Jefferies on LG Electronics – TP Rs. 1980 – Buy
Strong play on India discretionary; premium brand recall and strong distribution moats.
Citi on Max Health – TP Rs. 1460
Positive on growth trajectory driven by occupancy and case mix; insurance cashless issues resolved.
JPMorgan on Reliance Industries – TP Rs. 1727 – Overweight
Valuations attractive; earnings drag from refining/petchem seen ending; stronger earnings ahead.
Jefferies on Lupin – TP Rs. 2300 – Buy
Confident of sustaining USD 1 bn US revenue, 24–25% margin; biosimilars next growth engine.
Macquarie on HDFC Bank – TP Rs. 1200 – Outperform
Sees strong growth post GST cuts; loan growth to outpace system; asset quality stable.
HSBC on Tata Motors PV – TP Rs. 400 – Hold
JLR risks outweigh upside; PV business to benefit from new EV launches.
Investec on OMCs – Downgrade to Sell
Marketing margins under pressure despite high refining margins; diesel cracks hurting earnings.
JPMorgan on India Pipes – Mixed
Astad & Supreme trimmed TPs; sees favorable risk-reward after correction.
CLSA India Strategy
India entering 2026 as a refuge market amid global uncertainties; valuations more reasonable.
Morgan Stanley on Deepak Nitrite – TP Rs. 2,017 – Overweight
Cuts EPS estimates; Advanced Intermediates remain weak; Phenolics steady; capex-linked depreciation rising.
Goldman Sachs on Emami – TP Rs. 825 – Buy
Strong recovery expected; valuations attractive despite earnings volatility.
Goldman Sachs on USL – TP Rs. 1,675 – Buy
Double-digit P&A growth intact; strong margin expansion.
ICICI Sec on Travel Food Services – TP Rs. 1,600 – Buy
Leading airport F&B operator; strong execution and growth visibility.
Jefferies on Axis Bank – TP Rs. 1,430 – Buy
Growth to stay above sector; NIM bottoming; credit costs may fall.
Kotak Sec on Urban Company – TP Rs. 120 – Sell
India consumer services business modeled at 17% CAGR; scale-up businesses still nascent.
JPMorgan on Zomato/Swiggy
Quick-commerce shifting from subsidies to marketing; Blinkit increasing marketing spend.
JP Morgan Market Outlook – Nifty Target 30,000 by 2026
Expect earnings rebound with 13–14% growth; preference for domestic sectors.
Policy, Infrastructure & Government Updates
Centre Tightens Jal Jeevan Mission Funding
Funds to be linked to performance and corrective actions amid corruption complaints.
NCC: 11% Order Book Exposure to JJM
Order book Rs. 7,000 cr.; receivables Rs. 1,700 cr.; major exposure in Uttar Pradesh.
City & Event Updates
Ahmedabad Proposed to Host 2031 World Athletics & 2028 World U20 Championships
Potential major global athletics events slated for the city.
Market Trivia
Nifty Took 289 Trading Days to Hit New All-Time High
Longest stretch since the 500-day gap between 2015–2017.
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