Kotak Securities on Exide
Target Price: Rs. 315
Recommendation: Sell
Q2 results below expectations; channel inventory correction and under-recovery of fixed costs continue to weigh.
Lead-acid battery market share loss remains a concern.
Macquarie on Steel
Safeguard duty expiry limits near-term upside.
Coking coal cost rise poses margin risk.
Sees this as a policy delay, not a policy shift.
Jefferies on Chemicals
Agro-chem revenues flat in CY25; recovery expected in CY26.
Indian HFC exports strong in H1FY26.
Navin Fluorine’s long-term contracts provide strong EPS visibility.
SRF valuations appear stretched.
Jefferies on WeWork
Target: Rs. 790, Buy
Flexible workspace growing at 17 percent CAGR; premium positioning drives strong margins.
Citi on Star Health
Target: Rs. 650, Buy
Strong uptick in new business post GST cut; expects 25–30 percent sustained retail health growth.
Morgan Stanley India Strategy
Expects strong 2026 performance for Indian equities.
Projects 13 percent upside in Sensex to 95,000 by Dec 2026.
Jefferies on Max Healthcare
Target: Rs. 1400; Buy (previous 1500)
CGHS revision to add Rs. 200 crore; expansion on track.
Morgan Stanley on Eternal
Target: Rs. 427; Overweight
Sees customer market share expansion strategy as long-term positive.
Nomura on Oil India
Neutral; TP Rs. 430
Cuts FY26/27 profit estimates on lower volumes, realizations and higher costs.
Nomura on Exide
Neutral; TP Rs. 427
Destocking from GST cut affected margins; expects 2H recovery.
UBS on Max Health
Buy; TP Rs. 1550
Brownfield capex and new capacity commissioning to drive growth.
HSBC on Life Insurance
SBI Life rated Buy; TP Rs. 2300
Margin and mix improving; GST impact seen as temporary.
Macro & Policy
Finance Ministry Begins Pre-Budget Consultations
Meetings scheduled with capital markets, startups and manufacturing sectors.
Priority discussions include rail, fertilizers, PSU infra and banking sectors.
Large Volume Spikes (9:27 AM)
Significant trading activity seen in Pansari, Paytm, Mphasis, Fairchem, Kaynes, Westlife and others following corporate developments and block deal news.
Kaynes Technology
Company expects Rs. 1000 crore revenue from OSAT business in FY27.
Sixty percent of OSAT capacity already tied up; margins to be significantly higher than existing segments.
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