Brokerages have maintained a neutral or sell rating on (India) as its March quarter earnings missed estimates, and current valuations factor in the long term growth prospects. The stock ended down 2.22% at ?4,867.25 on Tuesday. It gained 75.67% in one year.
Edelweiss has maintained a ‘hold’ rating with a target of Rs 5,460, saying current valuations already factor in a re-rating. Nomura has maintained a neutral stance and revised the target to Rs 4,550 from Rs 3,040 on rolling forward valuations. Motilal Oswal stayed neutral with a target of Rs 4,590. Maintaining ‘sell’ rating, Kotak Institutional Equities said optimism on long-term growth is more than priced in.
CLSA cut target price but maintained outperform rating. “The two larger investee companies — Zomato and Policybazaar — are actively working on a listing in 2021, and management remains on the lookout for consolidation or expansion plays,” said CLSA.
