Stock market watch: What to buy, sell and hold

Reliance Securities has maintained its buy rating on Hindalco with a target price of Rs 81 citing that the company’s results for the December quarter were ahead of estimates. The brokerage said it expects some recovery in prices and regards the company’s US arm, Novelis, as a bright spot other than steady copper earnings in India. Hindalco rose 9.28 per cent to Rs 66.55 on Monday.

Prabhudas Lilladher has reiterated its buy rating on the Bank of Baroda but lowered its target price to Rs 137. It said that the lender’s performance for the December quarter was disappointing as asset quality continued to deteriorate. It cut its estimates, but said it remained positive on the bank. Bank of Baroda surged 23.18 per cent to Rs 140.05 on Monday.

Centrum Equity Research has maintained a buy rating on PTC India Financial with a target price of Rs 51. Centrum said the stock had witnessed significant correction over the last few quarters. It said the stock might have underperformed due to weak market sentiment but going forward, loan book growth is expected to increase by 29 per cent over FY15-18. The stock jumped 6.84 per cent to Rs 32.00 on Monday.

Angel Broking Research has maintained its buy rating on Ashok Leyland with a target price of Rs 111 citing that the results were in line with estimates. The brokerage said that the demand for MHCVs will continue to grow in double digits. It estimates that there will be about 20 per cent CAGR in volume in MHCVs over FY15-17. Ashok Leyland rose 8.11 per cent to Rs 89.95 on Mon.