– Paytm (Macquarie):
– Target: 275 (Previously 650)
– Recommendation: Underperform
– Reasoning: Foresees challenges in transitioning to new banks, predicts a significant revenue decline, and potential reevaluation of partnerships.
– Bharat Forge (Citi Research):
– Target: 800 (Previously 900)
– Recommendation: Sell
– Q3 Highlights: Slightly surpasses estimates with improved gross margin; diversified business might mitigate revenue impact.
– Bharat Forge (Nuvama):
– Target: 1,080 (Previously 1,140)
– Recommendation: Reduce
– Q3 Highlights: Beats expectations; cautious outlook for auto exports, moderate domestic CV/PV, uncertain defense revenue timeline.
– SAIL (Morgan Stanley):
– Equal-weight: Target Rs 85
– Highlights: Significant EBITDA miss due to weak volumes, 20%/30% below consensus; lower raw material benefits offset by higher fixed costs.
– NHPC (Bank of America):
– Underperform: Target Rs 63
– Q3 Insights: Earnings miss from lower generation, 18GW PSP opportunity; underperformance due to limited capacity adds and high valuations.
– PI Industries (Nuvama):
– Target: 4,342 (Previously 4,200)
– Recommendation: Buy
– Insights: Exports strong, domestic sales affected; growth expected from Pharma, CSM, and new products; positive EBITDA in Pharma; profit risk from single-largest product.
– Hero MotoCorp (Citi Research):
– Target: 5,500 (Previously 3,800)
– Recommendation: Buy
– Highlights: Strong ICE margin, minor miss due to EV-related spends; anticipate higher growth than industry with new models; raised volume and margin estimates.
– Coal India (Nuvama):
– Target: 561 (Previously 500)
– Recommendation: Buy
– Earnings Highlights: Better-than-expected EBITDA, driven by lower operating expenses; improving volumes and lower costs expected to boost earnings; anticipate 6% volume CAGR.
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