Research notes

The report lists Eternal as a focus investment idea with a Buy rating and target of Rs 430 (30% upside).

The report lists Adani Ports as a focus investment idea with a Buy rating and target of Rs 2,130 (22% upside).

The report lists SPR Auto Technologies as a focus investment idea with a Buy rating and target of Rs 6,150 (32% upside).

The report gives a Velocity Buy idea on Hindustan Aeronautics with a target of ₹5,500 (12% upside) and stop loss of ₹4,600, citing improved GE F404 engine deliveries for Tejas Mk1A.

The report reiterates a Buy rating on Sun Pharma with a target price of INR 2,310 (26% upside), citing tariff exemptions for specialty drugs and European approval of its PCSK9 inhibitor.

The report initiates coverage on Aster DM Quality Care with a Buy rating and target price of INR 910, implying 22% upside, citing the Aster DM Healthcare-QCIL merger creating a scaled pan-India platform.

The report notes Coforge appointed Akhil Gupta as Non-Executive Independent Director and Chairperson for five years effective September 29.

The report notes LG announced a 5-7% hike in air-conditioner prices effective October 1, joining peers raising AC prices ahead of the festive season.

The report notes the US FDA concluded its inspection of Zydus's Ahmedabad facility with just one observation, a mild outcome removing a key regulatory overhang.

The note says LTTS reported Q4FY24 revenue of US$305.1mn (+5.0% QoQ, +5.8% YoY) with EBIT margin at 16.9% and PAT of Rs 3.41bn, and that Way2Wealth maintains its ACCUMULATE stance citing strong fundamentals and clientele, with the stock trading at 31.7x FY26E EPS of Rs 148.2, while noting management has guided FY25 revenue growth of 8-10% and lowered margin guidance from 18% to 16%.

The note says JK Cement delivered a 67% YoY rise in Q1FY25 profit to Rs 185crs on 5% volume growth and lower energy costs, is on track for 30mtpa capacity by FY26, and recommends accumulating on dips with the stock trading at 14x FY26E EV/EBITDA, while flagging input-cost inflation and a significant decline in cement pricing as key risks.

The note says Gabriel India reported Q1FY25 revenue of ~Rs 9.5bn (+18% YoY) with EBITDA margin at 9.6% and PAT up 37.1% YoY, and retains a BUY with a target range of Rs 590-600 based on 19.3x FY26E EPS of Rs 25.3, citing Core-90 programme benefits, the sunroof business at ~14% EBITDA margin despite DPIIT rejecting the Inalfa JV, new products (solar dampers, e-bike suspension) and a debt-free balance sheet.

The AMC-wise tables show fresh or sharply increased positions in Adani Wilmar at ICICI Prudential, Nippon, UTI and Mirae in January 2025.

The report shows HDFC Bank as the largest single holding in the top-10 lists of most AMCs covered, including SBI, ICICI Prudential, HDFC, Nippon and Kotak.

The note records mutual fund holdings in CDSL falling to 180 lakh shares from 234 lakh, among top smallcap sells.

The report lists Optiemus Infracom as a top smallcap buy, with fund holdings rising to 12 lakh shares from 3 lakh.

The data shows mutual fund holdings in Kalyan Jewellers declining to 1,096 lakh shares from 1,214 lakh, with market value dropping from Rs 9,301 crore to Rs 5,514 crore.

The note lists Waaree Energies as a top midcap sell, with fund holdings falling to 29 lakh shares from 42 lakh.

The tables record mutual fund holdings in IDFC First Bank rising to 3,907 lakh shares from 3,387 lakh.

The report shows mutual fund share count in Indraprastha Gas roughly doubling to 1,843 lakh from 929 lakh, the top midcap buy by the note's listing.

The data shows mutual fund holdings in Bank of Baroda declining to 4,732 lakh shares from 4,979 lakh, ranking it among top largecap sells.

The note lists Bajaj Housing Finance among the top largecap sells, with mutual fund holdings falling to 261 lakh shares from 387 lakh.

The report shows mutual fund shareholding in Hindalco rising to 3,199 lakh shares in Jan-25 from 2,985 lakh in Dec-24.

The tables record mutual fund share count in Zomato increasing to 16,989 lakh from 15,821 lakh month-on-month, though market value fell, listing it among top largecap buys.

The note's data shows mutual fund holdings in Axis Bank rising to 9,566 lakh shares in Jan-25 from 8,657 lakh in Dec-24, placing it among the top largecap buys.