Oct 03, 2017 04:01 PM IST | Source: Moneycontrol.com

Buy Piramal Enterprises; target of Rs 3266: Motilal Oswal

Motilal Oswal is bullish on Piramal Enterprises has recommended buy rating on the stock with a target price of Rs 3266 in its research report dated September 29, 2017.

Motilal Oswal's research report on Piramal Enterprises

Piramal Enterprises (PIEL) hosted a conference call to discuss the launch of its housing finance business. The call revolved around the strategy, competitive positioning and outlook for this segment. Post the receipt of the HFC license in the first week of September, PIEL is off to a good start, driven by its ‘B2B2C’ strategy, i.e. reaching out to home buyers in projects funded by PIEL. It has already on-boarded 15 developers, 500 connectors and 50 DSAs, building AUM of INR2b.

Outlook
While this was anticipated, PIEL has finally added the last piece of the ‘real-estate jigsaw’ – its product suite now ranges from pure equity for land purchase by the developer to home loan for end-home buyer. We had already factored in some contribution from retail home loans over the next 2-3 years. Reiterate Buy with a target price of INR3,266.

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