Jefferies On Samvardhana Motherson

Buy Rating, Target At `215/Sh

Co Expects Margin To Improve In H2 With Cost Pass-through To Customers

Electronics Glass Facility Has Started Production

Cut FY25-27 EPS Estimates By 9-16%

Expect 32% EPS CAGR over FY24-27

Morgan Stanley On Samvardhana Motherson

Overweight Call, Target At `193/Sh

EBITDA 13?low Estimate

Leverage Gains On Seasonal Uptick In Auto Volumes

Stronger Balance Sheet & Ramp-up Of Non-auto Business Keep Us OW

CLSA On Samvardhana Motherson

Upgrade To Outperform, Target Raised To `190/Sh

EBITDA Below Estimate Led By A 106 bps Margin Disappointment

Benefits Of Pending Inorganic Growth Yet To Be Reflected Post Recent Fund Raise

Nomura On Samvardhana Motherson

Buy Rating, Target At `209/Sh

Consumer Electronics Ramp-up To Support Growth

Delayed Launches & China OEs Gaining Share Is Impacting Growth

Five Of 19 Greenfield Plants Have Come Onstream, Eight To Come In H2

Have Taken Costs Upfront, Which Should Lead To Better Growth & Margin In H2

Valuation Is Attractive At Current Levels

CLSA On Reliance Industries

Outperform Call, Target At `1,650/Sh

Stock Within 5% Of Conservative Value, 30% Upside With Triggers In 2025

Soon To Be Launched Solar PV Gigafactory Is A Trigger That Mkt Is Ignoring

Using A Peer Valuation, Value RIL’s Solar Biz At $30 Bn & Overall New Energy At $43 Bn

Macquarie On Power & Lenders

Initiate On Power Grid With outperform, Target At `380/Sh

Initiate On NTPC With Outperform, Target At `475/Sh

Initiate On PFC With outperform, target at `630/Sh

Initiate on REC With Outperform, Target At `660/Sh

Electric Utilities Beneficiaries Of Tailwinds From Energy Transition And Security Needs

See Scope For Relatively Better Loan Growth For PFC & REC

Both PFC & REC Have Strong Return Ratios & Healthy B/s

Initiate Coverage On PFC, REC, Power Grid & NTPC

Cos A Clear Play On The Cycle Benefitting From Unique Ecosystem Positions

Jefferies On BSE

Underperform Call, Target At `3,500/Sh

Q2 Earnings Expanded 3x YoY

Cost Control Has Come In Better, Leading To Higher Margin

Focus Remains On Volume Impact From SEBI's New F&O Measures

Continue To See Near-term Risk-reward Unfavourable

Nomura On Hyundai

Buy Rating, Target At `2,472/Sh

Q2 EBITDA Margin Largely In Line

Discounts Contained In A Tough Environment

New Capacity To Drive Growth Pick-up Next Year

Estimate 17?rnings CAGR Over FY25-27

Stock Is Very Attractively Priced At 18x FY27e P/E

HSBC On Zydus Life

Hold Rating, Target At `1,045/Sh

Q2 Down Sequentially Mainly On Lack Of Revlimid Sales

Retained Guidance For Revenue & Margin For FY25

Near-term Healthy Outlook For Its US Sales

Remain Wary Of Competition And Concentration Risk For Key Products

HSBC On OMCsLower Crude Prices To Support Profitability For OMCs

Refining Spreads Improved Late October Onwards

Auto Fuel Sales Have Bounced Back After Muted Last Two Months

Maintain Buy on HPCL, BPCL & IOC

Strong Marketing Margin Offset Weakness In GRMs