Fund House Recommendations – 23 September 2025

Nomura on Hyundai – Buy maintained, Target Price: ₹2,846/share (Positive)

Jefferies on Patanjali – Buy maintained, Target Price raised to ₹695/share (Positive)

Jefferies on Vishal Mega Mart – Buy maintained, Target Price: ₹175/share (Positive)

Citi on Shree Cement – Buy maintained, Target Price: ₹35,500/share (Positive)

Motilal Oswal (MOSL) on AU SFB – Buy maintained, Target Price: ₹875/share (Positive)

MOSL on Tata Consumer – Buy maintained, Target Price raised to ₹1,300/share (Positive)

MOSL on Tata Steel – Neutral maintained, Target Price raised to ₹180/share (Positive tone)

Nuvama on Gujarat Fluorochemicals – Buy maintained, Target Price raised to ₹5,298/share (Positive)

JP Morgan on L&T – Overweight maintained, Target Price: ₹4,240/share (Positive)

Nomura on JSW Steel – Buy maintained, Target Price raised to ₹1,300/share (Positive)

Nomura on JSPL – Buy maintained, Target Price raised to ₹1,150/share (Positive)

HSBC on Axis Bank – Buy maintained, Target Price raised to ₹1,340/share (Positive)

HSBC on Phoenix Mills – Buy maintained, Target Price: ₹2,000/share (Positive)

Avendus on Premier Energies – Initiate with Add, Target Price: ₹1,100/share (Positive)

Sector & Thematic Views:

Consumer Finance (Jefferies): Shriram Finance expects 15–16% growth with credit cost <2.2% in FY26 (Positive)

Steel (Nomura): China stimulus + rising domestic prices driving sentiment. EBITDA CAGR of 25–27% projected FY25–28 (Positive)

Logistics (Jefferies): Top picks – Adani Ports and JSW Infra (Positive)

Power (CLSA): Time to accumulate Indian regulated utilities. NHPC, NTPC, CESC seen as inexpensive; demand uptick expected in H2FY26 (Positive)

India Strategy (Jefferies): GST cuts could weigh on September activity, but strong October rebound expected (Neutral)

Financials (Jefferies): Life Insurance may face near-term GST exemption impact, but no risk to FY27–28 outlook (Neutral)

UBS on Bandhan Bank: Neutral maintained, Target Price cut to ₹188/share (Neutral)