Share Market Highlights 29 January 2025: IT, auto stocks fuel market rally; Sensex hits 76,533, N...

Sensex, Nifty updates on 29 January 2025: On Wednesday, the benchmark indices Sensex and Nifty spiked nearly 1%, driven by strong performances in IT, capital goods, and industrial sectors, aligning with positive global market trends. The Sensex climbed 631.55…
Ramiro Rosenbaum · 8 days ago · 3 minutes read


```html

Analyst Ratings and Updates on Indian Companies

SBI Card: Mixed Views on Asset Quality and Growth

SBI Card's Q3 performance sparked a range of reactions from analysts. Goldman Sachs issued a "Buy" rating with a target price of Rs 912, highlighting the strong 3Q results driven by a profit beat and stable loan loss provisions. They pointed to improving asset quality indicators, including a better mix of stage 2 assets and increased recoveries.

However, UBS and CLSA expressed more cautious views. UBS maintained a "Neutral" stance with a target price of Rs 800, citing higher credit costs and weak fee income. CLSA, with a "Hold" rating and a target price of Rs 780, noted the higher credit costs and slowed loan growth. Bernstein took a more bearish stance with an "Underperform" call and a target price of Rs 620, emphasizing the lack of guidance on credit cost improvement despite management's assurances.

Nuvama maintained a "Buy" rating with an increased target price of Rs 885, optimistic about declining credit costs and the potential benefits of a repo rate cut. Conversely, HSBC downgraded SBI Card to "Reduce" with a target price of Rs 580, citing weakened growth outlook and unclear asset quality prospects.

MGL and IGL: Positive Outlook for Gas Companies

Analysts are largely bullish on MGL and IGL. CLSA maintained an "Outperform" rating for MGL with a target price of Rs 1,710, praising the positive surprise on margins. Macquarie also maintained an "Outperform" rating with a target price of Rs 1,280, anticipating volume growth. For IGL, Jefferies upgraded their rating to "Buy" with a target price of Rs 505, citing attractive long-term LNG contracts. CLSA echoed this sentiment with an "Outperform" call and a target price of Rs 440, highlighting strong management guidance on volume growth and margin expansion.

Auto Sector: Mixed Signals for Two-Wheeler Manufacturers

Morgan Stanley gave Hyundai an "Overweight" rating with a target price of Rs 2,261, despite weak Q3 earnings, believing the business is at a trough. Bajaj Auto saw diverging opinions, with Citi issuing a "Sell" call at Rs 7,900 due to rich valuations, while Morgan Stanley maintained an "Overweight" rating with a target price of Rs 9,951, citing positive growth prospects. Axis Capital maintained a "Sell" rating on Bajaj Auto, lowering the target price to Rs 7,550 due to market share concerns. Nuvama, however, maintained a "Buy" rating with a target price of Rs 10,700, driven by a positive volume outlook. Macquarie and JPM are optimistic on TVS Motors, both with "Overweight" ratings and target prices of Rs 2,857 and Rs 3,130 respectively, highlighting potential margin expansion and market share gains.

Bosch and M&M Fin: Facing Challenges

UBS issued a "Sell" rating for Bosch with a target price of Rs 23,600 following an all-around miss in Q3. M&M Fin faced mixed reviews. Morgan Stanley maintained an "Equal-Weight" rating with a target price of Rs 285, concerned about rising slippages, while HSBC maintained a "Buy" call with a target price of Rs 320, noting stabilizing operational trends. Nuvama maintained a "Hold" rating with a target price of Rs 280, acknowledging the volatile credit cost environment.

Exide: Positive Demand Trends in Key Segments

Citi maintained a "Buy" call on Exide with a target price of Rs 540, citing strong demand in the replacement auto and solar segments, despite weakness in OEM and infrastructure demand.

```