Chris Wood of Jefferies
Some adjustments in India portfolio
Investments in L&T, Thermax & Godrej Prop will be removed & replaced by TVS, Home First Fin & Manappuram Fin with 4% each
Additional 1% each will be added to existing investments in PB Fin & Bharti Airtel
Bernstein on Project Financing Norms
RBI eases provisioning norms for under-construction projects
Standard asset provision cut to 1% – major relief for lenders
Relaxed norms + rate cuts + liquidity = lending boost ahead
Guidelines lift sentiment for infra lending across sectors
Specialized NBFCs like REC, PFC among key gainers
PSU banks also poised to benefit from lower capital strain
CITI on Project Financing Norms
RBI relaxes general provisioning norms for project finance
Final norms seen as lender-friendly; effective from Oct 1, 2025
Provisioning eased for infra & non-infra projects, incl. CRE
Big relief for corporate lenders, especially PSU banks & infra NBFCs
Eases concerns over cost overruns, potential pullback in funding
Supports continued lender interest in project finance space
EMKAY on Project Financing Norms
RBI takes pragmatic route with final project finance norms
Provisioning for under-construction infra/CRE projects at 1-1.25% vs 5% draft
Eases pressure on project lenders like REC and PFC
Flexible stance on DCCO delays, cost overruns, resolution triggers
Limited PAT/net worth impact; regulatory capital hit only from FY27
Rate cuts + liquidity + relaxed norms may spur project lending
Large PSBs, PFC, REC seen as key beneficiaries
Jefferies on SBI
Maintain Buy with target price of Rs 960
Growth soft now and expected to pickup in Q2/Q3
Aiming to sustain 1% ROA despite rate cuts
Credit growth can stay higher than deposit growth; ramping-up on wealth offering
Subsidiary businesses can improve
MS on Banks
Play The Growth Recovery Via The ‘High Five’
A Broad-Based Rally Post-RBI Easing Of Liquidity, Interest Rates & Regulations
FY27 Would Be A Confluence Of Multiple Positives
Next 2 Quarters Are Tough – A Buying Opportunity
Believe Strong Banks Will See Significant Re-Rating
Prefer ‘High Five’: ICICI Bank, Kotak Mahindra, AU SFB, HDFC Bank & Axis Bank
At Large Private Banks, Expect Core Pre-Provision Operating Profit CAGR OF 16-18% Starting In FY27
Citi on Jubilant FoodWorks
Maintains buy with target price Rs 805
Free delivery bundled with accelerated product innovation is driving higher frequency and new customer acquisition
Company to build 5 platforms of Rs 10 billion each
For Popeyes, gross margin at 100 stores will be broadly at par with competition
Citi on Swiggy
Retains Buy Swiggy with a target price of Rs 425
Some leveling off on competitive spends in quick commerce in the last few months but remains early to call a trend
QC marketing spends may stabilize here on Swiggy will likely prioritize MTU growth
Food Delivery margins expansion hereon will be led by operating leverage, ad-monetization and operating efficiencies
Jefferies on Infosys
Maintain Buy with target price of Rs 1,660
Delivery aligned by service lines to efficient scale up
Delivery – a key source of competitive advantage
Intensified focus on Risk management for large deals
Al to usher in workforce transition
BofA on Dr Reddy
Maintain Buy; Hike target price to Rs 1,500 from Rs 1,450
Path to 25% margin – not as uphill
Believe base business momentum & ability to optimize elevated cost base is underestimated
H2CY25 has some key catalysts that will improve visibility on the high-value launches
Tariff announcement is a near-term risk
Nuvama on Aurobindo
Buy, target price Rs1,460 (cut from Rs1,485)
Over the medium term, Aurobindo has triggers like resumption of the Pen-G unit, launches in Europe from China unit, injectable drug launches from Eugia-5, normalisation of supplies from Eugia-3, and volume growth in oral products
Dip in gRevlimid shall be offset by growth in Europe and US launches
Building in revenue/EBITDA/PAT CAGR of 7%/8%/15% over FY25-27E
Stock is trading at 13.9x FY27E EPS, 16% discount to its five-year average
Antique on Shilpa Medicare
Buy, target price Rs1,090
Believe SLPA is entering a pivotal growth phase with both near-term execution and long-term strategic bets aligning to
drive a multi-year growth cycle
In the near term, SLPA is poised to capitalize on its differentiated formulations pipeline across key global markets
Within its API segment, SLPA has been filing dossiers in regulated markets where volume offtake is likely to improve along with significant improvement in realization and profitability
The biosimilars and CDMO biologics businesses have the potential to meaningfully contribute from FY28E onwards with a robust development pipeline and EU-GMP approved facility
Company’s pipeline monetization can lead to revenue growth
CAGR of ~34% over a two-year period with EBITDA margin of ~34% by FY27E and EPS CAGR of over 100%
Jefferies On Pharma
Cipla Regains Share In Albuterol, Gains In A Low-competition Injectable
Lupin Faces New Rivals In Rivaroxaban (2.5mg)
Sun Pharma Sees YoY Growth In Ilumya, Cequa; Gains In Vyvanse
DRL Loses Share In gVascepa, gCiprodex
gAptiomsees Multiple Generic Entries Despite 180-day Exclusivity
BOFA Sec On Siemens
Maintain Underperform, TP Rs2,564
Siemens Energy India Trades At A Premium Vs Peers
Siemens (Ex-Energy) Is Expensive At 56x FY27; Maintain Underperform
Core Business Faces Weak Private Capex
Growth Driven By Public Capex & Mobility Despite Execution Challenges
Digital Margin Under Pressure, Recovery Depends On Mobility & Smart Infra Growth