joint Managing Director. The recent media articles suggest that Federal Bank has shortlisted Manian as one of its CEO candidates.

The rejig largely increases the coverage of responsibilities of existing management. The global investment bank views this development positively, as this has been one of the key concerns around KMB.

(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)