Global brokerages on JSPL, Oberoi Realty, ICICI Pru and BEL post Q1 show

New Delhi: Global brokerage firms are mixed on domestic listed companies that reported their earnings for the June 2022 quarter last week.

Jindal Steel and Power remained on the radar of overseas brokerage firms as Citi maintained a 'buy' tag on the counter with a target price of Rs 450 apiece after upbeat Q1 numbers.

Hong Kong-based CLSA also maintained an 'outperform' rating on the counter with a target price of Rs 40. "Valuations offer comfort but steel price outlook uncertain. Strong domestic performance offset weak overseas work while cash flow generation disappointed," it said.

Jindal Steel reported a multifold jump in consolidated net profit to Rs 2,770.88 crore for the quarter ended June 30, 2022, on account of higher income. The company's profit was at Rs 14.25 crore in the April-June period of 2021.

Another brokerage firm JP Morgan maintained an 'overweight' stance on ICICI Prudential Life with a target price of Rs 640, signalling a 24 per cent upside over its previous close as it believes that the company continues to deliver despite macro challenges.

The company reported a 32 per cent growth in the value of the new business, it said, adding that the margins are intact to support the target. "The company should post improved product mix going ahead."

The insurance player reported a Rs 156 crore net profit in the April-June quarter of this financial year amid a moderating trend in the pandemic-related claims and provisions. The company had reported a net loss of Rs 186 crore in the year-ago quarter.

Meanwhile, JP Morgan remained 'neutral' on Oberoi Realty, with a target price of Rs 900. "Solid print on pre-sales and margins, and Worli performance are key to watch," said the brokerage firm.

The real estate company reported a five-fold year-on-year increase in Q1FY23 profit at Rs 403.48 crore as against Rs 80.81 crore in the same period last year. Revenue tripled to Rs 934.81 crore from Rs 294.77 crore during the same period.

Another global brokerage firm Morgan Stanley continued to stay 'overweight' on Bharat Electronics with a target price of Rs 260 as it said assumptions are in-line with the guidance.

"Q1FY23 performance was a large beat led by revenue," it said. "Post the June quarter, there is likely to be upside risk for FY23 earnings."

The state-owned defence company clocked a 1,401 per cent year-on-year (YoY) growth in net profit at Rs 366.33 crore for the quarter ended June 2022, driven by strong operating income. The revenue in Q1 grew by 90.5 per cent to Rs 3,140.6 crore compared to the corresponding period last fiscal.

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