Hot Stocks: Brokerages on Orchid Pharma, D-Mart, NOCIL and Chola Investment

Brokerage firm Investec initiated coverage on Orchid Pharma with a buy rating, Prabhudas Lilladher has a buy rating on DMart, and a reduce rating on NOCIL. Motilal Oswal maintained a buy rating on Cholamandalam Investment & Finance Ltd.

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

Investec on Orchid Pharma: Buy| Target Rs 800

Investec maintained a buy rating on Orchid Pharma with a target price of Rs 800. The company is set for strong growth over the next 3 years.

The new management continues to execute the turnaround strategy well. It sees a strong 35%+ EBITDA CAGR over FY23-26 for the base biz (ex-PLI).

The company believes multiple optionalities can potentially propel it into a different orbit if all goes well.

Motilal Oswal on Cholamandalam Investment & Finance Ltd: Buy| Target Rs 1420

Motilal Oswal maintained a buy rating on Cholamandalam Investment & Finance Ltd with a target price of Rs 1420.

Cholamandalam Finance (CIFC) has taken a successful leap forward in reducing the cyclicality, which was inherent in its core vehicle financing business

CIFC will continue to grow faster than its peers over the medium term, aided by a diversified product suite and a gradual improvement in market share.

Given its focus on diversification, CIFC could enter new retail product segments in the near-to-medium term.

Prabhudas Lilladher on D-Mart: Buy| Target Rs 4724

Prabhudas Lilladher maintained a buy rating on D-Mart with a target price of Rs 4724. “We note that Ecom in Grocery and Food is witnessing accelerated growth due to rising acceptance of quick commerce,” said the note.

However, quick commerce is gaining ground at the expense of Mom and Pop stores while formats like Hypermarkets and online platforms (D’Mart Ready, JIO, Big Basket, Amazon) continue to cater to monthly/bi-weekly grocery requirements.

“We expect D’Mart Ready to sustain strong growth due to sourcing and scale advantages. We expect D’Mart Ready to report sales of Rs48bn with EBIDTA loss of R424mn by FY26 with full turnaround by FY28,” said the note.

Prabhudas Lilladher on NOCIL: Reduce| Target Rs 226

Prabhudas Lilladher maintained a Reduced rating on NOCIL with a target price of Rs 226. “We expect NOCIL IN (NOCIL) to face near-term headwinds as the near-term outlook from Michelin and Bridgestone, the two largest global tyre manufacturers, remains weak,” said the note.

Michelin has marginally raised its projections for CY23 from -3%/0% for passenger cars and light trucks to -1%/+1%. However, it has cut down its truck tyre outlook from previous -4%/-1% to -6%/-4% respectively.

Similarly, Bridgestone expects “challenging conditions to continue throughout 2024 mainly in N. America and Europe”.

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