Morgan Stanley India Strategy
• Certain technical indicators are nearing the sell zone.
• Fundamentals are currently around mid-cycle, suggesting potential growth in upcoming quarters.
• Anticipate increased volatility; trading volumes have surged and might continue to do so.
• India continues to be a top choice in the macro market landscape.
• There’s a possibility that the macro trade might reach its peak in the forthcoming weeks.
• Preference for cyclicals over defensives and large-caps over small and midcaps.
• Bullish stance on financials, technology, consumer discretionary, and industrials sectors.
•Bearish outlook on all other sectors.
Nomura On Marico
• Neutral stance, target price set between Rs 600 to Rs 1,000.
• Sales fell slightly instead of the expected growth.
• Anticipate negative sales growth in India for the third straight quarter.
• Margin growth expected due to consistent low raw material prices.
Morgan Stanley On Marico
• Equal-weight recommendation, with a target price of Rs 553.
• Predictions of stagnant to minimal top-line growth.
• Profitability challenges persist in the FMCG general trade channel.
• Improved margins due to favorable raw material costs.
• Management optimistic about recovery in 2024.
CLSA On Godrej Consumer
• Recommendation to sell, with a target price of Rs 936.
• Sales weaker than expected; domestic volumes as anticipated.
• Consolidated organic sales impacted by overseas currency fluctuations.
Morgan Stanley On Godrej Consumer
• Overweight recommendation, target price set at Rs 1,072.
• Predicted slight decline in consolidated organic revenue.
• Expected mid-single-digit growth in India’s organic volume.
• International segment affected by currency devaluations.
• EBITDA margins (inclusive of forex) expected to grow YoY despite increased A&P expenditures.
HSBC On Titan
• Buy recommendation, revised target price of Rs 4,200 from Rs 3,900.
• Q3 saw a robust 23% YoY growth in jewellery sales.
• Positive performance across divisions, except for EyeCare.
• Strong results highlight Titan’s enduring appeal.
Morgan Stanley On Titan
• Equal-weight stance, target price of Rs 3,190.
• Noteworthy jewellery demand amidst broader discretionary demand slowdown.
• Projected 20%+ growth for the upcoming quarter.
• The gold exchange initiative is proving beneficial.
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