Brokerage views: Sun Pharma, Coal India, Godrej Consumer, Indian Oil, Indian Hotels in focus on Budget day

Budget 2023: Here's what brokerages make of stocks such as Sun Pharma, Godrej Consumer and Indian Oil on February 1 — the day Finance Minister Nirmala Sitharaman presents Budget 2023 in Parliament.

Brokerage calls on Budget 2023 day | Representational image | Source: IANS

As Dalal Street awaits cues from the Union Budget 2023-24 — to be presented in Parliament by the finance minister on February 1, brokerages share their views on stocks such as Sun Pharma, Coal India, Godrej Consumer Products and Indian Hotels.

Here's what JPMorgan, Morgan Stanley and Citi make of some of the key stocks in focus today:

Sun Pharma

Brokerages are divided on Sun Pharma, Morgan Stanley has an ‘overweight’ rating with a target of Rs 1,150 apiece. According to the brokerages, the pharma company's well-diversified business is helping it manage volatility and maintain steady growth.

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Goldman Sachs has retained a ‘sell’ with a Rs 5 cut in its target price for the drug maker's stock.

Brokerage	Rating	Target price
Morgan Stanley	Overweight	Rs 1,150
Goldman Sachs	Sell	Rs 845

Coal India

Jefferies has retained a ‘hold’ on Coal India and raised its target price to Rs 225 per share from Rs 220 apiece.

The coal behemoth's Q3 cash EBITDA rose above the brokerage's estimates amid better-than-expected realisations. The brokerage also pointed out that easing of global coal prices and higher staff costs pose headwinds for the company in the year ending March 2024.

Godrej Consumer Products

Brokerage	Rating	Target price
JP Morgan	Overweight	Rs 1,000
Goldman Sachs	Buy	Rs 1,100

Indian Oil

Brokerage	Rating	Target price
Citi	Sell	Rs 70
Jefferies	Hold	Rs 80

Indian Hotels

JP Morgan sees upside potential of nearly 10 per cent in Indian Hotels. It has a ‘neutral’ stance with a Rs 20 increase in its target price to Rs 330 a day after Tata Group company announced its Q3 results.

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