Oil and Natural Gas Corp., BSE Ltd., Jubilant FoodWorks Ltd., and pharma stocks were among top companies and sectors on brokerages' radar on Friday.
In addition, Jefferies' India Strategy notes ongoing US-India negotiations, with New Delhi optimistic about a potential deal. Possible outcomes include increased defence and oil/gas imports from the US, potentially softening the impact, while sectors like autos, pharma, textiles, and alcohol may face adverse effects.
Pressure to reduce agricultural import duties could be politically sensitive. Conversely, select consumer companies may benefit from lower input costs.
NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for today.
Jefferies On ONGC
Maintained 'buy' with a target price of Rs 375.
The company expects 10-12% production growth over FY26-FY30 on the back of Mumbai High growth.
BP's success in Rumaila anchors ONGC's outlook.
Reforms in gas and crude pricing support FY25-27 EPS growth of 14%.
Stock is discounting $55 per barrel crude, making risk reward favourable.
Jefferies On BSE
Maintained 'hold' with a target price of Rs 5,250.
SEBI's push to spread out F&O expiry days to abate concerns for BSE.
SEBI has proposed that exchanges should stay with F&O expiry on Tuesday and Thursday.
This may mean that NSE reverts to expiry on Thursday (from Monday) and BSE stays with Tuesday expiry.
This may abate concerns around BSE's potential loss of market share and impact on EPS (estimated to be 12%).
Clarity on open interest limits is awaited but the impact of that is lower for BSE.
Stock has retraced the majority of its fall, but lower reg. risks and better markets can aid re-rating.
CLSA On Jubilant FoodWorks
Previously estimated a potential impact of about 3.5-4% on consolidated net profit due to 8% Turkish lira depreciation.
This was assuming euro debt was repaid out of the Turkish cashflow.
Since the debt is currently being repaid using India business cash flow, there should be no impact on its FY25 consolidated PAT.
If the company decides to repay debt using Turkish cash flows, there could be exposure to Turkish lira currency movements.
HSBC On ABB India
Maintained 'hold' with a target price of Rs 5,500.
ABB will increase its electrification products prices from April 2.
The price increase is 5%, as per the brokerage's assessment.
ABB has been regularly increasing prices and a large part of margin improvement and order inflows growth is pricing led.
ABB’s margins have peaked, and the brokerage sees small downside risks.
BofA On PB Fintech
Maintained 'neutral' with a target price of Rs 1,675.
Business momentum is steady, the brokerage said.
Should be able to show 30% growth for at least one to two years in core premium.
Business momentum is steady and the company should be able to show 30% growth for at least one-two years in core premium.
As the fourth quarter is a seasonally stronger quarter, expects adjusted Ebitda margin to improve by 3.4% points sequentially.
BofA On Info Edge
Maintained 'buy' with target price reduced to Rs 7,800 from Rs 8,190.
Broad-based recovery in hiring trends; GCC a bright spot.
Impact of AI: Not negative on revenues; positive on costs.
The fourth quarter to be stable, led by steady momentum at Naukri.
Cut target price to factor in Zomato downgrade.
Jefferies On Dr. Agarwal's Health Care
Initiated 'hold' with a target price of Rs 460.
Leading eye care service chain with comprehensive service offering.
India to be key focus market with plans to merge India subsidiary.
Asset-light expansion, strong brand name key to success.
Multiple levers to drive strong growth.
Significant premium valuations to peers; see limited upside.
Jefferies India Strategy
Negotiations between the US and India are ongoing.
The mood in Delhi appears optimistic about a potential deal ahead of April 2.
Possibly higher defence and oil and gas imports from the US could soften the impact.
Some adverse impact for auto, pharma, textiles, and alcohol is possible.
Pressure to reduce agri import duties might impact politically in India while select consumer companies may benefit.
Rapid development on potential trade deals with UK and EU also likely.
Higher US import tariffs and other potential restrictions and trade deals can be seen as a negative for autos, auto components, generic pharma firms, textile exporters etc.
Limited impact seen in chemicals, IT and ports.
From higher imports and potential trade deal, see impact on high-end auto sales and alcohol.
On the positive side input costs may decline for select consumer companies
Interestingly, Canada and Mexico — the two markets impacted the most by US tariffs — are up 3% and 11% YTD in dollar terms.
Goldman Sachs On Container Corp
Maintained 'sell' and cut target price to Rs 670 from Rs 740.
Concord’s earnings have further downside risk.
Weak growth for rail container traffic.
Market share concerns amid rising competition.
Another uncertainty is how the company balances between rationalising LLF and its terminals.
JPMorgan On Pharma
Reciprocal tariffs are likely but with high pass-through to customers.
Biosimilars likely to be exempt from tariffs; CDMOs also to see limited impact.
Even 50% tariffs won’t justify manufacturing relocation to the US.
Potential tariffs on Israel and Switzerland could drive higher market share for Indian companies.
If tariffs persist in the medium term, the industry may see consolidation but large players are unlikely to exit.
Relocation of plants to the US could take three to four years, with manufacturing costs being 75% and 200% higher in an existing and new facility compared to India or China.
Goldman Sachs On IT Sector
Expecting limited positives in fourth quarter results, with flat sequential revenues and stable margins.
Infosys and HCL are likely to guide conservatively for FY26.
An uncertain macro environment tends to result in slower decision-making.
This could translate into pauses/deferral of IT spend by enterprises.
May further delay a recovery in discretionary IT spend, which has remained subdued for almost two years now.
LTIMindtree – Downgrade to 'neutral' from 'buy' and cut target price to Rs 4,500 from Rs 6,570.
TCS – Maintained 'buy' and cut target price to Rs 4,230 from Rs 4,550.
Wipro – Maintained 'sell' and cut target price to Rs 256 from Rs 273.
Tech Mahindra – Maintained 'sell' and cut target price to Rs 1,400 from Rs 1,450.
Infosys – Maintained 'buy' and cut target price to Rs 1,790 from Rs 2,100.
HCL Tech – Maintained 'neutral' and cut target price to Rs 1,670 from Rs 1,770.
Nomura On Shree Cement
Upgrade to 'buy' from 'neutral' and target price hiked to Rs 34,000 from Rs 28,000.
Robust core markets to drive higher Ebitda.
Expects Ebitda per tonne to be Rs 1,300 or more, supported by better realisations and fuel cost in the fourth quarter.
Asset sweating to result in above-industry average volume growth.
Expects Shree to remain the highest unitary Ebitda player in the industry.
North and East regions (more than 80% of the volume mix), have witnessed resilient pricing.
Nomura On Auto Sector
Slowdown continues across segments, except for tractors.
March retail sales data continue to demonstrate weakness, with declines across segments.
Estimates passenger vehicle wholesales in March at 3.68 lakh units, flat YoY.
Dealer surveys indicated slow underlying retail demand and channel inventory has further increased.
Two-wheeler industry wholesales likely to be flat YoY.
Medium and heavy commercial vehicle wholesales are likely to be down 4% YoY.
For tractors, we expect wholesales to be up 18% YoY in March 2025.
Emkay On Maruti Suzuki
Upgrades Maruti Suzuki to 'Buy' with a target price of Rs 13,500 compared to Rs 12,800 earlier.
New launches have historically driven volume growth in PVs.
Maruti Suzuki's launch cycle turns positive in FY26 versus muted industry launch pipeline.
Maruti targeting two major upcoming ICE SUVs — five-seater likely in September and seven-seater likely in January.
New launches coincide with early signs of improvement seen in small cars.
Build in 8% FY25-27 volume growth, with a 12.5% margin by FY27 compared to 11.6% in the third quarter.
Jefferies Greed and Fear Portfolio Changes
Investment in Godrej Properties in the Asia ex-Japan long-only portfolio will be removed.
While the investment in Macrotech Developers will be increased by one percentage point to 4%.
An investment in DLF will be introduced with a 3% weighting.
An investment in Indian online travel company MakeMyTrip will also be introduced with a 4% weighting by removing the investment in Axis Bank.
Investment in Zomato will be increased by one percentage point
The investment in Reliance Industries in the India long-only portfolio will be increased by two percentage points.
Reducing weightage of HDFC Bank and State Bank of India by one percentage point each.
In global long-only equity portfolio, an investment in MakeMyTrip will be introduced by removing the investment in Axis Bank
The investment in Godrej Properties will also be removed and replaced by an investment in Macrotech Developers.
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