CLSA On HCLTech

Hold Call, Target At `1,882/Sh

Reported In-line Q3 With A Slight Revision In Its CC Revenue Growth Guidance For FY25

Management Is Seeing Improved Demand Momentum Across Smaller Deals

Unchanged Mid-Point FY25 Organic Growth Guidance Was Slightly Disappointing Amid Demand Improvement

Nomura On HCLTech

Buy Call, Target At `2,000/Sh

Co Posted A Mixed Bag In Q3, Revenue Below Consensus Estimate

Lifts Bottom-End Of FY25 Revenue Growth Guidance Due To HPE’s CTE Acquisition

Deal Pipeline At Record High, Deal Duration Decreasing

GenAI To Drive Demand In Legacy Tech Modernisation, Data And Cloud

Jefferies On HCLTech

Hold Call, Target At `2,060/Sh

Q3 Beat Estimates Due To Higher Margin While Revenue Growth Missed Estimates Slightly

Mgmt Commentary Was Upbeat On TCV To Revenue Conversions & Discretionary IT Spends

Revised Growth Guidance Of 4.5-5% For FY25 Points To A Weak Q4 Exit

Cut Revenue/EPS Estimates By 1-2%

Worsening YoY CC Revenue Growth Trajectory & Rich Valuations Keep Us On Sidelines

MS On HCLTech

Equal-Weight Call, Target At `1,970/Sh

Q3 Services Business In Line

Lower-than-expected Revenue Guidance Offset By Positive Management Commentary

EBIT Margin Beat 19.2% Est, Services EBIT Margin Was At 17.5% Vs 17.3% Est

EBIT Margin Guidance Is Unchanged At 18-19%

Macquarie On United Spirits

Underperform Call, Target At `1,175/Sh

Hina Nagarajan Resigns; Praveen Someshwar To Be New CEO

Praveen Someshwar Has Been CEO Of HT Media For Last Five Years & He Led Multiple Outlets

Before HT Media, Praveen Someshwar Had A 24-year Career With PepsiCo

Smooth Transition Is Key To Watch Out For

Jefferies On BSE

Upgrade To Hold, Target At `5,250/Sh

SEBI's New F&O Measures Impacted Option Volumes By 70%

Premiums Are Down By <10>

Exchanges Gain With Stable Topline & Large Margin Expansion On Back Of Improved Premium Quality

Discount Broking Volumes Can See >40% Hit & Will Need Large Price Hikes

MS On MGL

Initiate Overweight Call, Target At `1,606/Sh

Mumbai Is An Ever Expanding City With Rising Travel & Energy Needs.

Natural Gas Is Mumbai's Fuel Future & Co Is Facilitating Its Adoption

It Is Both MGL & Mumbai's ‘Tesla-Like Moment’ For Gas Adoption

Expect Global Gas Market To Remain Balanced In 2025 & Oversupplied By 2027

MGL Has Fifth Of Its Gas Sourcing Linked To LNG

Margin Will Be Lower But Volume Growth Will Be Structurally Higher, Key To Re-Rating

HSBC On Biocon

Upgrade To Buy, Target Raised To `430/Sh From `290/Sh

Co Is Set For Operational Turnaround Led By Key Biosimilars Launches & Recovery In Generics Sales

See Multiple Triggers To Support Earnings Growth Ahead

US FDA Clearance Of Malaysia Plant Removed GMP Overhang

Launch Of Insulin Aspart From Malaysia Is the Next Catalyst