Stock Picks Today: NSE, Dalmia Bharat, Bajaj Finance, Varun Beverages, And More On Brokerages' Radar

Brokerages have highlighted opportunities across NBFC, Indian stock exchanges, cement, pharma, healthcare, banks, power, FMCG and retail sector, issuing fresh calls on National Stock Exchange, BSE, Groww, Dalmia Bharat, Bajaj Finance, Varun Beverages, Piramal Pharma, Yes Bank, Vishal Mega Mart, CESC, Motilal Oswal, Manipal Health, India Shelter while also sharing their outlook on banks, NBFCs and insurance sector.Macquarie on NSEInitiate Outperform with TP of Rs 1965View NSE as &ldquo;The Dominator&rdquo;, due to its leading market share and powerFull set of services, technology stack and deep liquidity make NSE the lynchpin of India&#039;s financialisationEntrenched network effects, industry-leading profitability and cash, underpin positive outlookPlatform expansion to drive revenuesNear-term pressure from CAS, long-term industry outlook still constructiveSuperior fundamentals justify a premium multipleRoom for further re-rating, if new products accelerateMacquarie on BSEInitiate Outperform with TP of Rs 4000View BSE as &ldquo;The Challenger&rdquo; as its pivot to index options has made it a credible competitor to NSEBSE&#039;s platform expansion and share gains create revenue and margin optionality, supporting strong cash generationEarnings growth, margin expansion and platform optionality underpin positive outlookRiding India&#039;s financialisation wavePlatform expansion to drive revenues; Structural margin tailwindsNear-term pressure from CAS, long-term industry outlook still constructiveRoom for further re-ratingMacquarie on MCXMaintain Outperform with TP of Rs 3820Deem MCX &#039;The Phoenix&#039; as it has recovered from a near-death situation and leveraged its first-mover advantage to dominate commodity tradingDespite a high FY26 base, MCX&#039;s low penetration of investors and products should evolve, driving highly visible growth and high marginsCommodities is an under-penetrated opportunity in IndiaMCX has built a deep moat and is improving its value proposition with new products broadening the baseRevenue trajectory driven by increase in investors and productsMacquarie on Angel OneInitiate Neutral with TP of Rs 285Consider Angel One a &#039;Transformer,&#039; as it transitions from a &quot;Bricks &amp;amp; Mortar&quot; broker to a &quot;Bricks &amp;amp; Clicks&quot; modelSee several challenges due to increased competition, high earnings sensitivity to reduced volumes, and high proportion of float incomeGrowth may become harder to achieveMacquarie on GrowwInitiate Outperform with TP of Rs 260See digital financial-services platform GROWW as a &#039;Disruptor&#039; as it upends India&#039;s retail stock brokerage industry with its tech-first platformGROWW&#039;s platform-based approach creates flywheel benefits driving share gains, high margins, and significant cash generationRevenue trajectory driven by platform expansionExpect significant margin expansionVery constructive long term on the industry; near-term results to be impacted by CASALSO READ:&amp;nbsp;Four Stocks To Buy Today: Sona BLW, MCX, Deepak Fertilisers, And Marksans Pharma | Sept 24Macquarie on India InsuranceIRDAI takes an axe to distribution payoutsHigher caps for tied agents over the banca and broker channel, rewarding selling effort over distribution leveragePure-term life first-year commissions are capped at 25-30%EoM squeezed to 12.5% (life) and 20% (general) over five yearsLIC and SBI Life relatively insulated while PB Fintech most exposedAxis and HDFC Bank affected more than SBI, ICICI, and KotakHSBC on India InsuranceIRDAI proposal upends traditional compensation modelsIRDAI proposes a broad redesign of insurance distribution and cost structure to improve insurance affordability and penetrationProposed EoM limits are stringent and, if implemented, can have a wide implication across insurers, brokers, and lendersRelatively, SBI LIFE appears least impacted while HDFCLIFE, MAX Financial and PB FINTECH could see higher potential impact.Bernstein on InsuranceUGLY commission cuts - we were wrongPB Fintech most impacted with varying impact on insurersDeep cuts in health, deferrals for term, motor goes to zeroPB Fintech &ndash; unviableAt this point, the real question is - does the regulator see PB Fin as a positive contributor to the insurance ecosystem or not? It does not seem like itThe cuts are shaped in a way that pinch PB Fintech the mostInsurers need to manage lower commission/total costs caps and growthLower costs will be passed on to customers, bringing in some volume uptickThese proposals will hurt the industry in the near-term, for sure; it could be a good step in the long-runLIC and SBI Life are better placed given their agency mix/ULIP mix and their lower cost structuresOther life insurers will need to balance growth and commission/opex cuts.Citi on Dalmia BharatMaintain Buy with TP of Rs 2150To become a pan India player &ndash; entered Central India, next phase of expansion likely in the NorthTo aim increase utilization in existing geographiesTrying to reduce the gap vs. the highest price category A playerBalance sheet &ndash; maintain Debt/EBITDA at &amp;lt;2x, rational capacity additionIndicated weak Q2 demand and pricing in East/North EastOverall cost pressures worse than earlier expected.Jefferies on Bajaj FinanceMaintain Buy with TP of Rs 1280To seek shareholder approval to raise capitalLeverage is manageable at 4.9x with healthy ROE of 21%, strong loan growthStaggered monetisation of 87% stake in Bajaj Housing &amp;amp; mgt succession in Mar-28 may have pushed the raisingAssuming they raise 10% of FY28 net worth, it may be Rs 15000 crThis can lift FY28e EPS by 1%, BVPS by 7%, ROE tapers marginallyGiven strong growth &amp;amp; ROE, Bajaj Finance stays among top picksGS on Piramal PharmaMaintain Buy with TP of Rs 250Reiterated their guidance of low to mid teen topline growth with faster EBITDA/PAT growth in FY27There is potential to be reviewed upwards after Q2Maintained medium term guidance of doubling company level revenue to $2bn with 25% margin by FY30, driven by a couple of large CDMO opportunitiesHowever, acknowledged that it could be a stretchCiti on Yes BankMaintain Sell with TP of Rs 22FCNR mobilization favored granularity and tenor diversificationExcess FCNR liquidity and IBU leverage will temporarily weigh on marginsMDR implementation is fee-accretiveCredit costs stay anchored at 50 bps or less with no fresh stressFocused on improving core profitability excluding treasury and SR-related volatilityAT1 verdict remains pendingSMBC collaboration is gathering momentum across origination, best-practice exchange, and ecosystem accessJefferies on BanksTighter Commission Norms are Slight Earnings Risk for BanksInsurance regulator proposes to tighten caps on insurance commissions from FY28It has sought public opinion on draft norms over next month, and rules apply prospectivelyThis will be tad negative for banks&#039; bancassurance fees, esp credit-protect premiums, as it&#039;s mostly single premium with high commissionsBased on FY26 banca commission/FY27 profit (normalised), IndusInd Bank and IDFC First have higher exposure, and ICICI and PSU Banks have lower riskCiti on Banks and NBFCsThe commission crunchFor banks/NBFCs, adversely impacts bancassurance/credit-life economicsIt reduces insurance fee pools earned from credit-life, property, and related loan-linked insurance productsProposed caps compress loan-linked insurance commissions to as low as &amp;lt;5%It bans compulsory bundling, mandate direct premium payment from customer&#039;s own account and impose an &lsquo;all-inclusive&#039; definition of commission.ALSO READ:&amp;nbsp;NSE IPO Listing Live: Track Listing Price, Share Moves, Investor Response And Market Debut UpdatesJefferies on InsuranceIRDAI&#039;s Distribution Regulations: negative for Distributors; Neutral for InsurersIRDA&#039;s distribution consultation paper proposes stricter EOM limits for insurersProposes 1/2-1/3rd commission cuts in health, term and motor insuranceThis is a risk for PB Fintech/Turtlemint; 10% cut in new business commission rates translate to 10-12% fall in their earningsOn the other hand, any correction in SBI Life, Star Health and ICICI Lombard could be a BUYing opportunitySee limited risks from the paper, share gain opportunities and scope to expand marginsCiti on India ShelterMaintain Buy with TP of Rs 1010Distribution recognition transition behind; sourcing alignedAsset quality &ndash; near term plateau and see H2 recoveryLiability defenses intact; floating mix and AA upgrade runway buffer marginsCalibrated expansion &ndash; scaling digital sourcing while staggering branch rollouts.Kotak Securities on Manipal HealthInitiate Add with TP of Rs 825Born in Bengaluru, built for IndiaRepeatable M&amp;amp;A playbook and scaling in existing and new marketsFinancials: estimate robust ~16%/19% sales/EBITDA CAGRs over FY2026-29EKey risks: Any acquisition-related integration issues and lower RoCEsCLSA on CESCMaintain Outperform with TP of Rs 204Emerging transition play2x PAT by 2030 - achievableSee combination of renewable scale-up, improving subsidiary profitability and a growing IPP portfolio, funded by distribution cashflowsThese positions CESC to deliver structurally higher earnings growth and returns.ALSO READ:&amp;nbsp;Stock Market Today: All You Need To Know Before Going Into Trade On Sept 24CLSA on Varun BeveragesMaintain High Conviction Outperform with TP of Rs 629Portfolio broadening supports growth; competition manageableCompetition remains concentrated; Campa adjusts pack architectureMix shifting toward Sting, Mountain Dew and emerging categoriesIndian snacks launch can leverage VBL&#039;s distribution reachPricing, input costs and trade spends appear manageableUBS on Motilal OswalMaintain Buy with TP of Rs 1150Received SEBI approval as securities custodianStrategically positive, with a limited near-term impact on earningsLicense enhances MOFSL&#039;s institutional platform, creates cross-selling opportunities &amp;amp; provides exposure to a high-barrier-to-entry, recurring fee-income business.MOFSL remains top pick in capital marketsJefferies on Vishal Mega MartMaintain Buy with TP of Rs 160Analyst Meet Update - Show of StrengthMaiden analyst day, exposed its mid-level mgmt., a first alongside CEO, popularly known as GKVishal&#039;s value-for-money playbook is evolving with rising aspirationsMgmt. sees a long growth runway via store expansion, refurbishments, private labels, &amp;amp; quick commerce, while new formats expand TAMDespite heavy investments in tech, supply chain &amp;amp; automation, strong volumes and sourcing advantages underpin confidence in sustaining marginsMS on Vishal Mega MartMaintain Overweight with TP of Rs 146Reiterated guidance of 100+ store openings annually for the current format stores, along with 4-5 openings per quarter for the smaller format storesClear path to 2,000 stores for the current format; towns and locations have been identified for mostOn a full-year basis, the key goal remains double-digit SSSGThis year&#039;s festive season is delayed to Q3, vs. 2Q last yearBenefits of operating leverage from the 17-18% volume growth that the business has been showing will be invested back in the businessVishal is piloting a new fashion store in Delhi under a new brand nameVishal&#039;s online channel is at cash break-even.Disclaimer: The views and opinions expressed by the investment advisers on NDTV Profit are of their own and not of NDTV Profit. NDTV Profit advises users to consult with their own financial or investment adviser before taking any investment decision.&amp;nbsp;

Stock Picks Today: NSE, Dalmia Bharat, Bajaj Finance, Varun Beverages, And More On Brokerages' Radar

Check out the top stock calls, initiations, upgrades, downgrades, and target price revisions from leading brokerages ahead of today's trade.

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