Shares of Phoenix Mills and Apollo Hospitals shed 1-2 percent intraday on March 5 despite foreign brokerage house HSBC maintaining a buy on the stocks with an upside of 7-30 percent.
HSBC has maintained buy rating on Apollo Hospitals with a target of Rs 1,875 per share.
The travel restrictions could mean lower volumes of high-margin international patients. The COVID-19 impact is uncertain, but core hospital business is on the right path, said HSBC.
There is no major capex needed for the next two to three years. The company is seeing significant de-leveraging of its balance sheet, it added.
HSBC has also maintained buy call on Phoenix Mills and raises target to Rs 1,110 from Rs 1,000 per share.
According to the research house, the consumption grows steadily and renewals are ticking up. The new mall pre-leasing is satisfactory and new tenant pipeline is also strong.
It expects significant renewals over the next three years and new area addition to drive the next leg of rental growth.
At 11:21 hrs, Phoenix Mills was quoting at Rs 850.60, down Rs 13.75, or 1.59 percent Apollo Hospitals Enterprises was quoting at Rs 1,752.55, down Rs 1.50, or 0.09 percent on the BSE.
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