October 17, 2025 (Friday):
Leading domestic and global brokerages issued their updated stock calls for Indian companies across key sectors, reflecting continued optimism after Q2 earnings. Analysts highlighted steady growth, improving margins, and strong management guidance as major drivers.

Top Upgrades and Revisions

  • KEI Industries:
    Nuvama maintained a Buy rating, raising its target price to Rs 5,030 per share, citing solid execution and expanding order book.
  • Kotak Mahindra Bank:
    Morgan Stanley reaffirmed its Overweight call with a target price of Rs 2,600, expecting consistent loan growth and margin stability.
  • Eternal:
    A slew of brokerages retained bullish views post-Q2 results.

    • Nuvama: Buy | Target raised to Rs 400 (from Rs 320)
    • Emkay: Buy | Target raised to Rs 430 (from Rs 330)
    • Goldman Sachs: Buy | Target raised to Rs 390 (from Rs 360)
    • CLSA: Outperform | Target raised to Rs 450
    • HSBC: Outperform | Target at Rs 390
    • BofA Securities: Buy | Target at Rs 400
    • Morgan Stanley: Overweight | Target at Rs 330
    • Nomura: Buy | Target at Rs 370
    • Elara: Buy | Target at Rs 415
  • LTI Mindtree:
    Nuvama kept a Buy call and raised its target price to Rs 6,900, highlighting strong deal wins and improving digital demand.
  • Kajaria Ceramics:
    Mixed stance among brokerages.

    • Goldman Sachs: Buy | Target at Rs 1,170
    • Nuvama: Hold | Target raised to Rs 1,318
    • Morgan Stanley: Underweight | Target at Rs 835
  • HPCL:
    Morgan Stanley reiterated an Overweight rating with a target of Rs 533, citing strong refining margins and balance sheet recovery.
  • Nestlé India:
    • Nuvama: Buy | Target raised to Rs 1,495
    • Goldman Sachs: Neutral | Target at Rs 1,225
    • Macquarie: Neutral | Target at Rs 1,200
    • HSBC: Hold | Target at Rs 1,260
    • Morgan Stanley: Underweight | Target at Rs 1,010
  • Infosys:
    Brokerages maintained a cautious yet optimistic tone post-Q2.

    • Investec: Buy | Target raised to Rs 1,690 (from Rs 1,655)
    • Nuvama: Buy | Target at Rs 1,800
    • Nomura: Buy | Target at Rs 1,720
    • Jefferies: Buy | Target at Rs 1,700
    • HSBC: Buy | Target at Rs 1,730
    • Antique: Hold | Target at Rs 1,675
    • Axis Capital: Add | Target raised to Rs 1,630
    • Emkay: Buy | Target cut to Rs 1,650 (from Rs 1,750)**
    • DAM Capital: Hold | Target at Rs 1,650
  • Wipro:
    Sentiment remained mixed following muted performance.

    • Nomura: Buy | Target at Rs 280
    • Emkay: Reduce | Target cut to Rs 250 (from Rs 280)
    • Jefferies: Underperform | Target at Rs 220
    • Axis Capital: Hold | Target at Rs 270
    • Motilal Oswal: Sell | Target at Rs 200
  • JSW Infrastructure:
    • Nuvama: Buy | Target at Rs 360
    • Jefferies: Buy | Target at Rs 390
  • Zee Entertainment:
    • Nuvama: Buy | Target cut to Rs 155
    • CLSA: Neutral | Target at Rs 140
    • Citi: Sell | Target at Rs 100

Disclaimer: The information provided is for informational purposes only and should not be considered financial or investment advice. Stock market investments are subject to market risks. Always conduct your own research or consult a financial advisor before making investment decisions.