Brokerage Radar: Jefferies trims PI Industries target; Goldman Sachs bullish on Aurobindo Pharma

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes TCS, PI Industries, Aurobindo Pharma and more.

Buy Call, Target Cut To `4,865/Sh From `5,100/Sh

Factored In Lower Kumiai Agchem Rev Growth Guidance While Guiding For Lower Growth In Q2

Co Sees No Impact On Margin With Raw Material Prices Softening

New Products Should Drive Growth In FY26

Cut FY26/27 Revenues 3%/5% Leading To 4%/5% Cut To FY26/27 EPS

Project 10% EPS CAGR Over FY24-27

Buy Call, Target At `1,660/Sh

Partnership Between Max Life & Axis Bk Has Led To Co Name & Brand Change To Axis Max Life Ins

The Refresh Identity Could Enhance Brand-Recall, Especially In Tier II/III Mkts Where Bk's Brand Is Strong

Norms On Banca Will Be Watched; Axis Drives 45% Of APE

Valuations At 8x P/VNB Is Attractive

2024 Was A Year Of Liquidity Constraints

Expect Easier Liquidity Conditions In 2025, Which Should Aid Deposit Growth

A Breather From Further Regulatory Tightening, Recession Of Asset Quality Headwinds Are Needed

Preferred Stocks For 2025: Axis Bank, HDFC Bank, ICICI Bank Among Banks

Bajaj Finance, Shriram Housing Finance Are Preferred Among NBFCs

India's Fuel Prices Are Benchmarked To $73/bbl Brent

Integrated Margin For OMCs Was Largely Stable Despite Depreciating ` As Brent Remained Weaker

Rising Crude Discounts And Strong Domestic Demand Should Continue To Support Margin

Prefer HPCL, BPCL

Buy Call, Target At `1,525/Sh

CHMP Recommendation For Zefylti - Positive Development

Significant Investments Aimed At New Lever For Growth

Co Remains A Preferred Pick

Prefer UltraTech, Shree Cement, Ambuja & Ramco (All Buy)

Neutral On Nuvoco & ACC

Reduce On Dalmia Bharat

Q3FY25 Average Spreads Improve Marginally On Lower Fuel Cost

60-day And 90-day Lagged Spreads Suggest Up To `70/t Expansion

Cement Spreads Suggest Slight Improvement Amid Flattish Cement Prices

Bullish On Long-term Tailwinds Despite Recent Moderation

Overweight Call, Target At `1,365/Sh

CFO Says 85-90% Of The Volume Deceleration Was Due To Cyclical Factors

Volume Weakness Not Suggestive Of Structural Demand Challenges

Co Expects Soaps Volume Growth To Return To Normative Levels Over The Next Two Quarters

H1 Is Expected To See A Quicker Recovery If Seasonality Stays Normal In Q4 By The Co

Post Sharp Selloff Find Risk Reward Is More Reasonable & Expect Co To Outperform Peers Hereon

Overweight Call, Target At `6,100/Sh

Growth Outperformance Led By Client Mining, Winning In Vendor Consolidation, GenAI Pivot

Bfsi And Healthcare To Continue To Drive Growth With A Gradual Pick Up In Hitech

Clients Sound More Optimistic With US Elections & Fed Rate Cuts Behind

Priority Is On Growth Over Margin As The Latter Can Be Recouped Over A Period Of Time

GenAI Can Drive Nearly 25% Productivity Benefits & Won’t Be Deflationary

Sell Call, Target At `3,935/Sh

BSNL Project Is Expected To Be Stable To Slight Decline In Q3 & Start Tapering Off Post That

Smaller Discretionary Deals Are Emerging But Face RoI Scrutiny

Mega Deals Are Being Divided Into Smaller Contracts

UK & Europe Has Softer Demand Compared To North America

Co Aims To Achieve An Aspirational Margin Band Of 26-28%

Reduced Subcontracting Costs Is A Result Of Strategic Decisions Rather Than Market Conditions

Sell Call, Target At `1,475/Sh

Co Is Doubling Down On Key Verticals – Telecom, Mfg (Particularly Automotive & Industrial)

Co Is Doubling Down On Key Verticals – BFSI, Healthcare & Life Sciences

Focus Is More On Building Capabilities In Cloud, AI & Automation, Enterprise Applications

Key Margin Levers Are – Pyramid Improvement, Pricing Optimization

Key Margin Levers Include Reducing Subcontracting Costs, Improving Utilisation Rates

Sell Call, Target At `5,710/Sh

BFSI Vertical Has Seen Uptick In Demand & Continues To Hold

Retail, Consumer Goods, Healthcare, And Manufacturing Are Seeing Pick Up In Deals

Tech Vertical Is A Mixed Bag, With Some Accounts Performing Well While Others Tighten Budgets

Margin Improvement Targets Are Being Deferred To Prioritise Other Strategic Initiatives

Margin Levers – SGA Optimisation, Pyramid Correction, Operational Cost

Co Has Done Enough Work To Be Comfortable That They Will Meet Targets

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