Research notes

The note lists an intraday idea in the futures to buy above 764 with a target of 789 and stop loss of 749.

The note lists an intraday idea to buy above 2161 with a target of 2198 and stop loss of 2135.

The note lists an intraday idea to buy above 1316 with a target of 1347 and stop loss of 1297.

The note retains REDUCE on Deccan Cement and cuts its TP to INR 530 from INR 830.

The report expects ~23% YoY volume growth for Sagar but the weakest margin in the universe at INR 244/MT, retaining ADD.

The note says Orient Cement is upgraded to BUY from REDUCE with TP cut to INR 180 from INR 260, aligned to Ambuja on the announced swap ratio ahead of the merger.

The report lists JK Lakshmi with a TP of INR 680 (ADD in the revision table) and flags subpar Q2FY27E margin of INR 522/MT.

The note expects a marginal volume decline but industry-leading margin of INR 1,365/MT for Star Cement, retaining BUY.

The report expects weak margin of INR 255/MT for Heidelberg and retains a REDUCE rating on SOTP-based valuation.

The note flags subpar Q2FY27E margin of INR 495/MT for Birla Corp while retaining ADD.

The report estimates ~12% YoY volume growth for JK Cement and says the house remains structurally positive on the stock.

The note expects ~10% YoY volume growth but subpar margin of INR 526/MT and an adjusted loss in Q2FY27E, retaining a SELL rating.

The report keeps BUY on Nuvoco Vistas with TP unchanged at INR 445.

The note retains BUY on Dalmia Bharat with an unchanged TP and estimates Q2FY27E EBITDA/MT of INR 754.

The report says ACC has been upgraded to BUY from ADD with TP cut to INR 1,800 from INR 2,010, as its valuation is now linked to Ambuja on the finalised share swap ratio.

The note expects flattish consolidated volumes for Ambuja in Q2FY27E but says the sharp stock correction offers large upside.

The report estimates ~13% YoY volume growth for Shree Cement with EBITDA/MT of INR 776 and retains an ADD rating.

The note says UltraTech should deliver ~10% YoY volume growth and industry-leading EBITDA of INR 977/MT, and that the house remains structurally positive on the stock.

The Smart Charts table records a buy call from October 6 at 5,041 that was stopped out at -3.89%.

The note records a buy call from October 1 exited at +1.13%.

The note records a buy call from October 5 exited at -2.24%.

The note records a sell call from October 6 where the first target was achieved and profit booked at 2.61%.

The note records a buy call from October 6 exited at 0.03%.

The note records a buy call from October 6 that was stopped out at -3.45%.

The note records a buy call from October 7 that was stopped out at -2.21%.