One 97 Communications
BROKERAGE: YES SECURITIES Price Target: Rs 505 CMP: Rs 389.4 Upside: 29.8%Upgrade stock to ‘buy’ for the fi rst time since its listing Market currently pricing in an acute scenario for the firm which will not transpire Client loss due to reputational damage and on-ground confusion will be containedManappuram FinanceBROKERAGE: MORGAN STANLEY Price Target: Rs 235 CMP: Rs 167.4 Upside: 40% See significant re-rating opportunity Diversification away from gold is in right direction for earnings growth Deregulation of loan pricing for the microfinance industry should help subsidiary AsirvadGlenmark Pharma BROKERAGE: DAM CAPITAL Price Target: Rs 1,257 CMP: Rs 939 Upside: 33.9% In second-half of FY24, the firm will use Glenmark Life stake sale proceeds to fix legacy issues Leveraged balance sheet, cash flow generation challenges, and limited returns on R&D spends drags on firm valuations Expect investor focus to now shift towards Glenmark’s business prospects