Shares of Apollo Tyres Ltd and Narayana Hrudayalaya experienced significant gains in Monday's trading session, following positive rating upgrades from prominent foreign brokerage firms.
Apollo Tyres Sees 'Buy' Rating from UBS
Apollo Tyres shares climbed by 6.53 percent, reaching a high of Rs 468.45 apiece on the BSE. This surge came after UBS analyst Pramod Kumar elevated the stock's rating from 'Neutral' to 'Buy'. Kumar set a target price of Rs 590 for Apollo Tyres, indicating a potential upside of 34 percent from current levels.
The analyst's previous recommendations have shown a 4.4 percent return over the past year, compared to a 7 percent return on the shares themselves during the same period.
Narayana Hrudayalaya Upgraded to 'Hold' by HSBC
Similarly, Narayana Hrudayalaya shares advanced by 3.32 percent, hitting a high of Rs 1,876. This movement was spurred by an upgrade from HSBC analyst Damayanti Kerai, who changed her recommendation from 'Reduce' to 'Hold'.
Kerai assigned a target price of Rs 1,835 for Narayana Hrudayalaya, suggesting a more modest potential upside of 1.1 percent. Bloomberg reported that investors who followed Kerai's recommendations saw a 1.5 percent return over the last year, in contrast to a negative 1.9 percent return on the shares themselves.
These upgrades highlight continued analyst interest and potential value in specific segments of the Indian stock market, driving investor confidence in the respective companies.