Jefferies sees positive outlook for India's Piramal Enterprises

Piramal Enterprises

27/06/2023 07:44

** Shares of Piramal Enterprises  PIRA.NS  climb as much as
1.82% to 900.00 rupees, but gives up its gains to trade flat as
of 12:11 p.m.
    ** Analysts at Jefferies, in a note, say loan growth will be
steady and credit costs should stabilise, but high opex
intensity should weigh on returns near term 
    ** "We expect loans to grow at 15% compound annual growth
rate over FY23-26E"
    ** Reduction of stress book and normalisation of provision
could lift valuation multiples - Jefferies
    ** Jefferies retains "buy" rating, upgrades PT to 1,025
rupees from 985 rupees earlier    
    ** Avg rating of seven analysts equivalent of "strong buy;"
median PT is 1,095 rupees - Refinitiv data
    ** About 1.5 million shares change hands as of 12:11 p.m.
IST, 0.6x 30-day avg
    ** Stock up 6.7% YTD as of last close

 (Reporting by Manvi Pant in Bengaluru)
 ((Manvi.Pant@thomsonreuters.com; +918447554364;))