Whalesbook
The divergent analyst opinions underscore the complex operating environment for these Indian corporates. For Punjab National Bank, brokerages presented a mixed bag: Citi maintained a Sell rating, cutting its target price to ₹115, citing margin contraction and trimmed guidance, while Kotak Securities held an Add rating with a raised TP to ₹140, noting steady profitability. Jefferies reiterated a Buy with a higher TP of ₹150, pointing to profits beating estimates on other income and lower taxes.
LTIMindtree's performance also drew varied responses. Macquarie reiterated Outperform with a ₹6,930 target, praising broad-based revenue growth. Morgan Stanley, however, maintained an Equal-weight stance, raising its TP to ₹6,300, but warned of near-term margin pressure despite improving portfolio transition. Citi issued a Sell rating, reducing its TP to ₹5,415, deeming its valuation rich against large-cap peers.
Havells India's Q3 results saw Citi maintain a Neutral call at ₹1,600, noting growth beat but disappointing margins. UBS reiterated Buy with a ₹1,765 TP, driven by Cables & Wires strength, while Macquarie maintained Outperform at ₹1,710, acknowledging revenue surprises offset by margin misses.
Hindustan Zinc's outlook fractured between analysts. Citi downgraded to Sell with a raised TP of ₹585, forecasting zinc price corrections and silver price cooling. Conversely, HSBC and Jefferies both reiterated Buy ratings with ₹750 TPs, citing strong silver prices, weaker INR, and cost control measures as key support.
State Bank of India and BHEL
CLSA reiterated its Outperform rating on State Bank of India with a ₹1,170 TP, identifying scope for upside surprises in loan growth and NIMs. In contrast, Bharat Heavy Electricals received a Buy from UBS (TP ₹375) citing strong execution visibility, while Investec maintained a Sell rating (TP ₹70) on concerns over margins and working capital.
Oil Marketing Companies
JPMorgan adjusted its stance on Oil Marketing Companies. HPCL was downgraded to Neutral with a ₹455 TP, while BPCL and IOCL retained Overweight ratings with hiked TPs of ₹465 and ₹185 respectively. The firm noted that while stocks have rallied strongly, further upside hinges on clarity regarding taxes or crude prices.