Brokerage activity remained high ahead of the earnings season, with multiple firms maintaining positive stances on key stocks across financials, consumer, cement and infrastructure sectors, while a few issued neutral or negative outlooks on select counters.
Goldman Sachs (GS) retained its positive view on Marico, maintaining a buy rating with a target price of ₹830 per share, and said it remains confident on consumer discretionary, IT, and commodity cyclicals for the upcoming quarter.
Morgan Stanley (MS) reiterated an overweight stance on AU Small Finance Bank with a target price of ₹1,000 per share, reflecting optimism over sustained loan growth. It also maintained an underweight rating on RBL Bank with a target price of ₹175, and an overweight call on Mahindra & Mahindra Financial Services at ₹330 per share.
Citi remained positive on several large financial names, reaffirming buy ratings on Kotak Mahindra Bank (TP ₹2,525) and Bank of Baroda (TP ₹310), and maintained a buy call on HDFC Bank with a target of ₹1,180 per share. The brokerage also reaffirmed its buy on L&T Finance, noting that gross advances rose 5.3% sequentially and 22.4% year-on-year, ahead of its estimates. Citi highlighted strong momentum in AU Bank, with retail disbursements (excluding gold loans) of ₹15,000 crore, up 12% QoQ and 18% YoY.
In contrast, Citi issued sell calls on DMart with a target price of ₹3,300 and on IndusInd Bank with a target of ₹765 per share, reflecting a cautious tone on these counters.
UBS shared its Q2 updates, indicating that L&T Finance’s disbursements were up 25% YoY (beating its estimate of 17%), while retail AUM grew 17% YoY in line with expectations. The brokerage also observed that Bank of Baroda saw sequential acceleration in both loans and deposits, beating UBS estimates, and that Kotak Mahindra Bank continued to demonstrate healthy business traction. However, UBS flagged DMart’s 15.4% YoY revenue growth as below its 18% expectation, terming the update as neutral after the stock’s recent rally.
Jefferies reiterated a buy rating on JSW Cement with a target price of ₹170 per share, while HSBC maintained a buy on Varun Beverages (VBL) at ₹640 per share.
JP Morgan maintained an overweight rating on Indian Hotels Company Limited with a target of ₹890, seeing sustained improvement in hospitality demand. The brokerage also held a neutral stance on DMart at ₹4,350 per share and maintained an overweight on M&M Financial Services at ₹330.
Macquarie reiterated its outperform rating on Adani Ports and Special Economic Zone Limited, with a target price of ₹1,760 per share, citing continued strength in cargo handling and expansion visibility.
Bernstein maintained an outperform call on HDFC Bank with a target of ₹1,150 per share, expressing optimism on the bank’s long-term fundamentals.
CLSA retained an outperform rating on Nykaa, with a target price of ₹260 per share, highlighting consistent traction in its beauty and fashion verticals.
Motilal Oswal (MOSL) upgraded Max Financial Services to buy, raising the target price to ₹2,000 per share, and similarly upgraded HDFC Life Insurance to buy with a target of ₹910 per share. The brokerage said it expects improvement in insurance penetration and margin expansion across the sector.
On the broader market view, Goldman Sachs expects upgrades in consumer discretionary (ex-autos), IT, and commodity cyclicals, indicating a constructive outlook ahead of the second-quarter earnings season.
Disclaimer: This article is for informational purposes only and is based on brokerage reports as of October 6, 2025. It does not constitute investment advice or a recommendation to buy or sell any securities.
