Fund House Recommendations

BofA on United Spirits: Maintain Buy; target price ₹1,630/share

MS on IndusInd Bank: Upgrade to Equal Weight; target price ₹785/share

JP Morgan on Pidilite: Maintain Overweight; target price ₹1,700/share

JP Morgan on VMM: Maintain Overweight; target price ₹158/share

JP Morgan on Marico: Maintain Overweight; target price ₹800/share

Nuvama on JSPL: Maintain Buy; target price ₹1,426/share

MS on JSW Steel: Maintain Overweight; target price ₹1,300/share

Jefferies on HUL: Maintain Buy; target price ₹3,000/share

Sector & Strategy Views

MS on Oil Marketing PSUs: Post meeting with Petroleum Minister—focus on improving energy SOE market caps, stable fuel pricing, and recovery in cooking gas demand.

MS on India Strategy: Positive stance driven by relative underperformance, better valuations, weak FPI positioning, derivative shorts, and improving growth momentum.

MS on IT Sector: Expect Infosys revenue growth to improve to 2.5%–3% YoY (FY26) from 1%–3% earlier.

MS on Paint Sector: Broader product availability continues to strengthen Birla Opus.

HSBC on Pharma Sector: US to impose 100% tariff on patented drug imports from Oct 1 unless local plants are set up; Sun Pharma most exposed (~17% FY25 revenue from US patented drugs).

CLSA on Steel Sector: Indian steel stocks have outperformed despite earnings downgrades; valuations elevated, but immediate downside risks appear limited.

Neutral to Cautious Calls

CLSA on PayTM: Maintain Underperform; target price ₹920/share

CLSA on SBI Cards: Maintain Underperform; target price ₹800/share

MS on HUL: Maintain Equal Weight; target price ₹2,335/share

BofA on HUL: Maintain Neutral; target price ₹2,840/share

BofA on Delhivery: Maintain Neutral; target price ₹500/share