Brokerages have shared their latest views on key stocks, with Lupin gaining attention for its “at risk” launch of generic Rivaroxaban in the US, while Infosys sees an upgrade on resilient demand. IndusInd Bank faces mixed ratings as RBI grants only a one-year CEO extension, creating uncertainty. RIL remains a top pick for Morgan Stanley amid earnings recovery, while Bharat Electronics (BEL) is seen as a near-term beneficiary of rising defense spending. Here’s what analysts are saying:
Citi on Lupin: Buy, target price ₹2,260
- Launched generic Rivaroxaban 2.5mg tablets (Xarelto 2.5mg) in the US.
- This is an “at risk” launch, as patent litigation is ongoing, with expiry in 2039.
- Sun Pharma (Taro) has also received approval and may launch soon.
- The brand has a $446 million market size (IQVIA), with Lupin expected to contribute $7-10 million per quarter initially in a two-player market.
Nomura on Lupin: Buy, target price ₹2,350
- Lupin launched gXarelto 2.5mg in the US on March 7, 2025, post-USFDA approval.
- Market size at $125 million at the manufacturer price vs. $446 million (IQVIA).
- Lupin is one of the four first filers for this strength.
- Launch was slightly ahead of expectations.
CLSA on Infosys: Upgrade to outperform, target price ₹1,978
- Resilient demand and attractive valuation.
- Weak Q4FY25 seasonality already priced in.
- On-ground demand remains strong across key verticals.
- Valuations are now more palatable, with structural demand tailwinds ahead.
Morgan Stanley on Reliance Industries (RIL): Overweight, target price ₹1,606
- Earnings have seen multiple legs of recovery since last quarter.
- Recovery visible in refining and chemical chains.
- Asian chemical multiples rebounded, boosting sentiment.
- Valuations and earnings recovery keep RIL as a top pick.
UBS on IndusInd Bank: Downgrade to sell, target price cut to ₹850
- CEO tenure uncertainty weighs on near-term earnings outlook.
- EPS estimates cut by ~10.5% for FY26/27.
- Concerns over lack of strategic direction and lower growth, likely to drive a de-rating.
Jefferies on IndusInd Bank: Buy, target price cut to ₹1,080
- One-year CEO extension triggers a potential succession process.
- Deputy CEO & CFO Arun Khurana seen as a frontrunner.
- Stock expected to remain rangebound until leadership clarity emerges.
- Valuation remains attractive at 1x FY26 price-to-book.
Jefferies on BEL: Buy, target price ₹325
- BEL announced ₹5.8 billion in orders, needs ₹113 billion in Mar-Apr to meet FY25 target.
- In FY23, 83% of orders were announced in March, driving 12-17% stock gain in 1-2 months.
- Management confident of meeting FY25 guidance.
- Government defense spend rose 87% YoY in January 2025, a near-term catalyst.
Disclaimer: The views and investment recommendations in this article are sourced from brokerage reports. Business Upturn does not provide investment advice. Readers should consult financial experts before making any investment decisions.
