HSBC's Hold on L&T with a Target Price of Rs 3,600

HSBC maintains a 'hold' rating on L&T, anticipating strong Jan-March quarterly results, primarily driven by the plant & machinery sector. This is expected to counterbalance the weakness in services revenues. For FY26, L&T projects a 7–10% growth in order inflow, over 15% revenue growth, and a 30–40 basis points EBITDA margin expansion in its plant & machinery division.

Citigroup's Buy Call on Vodafone Idea

Citigroup recommends a 'buy (high risk)' for Vodafone Idea, setting a target price of Rs 12. Following the government's decision to convert Rs 3,700 crore spectrum dues into equity, the government now owns 49% of the company. ICRA's upgrade to Investment Grade (BBB-) supports Vodafone Idea's debt-raising efforts from banks.

Jefferies Initiates Coverage on Ajanta Pharma

Jefferies starts coverage on Ajanta Pharma with a 'buy' rating and a target price of Rs 2,850. With 70% of its revenue coming from the branded generic market, Ajanta Pharma's strong geographical mix and execution strategy have fueled consistent double-digit growth and robust free cash flow.

Elara's Sell Recommendation on Orient Cement

Elara advises a 'sell' on Orient Cement, citing a potential decline in stock price post-open offer and a significant exposure to the oversupplied South Indian market as long-term concerns.

Global Brokerages Raise Gold Price Targets

Goldman Sachs and UBS have increased their year-end gold price forecasts to $3,700 and $3,500 per ounce, respectively. Both highlight gold's role as a hedge against recession risk, driven by strong central bank demand and geopolitical uncertainties.