Delhivery share: Goldman Sachs initiates coverage on Delhivery; Jefferies bearish on metal stocks


New Delhi: As the result season for the first quarter of the financial year 2022-23 approaches, foreign brokers have turned cautious over Indian equity markets. Goldman Sachs initiated coverage on Delhivery with a neutral rating while Jefferies maintained a bearish view on metal stocks.

Goldman Sachs set a target price of Rs 540 on Delhivery as it initiated coverage on the logistics startup with a ‘neutral’ rating. It sees Delhivery as a profitable e-commerce growth proxy with scale benefits.

It said the company would reap higher margins from increased outsourcing of first and last-mile operations.

Another global brokerage firm Jefferies is majorly bearish on the metal sector. Indian metal stocks have underperformed Nifty50 by 12-34 per cent in June 2021 quarter.

It added that it is still early to turn constructive on the sectors where P/B valuations remain above the historical troughs.

Jefferies has a hold rating on

and with a target price of Rs 830 and Rs 310, respectively. It has an underperform rating on .

To reduce its carbon footprint, JSW Steel has earmarked a sum of Rs 10,000 crore to increase the use of renewable energy to replace thermal power and other green initiatives. Various steel makers use coal to generate thermal power.

After a strong operational update from

, brokerage firm Morgan Stanley remained ‘overweight’ on the counter with a target price of Rs 4,332 as the company reported the highest absolute revenue in the June 2022 quarter.

“Revenue increased 19 per cent on a 3-year CAGR basis,” the brokerage added. The company will announce its earnings for the March 2021 quarter on Saturday, July 9.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)



Read original article here

Denial of responsibility! My droll is an automatic aggregator of the all world’s media. In each content, the hyperlink to the primary source is specified. All trademarks belong to their rightful owners, all materials to their authors. If you are the owner of the content and do not want us to publish your materials, please contact us by email – [email protected]. The content will be deleted within 24 hours.

Leave a comment