Research notes

The report describes Bank Nifty as range-bound with mixed technical signals, suggesting selective stock-specific trading.

The report says Nifty formed a Doji and continues a negative bias, nearing a 22,500-22,600 demand zone, with strategy to avoid aggressive long positions.

The report maintains a REDUCE rating with a revised Sep-27 target price of INR 1,575 (down from INR 1,800), citing Q2 results below expectations, margin pressure from a 40% YoY jump in A&P spends, and limited visibility on whether higher media investment will translate into sustained growth.

The report maintains a BUY rating with a revised SOTP-based target price of INR 435/share (down from INR 460), citing largely in-line Food Delivery performance offset by widening consolidated adjusted EBITDA losses due to higher Quick Commerce and Toing-led losses.

The report retains BUY on Mahindra Lifespaces with a target of INR 612, citing a strong H2FY27 launch pipeline, healthy business development additions, and stable balance sheet despite near-term demand risks.

The report retains BUY on Cyient with an SoTP-based target of INR 1,410, noting a turnaround in the DET segment, record order intake, and margin expansion.

The report maintains ADD on CreditAccess Grameen with a revised target of INR 1,595, highlighting strong NIM reflation and loan growth but flagging asset quality as a monitorable due to monsoon deficit in key states.

The report maintains ADD on Havells with a raised target price of INR 1,290, citing 35% YoY revenue growth led by cables and a constructive management outlook for the festive season despite cost inflation.

The report maintains ADD on SRF citing market share protection, pharma scale-up, fluoropolymer growth and PFB value addition, though it notes Q2 EBITDA/APAT were 8/14% below estimates due to raw material cost pressure.

The report gives a technical BUY call on CRISIL with a target of 5640, support levels at 4705-4630-4570-4520-4450, and a stop loss at 4345, citing a Symmetrical Triangle Breakout and positive indicator crossovers.

The report notes Pitti Engineering approved ₹450 crore capex through FY2030-31 to expand sheet metal lamination and machining capacity, funded via internal accruals and debt.

The report states Swiggy's Q2 FY27 consolidated net loss narrowed to ₹922 crore from ₹1,092 crore, revenue rose 36.1% to ₹7,571 crore, food delivery adjusted EBITDA reached ₹341 crore, and Instamart's NOV grew 31.4% YoY to ₹6,594 crore while its EBITDA loss remained ₹895 crore.

The report notes eMudhra's board decided to exit the global SSL/TLS certificate business following a security incident, a business contributing about 1% of global revenue, while other operations continue.

The report states Adani Energy Solutions reported Q2 FY27 PAT of ₹1,364 crore (up 145% YoY), total income up 51% to ₹10,239 crore, EBITDA up 67% to ₹3,548 crore, and a transmission pipeline of about ₹87,000 crore after winning the Vizag and Satara projects.

The report notes NLC India signed MoUs with Odisha's IPICOL for a proposed 3,200 MW coal-based power plant worth an estimated ₹35,000 crore, plus a beach sand mineral processing facility worth ₹2,000 crore, and studies on coal gasification.

The report says Q2FY27 revenue rose 3.8% QoQ to INR 7,958mn but revenue yield slipped to 40.4bps as opex stayed flat and operating profit hit a record INR 5,375mn, while reported PAT fell 35.6% QoQ due to an exceptional SEBI settlement charge, leading Elara to retain Accumulate with a revised DCF-based target price of INR 1,165 (from INR 1,200), citing structural yield compression and a pause in market-share gains as near-term constraints despite 19% implied upside.

The report lists Reliance as a top loser in Nifty 50, down 2.03% to 1,184.50.

The report lists TMPV as a top loser in Nifty 50, down 2.07% to 270.

The report lists HDFC Life as a top loser in Nifty 50, down 2.09% to 528.35.

The report lists Eternal as a top loser in Nifty 50, down 2.53% to 304.45.

The report lists Nestle India as a top loser in Nifty 50, down 2.78% to 1,189.90.

The report lists Bajaj Auto as a top gainer in Nifty 50, up 0.82% to 10,155.

The report lists ICICI Bank as a top gainer in Nifty 50, up 0.97% to 1,398.50.

The report lists UltraTech Cement as a top gainer in Nifty 50, up 1.00% to 10,958.

The report lists Cipla as a top gainer in Nifty 50, up 1.29% to 1,330.90.