Fund Houses Recommendations

– Automobiles & Auto Components

Nomura on M&M: Buy, TP ₹3,736 (Positive)

BofA on Ashok Leyland: Buy, TP ₹146 (Positive)

Avendus on Ashok Leyland: Buy, TP ₹140 (Positive)

MOSL on Ashok Leyland: Buy, TP ₹141 (Positive)

Jefferies on Ashok Leyland: Buy, TP ₹120 (Neutral)

MS on Auto Sector: 14% of GST collections; Hero, Eicher, Maruti & M&M may be the biggest beneficiaries of GST rationalization (Positive)

– Chemicals & Materials

MS on Tata Chemicals: Overweight, TP ₹1,127 (Positive)

Jefferies on Anupam Rasayan: Underperform, TP ₹625 (Negative Bias despite TP hike)

– Consumer & Retail

Jefferies on ABFRL: Buy, TP ₹100 (Positive)

-Banks & Financials

Jefferies on HDFC Bank: Buy, TP ₹2,400 (Positive)

Jefferies on HDB Financial: Buy, TP ₹900 (Positive)

Citi on Shriram Finance: Buy, TP ₹750 (Positive)

UBS on Angel One: Neutral, TP ₹2,935 (Neutral)

– Healthcare

Jefferies on Max Healthcare: Buy, TP ₹1,500 (Positive)

– Oil & Gas

Jefferies on BPCL: Buy, TP ₹410 (Positive)

– India Ratings (Sovereign Outlook)

JP Morgan: Upgrade unambiguously positive; expected to boost sentiment & reduce borrowing costs (Positive)

Kotak: Upgrade driven by fiscal consolidation & growth; future upgrades hinge on state finances and continued prudence (Positive)

Citi: Early upgrade reflects strong fiscal consolidation; but a single-agency move may not trigger debt inflows (Positive)

UBS: Upgrade moves India closer to stronger investment-grade; SOEs likely to benefit (Positive)

-GST Rationalization

Jefferies: Expected in Q4CY25; $20 bn fiscal space created; beneficiaries – Cement, 2W, Durables, Insurance, Garments, Footwear, PVs (Positive)

Kotak: Could deliver ₹2.4 tn demand boost; mainly aiding Autos & Durables (Positive)

Citi: Higher impact expected on Autos, Consumer Discretionary, Staples, Insurance, Cement (Positive)

MS: Auto sector is 14% of GST collections; GST cut would be significant for Hero, Eicher, Maruti, M&M (Positive)

– Indian Markets (Macro)

Jefferies: India is the best long-term structural story in Asia (Positive)

MS: Improved India-China ties could restore supply chains & investments (Positive)

– Telecom

UBS on Vodafone Idea: Neutral, TP ₹8.5 (Neutral)

Citi on Vodafone Idea: Buy, TP ₹10 (Neutral stance given challenges)

Specialty Chemicals

MOSL on Deepak Nitrite: Sell, TP ₹1,630 (Negative)