Several stocks are in focus today following fresh brokerage reports. Key updates include Bharti Airtel’s tie-up with SpaceX’s Starlink, Zydus Life’s acquisition of Amplitude Surgical, and varied views on Tata Motors, Bharat Forge, and Sun Pharma.

JPMorgan on Bharti Airtel: Overweight | Target ₹1,970

  • Airtel partners with SpaceX’s Starlink to offer high-speed satellite internet in India.
  • Starlink equipment to be sold in Airtel retail stores, with business services also integrated.
  • Expansion planned for rural areas, subject to regulatory approvals.
  • Premium pricing expected for Starlink services.

UBS on Zydus Life: Sell | Target ₹850

  • Zydus Life acquires Amplitude Surgical for €390 million.
  • The acquisition is seen as expensive, with a low RoCE (3-4%) in the initial years.
  • Enterprise Value/EBITDA of 14.5x over the last 12 months.
  • Existing cash reserves used for the acquisition.

BofA Securities on Zydus Life: Neutral | Target ₹1,040

  • The acquisition focuses on knee and hip replacements.
  • Potential for market share gains in existing regions and geographic expansion.
  • Zydus aims to enter medtech with a focus on cardiology, orthopedics, and nephrology.

JPMorgan on Bharat Forge: Overweight | Target ₹1,270

  • India CV revenue expected to remain flat in FY26.
  • US CV revenue to rise from emission pre-buy impact in H2FY26.
  • Aerospace and castings business projected to double in 3-5 years.
  • Interest cost reduction expected due to subsidiary equity infusion.

Nomura on Tata Motors: Buy | Target ₹861

  • JLR’s luxury market strategy intact, with FY25 EBIT margin targets on track.
  • US demand remains strong, while EU demand shows resilience.
  • Warranty costs expected to decline from FY25.
  • Tata Motors is monitoring US tariff clarity closely.

Macquarie on Tata Motors: Outperform | Target ₹826

  • JLR on track for a net cash balance sheet by FY25.
  • Domestic CV margin improvement progressing well.
  • Focus on enhancing service quality in the domestic passenger vehicle segment.

Goldman Sachs on Tata Motors: Neutral | Target ₹690

  • JLR volume growth expected post Jaguar ICE model ramp-down.
  • US tariff clarity anticipated in April.
  • Restructuring small commercial vehicle (SCV) business in India.
  • Plans for electric vehicles (EVs) in FY27.

CLSA on Tata Motors: High Conviction Outperform | Target ₹930

  • JLR confident of meeting FY25 targets.
  • Expected volume growth in the US and Europe.
  • JLR trading below its normative multiple, indicating potential upside.

Nuvama on Tata Motors: Reduce | Target ₹720

  • JLR on track for its FY25 EBIT margin guidance of 8.5%.
  • FY26 volume performance stressed due to the Jaguar model discontinuation.
  • Tariff impact on JLR could be mitigated through price hikes.

HSBC on Sun Pharma: Buy | Target ₹2,000

  • Sun Pharma acquires Checkpoint Therapeutics, adding Unloxcyt, an FDA-approved oncology treatment.
  • Critical deal for long-term specialty portfolio growth.

Morgan Stanley on IT sector

  • Macroeconomic shifts and tech evolution increasing risks.
  • Revenue growth and valuation multiples facing downside risks.
  • Currency factors support margins, but overall valuations may decline.

Morgan Stanley on Infosys: Equal Weight (Downgrade) | Target ₹1,740 (from ₹2,150)

  • Prefers TCS over Infosys, Tech Mahindra over HCLTech, and Coforge over Mphasis.

Morgan Stanley on Coforge: Overweight | Target ₹9,400 (cut from ₹11,500)

  • Scalability potential with a challenger mindset.
  • Revenue growth and valuation outlook remain polarizing.

Jefferies on Swiggy: Hold | Target ₹400 (Initiation)

  • Dominant internet franchise with 45% market share in food delivery.
  • High-teens growth expected but negative EBITDA and free cash flow forecasted for FY25-27.

CLSA on consumer durables (heat wave impact)

  • Warm February may impact food product demand and rural income.
  • Higher demand expected for cooling products (ACs, refrigerators).
  • Summer-centric products (ice cream, beverages) could benefit.
  • Coal prices may rise due to increased power demand, positive for Coal India.

HSBC on life insurance

  • Individual APE growth slowed to 2% YoY in Feb’25.
  • Weakness in ULIP sales, but growth remains strong in individual sum assured.
  • New non-linked products launching, posing near-term risks for ULIP-heavy insurers.

Nuvama on UltraTech Cement: Hold | Target ₹11,574

  • Focus on profitability and growth.
  • Cement price hikes expected in April 2026.
  • Industry consolidation via organic and inorganic routes.

Morgan Stanley on Bank of Baroda (BoB): Underweight | Target ₹215

  • Deposit growth guidance: 9%-11%.
  • Loan growth guidance: 11%-13%.
  • Stable net interest margins (NIMs) expected at 3.0%-3.1%.

Morgan Stanley on RBL Bank: Underweight | Target ₹150

  • Slippages and credit costs expected to improve in FY26.
  • Stable microfinance institution (MFI) collection efficiency.
  • Loan growth guidance: 10%-12% in FY26.
  • NIMs projected to remain stable at 4.8%-4.9%.

Other notable stock updates include BofA’s neutral stance on Zydus Life (₹1,040 target), HSBC’s cautious outlook on life insurers, and Jefferies’ hold rating on Swiggy (₹400 target).

Disclaimer: The above stock recommendations are based on brokerage reports and do not constitute financial advice. Investors are advised to conduct their own research before making investment decisions.

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