We recommend BUY on Lupin, Aurobindo, Abbott India, Fortis, and Max Health.

is a key monitorable, given weak credit flow in the last few quarters. NIM for coverage HFCs could fall by 6bps QoQ to 2.96%. NII may inch up by 0.7% QoQ to Rs26.2bn. Opex could rise by 6.1% QoQ to Rs5.95bn due to other opex (+14.2% QoQ) partially offset by a 2.1% decline in employee cost. Hence, PPoP could be flat QoQ at Rs22.4bn. We see provisions normalizing to 19bps (vs -0.02bps in Q3FY25) as LICHF had seen a write-back last quarter. PAT...

Our Preferred Picks in the Sector Infra-Road: H G Infra Engineering Ltd, J Kumar Infraprojects Ltd Infra-Others : KEC International, Kalpataru Projects International Ltd

volume growth and a slight uptick in pricing during the quarter. Demand remained firm across regions, led by private builders and IHB segment, supported by a growing real estate market, increased government-led infrastructure activities, and the lifting of GRAP-3 restrictions imposed earlier in NCR due to pollution. However, certain challenges impacted pricing and overall growth. Labor shortages due to regional festivals in Jan'25, an increase in non-trade sales, and a volume push by companies to meet year-end sales targets restricted the scope for price hikes. Additionally, intense competition...

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Techno-Derivative Outlook

Top picks are: We lean towards domestic-focused companies and prefer APL Apollo Tubes and Coal India as Top Picks. We also like Hindalco, but recommend a Buy on Dips' approach amidst the volatile macro environment due to the impact of reciprocal tariffs.

This week, the primary market is quiet, with no new IPOs scheduled on either the mainboard or the SME segments. However, two companies are set for listing after four made their debut last week.

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