Stock Calls Today: IT, Auto, NBFCs On Brokerages' Radar

The Indian IT, auto and NBFC stocks are among those garnering brokerages' commentary today.

Analysts have shared their insights and, in several cases, revised their target prices based on their updated fundamental outlooks for these firms and sectors. Here are the key analyst calls to watch out for today:

Citi

• Maintained Sell; target price of Rs 2,725.

• Strategic multi-year agreement with Chemours.

• The exact products to be manufactured have not been announced.

• PTFE imports into the US are exempt from reciprocal tariffs.

• SRF had commissioned a 5ktpa PTFE facility in October 2023.

• The announced agreement will largely utilise this capacity.

• Estimate that PTFE would have accounted for 3-4% of SRF’s Chemicals segment revenues in FY25.

DAM Capital

• Maintained Buy; target price of Rs 3,521.

• Partnership with Chemours to boost FP scale-up.

• View this as a win-win arrangement.

• Difficult to quantify the financial impact at this stage.

• Partnership adds a credible medium-term growth driver for SRF.

• Positions SRF better in the advanced FP space.

• Target prices have been cut for all as valuation multiples have been reduced.

• Valuation multiples were reduced due to the challenging growth outlook and recent derating in the sector.

• TCS – Maintained Sell; cut target price to Rs 2,850 from Rs 3,135.

• Hexaware – Maintained Buy; cut target price to Rs 860 from Rs 890.

• Persistent – Maintained Sell; cut target price to Rs 4,705 from Rs 4,980.

• L&T Tech – Maintained Sell; cut target price to Rs 3,735 from Rs 4,015.

• Infosys – Maintained Neutral; cut target price to Rs 1,515 from Rs 1660.

• HCL Tech – Maintained Neutral; cut target price to Rs 1,510 from Rs 1,650.

• Coforge – Maintained Sell; cut target price to Rs 1,530 from Rs 1,675.

• Wipro – Maintained Sell; cut target price to Rs 225 from Rs 235.

• LTIMindtree – Maintained Sell; cut target price to Rs 4,505 from Rs 4,655.

• Tech Mahindra – Maintained Sell; cut target price to Rs 1,280 from Rs 1,400.

• Tata Tech – Maintained Sell; cut target price to Rs 605 from Rs 635.

• Mphasis – Maintained Neutral; cut target price to Rs 2,860 from Rs 2,865.

• Jefferies Economic Indicator for July 2025 shows activity levels moderating to a 10-month low of 5.2%.

• Weak July, but likely bottoming.

• Consumption data from autos, card spends, and travel have softened.

• The rural economy is doing better with higher crop sown and 2-year high currency in circulation growth.

• Power consumption data for August shows 14-month high growth on a low base, which should be the theme for the months ahead.

• Capex indicators are relatively better.

• In theory, a lower GST rate would boost consumption, lead to a large fiscal hit, and substantially lower inflation in FY26.

• In practice, it may not.

• Impact on fiscal situation: Not as expensive as the math suggests.

• Impact on inflation: Some relief likely.

• Impact on monetary policy: Largely neutral.

Nomura

• GST cut could lead to more upside.

• Highest upside potential for M&M, Maruti, Ashok Leyland, TVS.

• A reduction in GST may have a multiplier effect of 1-1.5x on demand, implying a 5-10% potential increase in demand.

• Estimate the exposure to the small car slab at 68% and 52% for Maruti and M&M.

• Such a move would be negative for EV OEMs as the price gap between ICE and EVs could increase.

• Estimate the benefit is likely to be larger for 4W OEMs than 2W OEMs.

BofA

• The consumption play.

• GST cuts – we are watchful of implementation.

• Likely impact of 30bps of GDP on a full-year basis.

• Clear pivot to consumption.

• Autos and consumer durables are key beneficiaries of potential GST cuts.

• Asset quality and growth outlook soft; NIMs close to a bottom.

• Asset quality concerns in unsecured MSME, CV, and 2W.

• Growth subdued, with potential tailwinds from monsoons and festive seasons.

• NIMs are range-bound, to expand Q2 onwards.

• Gold: Strong growth delivery; regulatory overhang behind.

• Credit cards: Credit costs continue to rise, growth is muted.

• HFCs: Growth concerns on competitive intensity.