A host of global and domestic brokerages have released fresh views on Siemens Energy Ltd., Vodafone Idea Ltd., Titan Ltd. and more ahead of Thursday's session.
In addition, brokerages commented on steel and auto sectors.
Brokerages On Vodafone Idea
Axis Capital
Axis Capital has maintained a Reduce rating on Vodafone Idea with a target price of Rs 9.45.
The Cabinet has approved the long-awaited Adjusted Gross Revenue (AGR) relief package, although the quantum of relief is lower than market expectations.
The relief package provides Vodafone Idea some breathing room to undertake capital expenditure.
However, the balance sheet remains highly leveraged, and the company continues to lag Bharti Airtel and Reliance Jio in terms of capital expenditure intensity.
The moratorium is positive for Indus Towers as it improves visibility on Vodafone Idea’s ability to make regular vendor payments and undertake limited capital expenditure.
This development increases the probability of Indus Towers reinstating its dividend payments.
Emkay
Emkay has maintained a Sell rating on Vodafone Idea with a target price of Rs 6.
No waiver on the pending AGR-linked dues was announced by the Cabinet, contrary to market expectations of at least a 50% waiver.
Vodafone Idea also has deferred spectrum payment obligations of approximately Rs 1.2 lakh crore, with significant repayments scheduled between FY26 and FY44.
The company’s current Ebitda is insufficient to meet its capital expenditure requirements or service spectrum-related debt repayments.
Additional relief or external funding will be required to address these challenges.
Vodafone Idea’s financial position remains stressed despite multiple relief packages in the past.
UBS on Automobiles
UBS expects the proposed steel price hike to further impact automobile companies amid rising costs of precious metals.
The brokerage expects companies to provide greater clarity on cost pressures during their third-quarter FY26 earnings calls.
Steel accounts for approximately 20% of net sales for commercial vehicles, around 10% for passenger cars, and nearly 5–7% for two-wheelers.
UBS on Titan
UBS has maintained a Buy rating on Titan with a target price of Rs 4,700.
The launch of lab-grown diamonds is seen as an astute strategic move by the company.
Participation in this segment allows Titan to shape the narrative and structure of the category.
The offering comes with disruptive pricing, which is expected to attract incremental demand.
UBS believes Titan is likely to scale this business very rapidly.
Titan remains one of UBS’s key Buy ideas within the Indian consumer space.
HSBC on Steel
HSBC notes that the three-year safeguard duty has finally been implemented, providing downside support to steel sector earnings.
Sharp domestic steel price hikes of around Rs 2,000 per tonne were observed in December, with further increases of Rs 1,500–2,000 per tonne expected in January.
Indian steel companies are expected to see earnings support over the next three years.
A sector re-rating is likely; however, meaningful earnings upgrades would require a moderation in Chinese steel exports.
Motilal Oswal Securities on Kotak Mahindra Bank
Motilal Oswal Securities has maintained a Buy rating on Kotak Mahindra Bank with a target price of Rs 2,500.
Business growth remains steady, and return on assets is expected to sustain at approximately 2%.
Net interest margins are likely to remain range-bound with a mild upward bias.
Credit growth is expected to remain calibrated, led by small and medium enterprises and secured retail segments.
Retail, small and medium enterprises, agriculture, and tractor financing are expected to anchor the next phase of growth.
A stable current account savings account franchise and sweep products are expected to help ease funding costs.
Morgan Stanley on India Economics
Morgan Stanley notes that India’s fiscal deficit widened marginally in November.
Total expenditure rose to a five-month high, growing 12.4% year-on-year in November.
Capital expenditure contracted for the second consecutive month by 13.8% year-on-year, although the pace of contraction moderated.
The fiscal deficit widened to 4.9% of gross domestic product in November from 4.8% in October on a trailing 12-month basis.
The fiscal deficit is currently tracking at approximately 62.3% of the FY26 budgeted target.
Equirus on Astral
Equirus has maintained a Long rating on Astral with a target price of Rs 1,799.
Polyvinyl chloride resin prices appear to be bottoming out.
Business sentiment is expected to gradually improve over the coming months.
Demand has begun to show early signs of recovery over the last 15–20 days.
Equirus believes Astral’s Pipes division may deliver relatively better numbers.
The fourth quarter is typically chlorinated polyvinyl chloride-heavy for the company, which should support margins.
Other segments such as Adhesives and Bathware are expected to continue their growth trajectory in FY27 and FY28.
Equirus on Siemens Energy
Equirus has initiated coverage on Siemens Energy with a Reduce rating and a target price of Rs 2,695.
The company is positioned as a pure-play energy transition player but is currently trading at premium valuations.
Siemens Energy is uniquely placed to benefit from a favourable confluence of industry trends.
Structural tailwinds are expected from renewable energy evacuation, high-voltage direct current projects, static synchronous compensators, and industrial decarbonisation.
Equirus forecasts a sales and EBITDA compound annual growth rate of 21% each over FY25–FY28.
Despite strong growth prospects, valuations remain stretched.
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