Shares rise after profit beat and brokerage upgrades
Non-bank financial company Cholamandalam Investment's shares CHLA.NS rose as much as 4.94%, their biggest intraday gain in six weeks, to 1,839.6 rupees apiece.
CHLA posted a 46% year-on-year rise in June quarter profit, spurring PT hikes by multiple brokerages.
HSBC maintained buy and raised its PT to a Street-high 2,140 rupees from 2,130 rupees, citing healthy AUM growth, margin trends and strong asset quality.
CLSA reiterated outperform, hiking PT to 1,970 rupees from 1,850 rupees and projecting CHLA to deliver 18%-20% AUM growth over the next two years, flagging asset quality improvement as a key positive.
Morgan Stanley reiterated equal-weight and hiked PT to 1,900 rupees from 1,720 rupees.
The average rating of 34 analysts tracking CHLA is buy; median PT is 1,900 rupees, according to data compiled by LSEG.
CHLA shares are up 6.1% year to date, outperforming the 4.9% rise in the financial services index .NIFTYFIN, according to exchange data.
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