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• Citi maintained a Buy rating on Grasim and raised the target price to Rs 3,850 from Rs 3,600.
• The brokerage noted that paints continue to gain market share rapidly.
• However, it expects Q2 performance to moderate after a strong Q1.
• It flagged uncertainty around chemical profitability amid Middle East-related disruptions.

Source: Citi

 

• Morgan Stanley maintained an Overweight rating on Polycab and increased its target price to Rs 10,545 from Rs 8,707.
• The brokerage expects cable and wire volumes to improve over FY27-FY28.
• Polycab remains its preferred cable and wire franchise in India.
• The FMEG segment is also showing encouraging traction.
• Morgan Stanley forecasts an earnings CAGR of around 20% during FY26-FY29.

Source: Morgan Stanley

 

• Jefferies maintained a Buy rating on PI Industries but cut its target price to Rs 2,910 from Rs 3,575.
• The brokerage said weakness in the CSM segment continues.
• Domestic volumes and biologicals are performing well.
• No visible recovery is evident in the pharma business yet.
• Working capital has improved and the company remains net cash positive.

Source: Jefferies

 

• Morgan Stanley said competition in the paints sector continues to intensify.
• Birla Opus reiterated its target of Rs 10,000 crore revenue by FY28 and over 50% growth in FY27.
• The brokerage noted continued market share gains for Opus.
• Dulux also continues to pursue aggressive market-share expansion plans.

Source: Morgan Stanley

 

• Macquarie maintained an Outperform rating on Trent with a target price of Rs 3,600.
• Management indicated LFL growth will remain under pressure while expansion into smaller cities continues.
• However, lower operating costs in smaller towns should support margins.
• Trent remains committed to opening 200-250 stores annually.
• Macquarie likes management's focus on balancing growth and profitability.

Source: Macquarie

 

• Macquarie maintained an Outperform rating on Lenskart and increased its target price to Rs 675 from Rs 625.
• Stronger international margins supported the earnings upgrade.
• The brokerage likes the company's volume growth, premiumisation trend and entry-level product strategy.
• Macquarie sees long-term potential for over 10,000 stores in India.

Source: Macquarie

 

• Macquarie said commentary from Grasim suggests premium and luxury products continue contributing around 65% of paints revenue.
• Benefits from recent price hikes are expected to flow into Q2.
• Despite rising competition, Macquarie continues to prefer Asian Paints within the sector.

Source: Macquarie

 

• Jefferies said the RBI's draft framework seeks to harmonise interest rate policies across lenders.
• Benchmark-linked pricing and restrictions on repricing spread components could reduce flexibility.
• The brokerage highlighted that NBFCs will not be required to move to an EBLR framework like banks.

Source: Jefferies

 

• Jefferies maintained a Buy rating on Grasim Industries and raised its target price to Rs 3,910 from Rs 3,600.
• The brokerage said all business segments outperformed in Q1.
• VSF and chemicals benefited from pricing tailwinds, while newer businesses scaled up further.
• Paints continues to target 50% growth in FY27 and B2B e-commerce is expected to turn profitable by FY27-end.
• Jefferies said stronger standalone performance could narrow Grasim's holding-company discount.

Source: Jefferies

 

• Macquarie maintained an Underperform rating on Apollo Hospitals with a target price of Rs 6,230.
• The brokerage said the Q1 beat was driven by stronger revenue performance.
• It acknowledged the company's broad-based operational strength but remains cautious on valuation.

Source: Macquarie

 

• Macquarie maintained an Outperform rating on GMR Airports with a target price of Rs 125.
• The brokerage said current traffic headwinds are temporary.
• Future value creation is expected to come from higher aero yields, non-aero monetisation and airport adjacencies.
• Hyderabad traffic recovery and Bhogapuram ramp-up remain key monitorables.

Source: Macquarie

 

• Yatra Online reported a consolidated net profit of Rs 33 lakh in Q1, down 97.9% from Rs 15.9 crore in the year-ago period.
• Revenue declined 10.4% year-on-year to Rs 188 crore from Rs 210 crore.
• EBITDA fell 46.3% to Rs 12.4 crore from Rs 23.1 crore a year earlier.
• EBITDA margin contracted to 6.6% from 11% in the corresponding quarter last year.
• The company reported weaker revenue, operating profit and net profit during the June quarter, leading to a sharp decline in profitability.

Source: Company Filing

• Jefferies maintained a Buy rating on Lenskart and raised its target price to Rs 680 from Rs 600.
• The brokerage said Q1 reinforced the growth story, with strong revenue growth and margin expansion.
• Market creation remains the priority, with supply constraints rather than demand acting as a limitation.
• Jefferies highlighted premiumisation trends and improving international profitability.
• It described Meller as a potential future category-leading brand.

Source: Jefferies

 

• Morgan Stanley said PSU banks have a larger share of MCLR-linked loans than private-sector peers.
• The brokerage expects PSU lenders will need to recalibrate pricing models.
• Given the long implementation period, Morgan Stanley sees the impact as contained and gradual.

Source: Morgan Stanley

 

• Citi maintained a Buy rating on Apollo Hospitals with a target price of Rs 10,770.
• Hospital EBITDA grew 25% on a like-for-like basis in Q1.
• ROCE remains strong at 28.5% despite ongoing expansion.
• Apollo plans to add over 5,800 beds over the next five years.
• Citi said the company offers strong medium-term earnings visibility and remains its top hospital pick.

Source: Citi

 

• Citi maintained a Buy rating on Astral with a target price of Rs 1,900.
• The brokerage said plumbing volumes were impacted by PVC price volatility in Q1.
• Volumes have recovered sharply in July, with double-digit growth seen in the first 4.5 months of FY27.
• Management remains confident of achieving 10%-15% volume growth guidance.
• Citi said the CPVC backward integration project remains on track for Q4 FY27 and could support market share gains.

Source: Citi

• Citi maintained a Neutral rating on Lenskart and raised its target price to Rs 650 from Rs 600.
• The brokerage said execution remains strong and growth momentum is expected to continue.
• Lenskart continues to address multiple price segments, supporting store expansion and customer acquisition.
• Citi remains watchful of growth momentum in H2 given a higher base.
• It believes current valuations already reflect much of the growth and margin improvement potential.

Source: Citi

 

• Citi maintained a Buy rating on HAL with a target price of Rs 5,550.
• The brokerage said margin expansion was aided by operating leverage.
• Growth has remained strong even without meaningful contributions from the Tejas LCA programme.
• Citi sees scope for a re-rating once LCA deliveries begin.
• The next two years' order pipeline remains strong and execution visibility is healthy.

Source: Citi

 

• Yes Bank said its board has approved the establishment of a Medium Term Note Programme (MTNP), according to an exchange filing.
• MTNP (Medium Term Note Programme) enables the bank to raise funds through the issuance of debt securities in domestic and international markets over time.
• The development follows the bank's earlier approval to raise up to Rs 8,500 crore through debt instruments.
• The programme is expected to provide Yes Bank with greater flexibility in accessing capital markets and diversifying its funding sources.

Source: Exchange Filing

• Citi maintained a Buy rating on Bharti Airtel with a target price of Rs 2,230.
• The brokerage said Airtel's latest measures are consistent with management's premiumisation strategy.
• It estimates the move could boost ARPU by around Rs 4 per month and lift earnings by around 2%.
• Citi expects premiumisation to remain a key growth driver.

Source: Citi

 

• Citi said the RBI's draft directions on interest rates are aimed at improving transparency, standardisation and borrower protection across lenders.
• The brokerage expects the overall impact on the sector to be manageable.
• It noted that an APR ceiling could affect lenders dependent on high-yield, small-ticket loans.
• Compliance costs and implementation complexity could be meaningful in the near term.
• However, the transition deadline of April 2029 provides sufficient time for lenders to adapt.

Source: Citi

 

• UBS maintained its 'Buy' rating on Bosch and raised the target price to Rs 54,050 from Rs 45,530.
• The brokerage described Q1 as a "beat-and-raise" quarter.
• UBS said Bosch's legacy businesses delivered strong revenue growth and margin improvement.
• Lower employee and operating costs also contributed to better profitability during the quarter.

Source: UBS

 

• Black Box said it has secured a Rs 1,240 crore order for a major data centre project in the US, according to an exchange filing.
• The contract has been awarded by a new Tier-1 US hyperscaler, marking a significant addition to the company's order book.
• The project underscores Black Box's growing presence in the global data centre infrastructure and digital connectivity space.
• The order is expected to strengthen the company's position in the hyperscale data centre segment and enhance revenue visibility.

Source: Exchange Filing

• Power Grid Corporation of India said the government has appointed Amol Babulal Taori as Director (Finance), according to an exchange filing.
• Taori is currently serving as Executive Director at Hindustan Petroleum Corporation Ltd. (HPCL).
• He has been appointed as Director (Finance) for a period of five years from the date of assumption of charge or until further orders, whichever is earlier.
• The appointment strengthens Power Grid's top management team at a time when the company continues to expand its transmission network and capital expenditure pipeline.

Source: Exchange Filing

• UBS maintained a 'Buy' rating on Astral with a target price of Rs 1,950.
• The brokerage said Astral continues to gain market share despite flat industry volumes.
• Q2 demand trends remain encouraging, according to UBS.
• The brokerage expects Astral's decentralised manufacturing model and favourable PVC prices to support profitability and market share growth.

Source: UBS

 

• JPMorgan maintained its 'Overweight' rating on HAL and increased its target price to Rs 5,733 from Rs 5,145.
• The brokerage said HAL's strong Q1 performance raises confidence in FY27 guidance.
• Deliveries of the LCA Mk1A remain a key monitorable.
• HAL continues to target double-digit growth in FY27, led by manufacturing.
• JPMorgan said HAL's valuation remains attractive given its sizeable order book and healthy return ratios.

Source: JPMorgan

 

• Bank of America maintained a 'Neutral' rating on TCS with a target price of Rs 2,365.
• The brokerage is assessing the implications of changes in Tata Sons' leadership.
• It believes major organisational restructuring is unlikely before 2028.
• BofA said N. Chandrasekaran's familiarity with the business helped in strategic planning, AI-services initiatives and customer relationships.
• The brokerage sees limited risk over the next 12 months given the current CEO's tenure runs until May 2028.

Source: BofA

 

• HSBC maintained a 'Buy' rating on Bharti Airtel with a target price of Rs 2,500.
• The brokerage said Airtel's initiatives are aimed at increasing mobile ARPU.
• HSBC believes the strategy aligns with the company's focus on premiumisation, tariff repair and strengthening mobile monetisation.

Source: HSBC

 

• Goldman Sachs maintained its 'Buy' rating on Lenskart and raised its target price to Rs 715 from Rs 625.
• The brokerage said the company's growth and margin flywheel continues to deliver.
• International operations saw significant margin expansion aided by strong same-store sales growth.
• In India, revenue growth was volume-led, while operating leverage drove margin expansion.
• Goldman Sachs highlighted premiumisation as a new growth vector for the company.

Source: Goldman Sachs

 

• Nomura maintained its 'Buy' rating on Hindustan Aeronautics Ltd. (HAL) and raised its target price to Rs 6,314 from Rs 6,040.
• The brokerage said HAL beat estimates across key parameters in Q1 FY27.
• Order visibility remains strong, supported by a manufacturing order book-to-bill ratio of around 25x.
• Nomura expects an FY26-FY29 earnings CAGR of 19%.
• The brokerage said execution visibility remains healthy.

Source: Nomura   

 

• Goldman Sachs maintained its 'Neutral' rating on Trent and trimmed its target price to Rs 2,960 from Rs 3,000.
• The brokerage said like-for-like (LFL) growth could remain muted by design as the company accelerates store expansion.
• Around 80% of new stores are being opened in Tier-2 and Tier-3 cities, where sales throughput is typically lower.
• Goldman Sachs believes Trent's sales growth could miss consensus expectations in FY27.
• Raw material inflation could exert pressure in Q2 and Q3, though the company is expected to mitigate some of the impact through product mix.

Source: Goldman Sachs

Asian markets were mixed in early trade on Thursday. Japan’s Nikkei 225 surged 1.40% to 68,471.28, while Australia’s S&P/ASX 200 fell 0.50% to 9,163. Shanghai Composite slipped 0.01% to 3,946.30.

Overall, Asian equities were supported by gains in technology stocks and easing concerns over an immediate US rate hike following softer inflation data. (ndtvprofit.com)

US stocks ended mixed on Wednesday, August 12, as investors assessed softer-than-expected inflation data and fresh corporate earnings.

The S&P 500 rose 0.26% to 7,748.50, while the Nasdaq Composite gained 0.54% to 26,588.49, helped by strength in technology and AI-related stocks. 

The Dow Jones Industrial Average slipped 0.04% to 53,770.27, while the Russell 2000 advanced 0.61% to 3,045.48. (AP News)

US Market Close:

• Dow Jones: 53,770.27 ▼ 21.58 points, -0.04%

• S&P 500: 7,748.50 ▲ 20.30 points, 0.26%

• Nasdaq: 26,588.49 ▲ 143.04 points, 0.54%

• Nasdaq 100: 29,742.60 ▲ 217.13 points, 0.74%

• Russell 2000: 3,045.48 ▲ 18.37 points, 0.61%

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