Research notes

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.

The report flags a Wipro futures sell idea (27th Oct expiry) at CMP 157, citing a range breakdown and lower top-lower bottom structure.

The technical conviction delivery idea recommends buying Sambhv Steel Tubes at CMP ₹162 with SL ₹156 and target ₹174 over a 1-week duration, citing a pole and flag breakout.

The Focus Investment Ideas list shows Syrma SGS Tech. rated Buy at CMP 1688 with a target of 2,000 (18% upside).

The Focus Investment Ideas list shows Emcure Pharma rated Buy at CMP 1972 with a target of 2,300 (17% upside).

The Focus Investment Ideas list shows Eternal rated Buy at CMP 328 with a target of 430 (31% upside).

The Focus Investment Ideas list shows Adani Ports rated Buy at CMP 1770 with a target of 2,130 (20% upside).

The Focus Investment Ideas list shows SPR Auto Technologies rated Buy at CMP 4776 with a target of 6,150 (29% upside).

The Velocity Idea section recommends BUY on Divi's Laboratories at CMP ₹9,540 with SL ₹8,870 and target ₹10,800, citing peptide API demand growth from oral Wegovy and tariff clarity under US Proclamation 11020.

The report initiates coverage on Torrent Power with a Neutral rating at CMP INR 1220, describing its generation, transmission and distribution business and RE expansion plans, while noting a 'View: Positive' comment despite the Neutral rating label.

The report takes a Positive view on Navin Fluorine at CMP INR 8234, citing commissioning of its Dahej debottlenecking project and continuation of anti-dumping duty on HFC blends, with expected FY26-28 CAGR of 26%/25%/26% in revenue/EBITDA/PAT.

The report rates Endurance Technologies BUY with CMP INR 2655 and target INR 3350 (26% upside), citing its subsidiary's full acquisition of Stöferle entities and expected margin expansion from 2QFY27.