Fund Houses Recommendations*
Jefferies on *Piramal Pharma:* Maintain Buy on Company, raise target price at Rs 260/Sh (Positive)
Macquarie on *BEL:* Maintain Outperform on Company, target price at Rs 350/Sh (Positive)
GS on *NTPC:* Maintain Buy on Company, target price at Rs 430/Sh (Positive)
GS on *Power Grid:* Maintain Buy on Company, target price at Rs 370/Sh (Positive)
CLSA on *Astral:* Upgrade to Hold on Company, target price at Rs 2025/Sh (Positive)
HSBC on *HDFC Bank:* Maintain Buy on Bank, target price at Rs 2010/Sh (Positive)
Bernstein on Financials: Top picks in financials include *HDFC Bank, Axis Bank and Muthoot Finance* amongst NBFCs. (Positive)
BofA *India Strategy:* Policy shift = pivot for sector rotation. Favors Staples, Financials, Healthcare, Telecom and Autos (Positive)
Goldman Sachs *India Strategy:* India is likely to be among the fastest growing economies in the medium-term (Positive)
Antique on *Piramal Pharma:* Enhanced productivity and cost optimization initiatives are likely to drive its EBITDA margin expansion to ~25% from the current ~15% (Positive)
Jefferies *India strategy:* Valuation is a key concern for FPIs but willingness to explore new ideas from industrial and capex segment was visible (Neutral)
UBS on *Dabur:* Downgrade to Neutral on Company, raise target price at Rs 700/Sh (Neutral)
MS on *MCX:* Maintain Underweight on Company, target price at Rs 2950/Sh (Neutral)
Jefferies on *Piramal Pharma:* Maintain Buy on Company, raise target price at Rs 260/Sh (Positive)
Macquarie on *BEL:* Maintain Outperform on Company, target price at Rs 350/Sh (Positive)
GS on *NTPC:* Maintain Buy on Company, target price at Rs 430/Sh (Positive)
GS on *Power Grid:* Maintain Buy on Company, target price at Rs 370/Sh (Positive)
CLSA on *Astral:* Upgrade to Hold on Company, target price at Rs 2025/Sh (Positive)
HSBC on *HDFC Bank:* Maintain Buy on Bank, target price at Rs 2010/Sh (Positive)
Bernstein on Financials: Top picks in financials include *HDFC Bank, Axis Bank and Muthoot Finance* amongst NBFCs. (Positive)
BofA *India Strategy:* Policy shift = pivot for sector rotation. Favors Staples, Financials, Healthcare, Telecom and Autos (Positive)
Goldman Sachs *India Strategy:* India is likely to be among the fastest growing economies in the medium-term (Positive)
Antique on *Piramal Pharma:* Enhanced productivity and cost optimization initiatives are likely to drive its EBITDA margin expansion to ~25% from the current ~15% (Positive)
Jefferies *India strategy:* Valuation is a key concern for FPIs but willingness to explore new ideas from industrial and capex segment was visible (Neutral)
UBS on *Dabur:* Downgrade to Neutral on Company, raise target price at Rs 700/Sh (Neutral)
MS on *MCX:* Maintain Underweight on Company, target price at Rs 2950/Sh (Neutral)