What foreign brokerages said on Nykaa, Tata Power, Airtel post Q3

NEW DELHI: Select global brokerages maintained their stock ratings on Nykaa, Tata Power and Bharti Airtel post December quarter earnings.

Macquarie has maintained its outperform rating on Bharti Airtel with a price target of Rs 846. Steady flows, average revenue per user (Arpu) improvement continued in the third quarter, it said adding that December quarter results show continued fundamental improvement.

Goldman Sachs, meanwhile, said Nykaa's (FSN E-Commerce Ventures) gross merchandise value (GMV) growth stood at 49 per cent YoY and that the company mentioned that it is focussed on balancing growth. Ebitda margin expanded 330 basis points to 6.6 per cent. Improvement in margin profile is a positive, the brokerage said while suggesting a target of Rs 2,420 on the stock.

Nomura India said that Gujarat Gas has outperformed peers such as IGL and Mahanagar Gas (MGL), mainly driven by a higher degree of investor worries on the impact of electric vehicles (EVs). It said the corrections for IGL and MGL have been excessive, but due to lesser EV overhang, it prefers Gujarat Gas over them. The brokerage has a target of Rs 875 on the stock.

CLSA finds Tata Power a 'sell' candidate due to expensive valuation, with a target of Rs 195. It said coal now accounts for 78 per cent of Tata Power's Ebitda.