Fund Houses & Brokerage Recommendations ( Aug 21)

Positive / Buy Calls

• Jefferies on Bajaj Finserv: Initiated Buy, Target Price: ₹2,420/share.
• MOSL on JSW Infrastructure: Maintained Buy, Target Price: ₹380/share.

• Nuvama on Hexaware: Maintained Buy, Target Price: ₹950/share.
• JP Morgan on Syrma SGS: Maintained Overweight, Target Price: ₹950/share.

• MOSL on Supreme Industries: Maintained Buy, Target Price: ₹5,350/share.

• MOSL on Prince Pipes: Maintained Buy, Target Price: ₹440/share.

• MOSL on Astral: Maintained Buy, Target Price: ₹1,650/share.

• JP Morgan on Reliance Industries: Maintained Overweight, Target Price: ₹1,695/share.

• HSBC on UPL: Maintained Buy, Target Price: ₹775/share.

• HSBC on Dhanuka Agritech: Maintained Buy, Target Price: ₹1,850/share.

• Jefferies on NBFCs: Highlights post-monsoon pickup and festive demand as key drivers. Top picks: Bajaj Finance, Chola Fin, Shriram Finance & Muthoot Finance.

Neutral / Hold Calls
• HSBC on IT Sector: US corporate results strong, but Indian IT growth muted due to structural challenges, productivity gains, and GCC share loss. (Neutral outlook)

• Emkay on Insurance Sector: Notes that GST exemption removes ITC benefit, impact on margins. (Neutral)

• Kotak on Vinati Organics: Maintained Sell, Raised Target Price: ₹1,280/share.

• Goldman Sachs on Delhivery: Maintained Neutral, Raised Target Price: ₹390/share.
• HSBC on PI Industries: Maintained Hold, Target Price: ₹3,500/share.
• HSBC on Bayer CropScience: Maintained Hold, Target Price: ₹5,500/share.
• HSBC on Rallis India: Maintained Reduce, Target Price: ₹250/share.
• HSBC on Tata Chemicals: Maintained Reduce, Target Price: ₹780/share.

Underperform Calls
• Macquarie on Eternal: Maintained Underperform, Raised Target Price: ₹200/share.

• Macquarie on Swiggy: Maintained Underperform, Raised Target Price: ₹260/share.

Strategy & Macro Views
• Nomura on India Strategy: Believes Trump tariffs may trigger the next leg of RBI rate cuts. (Positive for Indian markets)