We resume our coverage with a HOLD rating on the stock.

We have rolled forward our valuation to Jun’27 estimates. We value HCL Tech at
23.0x Jun’27 EPS (at +1 SD to 7-year avg NTM P/E), implying a target price of INR
1,693. HCL Tech is currently trading at a 1-year fwd. P/E of 24.0x (in-line with its 1- year Avg. NTM P/E). We reiterate our “HOLD” rating on the stock.

Axis Bank’s (AXSB) stock has significantly underperformed key private peers, led by concerns on muted growth, elevated credit cost, and a decline in RoE.

GM&A share at 24.7% for 1QFY26 up by 210bps vs 22.26% in FY25 We cut our FY26/FY27 EPS estimates by 1.0%/1.9%, respectively, as we expect margin pressures to persist due to 1) Continued high competitive intensity...

Anand Rathi Wealth (ARWM) reported operating revenue of INR2.7b in 1QFY26, up 15% YoY/24% QoQ, primarily driven by 27% YoY growth in MF revenue.

In Q1 FY26, TCS saw a 3.1% year-on-year drop in revenue in constant currency due to delays in discretionary spending caused by global economic and geopolitical issues. Operating margin was 24.5% (up 30bps; impact on utilization partially offset by 3rd party cost and currency). Despite short-term weakness, especially in banking and consumer sectors, TCS signed USD 9.4bn in deals TCV, up 13.2%YoY. Demand was strong in areas like Generative AI, cloud, and platform modernization. While North America and UK banking (Life & Pension) sector showed slight growth, delays in project ramp-ups and longer execution...

With a strong deal pipeline across business verticals, new partnerships, and higher adoption for new-age technologies, we believe TCS will gradually begin recovery from H2FY26. Hence, we resume our coverage with a HOLD rating on the stock.

1QFY26 was weaker than expected on both international and BSNL fronts. Even BFSI on a QoQ basis was impacted (Europe driven)

Bharat Dynamics (BDL) is a prominent player in missile technology within the defense sector and has established itself as a leading integrator for various missile platforms.

Tata Motors JLR reported Q1FY26 wholesale volumes of 87,286 units, a 10.7% decrease YoY and 21.7% down from Q4FY25, reflecting the planned wind down of legacy Jaguar models and US import tariffs.