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Macquarie raises Sensex target to 22,200, says 'elephant' to turn 'tiger'
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People walk past the Bombay Stock Exchange (BSE) building in Mumbai May 18, 2009.
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Reuters Market Eye - Macquarie says Indian 'elephant' to turn 'tiger' in 2013; ups BSE Sensex target to 22,200 versus 21,600 earlier and Nifty target to 6,900 points as against 6,600 previously.
Investment bank expects reforms push would take India to 8 pct per annum growth over the next three years, improving to 6.7 percent in FY14 from 5.6 percent projected in FY13.
Corporate earnings growth may surprise on upside around 16-17 percent as street not factoring in improvement in EBITDA margins with neither falling core inflation nor reduction in interest costs getting built in, the note says.
Cyclical sectors are even cheaper and are at 10-year low as compared to defensives, it says.
Adds Axis Bank (AXBK.NS), State Bank of India and property developer DLF (DLF.NS) to its top 10 ideas, replacing ICICI Bank (ICBK.NS) Dr.Reddy's Laboratories (REDY.NS) and HDFC Bank (HDBK.NS).
(Reporting by Manoj Dharra)
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