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HDFC Securities Institutional Equities
HDFC Securities, in its latest Q4 FY26 results review, has shared a mixed outlook across a wide set of stocks including Canara Bank, Dr. Reddy's, Dixon, Berger Paints, Syrma, V-Guard, Stylam with clear stock-specific calls spanning Buy, Add and Reduce ratings along with revised target prices.
Dixon Technologies Ltd. posted modest revenue growth of 2% YoY, while Ebitda declined due to margin compression. The outlook remains challenging amid PLI incentive withdrawal and slow handset demand. The brokerage has downgraded the stock to Reduce with a target price of Rs 10,560.
Canara Bank reported steady loan growth of around 16% YoY, led by retail and MSME segments. However, earnings were impacted by weak treasury income and reliance on non-core income streams.The brokerage maintains an Add rating with a target price of Rs 155, but flags concerns around deposit franchise strength and earnings volatility.
Dr Reddy's saw Ebitda plunge 42% YoY amid a sales decline and margin contraction, largely due to a sharp drop in US business. Growth visibility remains tied to Semaglutide launches and biosimilars pipeline, though HDFC Sec retains a Reduce rating with a target price of Rs 1,260.
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