Foreign Brokerage expects a 50 percent upside on PB Fintech

The Markets Today in a nutshell

• Domestic benchmark indices ended on a negative note.
• Traders remained on the sidelines amid lack of major global or domestic triggers. Asian stocks were mixed amid concerns that US Fed may continue its aggressive rate hike stance. PSU banks, realty and financial services stocks were in demand. On the other hand, autos, oil & gas and pharma stocks declined.

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? Foreign Brokerage expects a 50 percent upside on PB Fintech
Morgan Stanley has an Overweight rating. The management has reiterated its profit guidance of Rs 1,000 crore for FY27, and that is what makes Morgan Stanley bullish. “Management has also highlighted its cash losses are near zero,” noted the brokerage. The stock gained over 8 percent on November 18.

? Interglobe Aviation gains as Foreign brokerage has ‘overweight’ call
Morgan Stanley has an “overweight” call on the stock. “The company’s management highlighted that yields in Q3FY23-to-date are well above Q1 levels. Domestic traffic is back to pre-Covid levels. And, international travel will be next leg of growth for the airline,” the brokerage said.

? FSN ventures gains 3.5 percent on two block deals
FSN E-Commerce Ventures, which operates Nykaa, recorded two block trades on November 18 in which around 54.2 million shares, or 1.9 percent stake in the company, changed hands, according to Bloomberg. The stock gained 3.6 percent after the deals. Citigroup had a day earlier launched a block to sell shares in the cosmetics-to-fashion retailer worth Rs 1,000 crore on behalf of TPG Capital.

News from the IPO world?

• Blackstone backed Nexus files for USD 500 million IPO in India’s Retail REIT
• Medanta operator Global Health surges 19 percent on debut
• Haldiram family eyeing IPO, plans to merge Delhi and Nagpur entities

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