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    VRIGHT Exchange | Street Calls posted an update in the group Research and Investment Spot

    2 months ago

    Fund Houses Recommendations – September 5, 2025

    🔹 Positive Recommendations

    DLF | Jefferies: Buy; Target ₹1,000/sh.

    Voltas | UBS: Buy; Target ₹1,770/sh.

    Cholamandalam Finance | HSBC: Buy; Target ₹1,670/sh.

    Inox Wind | Nuvama: Buy; Target ₹190/sh.

    NALCO | Antique: Buy; Target ₹262/sh.

    Ola Electric | Goldman Sachs: Buy; Target ₹72/sh (raised).

    TVS Motor | Nomura: Buy; Target ₹3,949/sh.

    Reliance Industries | Jefferies: Buy; Target ₹1,670/sh.

    IndiGo | Goldman Sachs: Buy; Target ₹6,000/sh.

    Swiggy | Motilal Oswal: Upgrade to Buy; Target ₹560/sh.

    Eternal | Motilal Oswal: Buy; Target ₹420/sh.

    HDFC Life | Morgan Stanley: Overweight; Target ₹890/sh.

    HDFC Life | UBS: Buy; Target ₹845/sh.

    🔹 Neutral / Mixed Views

    Indian Tech | Morgan Stanley: Notes that internet index rally is a global trend, not India-specific (Neutral).

    Indian Equities | BofA: GST cuts largely priced in; sees limited upside with Nifty near 25,000. Bull case: +4%; Bear case: –11% (Neutral).

    Banks | CLSA: September quarter likely to be the weakest in years with NIM compression and asset quality issues; top picks: SBI, ICICI Bank, Bandhan Bank (Neutral).

    TVS Motor | Macquarie: Buy; Target ₹3,433/sh (cautious tone, Neutral stance).

    BSE | Goldman Sachs: Neutral; Target ₹2,250/sh.

    KEI Industries | Goldman Sachs: Buy; Target ₹4,000/sh, but maintains cautious tone (Neutral).

    🔹 Sectoral & Macro Strategy Calls

    GST Reforms | Citi: Coal GST rationalization marginally positive; removal of ₹400/t cess cuts aluminium costs by 2–3% (benefits: Hindalco, Vedanta).

    Consumer Durables | Jefferies: GST cut from 28% → 18% on ACs, large TVs, dishwashers (effective Sept 22). Positive for Voltas, Blue Star, Amber, Hitachi.

    Autos | JP Morgan: Upgrades sector to Neutral; GST 2.0 offsets US tariff impact.

    Indian Equities | HSBC: Growth to accelerate from Q4; earnings cut risks have moderated (Positive).

    GST Reforms | HSBC: Benefits staples, autos, retail, insurance, agro-chemicals, renewables. Signals demand-led growth push (Positive).

    Real Estate | Antique: Strong absorption trends in Pune & Hyderabad; top picks: Sobha, AB Real (Positive).

    Cement | Nuvama: GST cut to 18% supports medium-term pricing and premiumisation; top pick: JK Cement (Positive).

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