HDFC Bank Ltd, Jubilant FoodWorks Ltd., Eicher Motors Ltd., and Oil and Natural Gas Corp. are some of the stocks that have drawn anaylst commentary on Monday.
Motilal Oswal On Eicher Motors
- Upgrade to Neutral with target price of Rs 6960
- Domestic demand remains strong, led by the 350cc segment.
- The 350cc+ segment weakened after the GST hike.
- Recovery is now visible due to multiple new products.
- Export outlook remains uncertain and mixed.
- Geopolitical tensions pose a gas‑supply risk.
- This could disrupt near‑term production.
- Management remains focused on profitable volume growth.
- Stock has corrected ~17% from peak amid global uncertainty.
- Now appears fairly valued at 29.8x FY27E and 26.0x FY28E.
Morgan Stanley on ONGC
- Overweight with target price of Rs 363
- Expects ONGC's share price to rise within 30 days
- Fuel export tax cuts reduce risks of future windfall taxes for ONGC
- Stock still seems to price in Brent at US$60/bbl, despite tighter markets
- ONGC offers an 18%+ FCF yield at US$80/bbl long‑term Brent prices
- Key triggers: higher Mumbai High output, better gas prices, and stronger downstream profitability
Morgan Stanley on Oil India
- Overweight with target price of Rs 563
- Removal of fuel export taxes reduces major overhang for upstream producers
- Stock appears to price in low oil assumptions despite structurally tighter markets
- Strong production and earnings growth (~5% and 20%+ CAGR FY25–28e) support its valuation
- Attractive at ~7x forward P/E with consistent 15%+ ROE and expanding refining capacity
Brokerages On HDFC Bank
Jefferies
- Maintain Buy with TP of Rs 1240
- Valuations Attractive Post Correction; Stays Among Top Sector Picks
- Now, valuations at 1.6x FY27E adj PB are at disc & low premium to peers
- Valuations are attractive given stronger asset quality, healthy growth & ROE
- Sensitivity to higher credit cost & lower topline is manageable
- Clarity on board-issues & rollover of CEOterm/ Chairman appointment can aid reratin
JPMorgan
- Upgrade to Overweight from Neutral; Cut TP to Rs 1010 from Rs 1090
- Valuation reset creates attractive entry point, core franchise strong
- See a recovery in system credit growth
- See positive RoA inflection as higher-cost borrowings are replaced by low-cost deposits
- Strong asset quality track record and liability franchise, positions HDFC well in the current uncertain macro environment
- Constrained deposit environment could weigh on sentiment and earnings
- Believe that the recent valuation de-rating factors in the likely earnings risk
Jefferies on India Financials
- RBI's Forex Tightening Can Swing Negative Surprise for Banks; Expecting Leniency
- In a surprise move, RBI has capped banks' net open position (NOP) in onshore forex market
- This may be driven by sharp depreciation of INR & wider spread between offshore (NDF) & onshore mkt
- While this may support INR, unwinding of positions (by 10Apr) may lead to MTM losses in Q4
- Positions may be large at $30-40bn with large banks & select foreign banks leading
- Sector has sought leniency from RBI
- Indian banks like SBI, ICICI, HDFC, Axis, and leading foreign banks operate in India with gross onshore positions of $30-40bn that offset each other
- Every Rs1/USD dual movement in INR on $30-40bn of book can lead to a one-time loss of Rs 3000-4000 cr for the banking sector
- Appreciation of INR in the NDF market may lead to profits for hedge funds & foreign banks in the forex derivative markets
Kotak Securities on Emmvee Photo
- Initiate Add with TP of Rs 250
- Delivery on track; valuations attractive
- One of India's largest integrated solar cell and module manufacturers
- Rapid capacity expansion plans in the next three years
- Expect Emmvee to have a robust 44% PAT CAGR over FY25-30
- See India capacity expansion, higher backward integration and improved capacity utilization
- Heightened competitive intensity will likely impact margins and return ratios from FY28
Citi on Apollo Hospitals
- Maintain Buy with TP of Rs 9600
- Hospital (existing + new) business revenue is expected to accelerate with 16-17% growth in FY27/28E with 24-25% margins
- Hospitals expansion remains on track, with potential breakeven of new capacity by end FY27
- See positive EBITDA contribution of 8-10% by FY28
- Impact of Middle East disruption is minimal, recovery expected in coming qtrs.
- Bangladesh volumes also recovering
- Consumable inflation driven by INR depreciation is largely pass-through
- Apollo 24/7 is nearing breakeven by Q1FY27E
- HealthCo growing at a strong ~17–18% CAGR
- Keimed merger plus eventual listing is likely to unlock a large, high-growth consumer platform
- Apollo remains preferred pick in the Indian Hospitals space
Morgan Stanley on Jubilant FoodWorks
- Maintain Overweight with TP of Rs 693
- Short-term challenges due to LPG supply constraints
- This is an unprecedented external headwind
- Will likely have some temporary impact on the company's performance in Q4
- If the constraints continue for a longer period, especially during the key IPL season implications could continue until Q1
Jefferies on India Energy
- Upstream benefits most as crude price isn't capped
- Excise duty cut: diesel and gasoline down Rs 10/litre each lowers OMC losses
- Reliance GRMs capped unless SEZ refinery gets exemption (none announced yet)
- Petchem margins improving due to NE Asia supply cut
- OMC marketing losses fall but still high
- HPCL earnings hit hardest, then IOCL; BPCL least impacted
- No windfall tax on ONGC/Oil India
- ONGC gains from higher crude; HPCL drag hurts consolidated results
- OMCs still under pressure until Middle East conflict cools
ALSO READ: Excise Duty Cut On Petrol, Diesel May Cost India Up to 0.5% Of GDP, Say Brokerages
Essential Business Intelligence, Continuous LIVE TV, Sharp Market Insights, Practical Personal Finance Advice and Latest Stories — On NDTV Profit.