Brokerages rolled out fresh calls on Godrej Properties, JSW Energy, ICICI Bank, HDFC Bank and others, while flagging trends across metals, capital goods and financials.
Jefferies on Godrej Properties
- Maintain Buy; TP Rs 2,420
- Promoter's 5% stake increase signals confidence in fundamentals
- Execution & cash flows remain key focus
- Targeting 20% RoE by FY28
- Expect ~20% pre-sales growth over medium term
- Likely to turn meaningfully FCF-positive by FY28
Jefferies on Aegis Vopak
- Maintain Hold; TP Rs 255
- LPG pipeline projects improve earnings visibility beyond FY30
- Pipelines to enhance throughput and connectivity
- Execution and timely awards key monitorables
Jefferies on Jio Financial Services
- Consol profit at Rs 2.7 bn (-14% YoY); ops income +198% YoY
- Lending AUM up 35% QoQ to Rs 257 bn
- App users at 23 million
- Building steadily; no risk to covered financials
- Exploring life/general insurance JV with Allianz
Jefferies on JSW Energy
- Maintain Buy; TP Rs 660
- Shift toward stable earnings, better EBITDA predictability
- Merchant capacity reduced to 8% vs 13% YoY
- Targeting 30 GW capacity by 2030
- Net debt/EBITDA to improve
- 41% EBITDA CAGR expected over FY25–28E
Macquarie Pair Trade
- Tata Steel (Bull)
- EU sentiment improving; domestic price stability supportive
- EU business cash flows to improve
- Volume upside from Kalinganagar ramp-up & EAF capacity
Hindalco Industries (Bear)
- Aluminium rally largely priced in
- Hedge policy caps upside
- Valuations (~6.7x EV/EBITDA) limit upside
Jefferies on Larsen & Toubro
- Maintain Buy; TP Rs 4,500
- Recovers most Middle East-led correction
- Order inflow outlook improves with regional expansion
- Oil at sub-$90/bbl supportive
- Conservative guidance; margins protected
Jefferies on ICICI Bank
- Maintain Buy; TP Rs 1,670
- Loan growth led by corporate & business banking
- Stable NIMs
- Asset quality strong; corporate recoveries positive
- Better growth with slightly higher credit costs ahead
Jefferies on HDFC Bank
- Maintain Buy; TP Rs 1,050
- Softer topline offset by efficiencies
- Deposit growth key for loan growth & LDR
- Asset quality stable
- Expect ~15% PBT CAGR
HSBC on Biocon
- Maintain Buy; TP Rs 425
- Balance sheet strengthened; structure simplified
- Focus on biosimilars, profitability and cash flows
- Market share gains key trigger
Kotak on ICICI Bank
- Maintain Buy; TP Rs 1,800
- Strong all-round performance
- Stable NIM; lower provisions support earnings
- Focus on balance sheet strength
- High expectations may cap outperformance
Morgan Stanley on HDFC Bank
- Maintain Overweight; TP Rs 1,025
- PAT beat led by lower provisions & costs
- Loan growth focus; LDR no longer a constraint
- Strong earnings resilience
BofA on HDFC Bank
- Maintain Buy; TP Rs 950
- Healthy quarter; loan growth improving
- Better NIMs, lower provisions
- Strong deposit growth
- Asset quality benign
Citi on HDFC Bank
- Maintain Buy; TP cut to Rs 1,020
- NII miss; softer fees
- Retail loan growth lagged
- Constructive growth outlook
- Earnings cut by 3–4%
Citi on ICICI Bank
- Maintain Buy; TP Rs 1,720
- Loan growth accelerating
- Stable NIMs; near-zero credit cost
- Rural & business banking driving growth
- Credit cost buffer from provisions
Morgan Stanley on ICICI Bank
- Maintain Overweight; TP Rs 1,705
- PAT beat driven by lower provisions
- Loan growth accelerated to 16%
- Strong resilience amid macro risks
Citi on Concord Biotech
- Maintain Neutral; TP cut to Rs 1,190
- EPS cut 20–23%
- Slower API & formulation growth
- Margin compression
- Lower growth outlook
Morgan Stanley on Yes Bank
- Maintain Underweight; TP Rs 15
- Core performance inline
- PAT miss due to one-off provisions
- NIM improved QoQ
- Balance sheet growth improved
- Valuation remains a concern
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