Check out the latest brokerage calls and analyst comments on the stocks in action today. Our coverage includes Hero MotoCorp, Bharat Forge, Honasa Consumer and more.

Hero MotoCorp

Jefferies On Hero MotoCorp

Buy Call, Target Cut To `5,500/Sh

Q2 Results Were In-line

Q2 EBITDA Growth Was In-line With Estimates; EBITDA/Vehicle Rose To A New High

Believe India's 2-wheelers Are Poised For Strong Double-Digit Growth Over Next 3 Years

Co’s Market Share Decline In 2-wheelers & Adverse Demand Profile Shifts Are Concerns

Any Success In Premium Bikes And EVs Will Be A Positive

Nomura On Hero MotoCorp

Buy Call, Target At `5,805/Sh

Rural Improvement A Key Catalyst

Q2 Was In-line; Healthy Earnings Growth & Attractive Valuations; Margins Have Room To Improve

Expect 2-wheeler Ind To Grow By 10% Over FY25-26, Given Rebalancing Of Growth & Positive Monsoons

There Are Some Early Signs Of Rural Pick Up Which Will Support Sales (54% Rural Mix)

As EV Drag Reduces With New Models & PLI Benefit, Margins Can Improve

Bharat Forge

Jefferies On Bharat Forge

Underperform Call, Target Cut To `1,100/Sh

Q2 EBITDA 12?low Est Led By Weaker-than-expected Performance Of Standalone & Subsidiaries

Like Structural Initiatives But Remain Concerned On Cyclical Headwinds In Exports & Rich Valuations

Cut Below-Consensus FY25-27 EPS By 5-16%

Nomura On Bharat Forge

Neutral Call, Target `1,515/Sh

Strong Defence Orders But Near-term Cyclical Risk

Q2 Was In-line; Risks From EU Weakness Increasing

Remain Optimistic On Significant Long-Term Potential In Domestic Defence Segment

Concerns On Near-term Cyclical Risks Remain Due To Slower Growth In EU Market

Morgan Stanley On Muthoot Finance

Upgrade To Equal-Weight From Underweight, Target Raised To `1,600/Sh

Persistently Strong Gold Prices And Rising System-Wide Asset Quality Are Main Concerns

Strong Gold Prices & Rising System-Wide Asset Quality Are Key Risk Factors Behind Underweight Rating

Think Regulatory Uncertainty, Lacklustre Diversification Will Keep Upside Capped

Think Dependence On Gold Prices, & Elevated Valuation Will Keep Upside Capped

Jefferies On City Gas Cos

Downgrade MGL To Underperform From Buy, Target Cut To `1,130/Sh

Downgrade IGL To Underperform From Hold, Target Cut To `295/Sh From `390/Sh

For 2nd Month In A Row, Govt Has Lowered The APM Allocation To CNG Players By 20%

Lower APM Allocation Suggests Cheap Domestic Gas Will Soon Be Taken Away Fully

Bake In APM Allocation Falling To Nearly Nil By Mid-CY25, Leading To `1-2.5/scm Reduction In EBITDA Margin

Lower FY26 EPS For Mahanagar Gas/IGL/Guj Gas By 31%/27%/19%

Will Revisit Ests Once Quantum & Timing Of Price Hikes Are Known

CLSA On Hindustan Aeronautics

Outperform Call, Target `4,731/Sh

Despite Delay In Russian Aircraft & Helicopter Orders, Co’s Decadal Pipeline Remains $45 Bn

View Large Helicopter & SU 30 Orders In H2 & Visibility On The GE Engine Deal As Key Catalysts

Co Trades At Deserved Prem To Global Aerospace Peers Given Make-In-India Pipeline & Mkt Access

CLSA On Fusion Mirco

Underperform Call, Target Cut To `155/Sh From `260/Sh

Q2 Net Loss Was Higher Than Expectation As Its Credit Cost Was Higher Than Guidance

Mgmt Has Tightened Its Underwriting Norms, Making It Stricter Than Regulatory Guardrails

Higher Gross NPA, Net NPA & Rating Downgrade By CARE Has Led To Covenant Breaches With Lenders

Management Clarified That It Had Received Waivers From All Lenders In Q1

Co Is Currently Focused On Rights Issue To Be Completed In CY24

Jefferies On Thermax

Buy Call, Target `6,100/Sh

Q2 EBITDA Was About 6?low Expectations As A 6% Revenue Miss Flowed Through

Given Strong Order Flow And Healthy Outlook, Maintain FY25-27 Estimates.

Industrial Infra (45% Of Revenues) Margins Recovered To 7.5% Vs -2% QoQ

Believe Revenue/Margin-Linked 28% EPS FY24-27 CAGR Should Drive Upside From Current Levels

Think Green Hydrogen Is A Medium-term Opportunity

Jefferies On Honasa Consumer

Buy Call, Target Cut To `425/Sh

Q2 Higher Inventory Correction And Loss Was Disappointing

Founders' Comment On Reworking The Playbook Creates Further Uncertainty

Given Extreme Investor Views Here, Naysayers Saw It Coming, While Supporters Are Disappointed

Stock Would Be Under Pressure & Holders Looking To Exit May Feel Stuck, Given Low Liquidity

We Are Disappointed Too, But Trust Founders To Get Back On Track

Not The Only Start-up To Go Through Pain