Stock Recommendations

📡 ICICI Securities Turns Bullish on Bharti Airtel! 📶 ICICI Sec upgrades Bharti Airtel from ‘Hold’ → ‘Buy’ with a target of ₹2,400 🚀 📈 Current Price: ₹2,024 (+0.79%) 📊 52W Range: ₹1,510 – ₹2,069 ⚡ Just 2.2% below its 52W high & 34% above its low 🏢 Market Cap: ₹11.74 lakh crore Analysts see more upside ahead as Airtel rides the 5G and ARPU growth wave 📶💰

📉 Colgate Palmolive under pressure! Jefferies maintains ‘Buy’ 🟢 with a target of ₹2,700, but warns growth slowdown may keep the stock rangebound. ⚙️ Key takeaways: 1️⃣ Revenues, EBITDA, and earnings dipped again in Q2 2️⃣ GST rate cut → destocking, though premium segment stayed strong 3️⃣ EPS cut by 4–5%, awaiting volume recovery 💰 Current Price: ₹2,215 (-3.2%) 📊 52W Range: ₹2,151 – ₹3,228 🏢 Market Cap: ₹60,252 Cr Colgate’s shine fades a bit — but Jefferies still brushing up optimism! 🪥✨

📈 Nuvama initiates ‘Buy’ on Hexaware Technology | Target: ₹950 🔹 Growth Outlook: Expected to outgrow & outperform large-cap peers. 🔹 Strong Positioning: With a $1.4B top line & ₹43,800 Cr market cap, Hexaware sits in a sweet spot. 🔹 Business Strength: Backed by strong clientele, wide vertical coverage & robust cash flows. 🔹 Forecasts: 11% USD revenue CAGR (CY24–27) +250 bps margin expansion 19% EBIT CAGR & 18% EPS CAGR ✨ Hexaware is seen as a high-growth mid-cap IT play with strong fundamentals and scalability potential.

📉 Citi on SRF: Maintains SELL rating, TP 👉 ₹2,725 🧪 Key Updates 1️⃣ Multi-year deal with Chemours for advanced fluoropolymers & fluoroelastomers 🏭 Production at Dahej facility ⚙️ 5KTPA PTFE plant commissioned in Oct 2023 → to be used in this deal ❓ Products not disclosed 🇺🇸 PTFE imports into US exempt from tariffs

❄️📉 Nomura on Voltas #1 Keeps ‘Neutral’ 😐 | TP: ₹1,317 🎯 #2 Q1FY26 UCP margin missed badly 📉 #3 High competition may pressure margins ⚠️ #4 Cuts FY26 RAC growth to 5% 📊 | FY27/28 at 20%/15% #5 Trims FY26/27 UCP revenue growth to 6%/24%

🚗📊 CLSA on Apollo Tyres 🏆 #1 Keeps ‘High Conviction Outperform’ 💪 | TP: ₹586 🎯 #2 Strong 🇮🇳 margins 🆚 weak 🇪🇺 performance #3 Flat 🇮🇳 volumes 📈 | EU volumes 📉 #4 Gross margin ↑ in 🇮🇳, ↓ in 🇪🇺 due to negative leverage

📉 Bernstein Maintains 'Underperform' on Bajaj Finance – TP: ₹640 #1 🔻 Stock down 9% since Q1 results #2 ⚠️ More downside risks ahead #3 🧱 Risks are fundamental, not short-term #4 💸 Profitability under pressure #5 📉 Structural issues may limit EPS growth

📶 CLSA Reiterates ‘Outperform’ on Bharti Airtel 🚀 🎯 Target Price: ₹2,035 Top Reasons Why 📈 #1 📊 Q1 India Mobile Revenue & EBITDA up 22–30% YoY – Strong FCF 💸 #2 📱 Leading in ARPU + Solid Subscriber Growth #3 🏡 Record High Net Additions in Home Segment Airtel continues to ring in growth! 🔥📡

🇮🇳🔋 India's Magnet Revolution Begins! Govt plans ₹50 bn 💰 boost for rare earth magnets 🧲 Here are 3 stocks powering the push: 1️⃣ Sona Comstar – From EVs to humanoids 🤖, now making magnets locally! 2️⃣ Mahindra – Securing supply chains & investing in alt-tech 🚙 3️⃣ Hindustan Zinc – Mining neodymium for EVs & turbines ⚙️🌬️ 📈 Demand to double by 2030 – These players are ready!

🚧 Top 5 Infra Giants by Order Book (2025) 🏗️ #1 🦾 L&T – India’s EPC king #2 🛣️ H.G. Infra – Highway & road expert #3 ⚡ Siemens Energy – Powering India's grid #4 🔥 Thermax – Industrial energy solutions #5 ☀️ Tata Power – Solar & infra powerhouse 📦 Why it matters: ✅ Massive revenue visibility ✅ Strong execution track records ✅ Backbone of India’s $1.4T infra push

🏦 Jefferies on PNB ✅ Maintains ‘Buy’ | 🎯 Target raised: ₹125 (from ₹120) 📉 NII growth slows due to margin compression 💰 Lower credit costs boost earnings & quality 📊 Core NIM slightly down with faster repo repricing 🔄 FY26 earnings cut (one-time impact), FY27/28 raised by 6–9%

📊 Morgan Stanley on IGL ⚖️ Maintains ‘Equal-Weight’ | 🎯 Target: ₹180 🔁 Prefers MGL over IGL due to limited near-term catalysts 📈 Expects 10% volume CAGR (FY25–FY28) 💸 Margin recovery hinges on more price hikes 📉 Needs 3–4% hike to sustain mid-cycle profitability

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💍 JM Financial starts coverage on Kalyan Jewellers with ‘Buy’ 🎯 Target Price: ₹700 📈 Last Close: ₹585.65 (+0.58%) 🔼 52W High: ₹794.60 | 🔽 52W Low: ₹399.20 📉 Currently 26.3% below high, 46.7% above low 💰 Market Cap: ₹60,433 Cr

💻 Jefferies upgrades HCL Tech to ‘Buy’ 🎯 Target: ₹1,850 📊 Q1 revenue ✅ but profit miss due to margin dip 🚀 FY26 growth guidance raised to 3–5% — best among top 5 IT firms 📉 Margin cut by 100 bps ➡️ now 17–18% 📉 EPS trimmed by 0–2%, but still expecting 10% CAGR (FY26–28) 💼 Investments to fuel strong growth & justify premium valuation

💊 Morgan Stanley stays ‘Overweight’ on Sun Pharma 🎯 Target: ₹1,960 ✅ Settled US patent case with Incyte & launched Leqselvi 🇺🇸 📜 Licensed for non-oncology uses like alopecia areata 👍 Early launch = positive sign for Sun 📈 Supports bullish outlook 💵 Leqselvi sales forecast: $61M (FY26), $83M (FY27)

📈 Morgan Stanley stays ‘Overweight’ on Divis Labs 🎯 Target: ₹7,185 🔹 MSN may launch Generic Entresto 🇺🇸 on July 16, 2025 🔹 Entresto API = 💰15% of Divi’s FY25 sales 🔹 Novartis hinted US generic entry by mid-July 2025 🔻 MS sees 18% YoY dip in US Entresto sales in 2025 🔻 Similar hit expected for Divi’s

Nuvama maintains ‘hold’ rating on SpiceJet, target price cut to Rs 52 #1 Q3: EBITDAR flattish YoY on low base; yields jump 18 percent YoY #2 Lack of transparency in sharing key operational data stays a major concern #3 Q3 yields jumped 18 percent YoY on better route mix while Q2 yields fell 4 percent YoY #4 ASKM crashed 41 percent YoY in Q3 & 30 percent in Q2 on AoG rise #5 Revival likely to be gradual post-QIP with turnaround a key monitorable #6 Cutting FY25E/26 EPS by 14 percent/13 percent on operational softness

🔥 MOSL Maintains ‘Buy’ on JSW Steel, Target ₹1,150 📈 Strong long-term growth, but muted pricing a short-term challenge. 💰 Robust cash flow to support expansion & debt reduction. 🏗️ On track for 50 MTPA capacity by FY31!

⚡ CLSA Upgrades NHPC to ‘High Conviction Outperform’ ✅ Sees NHPC as an attractive, inexpensive clean energy play. 📉 Target price revised to ₹117 (from ₹120). 🌱 India’s largest green power utility remains a strong bet!