Our FY23 taregt price of Rs 300 is based on 20x one year forward PE as we estimate ~16% RoE during FY22-FY24E versus ~13.5% RoE during last 5 years.
The public offer of PB Fintech, which owns Policybazaar and Paisabazaar, saw a subscription of 61 percent on November 2, the second day of bidding.
Capital Goods, Banks, Power, Chemical and Textile could lead the next leg of the rally, in tandem with the growth impulses seen across the economy.
KR Choksey on UPL: In its earnings call, the management was bullish on the agrochemical industry, owing to improved farm economics resulting from increased global Agri-commodity prices, which will drive agrochemical consumption.
We are rolling forward our target multiple to FY24E, applying a P/E multiple of 11x to the FY24E EPS of 80.6 per share, implying a target price of Rs 886 per share, yielding an upside potential of 22.7%.
Delhivery IPO will consist of primary issuance of Rs 5,000 crores which the end-to-end supply chain unicorn with raise via public issue.
The Indian Benchmarks started today on a positive note amid mixed global cues.