India Market LIVE Updates Sensex, Nifty50 off day's lows as market recovers most of initial losses; VIX surges - CNBCTV18

Source: CNBCTV18

Jefferies initiates coverage on auto financiers, Cholamandalam Finance top pickAccording to the brokerage, auto financiers can gain from improving loan growth and easing asset quality pressures. Jefferies expects earnings to rebound with an average loan CAGR of 14 percent over FY22-24, as against six percent over FY20-22E.According to Jefferies, growth should be led by:--Stronger auto sales--Sustained momentum in used segment-A gradual pickup in demand from small truck operators--Easing supply constraints in PVsThe brokerage hasCholamandalam Finance has its top pick in the sector. It has a 'buy' rating on the stock with a target price of Rs 820.It has an 'underperform' rating on M&M Financial with a target price of Rs125.Jefferies also has an 'underperform' rating on Shriram Transport Finance, with a target price of Rs980.

CNBC-TV18'sAbhishek Kothari has the details: