Brokerage Radar: Morgan Stanley, JPMorgan stay 'Overweight' on RIL; Jefferies rates SBI a 'Buy'

Brokerage Radar

Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Reliance Industries, State Bank of India, Sobha Ltd and more.

Overweight Call, Target At `1,662/Sh

Refining Margin Is Starting To Recover After Two Tough Quarters

Permanent Refinery Capacity Shutdowns Have Also Risen

Stock Is Pricing In Challenges Across Key Verticals Post $50 Bn Mkt Cap Reduction In Q4 But Not Improvement

FCF Engine Should Pick Up Pace As Nearly 0.6 mbpd Of Refining Capacity Shuts In 2025 Globally

Net Capacity Adds Should Be Half Of Demand Growth

New Energy Is Seeing Improved Outlook As China Controls New Solar Panel Capacity Production

Overweight Call, Target At `1,468/Sh

One Of The Two Drivers Of Recent Underperformance - Weak Refining Margin & It Has Reversed

Poor Retail Topline Growth Is Difficult To Anticipate, But Expectations Have Compressed

Post Stock Correction, Est Implied Valuations For Retail Business Are 25x FY26E EBITDA

Valuations For Retail Business Are Below Historical Levels & Peer Retailers

Start Of The Solar Panel Plants Could Be A Modest Near Term Catalyst

PFC – Outperform Call, Target At `620/Sh

REC – Outperform Call, Target At `653/Sh

PFC-REC Stocks Have Been Down Sharply On US SEC’s Claims On Adani Green & Azure (Not Covered)

Street Is Not Realising That Loans Given By REC To Azure Have Nothing To Do With Proj Implied In The Document

Continue To Be Positive On PFC & REC & See Recent Correction As An Enhanced Buying Opportunity

Buy Call, Target At `1,030/Sh

Asset Quality Is Holding-Up And Recoveries Will Also Aid Earnings In H2

Policy Rate Cuts May Be Gradual And Bank’s Higher Share Of MCLR Loans Will Insulate NIM

Bank Doesn’t Plan To Raise Capital Or Monetise/ List Stake In Subsidiaries

Buy Call, Target At `2,150/Sh

Q2 Bookings Disappoint On Launches

Margin Disappoint On Contractual Business To Catch Up, Launch Pipeline Robust

Post Its Recent Rights Issue & Improved OCF Performance, Business Is Poised For Strong Growth

From Early Signs Of Stress In Asset Quality In Q1, Sector Is Now In A Full Blown Crisis

Credit Costs Are Likely To Stay High In H2

Expect Steady State AUM Growth In MFI To Moderate To 15% CAGR

Currently, Performances Are Mixed; Q3 Results Should Allow Better Differentiation Between Cos

Innovators Have Broadly Maintained CY24 Guidance While Guiding For Gradual Recovery In CY25

Indian Players Like SRF And PI Ind Have Lowered Growth Guidance For FY25

Navin Fluorine Should Resume Growth In H2 On Start-up Of Agro chem Plant & New CDMO Contracts

PI Ind Is Preferred Pick

India's Port Volumes Rose Just 5% YoY In Q2, Led By Thermal Coal And Container

Tepid Manufacturing Growth Led To Weak Single-digit Growth For Road & Rail Volumes Also

Market Share Gains Helped Adani Ports’ And JSW Infra Grow Volumes In Double-digits

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