Citi on HUL
• Target Price: ₹3000 (↑ from ₹2900)
• Recommendation: Buy
• View: Strategic vision underpins medium-term growth outlook. Quarterly performance was hit by temporary trade destocking ahead of GST rate cuts. Management estimates a 200 bps growth impact.
Morgan Stanley on Oil & Gas
• View: Reduced Russian crude intake has limited earnings impact for refiners and consumers. Fuel retailers may see some effect, but if Brent stays below US$70/bbl, earnings upgrades will continue. Tightness in global refining persists.
• Top Picks: HPCL, RIL
Morgan Stanley on Autos & Airlines
• View: As per Vahan data, India’s PV and 2W retail sales rose 17% and 20% YoY during the festive 30-day period post-Navratri. Maruti (PVs) and Hero (2Ws) gained the most MoM market share. Dealer checks show discounts moderating, and OEMs are likely to announce price hikes in Q2.
• Airlines: Domestic capacity rose ~1% YoY while passenger volumes were flat YoY, indicating muted festive demand.
Goldman Sachs on Ola
• Target Price: ₹62 (↓ from ₹72)
• Recommendation: Buy
• View: Target cut reflects moderation in market share, though long-term fundamentals remain stable.
Morgan Stanley on Bharat Forge
• Target Price: ₹1050
• Recommendation: Equal-weight
• View: Defence orders ramping up; US tariff headwinds remain a risk. Media reports indicate a new Indian Army contract worth ₹2,770 cr.
Jefferies on Colgate
• Target Price: ₹2,700
• Recommendation: Buy
• View: Q2 was weak as expected, with GST 2.0-led destocking and a high base impacting results. Premium portfolio performed well despite challenges. EPS cut by 4–5%; stock may stay rangebound till growth improves.
Jefferies on HUL
• Target Price: ₹3,050 (↑ from ₹3,000)
• Recommendation: Buy
• View: Priya Nair’s strategy to support medium-term growth; margins steady. GST-related disruptions affected Q2 and may continue into Q3. Ice cream unit listing expected in Q4.
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