Brokers raise targets on Eternal, Indian Hotels as Q2 earnings roll in; SBI, L&T, ONGC among day's gainers

No exchange filings were analysed by Orivam today, so this wrap draws entirely on broker research published through the day. Among top gainers cited by Tata Mutual Fund were Eicher Motors, Larsen & Toubro, State Bank of India, ONGC and JSW Steel, each up roughly 0.89-2.06%. On the losing side, Apollo Hospitals, Bajaj Finance, Infosys, Tata Motors Passenger Vehicles and Axis Bank fell between 2.41% and 4.19%.

Earnings-linked broker notes were active. HDFC Securities maintained a BUY on Indian Hotels with a raised target of INR 838 after Q2FY27 revenue grew 22% YoY to INR 24.8bn and management upgraded FY27 revenue growth guidance to 15-17%. HDFC Securities also kept BUY on Eternal with a target of INR 395, pointing to accelerating food delivery and Blinkit growth even as it trimmed FY27/28 EBITDA estimates by about 8% on management's stated preference for market share over margin. Vishal Mega Mart's BUY rating was retained but the target was cut to INR 135 from INR 140 after 14% revenue growth came with margin contraction from minimum wage costs and new store expenses. Mahindra & Mahindra Financial Services was kept at ADD with an unchanged INR 400 target, with HDFC Securities flagging NIM pressure and possible insurance distribution regulation as risks despite 15% loan growth.

Tata Mutual Fund's note also flagged two corporate developments: ACME Solar Holdings signed a Power Procurement Agreement with SECI for 300 MW/1,200 MWh of assured peak power, and DLF outlined plans for residential launches with sales potential exceeding Rs 58,000 crore over two-three years, targeting Rs 20,000 crore in FY27.

Sharekhan's trading desk closed out a long list of intraday and swing calls today, with mixed results. Stopped-out losses were booked on Jain Resource Recycling, Sobha, Aditya Birla Capital futures, Reliance futures, Tata Motors Passenger Vehicles, Nykaa, Tata Chemicals, Restaurant Brands Asia, Shriram Finance and Paras Defence, while profits were booked on a Premier Energies futures sell call and a Radico Khaitan sell call. New technical sell calls were issued on Solar Industries, Ather Energy and Adani Energy Solutions.