Global brokerages cut target prices on these 18 largecaps, do you own any?
It must be noted that a cut in target price may not necessarily be on account of their earnings performance, but could be a due to various factors like valuations
With the earnings season nearing its fag end, major global brokerages have downgraded their target prices on about 20 stocks. These range from pharmaceutical names to IT, auto as well as financials.
It must be noted that a cut in target price may not necessarily be on account of their earnings performance, but could be a due to various factors like valuations.
According to a report by Motilal Oswal, the earnings trend so far has been broadly in line with estimates, excluding state-run banks. Of the 38 Nifty companies that have declared their earnings, 24 have either met or exceeded its estimates.
State-run banks, meanwhile, have been a drag in majority of cases, due to steep rise in provisions and weakening asset quality. This is particularly the case after Reserve Bank of India (RBI) February 12 circular.
Non-performing assets of 26 banks that have declared their earnings so far have risen to Rs 7.31 lakh crore, a year-on-year rise of Rs 2.5 lakh crore in FY18, CARE Ratings said in a report. Total provisions during last fiscal increased 141 percent YoY to Rs 105,150 crore, the report further stated. Gross NPAs peaked at 10.14 percent in March 2018.
In February, the central bank scrapped all past restructuring mechanisms and said if a borrower delays payment for even one day, it should be seen as a stressed asset and lenders should kick start the resolution process.
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