Fund Houses’ Recommendations (22 Sept 2025)

Autos & Mobility
• Maruti (Nuvama): Buy, TP ₹18,200 (Positive)
• TVS Motor (Nuvama): Buy, TP ₹4,100 (Positive)
• M&M (Nuvama): Buy, TP ₹4,200 (Positive)
• Hero MotoCorp (Nuvama): Buy, TP ₹6,200 (Positive)
• Eicher & Bajaj Auto (Nuvama): Downgrade to Hold (Neutral)
• Hyundai (Goldman Sachs): Neutral, TP ₹2,970 (Positive)
• Indigo (Jefferies): Buy, TP ₹6,925 (Positive)

Financial Services & Banks
• Kotak Bank (Motilal Oswal): Buy, TP ₹2,400 (Positive)
• Shriram Finance (JP Morgan): Overweight, TP ₹740 (Positive)
• M&M Finance (JP Morgan): Overweight, TP ₹335 (Positive)
• L&T Finance (JP Morgan): Upgrade to Neutral, TP ₹260 (Positive)
• IDFC First (Morgan Stanley): Equal Weight, TP ₹68 (Positive)
• Aditya Birla Capital (Morgan Stanley): Overweight, TP ₹330 (Positive)
• AU Small Finance Bank (Morgan Stanley): Overweight, TP ₹860 (Positive)
• Bajaj Finance (JP Morgan): Neutral, TP ₹1,070 (Neutral)
• Chola Finance (JP Morgan): Neutral, TP ₹1,620 (Neutral)
• SBI Cards (JP Morgan): Underweight, TP ₹830 (Neutral)
• SBI Cards (Morgan Stanley): Underweight, TP ₹710 (Neutral)
• PB Fintech (Morgan Stanley): Underweight, TP ₹1,370 (Neutral)
• Bank of India (Morgan Stanley): Underweight, TP ₹110 (Neutral)

Infra, Real Estate & Industrials
• Adani Enterprises (Jefferies): Buy, TP ₹3,000 (Positive)
• Knowledge Realty Trust (BofA): Initiate Buy, TP ₹110 (Positive)

Pharma & Healthcare
• Eternal (BofA): Buy, TP ₹400 (Positive)

Consumer & Retail
• Swiggy (BofA): Buy, TP ₹475 (Positive)
• Voltas (BofA): Underperform, TP ₹1,205 (Neutral/Negative)
• Voltas (Nomura): Neutral, TP ₹1,317 (Neutral)
• Voltas (Nuvama): Reduce, TP ₹1,070 (Negative)
• Asian Paints, FMCG, Consumer Durables: GST cut (Jefferies): Rate reduced from 28% → 18% (≈8% lower prices, Positive for demand).

IT & Technology (Mixed Views on US H-1B Visa Fee Hike)
• Citi: Cautious on margins; EPS impact ~6% (Neutral).
• ICICI Sec: Offshoring will offset cost; limited EPS hit (Neutral).
• Emkay: Impact unlikely to be disruptive (Neutral).
• Nuvama: Limited effect via nearshoring & local hiring (Neutral).
• Motilal Oswal: EPS impact contained (3–5% of workforce on H-1B) (Neutral).
• Nomura: Worst-case EPS hit 10–100 bps; manageable (Neutral).
• Investec: No meaningful margin impact near term (Neutral).
• Jefferies: $100K/H1B fee offsets EBIT per employee; expect shift to local hiring/offshoring (Neutral).
• BofA Sec: EPS risk 7–17% over 3 yrs, mitigated via offshoring; Tech Mahindra most exposed (Negative).
• CLSA: Potential FY27 EPS hit up to 6% (Persistent & LTIM most exposed) (Negative).

Telecom, Digital & Fintech
• Vodafone Idea (Citi): Buy, TP ₹10 (Neutral)
• PayTM (Morgan Stanley): Equal Weight, TP ₹1,175 (Neutral)

Investor Takeaways
• Autos & Mobility: Strong Buy consensus on 4W & 2W majors; Eicher & Bajaj Auto downgraded to Hold.
• Financials: Positive stance on Kotak, AU, Shriram Fin; cautious on SBI Cards, PB Fintech, and PSU banks.
• Consumer Durables: GST cut a major tailwind, but Voltas faces mixed-to-negative outlook.
• IT Sector: Consensus: H-1B fee hike is a manageable cost headwind. Views range from “limited impact” (Emkay, Investec) to “medium-term earnings risk” (BofA, CLSA).
• Infra/Realty: Adani Ent and Knowledge Realty rated positive, reflecting capex and infra cycle optimism.