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Brokerages rolled out fresh calls on Union Bank of India, PVR Inox, Adani Energy Solutions, Infosys, and Cipla, while also flagging trends across cement, autos and fintech.
JPMorgan on Cement Sector
- Price momentum to continue in near term
- Cement prices up Rs 10–25/bag in April
- No rollbacks seen so far; further hikes likely
- Non-trade segment outperforming trade
- Risk of downtrading as prices rise
- Supply remains largely intact
UBS on Union Bank of India
- Maintain Neutral; TP Rs 195
- Weak quarter; margins moderated sequentially
- PAT beat led by lower opex and provisions; NII weak
- Loan growth improved QoQ
- Management focused on profitability-led growth
Kotak Securities on Union Bank of India
- Maintain Buy; TP Rs 210
- Strong quarter driven by lower provisions
- NIMs under pressure amid growth push
- Asset quality stable; benign credit cost outlook
- Valuations reasonable for RoE profile
CLSA on PVR Inox
- Maintain Outperform; TP Rs 1,920
- Strong box office performance driving growth
- Reported highest post-pandemic admissions, revenue, EBITDA and PAT (9MFY26)
- 2026 expected to outperform 2025
- Premiumisation and strong content pipeline to support growth
Cantor on Adani Energy Solutions
- Maintain Overweight; TP Rs 1,198
- Strong Q4 performance
- Transmission remains key earnings driver
- Smart metering scaling up
- Business in high-investment phase with improving operating strength
Jefferies on LTIMindtree
- Maintain Underperform; TP cut to Rs 3,700
- Weak growth outlook
- Q4 supported by one-off deal wins
- Core verticals and top clients under pressure
- Expect 6%/9% revenue/EPS CAGR over FY26–29
- Risk of further derating
Kotak Securities on LTIMindtree
- Maintain Reduce; TP Rs 4,430
- Slight miss on revenue and margins
- Hi-tech drives growth; BFSI remains weak
- Deal pipeline steady but not strong
- Stock appears expensive
Jefferies on Pine Labs
- Maintain Buy; TP Rs 260
- Limited impact from RBI's tighter PPI norms
- Wallet/gift card exposure minimal
- Core retail payments business intact
- Strong growth and operating leverage expected
Citi on Aditya Birla AMC
- Maintain Buy; TP raised to Rs 1,195
- Improving equity scheme performance
- Positive incremental business momentum
- Gradual recovery in operational trends expected
Morgan Stanley on Cipla
- Maintain Underweight; TP Rs 1,237
- USFDA approval for generic Ventolin HFA positive
- ~$130 mn FY27 opportunity; ~4% EPS boost
- Offsets some pipeline erosion risks
- Execution remains key concern
Citi on Cipla
- Maintain Buy; TP Rs 1,530
- Ventolin approval strengthens pipeline credibility
- Expected $50–70 mn revenue contribution
- Key launches ahead to drive growth
- Rebuilding investor confidence in complex generics
Morgan Stanley on Cyient
- Maintain Underweight; TP Rs 1,050
- Q4 below expectations
- Strong growth in transport & mobility
- Weakness in strategic units
- Outlook positive but execution remains challenging
- Buyback could offer near-term support
BofA on Infosys
- Maintain Buy; TP Rs 1,570
- Growth recovery delayed
- Q4 and FY27 guidance below expectations
- Margins supported by AI investments
- Financial services and energy to lead growth
Jefferies on Infosys
- Maintain Hold; TP cut to Rs 1,235
- Growth headwinds persist
- Weak manufacturing vertical and key geographies
- FY27 guidance disappointing
- Dividend yield offers downside support
Citi on Infosys
- Maintain Neutral; TP cut to Rs 1,300
- Weak Q4; guidance largely in line
- Continued sluggish demand environment
- Relative outperformance vs peers expected
- Sector outlook remains cautious
Kotak Securities on Infosys
- Maintain Buy; TP cut to Rs 1,440
- Another year of weak growth expected
- Guidance of 1.5–3.5% reflects client headwinds
- H1 stronger than H2
- Prolonged slowdown to weigh on valuations
Jefferies on Auto Sector
- Competitive landscape shifting
- TVS Motor gaining share in 2Ws; exports strong
- Eicher gaining domestically
- M&M rises to #2 in PVs; Hyundai slips to #4
- Weak demand persists in small cars despite GST cuts
- Prefer TVS, Eicher, M&M; cautious on Hyundai, Tata Motors PV, Hero Moto
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