GS on PTC Industries: Maintain Buy on Company, target price at Rs 24725/Sh (Positive)
JP Morgan on Coforge: Maintain Overweight on Company, raise target price at Rs 2500/Sh (Positive)
MS on Coforge: Maintain Overweight on Company, raise target price at Rs 2030/Sh (Positive)
Nuvama on Coforge: Maintain Buy on Company, raise target price at Rs 2250/Sh (Positive)
Jefferies on Coforge: Maintain Buy on Company, target price at Rs 2180/Sh (Positive)
Nomura on Coforge: Maintain Buy on Company, target price at Rs 1900/Sh (Positive)
Investec on Tata Steel: Upgrade to Add on Company, target price at Rs 224/Sh (Positive)
Investec on SAIL: Upgrade to Add on Company, target price at Rs 158/Sh (Positive)
Macquarie on ITC Hotels: Maintain Outperform on Company, target price at Rs 270/Sh (Positive)
CLSA on Federal Bank: Maintain Outperform on Bank, raise target price at Rs 260/Sh (Positive)
MOSL on Federal Bank: Maintain Buy on Bank, raise target price at Rs 260/Sh (Positive)
Kotak on Federal Bank: Maintain Buy on Bank, raise target price at Rs 265/Sh (Positive)
Investec on Reliance Ind: Maintain Buy on Company, target price at Rs 1890/Sh (Positive)
Citi on SBI Life: Maintain Buy on Company, target price at Rs 2550/Sh (Positive)
Jefferies on SBI Life: Maintain Buy on Company, target price at Rs 2270/Sh (Positive)
Nuvama on SBI Life: Maintain Buy on Company, target price at Rs 2320/Sh (Positive)
MS on Kotak Bank: Maintain Overweight on Bank, target price at Rs 2600/Sh (Positive)
BoFA Sec on Kotak Bank: Upgrade to Buy on Bank, target price at Rs 2700/Sh (Positive)
UBS on Kotak Bank: Maintain Buy on Bank, target price at Rs 2450/Sh (Positive)
Jefferies on Kotak Bank: Maintain Buy on Bank, target price at Rs 2650/Sh (Positive)
Citi on Coforge: Maintain Sell on Company, target price at Rs 1530/Sh (Neutral)
MS on Dr Reddy: Maintain Equal weight on Company, raise target price at Rs 1389/Sh vs Rs 1298/Sh (Neutral)
Elara on Dr Reddy: Maintain Buy on Company, target price at Rs 1588/Sh (Neutral)
Centrum on Dr Reddy: Maintain Buy on Company, target price at Rs 1510/Sh (Neutral)
Jefferies on Dr Reddy: Maintain Underperform on Company, raise target price at Rs 1130/Sh from Rs 1100/Sh (Neutral)
Axis Cap on Dr Reddy: Maintain Reduce on Company, target price at Rs 1230/Sh (Neutral)
DAM on Dr Reddy: Maintain Neutral on Company, target price at Rs 1232/Sh (Neutral)
Macquarie on Dr Reddy: Maintain Neutral on Company, target price at Rs 1190/Sh (Neutral)
Nuvama on Dr Reddy: Maintain Buy on Company, cut target price at Rs 1475/Sh vs Rs 1486/Sh (Neutral)
Macquarie on Kotak Bank: Maintain Neutral on Bank, target price at Rs 2200/Sh (Neutral)
CLSA on Kotak Bank: Maintain Hold on Bank, target price at Rs 2350/Sh (Neutral)
MOSL on Kotak Bank: Maintain Buy on Bank, target price at Rs 2500/Sh (Neutral)
Nuvama on Kotak Bank: Maintain Hold on Bank, target price at Rs 2082/Sh (Neutral)
Investec on JSW Steel: Maintain Reduce on Company, target price at Rs 939/Sh (Neutral)
Macquarie on SBI Cards: Maintain Neutral on Company, target price at Rs 990/Sh (Neutral)
Jefferies on SBI Cards: Maintain Hold on Company, target price at Rs 1010/Sh (Neutral)
JP Morgan on SBI Cards: Maintain Underweight on Company, target price at Rs 830/Sh (Neutral)
MS on Dixon: Maintain Underweight on Company, target price at Rs 11563/Sh (Neutral)
Nuvama on ABAMC: Maintain Hold on Company, target price at Rs 950/Sh (Neutral)
MS on SBI Cards: Maintain Underweight on Company, target price at Rs 700/Sh (Negative)
Nuvama on SBI Cards: Downgrade to Hold on Company, target price at Rs 1025/Sh (Negative)
Goldman Sachs on Defence
DAC approved Rs 79000 cr worth of new proposals across Navy, Army, and Air Force on 23rd Oct; FY26 AoNs now total Rs 2.5 lakh cr, exceeding FY25’s Rs 2.3 lakh cr.
Approvals align with the Technology Perspective and Capability Roadmap (TPCR-25), enhancing visibility on capital outlay and supporting a growing domestic defense TAM.
The Navy gets the largest share, with meaningful allocations also for the Army and Air Force.
GS expects the new AoNs to sustain earnings momentum for defense OEMs and broaden opportunities across shipbuilding, systems integration, ammunition, and electronics.
Top Buys: Solar Industries (Target Price Rs 18215; +30%) and PTC Industries (Target Price Rs 24725; +46%) – key private-sector beneficiaries.
Other views: Buy – Astra Microwave, Data Patterns, Azad Engineering, BEL; Neutral – HAL; Sell – BDL (Target Price Rs 1375) on weak margins and valuation.
Jefferies on SBI Cards
Hold, TP Raised to Rs 1010. Q2 PAT rose 10% y-o-y to Rs 4.4 bn, 13% below JEFe, on lower NIM & fee income and slightly higher opex.
Most AQ metrics improved q-o-q, indicating stress is abating. Credit costs should moderate.
NIM should recover as revolver mix normalizes, but asset growth outlook stays modest and fee income pressure should persist.
Cut FY26–27e EPS by 7–14%. Earnings & RoA should improve, but valuations at 4.7x FY27e BV largely look to be pricing this.
Macquarie on SBI Cards
Neutral, TP Rs 990. PAT miss driven by higher opex.
All eyes on the credit cost trajectory.
Expect NIM improvement in the coming quarters.
Stock appears expensive at 4.5x FY27E P/B for an ROA trajectory of 3% (1HFY26).
Citi on Coforge
Sell, TP Rs 1530. 2Q revenues were lower in dollar terms while margins were slightly ahead.
Forward indicators – (a) Executable orderbook up 26.7% y-o-y in 2Q – strong correlation with revenue growth.
(b) Headcount up ~2% q-o-q / 7.5% y-o-y.
(c) Management commentary – “continue to maintain that FY26 will see robust growth; H2 will also see robust growth.”
(d) FCF of $37.5m in 2Q vs negative FCF in 1Q; CFO/EBITDA at 56% in 1H – guidance at 65% to 70%.
MCX: Launches Options on Bullion Index – MCX BULLDEX®
MCX introduced options trading on its Bullion Index, combining gold and silver for diversified risk exposure.
The launch expands its derivatives portfolio and strengthens its leadership in commodity options.
The new product aims to attract wider participation from investors and hedgers.
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