Global & Institutional Commentary update for July 15, 2025:

Institutional Views

JM Financial
• On Kalyan Jewellers: Initiates Buy, TP ₹700
o Strong moats, unorganised market opportunity
o Expect Revenue/EBITDA/PAT CAGR of 25%/23%/31% over FY25–28E
• On Ventive Hospitality: Initiates Buy, TP ₹890
o Exposure to India & Maldives tailwinds
o Revenue/EBITDA CAGR of 13%/15%, supported by strong cash flows

Technology

HCL Tech
• Citi: Neutral, TP cut to ₹1,650
o Q1 EBIT ~7% below est., weak deal TCV
o EPS cut by 5%/3% for FY26/FY27
o Cautious sector view
• Jefferies: Upgrade to Buy, TP ₹1,850
o Raised guidance (3–5%); margin dip offset by growth investments
• CLSA: Outperform, TP ₹1,867
o Operational miss on margins (16.3% vs 17.2%) despite stable revenue
• Nuvama: Downgrade to Hold, TP ₹1,630
o Margin shock limits upside despite fastest revenue growth
• JPM: Neutral, TP ₹1,700 (↓ from ₹1,800)
o AI deflation visible via margin pressure

Tata Technologies
• JPMorgan: Underweight, TP ₹570
o Mixed Q1; revenue beat but margin miss. Gradual R&D pickup in Q2
• Goldman Sachs: Sell, TP ₹560
o Weak services revenue (-5.3% QoQ cc), negative operating leverage
• ITI: Sell, TP ₹450
o Weakness in auto verticals, aerospace lone bright spot
• ICICI Securities: Sell, TP ₹510
o Aerospace momentum intact; Q2 recovery expected

EVs & Mobility – Ola Electric
• BofA: Underperform, TP ₹45
o Margins impressed; growth challenges persist
o Battery scale-down seen as prudent
• Goldman Sachs: Buy, TP ₹63
o Positive EBITDA trajectory; visibility needed on volume & share
• Kotak Institutional Equities: Sell, TP ₹30
o Surprise margin gains but limited sustainability
• HSBC: Hold, TP ₹49
o Margins exceeded expectations; PLI benefit eligibility in doubt

Pharma & Healthcare
• Morgan Stanley on Sun Pharma: Overweight, TP ₹1,960
o Early launch of Leqselvi (alopecia drug) in US a positive
o FY26/FY27 projected sales: $61M/$83M
• Morgan Stanley on Divi’s Labs: Overweight, TP ₹7,185
o US generic of Entresto to launch mid-July
o Divi’s API sales may decline ~15% YoY in FY26 due to this

Banks & Financials
• Motilal Oswal on Axis Bank: Neutral, TP ₹1,300
o Muted near-term earnings; recovery seen in H2FY26
o RoA/RoE estimate for FY27: 1.74% / 15.3%

Macroeconomics
• Morgan Stanley on India CPI:
o June CPI softened due to food deflation
o FY26 CPI revised to 3% (from 3.5%)
o See potential 25 bps rate cut in December

Brokerage View
• ElaraSecurities initiates ‘accumulate’ rating on #Swiggy with target price of Rs 450
• B&K initiates ‘Buy’ rating on #LandmarkCars with target price of Rs 820
• AMSEC maintains ‘sell’ rating on #MazagonDock with target price of Rs 2,100