Research notes

The report states Maruti's September sales were 236,013 units, up 24% YoY, though it is also cited among auto names with disappointing data weighing on the Nifty Auto Index.

The report notes Hyundai Motor India recorded its highest-ever monthly sales in September at 77,916 units, up 10.8% YoY.

The note says it estimates a ~7% EBITDA impact for Aster DM and maintains BUY.

The note says it estimates a ~6% EBITDA impact for Max Healthcare and maintains BUY.

The note says it estimates a ~5% EBITDA impact for Apollo Hospital under the assumed margin-cap scenario and maintains a BUY rating.

The report highlights Leela Palaces Hotels & Resorts on technical radar, noting more momentum above 586 with support at 555 on strong bullish candle and robust volumes.

The report flags an ONGC futures SELL trade for 27th Oct, citing a consolidation breakdown and overall downtrend with resistance at 233.

The report gives a technical conviction delivery BUY call on Syrma SGS Technology at CMP ₹1783 with SL ₹1728 and target ₹1893, citing a Pole and Flag breakout and RSI bullish crossover; it also appears in the Focus Investment Ideas table with target Rs 2,000.

The report lists Emcure Pharma as a Focus Investment Idea with a Buy rating, CMP Rs 1,943 and target Rs 2,300, implying 18% upside.

The report lists Adani Ports as a Focus Investment Idea with a Buy rating, CMP Rs 1,798 and target Rs 2,130, implying 18% upside.

The report lists SPR Auto Technologies as a Focus Investment Idea with a Buy rating, CMP Rs 4,654 and target Rs 6,150, implying 32% upside.

The report lists Eternal as a Focus Investment Idea with a Buy rating, CMP Rs 320 and target Rs 430, implying 34% upside over a 1-year horizon.

The report recommends BUY on Divis Laboratories at CMP ₹9,540 with target ₹10,800 and stop-loss ₹8,870, citing peptide API demand growth, favorable US tariff clarity, and expected 21% earnings CAGR over FY26-28.

The report rates GE Vernova T&D India BUY with CMP INR 4,201 and target INR 5,100, citing India's transmission investment cycle, order book above Rs 300bn, and expected revenue/EBITDA/PAT CAGR of 26%/24%/24% over FY26-29E.

The report rates LG Electronics India BUY with CMP INR 1,711 and target INR 2,080, citing double-digit growth across TV, washing machine and AC categories, an AC price hike, premiumization and Sri City capacity expansion.

The report states Bluedart Express is set to increase prices by 9-12% effective January 2027, viewed positively.

The report notes Aurobindo Pharma's subsidiary Acrotech Biopharma launched ADQUEY ointment in the US, marking its entry into US dermatology market, viewed positively.

The report states ACC has commissioned a 2.4 MTPA grinding unit in Uttar Pradesh and added 1 MTPA blending capacity in Maharashtra, taking combined capacity to 3.4 MTPA, viewed positively.

The report notes L&T's Transportation Infrastructure vertical secured twin contracts worth Rs 30,000 cr from Dubai's RTA and views this positively.

The note says MBL remains among the few footwear retailers chugging along across KPIs and that, after a ~34% one-year stock correction, valuations are more palatable (~35x Sep-28 P/E), with HSIE maintaining ADD at a DCF-based TP of INR1,030/sh (implying ~43x Sep-28 EPS) while cutting FY27/28 EPS estimates by 5-7%; it pencils in ~13% YoY Q2FY27 revenue growth with a 40bps margin hit from minimum wage hikes, ~18% revenue CAGR over FY27-29, ~35-40 Walkway store additions over FY27-29, and contributions from Clarks and Footlocker from FY28 and Fila from FY29.

The report says Sagar Cements' subsidiary completed its 0.7mn MT brownfield expansion at end-Sep'26 and that the announced merger at a 29-for-98 share swap would issue 6.8mn new SGC shares (about 5% dilution), with completion expected by early FY28 and promoter holding moving to 46% from 48%.

The note maintains ADD with an unchanged TP of INR 190 (70% weight to 6.5x Sep'28E EBITDA, 30% to replacement value at USD 65/MT), stating consolidated clinker/cement capacity has risen to 7/12mn MT after the 0.7mn MT Andhra Cements brownfield commissioning, estimating FY26-29E volume/EBITDA CAGR of 10%/16%, margin compression to ~INR 430/MT in FY27E recovering to INR 552/MT by FY29E, and net debt/EBITDA falling below 3x by FY29E from 5.5x in FY26, while cutting FY27/28E EBITDA by 7%/4.4%.

The quant outlook section lists MAZDOCK as an intraday sell idea at close price 2102 with SL 2123 and target 2081.

The quant outlook section lists IREDA as an intraday sell idea at close price 111.2 with SL 112.3 and target 110.1.

The report lists Marksans Pharma as a stock on radar at CMP 343, noting momentum above 354 and support at 332.