Stories
Nomura Initiates Coverage on Paytm, Dhoot Transmission and Bharti Hexacom With Buy Ratings
- •Global investment firm Nomura has initiated coverage on One97 Communications, Dhoot Transmission, and Bharti Hexacom with buy recommendations.
- •Paytm received the highest upside potential of 31.4% with a target price of 2,250 rupees, driven by structural rebound and merchant lending growth.
- •Dhoot Transmission was given a target price of 1,800 rupees, benefiting from electric vehicle adoption and leadership in wiring harnesses.
- •Bharti Hexacom received a target price of 1,870 rupees, backed by potential tariff hikes and strong wireless mobility operations.
Key Questions Answered
Nomura initiated coverage on Paytm with a buy rating and a price target of ₹2,250, indicating a 31.4% upside potential. The firm expects core payments and merchant lending to drive revenue growth, with EBITDA projected to grow at a 96% CAGR over FY26-29.
Nomura initiated a buy rating on Dhoot Transmission with a target price of ₹1,800, citing its strong positioning to benefit from electric vehicle adoption, premiumisation, and localisation. The firm expects the company's EV revenue contribution to rise from 24% in FY26 to 48% in FY29.
Nomura initiated a buy recommendation on Bharti Hexacom with a target price of ₹1,870, noting that the stock's recent de-rating is overdone and that upcoming tariff hikes will revive sentiment. The firm highlights its pure-play wireless mobility operations, under-penetration in Rajasthan and Northeast India, and strong return on capital employed as key growth factors.
