DLF Ltd., Global Health Ltd. and Swiggy Ltd. were among the top companies on brokerages’ radar on Thursday.

Further, Jefferies noted that the bank and IT sectors have historically performed in opposite directions in the last 15 years, but they have jointly outperformed 20-25% of the times.

Expected macro developments, such as dovish comments from the RBI and increased government spending in the second half of fiscal 2025, are positive for banks, according to the brokerage. Lower yields may pressure the rupee, benefiting the IT sector, which also sees improving demand commentary as a key positive.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Thursday.

Brokerages On Swiggy

UBS

  • Maintained ‘buy’ with target price of Rs 510 per share.

  • Third quarter saw better food delivery growth but quick commerce underperformed peers.

  • Management reiterated group level break-even targets.

  • Competition in quick-commerce space was intense and margin pressure will continue in the next few quarters.

Macquarie

  • Maintained ‘underperform’ with target price of Rs 325 per share.

  • Quick Commerce economics meaningfully challenged in third quarter.

  • Reported a wider-than-expected headline net loss dragged by Instamart.

  • In food delivery, we see a clearer path to achieve the company’s margin guidance.

  • See challenged economics in quick commerce, slower growth in food delivery, and stretched valuations.

  • Has an ‘underperform’ on both Zomato and Swiggy, but as a platform, continues to prefer Zomato over Swiggy.

Macquarie On Info Edge

  • Maintained ‘underperform’ with target price of Rs 4,150 per share.

  • Third quarter saw recovery in recruitment billings.

  • Improved performance in real estate and matrimony is positive, these divisions account for < 3% of brokerage’s SOTP fair value.

  • Continues to see excessive optionality priced into the shares.

UBS On Cummins

  • Maintained ‘sell’ with target price of Rs 2,590 per share.

  • Third quarter saw 10%/7% beat on consensus topline/Ebitda.

  • Exports saw a strong quarter.

  • Margins declined by 179bps YoY, majorly driven by higher cost of goods.

Macquarie On Kansai Nerolac

  • Maintained ‘neutral’ rating, with target price of Rs 255.

  • Third quarter Ebitda margin beat. CEO change announced.

  • KNPL’s decorative sales were down 3-4% in third quarter, the brokerage said.

  • Liked better sales performance for Kansai in the decorative segment compared to leader Asian Paints.

  • Did not like the weaker performance in international subsidiaries and the change of guard.

Macquarie On Zydus Life

  • Maintained ‘outperform’ rating with target price of Rs 1,365 per share.

  • Company saw a mixed third quarter. Guidance was maintained.

  • PAT beat estimate due to a meaningful foreign exchange gain and a lower-than-expected tax rate.

  • The company is steadily working on establishing its specialty business, in both developing markets and the United State.

Goldman Sachs On Metropolis

  • Maintained ‘sell’ rating and cut target price to Rs 1,675 from Rs 1,775.

  • Topline was inline in third quarter but margins missed.

  • Rise in credible competition and margin pressure are challenges.

  • Cut FY25-27 EPS estimates by up to 13% to factor in Q3 numbers, margin impact of network expansion and updated business outlook over the medium term.

Jefferies On Banks And IT

  • Bank and IT sectors have performed in the opposite direction for 70% of the time in the last 15 years.

  • But the two have jointly outperformed 20-25% of the times.

  • Brokerage said we are in that 20-25% zone now. It is ‘overweight’ on both.

  • Expected big macro developments near-term are:

    1. Dovish comments from the RBI.

    2. Domestic growth pick-up due to H2FY25 government spending.

  • Both factors would be good for banks.

  • Banks looking attractive from valuation standpoint as well.

  • But lower yields would pressurise rupee.

  • Hence positive for IT also.

  • Improving demand commentary a key positive for IT.

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