MT Highlights Daily

MS on Muthoot Fin Maintain Overweight on Company, raise target price at Rs.3660/Sh (Positive)
MS on Manappuram Maintain Equal Weight on Company, raise target price at Rs.285/Sh (Positive)
MS on TCS Maintain Overweight on Company, target price at Rs.3690/Sh (Positive)
Nuvama on TCS Maintain Buy on Company, target price at Rs.3650/Sh (Positive)

TCS
CLSA – O-P, TP ₹3559
Beat on all fronts including revenue, EBIT margin and order bookings. Expects demand in 2HFY26 to be better than 1HFY26. Growth was broad-based, with retail and the UK remaining weak. Management shows aggression with AI-focused restructuring, acquisitive stance, and 1GW data centre plan over 5–7 years — aiding long-term earnings but impacting ROCE and FCF/PAT profile.

AUTHUM INVESTMENT – Acquires 21.25% stake in MIRC Electronics (Onida) through preferential allotment of 7.83 million shares at ₹16.81 per share, totalling ₹13.62 crore. The funds will support working capital needs and growth plans of MIRC Electronics.

Daily Morning Report Date: 10.10.2025

NIFTY OUTLOOK: 25181.80 FII 1308.16 cr DII 854.36 cr
As discussed yesterday, market behaviour remained on the expected lines during the day as Nifty broke above the resistance of 25139, pushing the rally up to the next resistance of 25183 (made a high of 25199.25) and closed near it at 25181.80.
A long bullish candle on the daily chart suggests that bulls have regained control after minor profit booking, indicating a resumption of the short-term uptrend. If Nifty continues its upward momentum, it may rally up to 25273–25318 on a decisive breakout above 25227. Stronger demand could extend the move to 25361.

On 9th October 2025, Indian equity markets opened on a cautious note, with the Nifty closing at 25,046 (-0.25%) and the Sensex at 81,773 (-0.19%). Institutional activity remained modest as DIIs bought ₹329 crore, while FIIs purchased ₹81 crore. The GIFT Nifty traded at 25,152 as of 7:30 a.m.

TECHD CYBERSECURITY – Co secures order worth ₹1.37 crore for Threat & Vulnerability Management Services from one of India’s largest conglomerates. Order duration is 1 year, marking a domestic, non-related party transaction. The deal strengthens the company’s credibility among top-tier enterprise clients and enhances revenue visibility.

Jefferies on Adani Ent
Buy, TP Rs 3000
NMIA’s inauguration marks a strategic expansion in India’s aviation infra, easing congestion for MMR.
Phase-1 adds 20mn pax capacity (total: 90mn), & bridges gaps to underserved regions
AEL’s dual airport strategy— owning NMIA/MIAL—enables coordinated slot allocation & removes intraregional competition
A strong non-aero focus across retail, hospitality, & RE should enhance monetisation, positioning NMIA as a high-growth asset in Adani’s airport portfolio

NIFTY OUTLOOK: 25046.15 FII: 81.28 cr. DII: 329.28 cr
As discussed yesterday, market behaviour remained on expected lines during the day. Nifty faced resistance near our level of 25200 (made a high of 25192.5), from where profit booking dragged it down to a day’s low of 25008.50 — close to our support of 25018.
Further, a bearish candle with an upper shadow appeared on the daily chart, indicating selling pressure on every rise. If this selling persists, then on a decisive breakdown of 25000, Nifty may slip to 24955–24910. Stronger supply may even push it further down to 24865.

On 8th October 2025, Indian markets opened on a steady note, with Nifty closing at 25,108 (+0.12%) and Sensex at 81,926 (+0.17%). Domestic institutional investors (DIIs) were net buyers of ₹452 crore, while foreign institutional investors (FIIs) purchased ₹1,440 crore. The GIFT Nifty stood at 25,219 as of 7:30 a.m.

HSBC on Avenue Supermart
Reduce, TP Rs 3,700
Pricing comparison vs peers points to shrinking differential.
Pricing remains the key moat for Dmart vs other retailers.
Challenges to sustaining high SSSG.
Valuation sensitive to SSSG – 1% increase → 11% higher fair value.
Store addition expectations unlikely to offset muted SSSG.