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Research notes

What India's research desks published, reported with attribution and linked to the original notes. Orivam issues no recommendations of its own.

1793 notes · 01 Oct 2026, 00:00 to 01 Nov 2026, 00:00 IST

12 Oct 2026, 09:11 IST Cipla Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes Cipla was among the top losers, down 0.44-1.43%.

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12 Oct 2026, 09:11 IST JSW Steel Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes JSW Steel was among the top losers, down 0.44-1.43%.

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12 Oct 2026, 09:11 IST BSE Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes BSE was among the top losers, down 0.44-1.43%.

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12 Oct 2026, 09:11 IST ITC Limited Tata Asset Management Pvt. Ltd. (Tata Mutual Fund)

The report notes ITC was among the top gainers, up 3.38-4.72%.

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12 Oct 2026, 06:09 IST Avenue Supermarts Limited HDFC Securities ADD target INR 4,000

The report notes DMART's standalone revenue grew 18.4% YoY to INR192bn with SSSG of 9.5%, but EBITDA margin contracted 28bps YoY to 7.3% and APAT grew only 7.6% YoY to INR8bn, lagging revenue growth and estimates, and maintains an ADD rating with a reduced DCF-based target price of INR4,000/share (from INR4,100 previously).

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10 Oct 2026, 07:45 IST Vishal Mega Mart Limited HDFC Securities BUY target Rs 140

The report maintains BUY with an unchanged target of Rs 140, expecting ~16% YoY revenue growth driven by store expansion.

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10 Oct 2026, 07:45 IST ETERNAL LIMITED HDFC Securities BUY target Rs 395

The report raises the target to Rs 395 from Rs 390 while maintaining BUY, expecting Eternal to continue gaining market share in food delivery and quick commerce.

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10 Oct 2026, 07:45 IST Swiggy Limited HDFC Securities BUY target Rs 460

The report cuts the target to Rs 460 from Rs 470 while maintaining BUY, expecting rising quick-commerce losses as it attempts to recoup market share.

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10 Oct 2026, 07:45 IST FSN E-Commerce Ventures Limited HDFC Securities SELL target Rs 240

The report raises the target to Rs 240 from Rs 230 while maintaining SELL, expecting ~29% revenue growth but continued margin pressure relative to peers like Myntra.

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10 Oct 2026, 07:45 IST Kansai Nerolac Paints Limited HDFC Securities REDUCE target Rs 200

The report cuts the target to Rs 200 from Rs 215 while maintaining REDUCE, flagging weak outlook with EBITDA margin declining ~120bps YoY.

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10 Oct 2026, 07:45 IST Berger Paints (I) Limited HDFC Securities ADD target Rs 540

The report trims the target to Rs 540 from Rs 550 while maintaining ADD, expecting ~190bps gross margin contraction in Q2.

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10 Oct 2026, 07:45 IST Asian Paints Limited HDFC Securities ADD target Rs 2,900

The report cuts the target to Rs 2,900 from Rs 3,000 while maintaining ADD, expecting ~200bps gross margin contraction due to raw material inflation.

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10 Oct 2026, 07:45 IST Metro Brands Limited HDFC Securities BUY target Rs 1,030

The report upgrades Metro Brands to BUY from ADD with a DCF-based target of Rs 1,030, citing a 30% stock price correction with no meaningful fundamental damage.

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10 Oct 2026, 07:45 IST Relaxo Footwears Limited HDFC Securities ADD target Rs 400

The report trims the target to Rs 400 from Rs 420 while maintaining ADD, expecting 10.4% YoY revenue growth on a low base.

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10 Oct 2026, 07:45 IST Bata HDFC Securities REDUCE target Rs 610

The report cuts the target price to Rs 610 from Rs 720 while maintaining REDUCE, expecting Bata to underperform peers MBL on channel-specific issues.

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10 Oct 2026, 07:45 IST V-Mart Retail Limited HDFC Securities ADD target Rs 850

The report downgrades V-Mart to ADD from BUY and cuts target to Rs 850 from Rs 875, citing limited upside after the stock rally despite 18% YoY revenue growth.

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10 Oct 2026, 07:45 IST Shoppers Stop Limited HDFC Securities REDUCE target Rs 360

The report maintains a REDUCE rating and unchanged target of Rs 360, expecting ~7% YoY revenue growth and weak profitability.

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10 Oct 2026, 07:45 IST Trent Limited HDFC Securities ADD target Rs 3,100

The report keeps an ADD rating with target raised to Rs 3,100 from Rs 3,060, noting Trent is likely to outperform ABLBL and estimating ~23% YoY revenue growth.

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10 Oct 2026, 07:45 IST Titan Company Limited HDFC Securities REDUCE target Rs 4,500

The report raises the target price to Rs 4,500 from Rs 4,350 while maintaining a REDUCE rating, estimating ~25% YoY revenue growth driven by jewelry and other segments.

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