ICICI Bank is covered by 51 analysts on the Street and enjoys 98% Buy ratings

NEW DELHI, August 11 (IANS) – Among Nifty’s constituents, Maruti Suzuki and Bajaj Auto are the most closed stocks on the road with 54 analysts, while Grasim Industries and Bajaj Finserv are the most closed stocks with 10 analysts covering this stock according to a report by Motilal Oswal Financial Services.

Covered by 51 analysts on the road, ICICI Bank enjoys a 98 percent buy rating, followed by L&T (98 percent), ITC (97 percent), SBI (96 percent) and HDFC (96 percent).

In contrast, JSW Steel (24 percent), Wipro (33 percent), Shree Cement (38 percent), TCS (47 percent) and Asian Paints (48 percent) had the lowest purchase review percentages, the report said.

Analyst sentiment, as measured by the buy/hold/sell rating ratio, has improved over the past year, with the buy rating percentage rising to 75 from 74 last year. Furthermore, the binding rate remains stable.

While the level of sales fell to 9 percent from 10 percent last year. Sentiment in the automotive, cement, and health care sectors is optimistic as the coverage has increased year on year by 8%, 6% and 5%, respectively. NBFC (due to decreased HDFC coverage), insurance and retail took a hit as their coverage shrank 16%, 8% and 6% year over year, respectively.

Some of the most popular non-Nifty stocks with maximum coverage are: TVS Motors (covered by 48 analysts; 60 percent bought), Ashok Leyland (47 analysts; 83 percent bought), ACC (46 analysts; 52 percent bought), Ambuja Cement ( 46 analysts; 39 percent bought) and Havells (46 analysts; 54 percent bought).

Based on the consensus price target for the Nifty 50 company, the Nifty 50 has a potential increase of 13 percent (2,192 points) to 19,717.

The stocks with the highest revenue targets are UPL (+36%), ONGC (+32%), HDFC Life Insurance (+28%), Axis Bank (+25%) and Bharti Airtel (+25%). The stocks that fell the most were JSW Steel (-18%), Asian Paints (-4%), Eicher Motors (-3%), Coal India (-2%) and Wipro (-1%). The top 10 stocks will likely contribute 72 percent to Nifty’s upside target, the report said.

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