π’ ULTRATECH CEMENT β HSBC
β’ Rating: BUY
β’ Target Price: βΉ13,200
β’ Market share gains partly offset by higher costs.
β’ Spot cement prices are around 5% above Q2 average.
β’ 1-year forward EV/EBITDA is below its 5-year average of 19.8x.
β’ Cement price hikes expected to help offset cost inflation.
β’ Rating: BUY
β’ Target Price: βΉ13,200
β’ Market share gains partly offset by higher costs.
β’ Spot cement prices are around 5% above Q2 average.
β’ 1-year forward EV/EBITDA is below its 5-year average of 19.8x.
β’ Cement price hikes expected to help offset cost inflation.
π» JP MORGAN ON LTTS
β’ Rating: NEUTRAL
β’ Target Price raised to βΉ3,700 from βΉ3,300.
β’ Q2 revenue and margins beat estimates for the second consecutive quarter.
β’ Management's H2 guidance is stronger.
β’ FY27βFY29 revenue and earnings estimates raised by 1β3%.
β’ Rating: NEUTRAL
β’ Target Price raised to βΉ3,700 from βΉ3,300.
β’ Q2 revenue and margins beat estimates for the second consecutive quarter.
β’ Management's H2 guidance is stronger.
β’ FY27βFY29 revenue and earnings estimates raised by 1β3%.
β€1
π» NOMURA ON LTTS
β’ Rating: NEUTRAL
β’ Target Price raised to βΉ3,500 from βΉ3,290.
β’ Q2 FY27 EBIT margins significantly beat estimates.
β’ Growth driven by data centres, energy transition, robotics and plant engineering.
β’ FY27βFY28 EPS estimates raised by around 3β4%.
β’ Rating: NEUTRAL
β’ Target Price raised to βΉ3,500 from βΉ3,290.
β’ Q2 FY27 EBIT margins significantly beat estimates.
β’ Growth driven by data centres, energy transition, robotics and plant engineering.
β’ FY27βFY28 EPS estimates raised by around 3β4%.
π HSBC ON TATA STEEL
β’ Rating: BUY
β’ Target Price: βΉ260
β’ HSBC believes the valuation discount versus peers is unjustified.
β’ Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.
β’ HSBC expects strong India business performance to support further debt reduction.
β’ Rating: BUY
β’ Target Price: βΉ260
β’ HSBC believes the valuation discount versus peers is unjustified.
β’ Key investor concerns include post-2030 India profitability, Netherlands operations and potential market share loss in India.
β’ HSBC expects strong India business performance to support further debt reduction.
βοΈ CITI ON HINDUSTAN ZINC
β’ Rating: SELL
β’ Target Price raised to βΉ495 from βΉ480.
β’ Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.
β’ Zinc prices may moderate going forward.
β’ Citi estimates LME zinc at $3,700/tonne in CY28.
β’ Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.
β’ Physical zinc market expected to remain relatively balanced through 2027.
β’ Rating: SELL
β’ Target Price raised to βΉ495 from βΉ480.
β’ Q2 performance ahead of estimates, but current zinc and silver prices limit further upside.
β’ Zinc prices may moderate going forward.
β’ Citi estimates LME zinc at $3,700/tonne in CY28.
β’ Silver contributes around 50% of EBITDA; further upside depends on easing macro conditions.
β’ Physical zinc market expected to remain relatively balanced through 2027.
π¦ CLSA ON BAJAJ FINANCE
β’ Rating: OUTPERFORM
β’ Target Price: βΉ1,300
β’ Q2 FY27 delivered strong performance across all parameters.
β’ Remains CLSA's top pick in the NBFC sector.
β’ Asset quality trends remain healthy across products.
β’ FY27βFY29 PAT estimates raised by 2β3% on stronger growth, partly offset by lower insurance distribution fee income.
β’ CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.
β’ Rating: OUTPERFORM
β’ Target Price: βΉ1,300
β’ Q2 FY27 delivered strong performance across all parameters.
β’ Remains CLSA's top pick in the NBFC sector.
β’ Asset quality trends remain healthy across products.
β’ FY27βFY29 PAT estimates raised by 2β3% on stronger growth, partly offset by lower insurance distribution fee income.
β’ CLSA views Bajaj Finance as a strong long-term compounder in India's large-cap financial sector.
π HSBC ON CONSUMER / FMCG
π MARICO
β’ BUY | TP βΉ1,050 (Earlier βΉ1,020)
π TATA CONSUMER
β’ BUY | TP βΉ1,180 (Earlier βΉ1,390)
π COLGATE
β’ HOLD | TP βΉ1,860 (Earlier βΉ2,140)
π DABUR
β’ HOLD | TP βΉ426 (Earlier βΉ456)
π GODREJ CONSUMER
β’ HOLD | TP βΉ960 (Earlier βΉ990)
π NESTLΓ INDIA
β’ HOLD | TP βΉ1,390 (Earlier βΉ1,480)
π MARICO
β’ BUY | TP βΉ1,050 (Earlier βΉ1,020)
π TATA CONSUMER
β’ BUY | TP βΉ1,180 (Earlier βΉ1,390)
π COLGATE
β’ HOLD | TP βΉ1,860 (Earlier βΉ2,140)
π DABUR
β’ HOLD | TP βΉ426 (Earlier βΉ456)
π GODREJ CONSUMER
β’ HOLD | TP βΉ960 (Earlier βΉ990)
π NESTLΓ INDIA
β’ HOLD | TP βΉ1,390 (Earlier βΉ1,480)
π¦ CITI ON BAJAJ FINANCE
β’ Rating: BUY
β’ Target Price: βΉ1,300
β’ AUM growth guidance raised, with core business metrics remaining resilient.
β’ Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
β’ MSME lending stabilised, with downward pressure easing.
β’ Margins declined 10β12 bps QoQ; further compression is expected.
β’ Rating: BUY
β’ Target Price: βΉ1,300
β’ AUM growth guidance raised, with core business metrics remaining resilient.
β’ Stage 2/3 stressed assets edged higher due to gold loans and the day-count effect.
β’ MSME lending stabilised, with downward pressure easing.
β’ Margins declined 10β12 bps QoQ; further compression is expected.
β€1
π¦ JP MORGAN ON BAJAJ FINANCE
β’ Rating: OVERWEIGHT
β’ Target Price cut to βΉ1,260 from βΉ1,310.
β’ Q2 FY27 delivered strong operating performance.
β’ Growth guidance upgrade was better than expected.
β’ JP Morgan's preferred pick in the NBFC sector.
β’ Management focused on protecting RoA amid NIM pressure risks from higher funding costs.
β’ Rating: OVERWEIGHT
β’ Target Price cut to βΉ1,260 from βΉ1,310.
β’ Q2 FY27 delivered strong operating performance.
β’ Growth guidance upgrade was better than expected.
β’ JP Morgan's preferred pick in the NBFC sector.
β’ Management focused on protecting RoA amid NIM pressure risks from higher funding costs.
HFCL:
THE DEFENSE BUSINESS IS PROJECTED TO ACHIEVE INR500-600 CR IN REVENUE FOR FY '27, AT LEAST INR2,000 CR NEXT YEAR (FY '28), AND AN ASPIRATION OF AROUND INR5,000 CR WITHIN A THREE-YEAR TIMEFRAME
THE ACQUISITION OF AN AEROSPACE BUSINESS, EXPECTED TO COMPLETE IN THE CURRENT QUARTER (Q3 FY '27), HAS AN EXISTING ORDER BOOK OF APPROXIMATELY INR1,600-1,800 CRORES, CONTRIBUTING TO REVENUE FROM THIS QUARTER. - CONCALL UPDATE
THE DEFENSE BUSINESS IS PROJECTED TO ACHIEVE INR500-600 CR IN REVENUE FOR FY '27, AT LEAST INR2,000 CR NEXT YEAR (FY '28), AND AN ASPIRATION OF AROUND INR5,000 CR WITHIN A THREE-YEAR TIMEFRAME
THE ACQUISITION OF AN AEROSPACE BUSINESS, EXPECTED TO COMPLETE IN THE CURRENT QUARTER (Q3 FY '27), HAS AN EXISTING ORDER BOOK OF APPROXIMATELY INR1,600-1,800 CRORES, CONTRIBUTING TO REVENUE FROM THIS QUARTER. - CONCALL UPDATE
π2
US SECRETARY OF STATE MARCO RUBIO
ON MUSK, RELIANCE & IRAN
Trump has nothing to do with Musk or Starlink decisions.
US had no prior knowledge of Starlink decisions related to Ukraine.
Reliance has large investments in the US.
Reliance has extensive refining capabilities.
Will discuss heavy crude refining with Reliance.
Hopeful of identifying other areas of cooperation.
Welcomes mediation efforts on Iran.
Confirms Witkoff had a positive meeting with Zelenskyy.
ON MUSK, RELIANCE & IRAN
Trump has nothing to do with Musk or Starlink decisions.
US had no prior knowledge of Starlink decisions related to Ukraine.
Reliance has large investments in the US.
Reliance has extensive refining capabilities.
Will discuss heavy crude refining with Reliance.
Hopeful of identifying other areas of cooperation.
Welcomes mediation efforts on Iran.
Confirms Witkoff had a positive meeting with Zelenskyy.
UNION BANK says Expect Deposit Growth To Surge Over 10% | Expect To Transmit The Entire Repo Rate Hike
HIND ZINCAMARENDU PRAKASH
Have Hedged 40,000 Tonne At $3,500/tonne & 36,000 Tonne At $3,700/tonne In Lead
FY27 Volume Guidance For Refined Metal At 11 Lk Tonne & Silver At 680 Tonne
Revise Cost Of Production Guidance From $975-1,000/tonne ΀ο $825-850/tonne For FY27
Board Approval For Phase 2 Is Expected Soon To Get To 2 mt Capacity
Separating Silver Biz Is A Board Decision Which Will Be Taken At An Appropriate Time
Have Hedged 40,000 Tonne At $3,500/tonne & 36,000 Tonne At $3,700/tonne In Lead
FY27 Volume Guidance For Refined Metal At 11 Lk Tonne & Silver At 680 Tonne
Revise Cost Of Production Guidance From $975-1,000/tonne ΀ο $825-850/tonne For FY27
Board Approval For Phase 2 Is Expected Soon To Get To 2 mt Capacity
Separating Silver Biz Is A Board Decision Which Will Be Taken At An Appropriate Time
β€2
π’ OBEROI REALTY: PL UPGRADES TO BUY
β’ Rating upgraded to BUY from Accumulate.
β’ Target Price: βΉ2,100.
β’ Valuation based on DCF/SOTP.
β’ Q2 FY27 performance was largely in line with estimates.
β’ Strong pre-sales supported by the successful launch of the 360 North project in Gurugram.
β’ Rating upgraded to BUY from Accumulate.
β’ Target Price: βΉ2,100.
β’ Valuation based on DCF/SOTP.
β’ Q2 FY27 performance was largely in line with estimates.
β’ Strong pre-sales supported by the successful launch of the 360 North project in Gurugram.
Eternal to announce its Q2 earnings today:
Key things to watch out for:
βΆοΈFood delivery NOV to grow 18-20% YoY
βΆοΈBlinkit NOV growth to be strong at 80% YoY & 18-20% QoQ
βΆοΈImpact of festive season shift
Key things to watch out for:
βΆοΈFood delivery NOV to grow 18-20% YoY
βΆοΈBlinkit NOV growth to be strong at 80% YoY & 18-20% QoQ
βΆοΈImpact of festive season shift
UNION BANK says
Expect Deposit Growth To Surge Over 10% | Expect To Transmit The Entire Repo Rate Hike
Expect To Transmit The Entire Repo Rate Hike | Bank Is Trying To Build Up On The Efficiencies
Every Rate Hike Of 25 Bps Will Increase NIM By 5 Bps Per Quarter
Bank Continues To Focus On CASA Growth
Not seen stress in Agri Portfolio Due To Drought
Don't Think 50 Bps Rate Hike Will Impact NPAs
Expect Deposit Growth To Surge Over 10% | Expect To Transmit The Entire Repo Rate Hike
Expect To Transmit The Entire Repo Rate Hike | Bank Is Trying To Build Up On The Efficiencies
Every Rate Hike Of 25 Bps Will Increase NIM By 5 Bps Per Quarter
Bank Continues To Focus On CASA Growth
Not seen stress in Agri Portfolio Due To Drought
Don't Think 50 Bps Rate Hike Will Impact NPAs