Contra Investing 💡

Brokerage Update- JEFFERIES ON COFORGE BUY, TP RS 10100 MS ON CROMPTON CONS UW, TP RS 352 JEFFERIES ON CROMPTON BUY, TP RS 480 HSBC ON CHOLA FIN – BUY, TP RAISED TO RS 1610 FROM RS 1510 JEFFERIES ON JUBILANT BUY, RS 1000 MS ON COAL INDIA OW, TP RS 525 CLSA ON BAJAJ AUTO O-P, TP RS 9473 UBS ON HPCL MAINTAIN BUY, TP RS 430 UBS ON BPCL MAINTAIN BUY, TP RS 365 UBS ON IOC MAINTAIN BUY, TP RS 180 UBS ON THERMAX INITIATE BUY, TP RS 4100 JEFFERIES ON APOLLO HOSPITALS MAINTAIN BUY, TP 7900 INVESTEC ON LIFE INSURANCE UPGRADE ICICI PRU LIFE TO BUY FROM HOLD, TP AT 725 JP MORGAN ON COAL INDIA MAINTAIN NEUTRAL, TP AT 420 (FROM 395) NUVAMA ON CG CONSUMER (ANALYST DAY) MAINTAIN BUY, TP 500 BERNSTEIN ON JUBILANT FOOD OUTPERFORM WITH ₹850 TARGET INVESTEC ON ULTRATECH BUY WITH ₹12,450 TARGET ANAND RATHI INITIATES COVERAGE ON PROTEAN BUY, TGT 1665 HSBC HOLD CALL ON HDFCAMC TARGET PRICE RS 4,350

Tuhin Kanta Pandey appointed as next SEBI chief

*Fund Houses Recommendations* Jefferies on *Coforge:* Maintain Buy on Company, target price at Rs 10100/Sh(Positive) HSBC on *Chola FIn:* Maintain Buy on Company, raise target price at Rs 1610/Sh (Positive) UBS on *Thermax:* Initiate Buy on Company, target price at Rs 4100/Sh (Positive) Jefferies on *Jubilant Food:* Maintain Buy on Company, target price at Rs 1000/Sh (Positive) MS on *Coal India:* Maintain Overweight on Company, target price at Rs 525/Sh (Positive) CLSA on *Bajaj Auto:* Maintain Outperform on Company, target price at Rs 9473/Sh (Positive) JPMorgan on *Coal India:* Maintain Neutral on Company, raise target price at Rs 420/Sh (Positive) Nuvamaon *Coal India:* Maintain Hold on Company, target price at Rs 419/Sh (Positive) UBS on *IOC:* Maintain Buy on Company, target price at Rs 180/Sh (Positive) UBS on *HPCL:* Maintain Buy on Company, target price at Rs 430/Sh (Positive) UBS on *BPCL:* Maintain Buy on Company, target price at Rs 365/Sh (Positive) Nuvamaon *CG Consumer:* Maintain Buy on Company, target price at Rs 500/Sh (Positive) Jefferieson *Crompton:* Maintain Buy on Company, target price at Rs 480/Sh (Positive) Investecon *ICICI Pru:* Upgrade to Hold on Company, target price at Rs 725/Sh (Positive) JefferiesOn *Power Financing stocks:* Expect companies to increase their provision coverage ratio on discoms in 4Q25, but it should be range bound (Neutral) Jefferieson *Apollo Hospitals:* Maintain Buy on Company, target price at Rs 7900/Sh (Neutral) MS on *Crompton:* Maintain Underweight on Company, target price at Rs 352/Sh (Neutral)

stake in Levim Lifetech Private Ltd. (Neutral) *National Fertilizers:* Company received an order from the Joint Commissioner, Office of the Commissioner of Central Tax, Guntur with tax demand (Neutral) *Sanofi:* Net profit at Rs. 91.3 cr vs Rs 137.7 cr, Revenue at Rs. 515.0 cr vs Rs 469.0 cr (YoY). (Neutral) *PB Fintech:* Appoints Santosh Agarwal as CEO of Paisabazaar. (Neutral) *SpiceJet:* Company saw its market share drop to 3.2 percent in January, down from 3.3 percent in the previous month. (Neutral) *Shantai Ind:* Board has approved the sub-division or split of equity shares of the company from a face value of Rs 10 each to Rs 2 each, subject to shareholder approval. (Neutral) *PFC:* Ex-Dividend date today, Dividend Rs 3.5 per share. (Neutral) *Granules India:* Company received a Warning Letter from the US FDA regarding its Gagillapur facility. (Negative) *LIC:* Company gets Rs 479 cr GST demand including interest, penalty. (Negative)

*India Daybook – Stocks in News* *GE Power:* Company gets additional contract worth Rs 273.5 crore from GREENKO KA01 IREP. (Positive) *Kernex Microsystems:* Kernex-MRT consortium bags project worth Rs 325.33 crore from South Eastern Railway. (Positive) *Coal India:* Rs 300/t charge levied uniformly across all mines of Northern Coalfields w.e.f. May 1, 2025 (Positive) *Tata Power:* Company wins Rs 632 crore Contract from SECI to supply of 292.5 MWp DCR Solar Modules. (Positive) *Transrail Lighting:* Company bags new orders worth Rs 2,752 crore. (Positive) *TVS Motor:* Company partnered with SEWA, SIDBI, AMU Leasing, and NRDC to launch the 'Wheels of Empowerment' program. (Positive) *Kothari Industrial:* Company has signed MoU with the Govt of Assam on Feb 26, 2025, MoU focuses on investing in the "minerals and mining value chain, with a strategic focus on rare earth and critical minerals, proposed investment amount is Rs 500 Crores. (Positive) *KSB:* Net profit at Rs. 73 cr vs Rs 55 cr, Revenue at Rs. 726 cr vs Rs 603 cr (YoY). (Positive) *Schaeffler:* Net profit at Rs. 237 cr vs Rs 210 cr, Revenue at Rs. 2136 cr vs Rs 1875 cr (YoY) (Positive) *Servotech Renewable:* Company & Chamber Of Indian MSME Signed Mou To Launch User-Friendly Mobile App, Accelerating 1 Lakh Solar Home Target By 2026 Under Pm Surya Ghar Yojana. (Positive) *Glenmark Pharma:* USA launches Epinephrine injection USP, 10 ml multiple-dose vial. (Positive) *Murudeshwar Ceramics:* Crisil Ratings reviewed the credit ratings of Murudeshwar Ceramics Limited's bank facilities, long-term rating was upgraded to Crisil BB/ Stable from Crisil BB-/ Stable (Positive) *HCLTech:* US-based Children’s Minnesota selects the company to modernise its healthcare operations with AI. (Positive) *Tera soft/ITI:* In Consortium led by partner ITI Limited executed the agreement with BSNL as the Project Implementation Agencywith a total worth of Rs 5104 crore. (Positive) *RVNL:* Company has received Letter of acceptance for order worth of 135.6 crore from Central Railway for “Design, Supply, Erection, Testing & Commissioning of 132/55 KV Traction Substation. (Positive) *TVS Motor:* Company launches TVS King Duramax Plus & TVS King Deluxe Plus three-wheelers in Mexico (Positive) *IndiGo:* Company's market share grows from 64.4% in December 2024 to 65.2% in January 2025 (Positive) *DLF:* CRISIL has revised Outlook to ‘Positive’ and re-affirmed its rating as ‘CRISIL AA’ for Non-Convertible Debentures. (Positive) *Kisan Mouldings:* Promoter entity Apollo Pipes has bought 12 lakh shares in the company at an average price of Rs 46.52 per share. (Positive) *Indus Towers:* Company received a Rs. 4.52 Cr penalty from the Joint Commissioner of State Tax (Bihar) for alleged disallowance of Input Tax Credit on towers under section 17(5) of the GST Act 2017. (Neutral) *JK Tyre:* Company received a GST order demanding Rs. 1.71 Cr in input tax credit and Rs. 0.17 Cr in penalty for discrepancies between GSTR 2A and GSTR 3B. (Neutral) *Ashoka Buildcon:* Company issued Rs.50 Cr of Commercial Papers on Feb 27, 2025. (Neutral) *Orient Technologies:* Company’s board approved Mr. Sunil Kumar Arora's retirement as CFO, effective Mar 31, 2025. (Neutral) *Akshar Spintex:* Company announced the resignation of Mr. Amit Vallabhabhai Gadhiya as Managing Director & Director. (Neutral) *Avantel:* Company has received a purchase order from Larsen & Toubro Ltd for Rs.1.64 Crores. (Neutral) *International Conveyors:* Company Acquired Sterling and Wilson Renewable Energy Ltd with Acquisition cost of Rs 3.50 Cr (Neutral) *Karur Vysya Bank:* Bank opened 6 new branches in Tamil Nadu & Andhra Pradesh. The bank now has 877 branches. (Neutral) *Aries Agro:* Company received an order for Rs. 1.28 Cr for FY2020-21 under Section 73 of the CGST Act, 2017 and APGST Act, 2017. (Neutral) *Roto Pumps:* Company has started construction of a factory building in Noida for its subsidiary, Roto Energy Systems Ltd (Neutral)  *Eris Lifesciences:* Company has completed the acquisition of a 30% equity

🇺🇸 Markets on Thursday #DowJones -0.43% #Nasdaq -2.8% S&P 500 -1.59% Factors that weighed on US markets ☹️ Trump announced the proposed tariffs of 25% on Mexico and Canada will take effect on March 4. He add that China, which already faces 10% tariffs from the U.S., would face an additional 10% levy 🙁 Weak reaction to bellwether stock Nvidia -8.5% post earnings. Co posted smallest revenue beat in two years though results & guidance was strong 🇺🇸 Economic Data- Mixed 1⃣Jobless claims for the week ended Feb. 22 came in at 242,000 vs Dow Jones estimate for 225,000 2⃣ January durable goods orders for machinery, cars, and appliances expected to last at least three years +3.1% vs expected growth for 2% 3⃣ Pending home sales in January -4.6% from December to the lowest level since the National Association of Realtors began tracking the yardstick in 2001 Other Asset Classes 🇺🇸 10-year Treasury yield dropped to 4.23%, lowest level since Dec 2024 💲 Dollar Index at 107.2, strength post tariff news ⛽️ Brent Crude at 74$/barrel, spike as U.S. President Trump revoked a license granted to U.S. oil major Chevron to operate in Venezuela. 🪙 Gold at $2,885/ounce, 2 week low 💸 Bitcoin sinks to 84272$ What to track on Friday? 👉 Personal consumption expenditures price index — the Federal Reserve’s preferred inflation gauge.

*Economic Calendar – 28.02.2025* TAIWAN Market Holiday TENT EURO German Prelim CPI m/m (Expected: 0.6% versus Previous: -0.2%) *17.30 INDIA GDP Growth Estimates (Expected: 6.4% versus Previous: 8.2%)* *19.00 U.S. Core PCE Price Index m/m (Expected: 0.3% versus Previous: 0.2%)* *Economic Calendar – 01.03.2025* India February Month Auto Sales *07:00 CHINA Manufacturing PMI (Expected: 50.0 versus Previous: 49.1)*

*News Headlines from Business News Agencies:* *Business Standard* 📝 DCGI streamlines drug export approvals, enhances regulatory oversight 📝 India 10-yr bond yield to slip to 6.45% by Apr on rate cut: BofA executive 📝 India's developmental model could be template for others: CEA Nageswaran 📝 HSBC reducing staff numbers by 900 at China Pinnacle unit: Report 📝 TVS Emerald buys 10-acre land in Bengaluru, boosts FY25 revenue potential 📝 Govt considers tariff cuts on cars, chemicals as Trump duties loom 📝 Coca-Cola's Thums Up, Sprite on their way to becoming $2 billion brands 📝 Amazon's cloud unit builds first quantum computing chip called 'Ocelot' 📝 India, EU to discuss preventing banned goods from going to Russia 📝 India's climate future lies in renewable energy, says Bhupender Yadav 📝 India Inc poised to see average salary hike of 9.4% in 2025: Report *Economic Times* 📝 Domestic passenger vehicle sales expected to grow 4-7 pc in FY26: Icra 📝 Organised retail set to reach $230 billion by 2030: Deloitte-RAI report 📝 SBI Mutual Fund launches files draft documents with Sebi for 5 passive funds 📝 AI in healthcare likely to contribute $30 bn to India's GDP by 2025: Report 📝 ADB commits $200 million loan to expand urban services in Kolkata 📝 60 pc of Indian retailers see technology as key to competitiveness: PwC India Report 📝 India's GST collections surge in January 2025: gross up 12.3%, net rises 10.9%: NCAER report 📝 India exploring critical minerals in Zambia, Congo and Australia, official says 📝 India needs to ramp up bilateral relations for trade, investment: Nirmala Sitharaman 📝 State governments should not tax minerals excessively: Union Mines Minister 📝 Mercedes-Benz plans to cut 25% of workforce costs in China by 2027, source says *Mint* 📝 Sebi directs mutual funds to deploy NFO fund within 30 days of allotment 📝 American hospitality giant Wyndham sees big opportunity in India’s new hoteliers 📝 PhonePe appoints four merchant bankers for upcoming IPO: Report 📝 Cables & wires stocks face de-rating, target price cut on UltraTech's foray 📝 Paytm partners with Perplexity to bring AI search on app free of cost 📝 NBFCs gain fresh momentum as RBI eases bank lending norms 📝 Ikea eyes Delhi-NCR expansion with small format store, e-commerce operations 📝 Bajaj Auto Ltd Launched Bajaj GoGo, A New Brand For Electric Autos 📝 Man Infraconstruction acquires 26.40% stake in subsidiary company 📝 Kerala govt plans seaplane operations at dams, backwaters 📝 NCLAT sets aside insolvency proceedings against Coffee Day Enterprises

#DailyMarketnsights At the Feb expiry trading session, Markets continued to lack proper direction. The positive momentum was due to RBI’s move to rollback its NBFC loan risk weight hike. 22500 is a crucial level as Nifty 50 was seen consolidating around 22550 today. On one hand, where Financials were trying to uplift the markets, it was offset by weakness in broader markets. 22500-23000 is the current range of the index. Nifty Bank was showing strength today due to the RBI's decision and it was led by strength in Banks and Financials. However, 49000 remains a hurdle for the index as the index consolidated around 48850 after a positive opening indicating that it lacks the strength to rise up sharply. Sector-wise, the top loser is Nifty Media, which lost 🔻 (3.9%) in today’s trading session. Top gainer from Nifty 50 was Shriram Finance Ltd. 🔼 (5.2%) and the top loser was Ultratech Cement Ltd. 🔻 (-4.9%) in today’s trading session.

Cem:* To issue 1 share of UltraTech Cement for every 52 shares held by equity shareholders of Kesoram Industries. (Neutral) *Bharat Electronics:* Company to consider interim dividend for financial year 2024-25 (FY25) on March 5, 2025 (Neutral) *Varun Beverages:* Company extends SBC Beverages Ghana acquisition date to March 31, 2025, from February 28, 2025. (Neutral) *Akshar Spintex:* Company announced the resignation of Mr. Amit Vallabhabhai Gadhiya as Managing Director & Director. (Neutral) *Avantel:* Company has received a purchase order from Larsen & Toubro Ltd for Rs.1.64 Crores. (Neutral) *Borosil Renewables:* Company has completed its committed investment of Rs. 17.82 Cr in Clean Max Prithvi Pvt Ltd (Neutral) *Olectra Greentech:* India Ratings and Research has confirmed the credit ratings for Company's borrowing programs, Long-/Short-term limits. (Neutral) *Aries Agro:* Company received an order for Rs. 1.28 Cr for FY2020-21 under Section 73 of the CGST Act, 2017 and APGST Act, 2017. (Neutral) *Godawari Power:* Company executed Rs.50 Cr inter-corporate loan agreement with Deccan Gold Mines Ltd. (Neutral) *Grasim Industries:* Company repaid 400 Cr of Commercial Papers (CP). (Neutral) *Emcure Pharma:* Company received Form 483 with two observations from USFDA for Maharashtra facility (Neutral) *T V Today:* Company plans to sell its FM radio broadcasting operations (Mumbai, Delhi, Kolkata) to Creative Channel Advertising & Marketing Pvt. Ltd. for Rs. 20 Cr. (Neutral) *Azad Engg:* Company launches QIP to raise up to Rs 700 cr, issue price Rs 1,280/sh. (Neutral) *Rain Ind:* Net loss at Rs 133.0 crore versus Rs 1079.0 crore, Revenues at Rs 3675 crore versus Rs 4101 crore (Neutral) *Jindal Worldwide:* Company has fixed Record Date 28th February for the purpose of Bonus Issue 4:1 of Equity Shares of the Company (Neutral) *GMR Airports:* Company raises ₹1,100 cr via NCDs from Deutsche Bank. (Neutral) *TeamLease:* In a block deal, Goldman Sachs sells shares worth Rs 17 crore (Neutral) *Tata Steel:* Company acquires shares worth Rs 10,727 crore in T Steel Holdings. (Neutral) *Sarda Energy:* Company reported a fire incident at its Binjkot power plant. (Neutral) *Utkarsh Small Finance Bank:* Board approved raising up to ₹750 Cr in funds through QIP (Neutral) *Larsen:* Indian Army signs pact worth Rs 80.4 crore with L&T for procurement of chemical agent detection and alarm systems. (Neutral) *IndiGo:* Company signs firm agreement with Norse Atlantic Airways for 3 Boeing 787-9 aircraft. (Neutral) *Infosys:* Company rolls out salary hikes for employees, increments range between 5-8% based on base salary. Launches Open-Source Responsible AI Toolkit to Enhance Trust and Transparency in AI (Neutral) *Fusion Finance:* CRISIL Ratings has downgraded Company's long-term credit rating on its Rs. 8000 Crore bank loan facilities to CRISIL A-/Stable. (Negative) *Prestige Estate:* Income Tax Department conducts search at Prestige Estates offices. (Negative) *Ceigall:* Company announced termination of a contract from NHAI for the construction of a four-lane Greenfield Amritsar connectivity project. (Negative) *Cable and Wire stocks:* Ultratech cement forays in to Wires and cables segment with capex of Rs 1800 cr. (Negative)

*India Daybook – Stocks in News* *RailTel:* Company along with its consortium, has secured a significant orders worth of Rs 167 crore. (Positive) *Waaree Energies:* Company bags order for supply of solar modules for 410 MWp from ABREL EPC, a wholly owned subsidiary of Aditya Birla Renewables. (Positive) *Caplin Point:* Company received approval from the USFDA for the ANDA Brimonidine Tartrate and Timolol Maleate Ophthalmic Solution (Positive) *Tata Power:* Company signs MoU with Assam Government to develop up to 5000 MW of renewable & clean energy in the state. (Positive) *Vakrangee:* Company announced a strategic partnership with Aditya Birla Health Insurance to offer health insurance products. (Positive) *PTC Industries:* Company announced the construction of a 25,000 sq m aerospace castings facility at its new 50-acre UP Defence Industrial Corridor site in Lucknow. (Positive) *Coforge:* Board to consider stock split on March 4, 2025 (Positive) *PNGS Gargi:* Company opened a new exclusive brand store in Indore, Madhya Pradesh on Feb 25, 2025. (Positive) *Dr Reddy's:* US FDA issues establishment inspection report for company’s API Manufacturing Facility (CTO-2) in Bollaram, Hyderabad & classifies the inspection as Voluntary Action Indicated (VAI). (Positive) *Camlin Fine:* Company has agreed to acquire a majority stake in Vinpai S.A. (Positive) *KP Green Engineering:* Company signed a MoU with the Madhya Pradesh govt. to develop 1.8 GW of solar, wind, hybrid, BESS, and biomass projects. (Positive) *Financial Stocks:* RBI restores risk weights for bank lending to NBFCs to 100% from 125% earlier w.e.f April 1, 2025 (Positive) *Adani Green:* Company wins 1,250 MW pumped hydro storage project from Uttar Pradesh Power Corp. (Positive) *Lemon Tree:* Company has signed a License Agreement viz. Lemon Tree Hotel, Shirdi, Maharashtra. (Positive) *Blue Star:* Company announced the commissioning of a new assembly line for room air conditioners at its Sri City plant. (Positive) *Sarla Performance Fibers:* Acuite has upgraded the credit ratings of the Company (Positive) *Piccadily Agro:* Infomerics has upgraded its ratings for the Company for short and long term bank facility (Positive) *DLF:* CRISIL has revised Outlook to ‘Positive’ and re-affirmed its rating as ‘CRISIL AA’ for Non-Convertible Debentures. (Positive) *Paradeep Phosphates:* ICRA has upgraded/ reaffirmed the ratings assigned to the Bank Facilities/instrument of the Company (Positive) *Muthoot Finance:* Company gets RBI nod to open 115 branches. (Positive) *Castrol:* Company announced launch of Strategic Review of Global Lubricants Business. (Positive) *Spice Jet:* Net profit at Rs 26.0 crore versus loss Rs 300.0 crore, Revenues at Rs 1178 crore versus Rs 1850 crore (Positive) *Newgen:* Company has executed a Statement of Work (SoW) with a USA based Client. (Positive) *Dhruv Consultancy:* Company received Rs 6.4 cr contract from the NHAI for consultancy services (Positive) *Zydus Lifesciences:* Company launched VaxiFlu-4, India's first quadrivalent inactivated influenza vaccine (Positive) *Paytm:* DPIIT and Paytm join hands to drive innovation and scale India’s manufacturing and fintech startup ecosystem (Positive) *KIMS:* Company is targeting an 18–20% growth in next financial year, driven by launch of new hospitals (Positive) *NGL Fine-Chem:* Promoters settle disclosure lapses case with SEBI; pay ₹92.21 lakh (Positive) *Cupid:* Company has secured a contract worth approximately INR 42 Crore from the Medical Stores Department, Tanzania (Positive) *G R Infraprojects:* Company has signed MoU with the Government of Assam for a ropeway project in Guwahati. The project, costing ₹270 Cr (Positive) *Senores Pharmaceuticals:* Company has inaugurated its second Active Pharmaceutical Ingredient (API) manufacturing facility (Positive) *Wespun Corp:* Welspun One launches Rs 1,000 cr co-investment program to expand warehousing portfolio (Positive) *Wipro:* Company commits $200 Million in Fresh Investment to Wipro Ventures (Neutral)  *Ultratech

*Indian Equities Pre Open Update* Flat opening expected to be seen for the Indian equities while major focus would be expiry of February series. *Global Peers Update:* Asian markets have opened with muted note while major focus on the global developments. U.S. stock index futures are trading in the range as sentiments remained frail amid concerns over trade tariffs and the economy while NVIDIA is trading with marginal loss post trading hours due to in line with expected earnings. *Sectors to Watch:* Financials, Power and Oil downstream stocks expected to remain on focus during the day. *GIFT NIFTY Price* 22591.0 *Adjusted Change:* +9.0 Points, Percent Change: +0.04% *Technical Levels: Nifty Near Future* *Support*: 22494.0/22410.0 *Resistance*: 22682.0/22758.0 *Technical Levels: Bank Nifty Near Future* *Support*: 48542.0/48305.0 *Resistance*: 49031.0/49208.0

*Fund Houses Recommendations* Jefferies on *Jubilant Foods:* Maintain Buy on Company, target price at Rs 1000/Sh (Positive) Equirus on *SRF:* Maintain ADD on Company, target price at Rs 2800/Sh (Positive) Nomura on *Alkem Labs:* Upgrade to Buy on Company, cut target price at Rs 5430/Sh (Positive) Jefferies on *Hotels:* January RevPar up 16% YoY in January-STR Data. Top picks- Indian Hotels and ITC Hotels (Positive) CITI On *NBFCs/MFIs:* RBI restored the risk weights on bank’s lending to A & above rated NBFCs Impact. Assessment suggests benefit of >45bps for Bank Baroda, 35-40bps for Federal Bank/PNB, 30bps for SBI/HDFCB/KOTAKB, 20bps for ICICI /AUSFB/IIB, <20bps for AXSB/RBK. Banks with higher MFI exposure – Bandhan/ IDFCFB/ IIB/ RBL earlier took adverse impact of 360bps/100bps/75bps/45bps + AUSFB too (Positive) Nomura On *NBFCs/MFIs:* RBI has reversed 25pp increase in risk weights for bank lending to A-rated & above NBFCs with effect from 1 April 25. It should provide relief to Bandhan, Bank Baroda, Indusind & AU BK (Positive) CLSA On *NBFCs/MFIs:* RBI has reversed 25pp increase in risk weights for bank is positive for entire Banking sector (Positive) MS on *FPI Flow:* FPI flows matter because of what they can do to macro conditions. India is on the cusp of a recovery in lending, capex and consumption (Neutral) MS on *Cable and Wire:* Surprised, but not concerned for C&W coverage (Polycab, KEI Industries & Havells) (Neutral) Jefferies on *Cable and Wire:* Foresee lower competitive impact on Polycab (Neutral) MS on *Titagarh Rails:* Maintain Overweight on Company, cut target price at Rs 1090/Sh (Neutral) Jefferies on *SRF:* Maintain Underperform on Company, target price at Rs 2060/Sh (Neutral) UBS on *Bharti Airtel:* Maintain Neutral on Company, target price at Rs 1705/Sh (Neutral) MS on *Bharti Airtel:* Maintain Equal weight on Company, target price at Rs 1650/Sh (Neutral) MS on *Ultratech:* Maintain Overweight on Company, target price at Rs 13650/Sh (Neutral) Macquarie on *Ultratech:* Maintain Outperform on Company, target price at Rs 12961/Sh (Neutral) CLSA on *Ultratech:* Revenue Potential: Could generate 4x-5x revenue growth with an 11%-13% margin. (Neutral) Nuvama on *Ultratech:* UltraTech’s entry into the W&C segment is expected to have only a modest impact, contributing less than 5% to the total industry. (Neutral) Jefferies on *Ultratech:* Any knee-jerk negative reaction should be used as buying opportunity Similar customer base like cement, but not exactly same channel of sales, target price at Rs 13265/Sh (Neutral) Citi on *Ultratech:* Small in overall context-foray in wires and cables could hurt positioning as cement pure play, target price at Rs 13100/Sh (Neutral)

CNBCTV18Market | #MorganStanley's equal-weight call on #BhartiAirtel: Target Price Rs 1,650/sh, Co in bilateral discussions to combine Tata Group's #DTH biz with its own, has binary outcomes of the same, although will strengthen Bharti's industry positioning

#CNBCTV18Market | #Nomura on NBFCs/MFIs: #RBI has reversed 25pp increase in risk weights for bank lending to a-rated & above NBFCs w.e.f April 1, 2025, whereas MFI exposure has been reduced to 100%. Should provide relief to covered banks with higher MFI exposure, such as Bandhan, AU SFB & IIB & improving credit flow from banks to NBFCs

#CNBCTV18Market | #Nuvama's hold call on #SpiceJet: Target Price Cut To Rs 52/sh, lack of transparency in sharing key operational data stays a major concern. Revival likely to be gradual post-QIP with turnaround a key monitorable cutting FY25E/26 EPS by 14%/13% on operational

#Trump confirms #Zelenskyy's visit to White House for key #minerals deal signing #USUkrainehttps://www.cnbctv18.com/world/trump-confirms-zelenskyys-visit-to-white-house-for-key-minerals-deal-signing-19565283.htm

#RupeeCheck | #Rupee Opens At 87.25/$ Vs Tuesday’s Close Of 87.21/$ #rupeevsdollar

#CNBCTV18Market | Here's a list of stocks that are in focus going into trade today

*Economic Calendar – 27.02.2025* *19.00 U.S. Durable Goods Orders m/m (Expected: 2.0% versus Previous: -2.2%)* *19.00 U.S. Unemployment Claims (Expected: 222k versus Previous: 219k)* *19.00 U.S. Prelim GDP q/q (Expected: 2.3% versus Previous: 2.3%)* 20.30 U.S. Pending Home Sales m/m (Expected: -0.9% versus Previous: -5.5%) 23.45 U.S. FOMC Member Hammack Speaks