A host of global brokerages have rolled out fresh views on Apollo Hospitals, Power Grid, ITC, Asian Paints, IndiGo and several sectors, even as improving geopolitical cues raise hopes of a near-term market rebound.
Emkay India Strategy
- Peace dividend – expect a sharp bounce
- Global markets rallied and crude prices corrected after the US suspended air strikes on Iran
- Strait of Hormuz remains closed, but uncertainty is easing
- Peace appears increasingly likely
- Positive for India; expect Nifty to rebound
- OMCs, private banks, NBFCs and autos likely to see the strongest recovery
Citi on Apollo Hospitals
- Maintain Buy with TP of Rs 9,600
- Added Apollo Hospitals to Pan-Asia Focus List
- Remains preferred pick in the hospital space
- Structurally resilient hospital business
- Fast-growing pharmacy segment with digital profitability in sight
- Valuations below long-term averages on both absolute and relative basis
MS on Paint Sector
- Dealer checks suggest weak demand across markets
- Retail demand remains slow
- Asian Paints had not raised prices until March 20
- Price hikes expected in early April
- Berger Paints already raised prices by 4–5% in select products
- Higher discounts and competitive intensity persist
- Asian Paints increasing dealer and painter incentives to regain share
Jefferies on Chemical Sector
- Middle East conflict disrupting feedstock supply chains
- Fertilisers most impacted, followed by plastics, paints and adhesives
- Crop protection companies may protect margins via cost pass-through
- Refgas players likely to face sharp input cost inflation
- March quarter may see inventory gains, but margin pressures expected from April if disruption continues
GS on ITC
- Maintain Neutral; Cut TP to Rs 330 from Rs 385
- Earnings cut due to calibrated pricing strategy and input cost pressures
- Gradual price hikes preferred over sharp increases
- Cigarette margins impacted more than expected
- FMCG margins also facing input cost pressures
UBS on ITC
- Maintain Buy with TP of Rs 395
- Pricing strategy aimed at protecting volumes
- Maintained same-price options across key variants
- Volume impact likely limited
- ITC may outperform bearish consensus expectations for FY27
- Valuations seen as attractive
JPMorgan on Power Grid
- Maintain Overweight with TP of Rs 319
- Pickup in execution likely to support outperformance
- Right-of-way issues largely resolved
- New land compensation norms in place
- Slight upward revision in FY26 guidance
- Long-term estimates remain unchanged
- Strong RoE, defensive business model and dominant market share remain key positives
Macquarie on Asian Paints
- Maintain Outperform with TP of Rs 3,100
- Announced 6–8% price hikes in two phases
- Reflects pricing power amid rising input costs
- Suggests margin headwinds likely temporary
MS on Asian Paints
- Maintain Underweight with TP of Rs 2,126
- Dealer checks confirm 6–8% price hikes
- Company attempting to minimise customer impact
- Thinners likely to see sharper price increases
MS on Fractal Analytics
- Initiate Overweight with TP of Rs 964
- Strong positioning in data analytics and AI-driven services
- Platform-led approach expected to drive above-industry growth
- High gross margins reflect quality business
- Margin gap with peers expected to narrow
- Premium valuation justified by growth outlook
Kotak Securities on Eternal
- Maintain Buy with TP of Rs 375
- Platform fee hike aimed at offsetting cost inflation
- Higher packaging, fuel costs and delivery distances driving expenses
- Move expected to help maintain contribution margins
- Peers may follow similar pricing actions
Jefferies on IndiGo
- Maintain Buy with TP of Rs 6,140
- Summer schedule indicates 6–7% YoY growth in domestic departures
- Improves confidence in 10–11% ASK growth for FY27
- Capacity risks easing
- Earnings visibility now tied to duration of Middle East crisis and fuel price trends
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