Stock Picks Today: Glenmark Pharma, Tata Consumer, ICICI Bank, Niva Bupa, Radico Khaitan On Brokerages' Radar

Glenmark Pharma Ltd., Tata Consumer Products Ltd., Bharti Airtel Ltd., ICICI Bank Ltd., Radico Khaitan Ltd., and Niva Bupa Health Insurance Company Ltd., are among the companies garnering brokerage commentary today.

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

Nomura

• Maintain neutral with target price of Rs 1,500

• Another oncology in-licensing deal

• In-licensing is part of Glenmark’s strategy to build branded patented drug portfolio

• Trastuzumab Rezetecan will be the largest contributor to the company’s target to get to $350-400 mn in innovation drug revenues in next 5-7 years

Goldman Sachs

• Maintain Buy; Hike target price to Rs 1,290 from 1,270

• Improved visibility of margin recovery driven by lower tea prices

• Relatively limited GST transition disruptions

• Core business growth likely to improve, growth segments expected to bounce back after a weak June quarter

• Non-branded margins aided by a bounce back in coffee prices

CLSA

• Maintain Outperform with target price of Rs 2,035

• Nxtra to gain from data centre policy

• Nxtra plans to double capacity to 400MW

• Nxtra is a part of Bharti’s enterprise business, which is 15% of India operations as mobile business dominates

• Although Nxtra is mere c10% of Airtel Business, it is growing rapidly

• Revenue and Ebitda rising by 87-93% over four years

• Believe valuation multiple could surpass Bharti’s, given its strong growth prospects

Citi

• Maintain buy with target price of Rs 300

• NIMs bottomed out in Q1; improvement anticipated Q2 onwards

• Advances growth is accelerating led by secured retail and commercial banking

• MFI disbursements now outpace repayments, eliminating further portfolio run-down concerns

• Stress in JLG subsides; credit card taking longer to normalize

• Core fee income – building traction from Q1 base

• Cost control initiatives currently underway; impact to become discernible Q3 onwards

Jefferies

• Maintain buy with target price of Rs 3,590

• Growth momentum remains strong for Radico after a stellar Q1

• Limited salience in Maharashtra (tax hike) and several growth levers firing on all cylinders

• Should also help improve profitability, with inflation manageable across key inputs

• Pace of innovation remains healthy, with recent launches of luxury vodka, super-premium whisky, and scale-up in low prestige

• Balance sheet should turn net cash by FY27

Citi

• October MPC: A Dovish Tilt Expected with a Marginal Bias for an Outright Cut

• Space for a more dovish tilt in the October MPC has opened up

• See either an “insurance” rate cut to protect against the downside growth risks

• Or a “dovish pause” with an outright assurance to act soon if required

• Have a marginal bias that the RBI would opt for the “insurance” rate cut view

• Communicating a “dovish pause” might be more difficult, ending up being a “wait and watch” policy

Investec

• Maintain buy with target price of Rs 1,745

• Management anticipates a gradual pick up in loan growth

• NIM compression is expected to be milder than anticipated

• Funding costs have responded well to repo rate cuts

• Bank remains selective in the aggressively priced wholesale lending segment

• Asset quality trends in unsecured retail are improving; growth should gradually improve

• Fee income would largely grow in line with loan book

• Treasury gains should moderate in the absence of yield curve tailwinds seen in Q1

• ICICI Bank remains one of the top picks

• Expect the bank to deliver 2.4%/17% RoA/RoE over FY26/FY27 with 14% EPS CAGR over FY25-28

Avendus Spark

• Initiate Add with target price of Rs 90

• Reported GDPI growth to be under pressure due to 1/N; however, it should remain strong on N basis

• Higher exposure to benefit-based health or diversified book makes Niva Bupa GDPI growth less volatile

• Calibrated porting should aid better growth

• Niva Bupa has a bigger lever of reporting growth by taking price hike vs. peers

Citi

• Maintain buy with target price of Rs 1,050

• Continue to build in loan growth of 13-14% YoY

• See NIMs at 2.8-2.9% and stable credit cost of 40-45 bps

• Expect it to deliver ROA of 1% and ROE of 14-15% over FY26-27

• SBI is preferred pick within the PSU banks coverage

Jefferies

• India is now a consensus Underweight for foreign investors

• Given the sharp underperformance YTD, the key focus is identifying bottom-up ideas to lower the Underweight

• Corporate India's optimism on GST cuts driving consumption was visible, though partially priced-in

• Govt. seems intent on utilizing tariff-driven concerns as a reform driver

• Believe a near-term market bounce is likely on cards, though the potential equity supply tempers 12-month outlook

Kotak Securities

• Maintain reduce with target price of Rs 1,180

• Organisation is being aligned with a revamped strategy under the new CEO

• Client behavior remains unchanged, despite reduced macro uncertainty

• Transportation segment will continue momentum, led by aerospace

• Communications vertical will fare better than the past year

• Energy vertical remains weak in the near term

• Await the details of the strategy and expected outcomes of the turnaround plan under the new CEO

Incred

• Channel check showed cement industry passing on GST cut benefit

• Prices cut by Rs 10–30 per bag; new rates to be implemented nationwide in a week

• Experts feel that it should contribute positively in the long run by improving affordability and boosting the demand sentiment post festive season

• Price hike capped until mid-Oct 2025 due to the strong festive season and global pet-coke price rise limiting the industry’s ability to pass on cost pressure