Buy

We recommend a BUY on the stock with a potential upside of 10% from the CMP.

We recommend a BUY on the stock with a target price of Rs 49/share, implying an upside of 11% from the CMP.

We maintain our BUY recommendation on the stock.

We maintain our BUY recommendation on the stock.

CD ratio continued to moderate with slowdown in credit growth, while deposit growth higher than system growth

We value Tata Elxi at a lower P/E multiple of 30x (earlier 33x) implying a target price of INR 5,093. That said, recent large multi year deal wins, coupled with TELX’s strategic pivot toward OEM centric engagements and Software Defined Vehicle (SDV) programs, are expected to provide revenue stability.

We have reduced our EPS estimates for FY26E and FY27E to INR 128.3 and INR 144.7 respectively, factoring in higher finance costs We remain cautious in the near term due to market volatility and weak investor sentiment.

The P/EV multiple remains unchanged at 2 3 x We maintain our rating on HDFC Life at 'Buy' with a target price of INR 831 per share (earlier INR 820) an upside of 15.6% over the CMP.

We have reduced our FY26E/FY27E EPS by 7.4%/7 3% to INR 67.5 and INR 74 respectively driven by slower revenue conversion and restrained client budgets impacted by tariffs uncertainty We value Infosys at a P/E multiple of 23x on FY27E EPS, with a target price of INR 1,701. We maintain our rating at 'Buy' on Infosys

Kansai Nerolac Paints’ promoter company, Kansai Paint Co., Ltd., Japan, hosted an investors’ meet to discuss their India market strategy under the new management. The management discussed their shorter-term (3 years) and longer-term (till 2030) business strategy in detail.

India's power distribution space is experiencing a significant transformation, driven by the advancement of smart grid technology. Smart meters continue to see gradual implementation, albeit at a slow pace.

We upgrade Devyani to BUY from Add, while raising our TP by ~18% to Rs200 from Rs170 (30x FY27E EBITDA vs 26x earlier). The upgrade is led by potential value creation in the likely acquisition of ‘Biryani By Kilo’ (BBK) and possible return of a mid-teen growth for the India business in FY26E (vs 7% in FY25).

ICICI Bank has noted a superlative performance yet again, with 5% PAT beat at Rs126bn (up 18% YoY; historically superior RoA of ~2.5%), healthy credit growth at 13% YoY, and a sharp 16bps QoQ margin uptick to 4.4%.

After growth calibration for the past one year, and under pressure to bring down LDR and manage PSL/margins, HDFC Bank reported better credit growth in 4Q at 5% YoY/4% QoQ as well as stable core margins.

HDFC Bank (HDFCB) reported Q4FY25 PAT of INR 176bn (RoA steady at ~1.9%) led by stable core NIM QoQ and contained opex. Deposits growth (14% YoY) remains driven by term deposits (20% YoY) while CA grew 18% QoQ (up 1% YoY) due to seasonality.

ICICI Prudential (IPRU) has successfully accelerated volume growth (5%/15% growth in total APE FY24/FY25; 22.3% growth in retail WRP vs 17.4% growth for the private industry in 11MFY25) backed by well-executed distribution/product initiatives.

HDFC Bank (HDFCB) reported a 4QFY25 net profit of INR176.2b (7% YoY growth; in line). The bank’s NII grew 10.3% YoY to INR320.6b (5% beat), boosted by strong loan growth and INR7b of interest on IT refunds.

ICICI Bank has done it again! Seldom does a bank of the size of ICICI Bank (ICICIBC) surprise with its operating performance the way this bank has done, that too amid a volatile macro environment, elevated competition for deposits, and ongoing normalization in asset quality.

ADSEZ expands globally with non-cash acquisition of NQXT from promoter entity; deal results in 6.2% dilution for existing shareholders

Steady credit growth at 13% YoY, largely led by the Business Banking segment. Higher NIMs and lower provisions aided PAT