Fund Houses Recommendations (August 20)

Power & Utilities
• CLSA on NTPC: Outperform, TP ₹459 (Positive)

Automobiles & Auto Sector
• Nomura on Auto Sector: GST benefit likely larger for 4W OEMs vs. 2W OEMs (Positive)
• BofA on India Strategy: Autos & Consumer Durables key beneficiaries of potential GST cuts (Positive)

Telecom
• Jefferies on Telecom: Tariff tweaks by Reliance Jio & Bharti Airtel to drive higher data usage; ARPU could rise 4–8% (Positive)

Consumer & FMCG
• Antique on FMCG: Sequential recovery in July’25; Nestle, ITC, HUL & Emami resilient. Marico & GCPL preferred picks (Positive)

India Strategy / Macro
• Nomura: Lower GST rates could boost consumption & ease inflation in FY26; fiscal deficit impact less severe than expected (Neutral)

Financials (NBFCs / HFCs)
• BofA on NBFCs: Credit cards – rising credit costs, muted growth. HFCs – growth concerns from competitive intensity (Neutral)

Defence & Industrials
• UBS on HAL: Neutral, TP ₹4,900 (Neutral)

Chemicals
• UBS on SRF: Sell, TP ₹2,400 (Neutral stance)
• Citi on SRF: Sell, TP ₹2,725 (Neutral stance)

IT Services
• Citi on Hexaware: Buy, TP ₹860 (cut from ₹890) (Neutral tone despite Buy)
• Citi on Infosys: Neutral, TP ₹1,515 (cut from ₹1,660) (Neutral)
• Citi on HCL Tech: Neutral, TP ₹1,510 (cut from ₹1,650) (Neutral)
• Citi on TCS: Sell, TP ₹2,850 (cut from ₹3,135) (Negative)
• Citi on Persistent Systems: Sell, TP ₹4,705 (cut from ₹4,980) (Negative)
• Citi on LTTS: Sell, TP ₹3,735 (cut from ₹4,015) (Negative)