Fund House Recommendations – 25 September 2025

Positive Calls

Tata Consumer (GS): Buy | Target Price: ₹1,290/sh

Bharti Airtel (CLSA): Outperform | Target Price: ₹2,035/sh

Radico (Jefferies): Buy | Target Price: ₹3,590/sh

L&T (MOSL): Buy | Target Price: ₹4,300/sh

Gland Pharma (MOSL): Buy | Target Price: ₹2,340/sh

ICICI Bank (Investec): Buy | Target Price: ₹1,745/sh

RBL Bank (Citi): Buy | Target Price: ₹300/sh

SBI (Citi): Buy | Target Price: ₹1,050/sh

Niva Bupa (Avendus): Add | Target Price: ₹90/sh

HAL (CLSA): Outperform | Target Price: ₹5,436/sh

Piramal Pharma (Incred): Buy | Target Price: ₹276/sh

Dixon Tech (UBS): Upgrade to Buy | Target Price: ₹23,000/sh

Marico (HSBC): Buy | Target Price: ₹870/sh

Godrej Consumer (HSBC): Buy | Target Price: ₹1,470/sh

Nestle (HSBC): Upgrade to Hold | Target Price: ₹1,270/sh

Britannia (HSBC): Upgrade to Hold | Target Price: ₹6,140/sh

Sector Views:

Consumer Sector (HSBC): Recovery driven by favourable base, tax cuts & GST rate reduction.

PSU Banks (MOSL): Strong liquidity, stable credit growth; SBI, PNB, Indian Bank are top picks.

Consumer Finance (HSBC): Strong spend growth in September; HDFC Bank gaining market share.

Cement Sector (Incred): Industry passing on GST cut benefits.

Neutral Calls

India Strategy (Jefferies): India remains consensus underweight; focus on bottom-up stock picking.

India Strategy (Citi): RBI stance could turn into “wait & watch.”

Sun Pharma (Nuvama): Hold | Target Price: ₹1,830/sh

Cyient (Kotak): Reduce | Target Price: ₹1,180/sh

Glenmark Pharma (Nomura): Neutral | Target Price: ₹1,500/sh

Negative Calls

Cochin Shipyard (Kotak): Sell | Target Price: ₹860/sh