CLSA on Bharti Airtel
Maintains an Outperform rating with a target price of ₹1,860.
The company continues to add post-paid subscribers, driven by 5G adoption and premium tariffs.
Post-paid users are high-value customers, paying nearly 100% more than Bharti’s average revenue per user (ARPU).
Compared to Vodafone Idea, Bharti’s 5G rollout is a key factor in improving post-paid performance.
HSBC on Real Estate
2Q bookings were slightly slow, not due to weak demand but because of limited inventory.
To meet FY25 targets, obtaining approvals is crucial, and acquiring new land will be necessary for sustained growth.
Stock ratings: Buy on Godrej Properties (GPL), DLF, Prestige Estates (PEPL), and Sobha; Hold on Oberoi Realty.
Goldman Sachs on Amber Enterprises
Downgraded to Neutral, but target price raised to ₹6,300.
Growth in the electronics segment is positive, supported by anti-dumping duties on PCBs.
However, delays in government orders may pressure the railway subsystem business in the near term.
Goldman Sachs on Marico
Buy rating with a target price of ₹720.
The VAHO (Value-Added Hair Oils) segment remains weak but is no longer a major drag.
Margins are slightly impacted by higher-than-expected copra inflation.
FY25–27 EPS estimates lowered by 2.4%, 1.2%, and 1%.
CITI on Colgate
Sell rating with a target price of ₹3,000.
Management indicated softening urban market growth in the short term.
Long-term strategy focuses on developing the oral care market in India.
Jefferies on Colgate
Buy rating with a target price of ₹3,570.
Investor day highlighted the CEO’s focus on achieving growth ahead of the category and FMCG peers.
Last year’s margins were unusually high; going forward, brand investments will stabilize margins.
Short-term concerns persist as consumption trends weaken.
UBS on NBFCs
Multiple factors have caused NBFC underperformance recently, and RBI’s regulatory tightening may continue.
Festive demand and government capital expenditure could help in the second half, but benefits from rate cuts appear less promising.
Top picks: Power Finance Corporation (PFC) and Shriram Finance.
Sell recommendation on Bajaj Finance.
UBS on Paytm
Maintains a Neutral rating; raises target price from ₹490 to ₹1,000.
Significant improvements are already reflected in the stock price.
Future growth must come from revenue as cost optimizations are largely complete.
Expects FY26 revenue to match FY24 levels.
Adjusted EBITDA break-even expected by Q4FY25.
Stock has re-rated sharply following resolution of regulatory issues.
Jefferies on ITC Hotels
ITC plans to demerge its hotel business by Q4FY25.
Management aims to grow through new projects, scaling management contracts, and upgrading its portfolio.
ITC Hotels will have a strong balance sheet post-demerger with ₹1,000–1,500 crore net cash.
Currently, ITC Hotels contribute 4% to ITC’s SOTP valuation, which could rise after listing.
BOFA on Pharma
Domestic pharmaceutical companies face risks to their structural growth story due to slowing volume growth and regulatory price pressures.
Underperform ratings on Mankind Pharma and Alkem Laboratories.
Maintains a Neutral rating on Torrent Pharma, appreciating its capital allocation and margin strategy.
Adani Enterprises Rises 12%, Traders Seek Downside Protection
Adani stocks bounced back on Wednesday, but concerns over the US charges continue. Adani Enterprises saw a 12% rise, with the 2,300 and 2,400 November call options being the most traded. At the same time, the cost to protect against price drops is high, indicating that traders are being cautious.
Emerging-Market Stocks Rebound on Hopes of China Stimulus Amid US Tariff Concerns
Emerging-market stocks made a recovery amid growing speculation that China may announce new stimulus measures next month. This optimism helped offset concerns about the continued threat of US tariffs expected in 2025. The MSCI Emerging Markets Index gained 0.3%, supported by strong performances from major Chinese technology firms, including Tencent, Meituan, and Alibaba.
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