Recommendation by Motilal Oswal Institutional Equities

We believe in the structural opportunity for WLDL; however, valuations from the near-term perspective appear to price in the upside. Maintain Neutral.

Info Edge�Neutral

Amazon’s expansion can pose a risk to Zomato’s road to profitability and lead to higher ‘losses from investee companies’ on INFOE’s consolidated P&L.

We foresee a risk to the duopoly structure and consistent take rates in the industry. INFOE holds 18.4% stake in Zomato. Maintain Neutral.

Everest Kanto Cylinders�Buy

Recommendation by Ventura Securities

A resurgent economy and tailwinds from the development of the Indian gas market forebode strong growth prospects for India’s largest gas cylinder player – EKCL. We believe that the stock of EKCL is grossly undervalued at the current market price of Rs.85 (7.4X FY23 P/E). We initiate coverage with a BUY for a price target of Rs.132 (12.0X P/E FY23), representing a potential appreciation of 55.5% over the next 24 months.

CSB Bank�Buy

Recommendation by Ventura Securities

The return ratios, ROE and ROA are set to expand to 16.4% and 1.3% by FY23. At the current CMP of Rs. 234, the stock is attractively valued at 1.6X FY23 P/ Adj. BV. We initiate coverage with a BUY for a price target of Rs.290 (2.0X FY23 P/Adj. BV) representing an upside of 24% over the next 12 months.

Punjab National Bank�Buy

Recommendation by Ventura Securities

At the CMP of Rs.41.8 the stock is valued at 0.7X its FY23 Adj. BV of Rs.60 (not taking into consideration the 2nd tranche of QIP). Given the resumption of the growth trajectory and its wide scale of operations, we expect a moderate rerating in the valuations. We initiate coverage with a BUY for a price target of Rs.54 (0.9X FY23 Adj. P/BV), representing an upside of 29% from the CMP.


We value the stock at FY23E EV-to-EBITDA ratio of 23x (in line with its pre-COVID three-year average EV-to-EBITDA multiple of 23x), increasing our target price to INR3,500. Retain Buy

Canara Bank�Buy

Recommendation by LKP Securities

We value the standalone entity at 0.6xFY22E BVPS (?349) and arrive at a target price of ?210. We recommend BUY with a potential upside of 31%.


Newer product launches such as longer duration contracts (LDCs), cross-border transactions, and an uptick in gas exchange volumes can provide a boost to profitability. We Maintain Buy with a target price of INR355/share, based on 36x FY23E EPS.

Anupam Rasayan�Subscribe

Recommendation by Anand Rathi Share and Stock Brokers

Company has a strong financial position and has been generating positive cash flow. We are positive on the long-term prospects of the Company. Hence, we recommend a ‘Subscribe’ rating to this IPO.

Reliance Industries�Buy

Recommendation by BofA Securities

RIL’s subsidiary Jio today introduced an integrated offering for micro, SMBs. We expect the traction to be gradual from this offering & don’t expect it to contribute meaningfully to RIL’s consolidated revenue/EBITDA. Maintain Buy on RIL as we find risk reward favorable.

Disclaimer: Views and recommendations given are those of brokerages and analysts and do not represent those of IANS. Users should check with certified experts before taking any investment decision. IANS has no financial liability whatsoever to any user on account of the use of information provided.