Research notes

The report notes that the Bengaluru tax department withdrew a Rs 94 crore demand against H.G. Infra.

The report reiterates a BUY rating with a Sep-27 target price of INR 550 (5x EV/sales), citing strong offline execution by Mamaearth and The Derma Co, scaling of younger brands like Aqualogica, Dr. Seth's, BBlunt and Reginald, and management's confidence of sustaining 12-12.5% margins in FY27 with gradual expansion thereafter, while modeling 18% revenue CAGR and 29% EBITDA CAGR over FY26-29E.

The note says the stock has formed a strong bullish daily candle with rising volumes, an intraday bullish breakout, price above key moving averages and a positive RSI, and suggests buying in the 5018.20-5045 range with add-on-dip at 4911, stop loss 4845 and target 5270 over up to 15 days.

The note recommends buying USHAMART in the range of 522-516.20 with a stop-loss of 490 and a target of 552 over a time horizon of up to 10 days, citing an upside bounce, breakout of narrow range movement, rising volumes, a positive candlestick pattern and positive momentum oscillator readings.

The report maintains a REDUCE rating with a revised RI-based target price of INR 595 (2.5x Sep-28 ABVPS; 16x Sep-28 EPS), citing muted growth, pressured revenue pools and steady-state RoA/RoE significantly below pre-pandemic levels despite improving asset quality.

The note says the company has secured contracts worth Rs 72.76 crore from Power Grid Corporation for supply of HTLS conductors and reconductoring of two 132 kV transmission lines.

The note says Adani Power and Bhutan's Druk Green Power Corp have signed a shareholders agreement for a 770 MW Chamkharchhu hydropower project.

The note says Marico has acquired a 60 per cent fully diluted stake in Satiya Nutraceuticals, owner of the brand PLIX, with a right to acquire the remaining 40 per cent.

The note says the company has entered an Operation and Management Agreement to operate and manage the Mission of Mercy Hospital and Research Centre.

The note says an Expert Appraisal Committee has recommended environmental and CRZ clearances for BPCL's Rs 1.03 trillion greenfield refinery and petrochemical complex in Nellore district, Andhra Pradesh.

The note says Hindustan Aeronautics is set to establish a second production line for the Shakti engine at its Koraput facility in Odisha, with the foundation stone to be laid by the Defence Minister.

The note says Tata Steel has developed a hot-rolled fire-resistant E350 structural steel that retains two-thirds of its room-temperature yield strength at 600°C for up to three hours.

The note says RBL Bank's provisional Q2FY27 figures showed total deposits up 34 per cent YoY to Rs 1.56 trillion and gross advances up 40 per cent to Rs 1.43 trillion.

The note says the company expects second-quarter consolidated revenue to rise in the high teens and remains on track to meet, and in select areas exceed, its FY2027 outlook.

The note says Vedanta's board is proposed to meet on 8 October 2026 to consider a first interim dividend for FY2026-27, with a record date of 14 October 2026.

The note says Axis Bank reported a 22.7 per cent YoY rise in gross advances to Rs 13,84,600 crore and 20.7 per cent YoY deposit growth to Rs 14,52,100 crore in the September quarter.

The note says Trent reported a 23 per cent YoY rise in standalone revenue for the second quarter, helped by growth across its fashion and lifestyle businesses.

The note says URBANCO has bounced after a period of minor declines/consolidation, possibly breaking out of a narrow range on rising volumes with positive candlestick and momentum indications, and suggests a buying range of 167-165.11 (CMP 165.11), add on dip at 160, stop loss 156 and target 177 over a horizon of up to 10 days.

The note says to buy BHEL October futures at CMP 439.55 with an average level of 429, stoploss 422 and target 466 over 1-10 days, citing a weekly bullish candlestick pattern, rising volume alongside price and positive daily RSI divergence.

The report lists UPL under short build-up in the market monitor section.

The report lists MFSL under short build-up in the market monitor section.

The report lists DMART under short build-up in the market monitor section.

The report lists KFINTECH under long build-up in the market monitor section.

The report lists ITC under long build-up in the market monitor section.

The report lists UJJIVANSFB under long build-up in the market monitor section.