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Research notes

What India's research desks published, reported with attribution and linked to the original notes. Orivam issues no recommendations of its own.

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2533 notes · all time

12 Oct 2026, 09:11 IST JM Frictech India Ltd Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report states JMI invested around Rs 50 crore in setting up its fourth manufacturing facility in Chandigarh.

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12 Oct 2026, 09:11 IST NCC Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report states NCC secured a Rs 1,286 crore road project order in Telangana.

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12 Oct 2026, 09:11 IST Cochin Shipyard Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report states Cochin Shipyard plans to invest around Rs 6,000 crore in two shipbuilding and repair projects.

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12 Oct 2026, 09:11 IST Cipla Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes Cipla was among the top losers, down 0.44-1.43%.

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12 Oct 2026, 09:11 IST JSW Steel Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes JSW Steel was among the top losers, down 0.44-1.43%.

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12 Oct 2026, 09:11 IST BSE Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes BSE was among the top losers, down 0.44-1.43%.

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12 Oct 2026, 09:11 IST ITC Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes ITC was among the top gainers, up 3.38-4.72%.

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12 Oct 2026, 06:09 IST Avenue Supermarts Limited HDFC Securities ADD target INR 4,000

The report notes DMART's standalone revenue grew 18.4% YoY to INR192bn with SSSG of 9.5%, but EBITDA margin contracted 28bps YoY to 7.3% and APAT grew only 7.6% YoY to INR8bn, lagging revenue growth and estimates, and maintains an ADD rating with a reduced DCF-based target price of INR4,000/share (from INR4,100 previously).

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10 Oct 2026, 07:45 IST Vishal Mega Mart Limited HDFC Securities BUY target Rs 140

The report maintains BUY with an unchanged target of Rs 140, expecting ~16% YoY revenue growth driven by store expansion.

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10 Oct 2026, 07:45 IST ETERNAL LIMITED HDFC Securities BUY target Rs 395

The report raises the target to Rs 395 from Rs 390 while maintaining BUY, expecting Eternal to continue gaining market share in food delivery and quick commerce.

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10 Oct 2026, 07:45 IST Swiggy Limited HDFC Securities BUY target Rs 460

The report cuts the target to Rs 460 from Rs 470 while maintaining BUY, expecting rising quick-commerce losses as it attempts to recoup market share.

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10 Oct 2026, 07:45 IST FSN E-Commerce Ventures Limited HDFC Securities SELL target Rs 240

The report raises the target to Rs 240 from Rs 230 while maintaining SELL, expecting ~29% revenue growth but continued margin pressure relative to peers like Myntra.

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10 Oct 2026, 07:45 IST Kansai Nerolac Paints Limited HDFC Securities REDUCE target Rs 200

The report cuts the target to Rs 200 from Rs 215 while maintaining REDUCE, flagging weak outlook with EBITDA margin declining ~120bps YoY.

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10 Oct 2026, 07:45 IST Berger Paints (I) Limited HDFC Securities ADD target Rs 540

The report trims the target to Rs 540 from Rs 550 while maintaining ADD, expecting ~190bps gross margin contraction in Q2.

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10 Oct 2026, 07:45 IST Asian Paints Limited HDFC Securities ADD target Rs 2,900

The report cuts the target to Rs 2,900 from Rs 3,000 while maintaining ADD, expecting ~200bps gross margin contraction due to raw material inflation.

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10 Oct 2026, 07:45 IST Metro Brands Limited HDFC Securities BUY target Rs 1,030

The report upgrades Metro Brands to BUY from ADD with a DCF-based target of Rs 1,030, citing a 30% stock price correction with no meaningful fundamental damage.

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10 Oct 2026, 07:45 IST Relaxo Footwears Limited HDFC Securities ADD target Rs 400

The report trims the target to Rs 400 from Rs 420 while maintaining ADD, expecting 10.4% YoY revenue growth on a low base.

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10 Oct 2026, 07:45 IST Bata HDFC Securities REDUCE target Rs 610

The report cuts the target price to Rs 610 from Rs 720 while maintaining REDUCE, expecting Bata to underperform peers MBL on channel-specific issues.

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10 Oct 2026, 07:45 IST V-Mart Retail Limited HDFC Securities ADD target Rs 850

The report downgrades V-Mart to ADD from BUY and cuts target to Rs 850 from Rs 875, citing limited upside after the stock rally despite 18% YoY revenue growth.

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