UBS Initiates Coverage on BSE with a 'Buy' Rating

UBS has recently started its coverage on BSE, assigning a 'buy' rating with a target price of Rs 5,350. Analysts highlight BSE's diverse revenue streams and predict an improvement in operating margins. The recent increase in BSE's market share, attributed to better broker management and the introduction of an alternate expiry day to NSE, its main competitor, is seen as a positive development. The shift in volumes from NSE to BSE on non-expiry days is considered not fully priced in, suggesting potential growth.

Goldman Sachs Advises 'Sell' on Dixon Technologies

Goldman Sachs recommends a 'sell' on Dixon Technologies, setting a target price of Rs 10,500. Despite the margin benefits from increasing value addition, the anticipated loss in PLI benefit for the mobile phone segment by FY26 is expected to offset gains. The firm views the current estimates as optimistic, leaving limited room for surprises.

HSBC Upgrades Tata Motors to 'Buy'

HSBC has upgraded Tata Motors to 'buy', though it has reduced the target price to Rs 840 from Rs 930. The stock's valuation de-rating over the past few quarters is now seen as reasonable. JLR, a subsidiary, is currently trading at 1.8x FY26 expected EV/EBITDA, positioning it at the lower end of its historical average.

Citi's 'Buy' Recommendation for HPCL

Citi has issued a 'buy' rating for HPCL with a target price of Rs 460. Analysts believe that without the impact of LPG under-recoveries, HPCL's nine-month reported EBITDA could have been 80% higher. The push for timely compensation by OMCs' top leadership is expected to provide investors with more assurance.

Elara Securities' 'Accumulate' Rating on Varun Beverages

Elara Securities India recommends an 'accumulate' rating on Varun Beverages, setting a target price of Rs 555. Despite a 25% correction in the stock price over the past three months due to fears of competition and slower volume growth in India, the early onset of summers is expected to benefit the industry and VBL in the near term. The low penetration rate offers long-term opportunities, and the efficient servicing of trade by the incumbent provides a competitive edge.

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