Jefferies and Morgan Stanley remain largely bullish on India’s largest airline operator after Indigo-parent InterGlobe Aviation Ltd. posted a strong quarter. They believe that soft crude oil prices are expected to help ride near-term demand weakness.

Brokerages remain divergent on IndusInd Bank Ltd., with Macquarie and Jefferies positive on the counter, while HSBC and Morgan Stanley remain unimpressed, stating that there is no clarity on the lender’s rebuilding process as the company’s bear case is playing out.

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.

On InterGlobe Aviation

Jefferies

  • Maintain Buy rating; hike target price to Rs 6,300 from Rs 5,700.

  • Soft crude oil prices are expected to help ride near-term demand weakness.

  • The quarter ending June will see a negative impact from geopolitical tensions weighing on travel demand.

  • This is believed to be a one-off blip.

  • Earnings per share are raised by 6% on lower crude price estimates, offset by expected weakness in the next quarter.

Morgan Stanley

  • Maintain Overweight rating; hike target price to Rs 6,502 from Rs 6,085.

  • The company delivered another strong quarter and demand is expected to improve.

  • Temporary weakness in the air travel market was noted.

  • IndiGo announced a dividend after a five-year gap.

  • With easing geopolitical tensions, recent days have shown better trends.

Investec On International Gemological Institute

  • Maintain Buy rating with a target price of Rs 489.

  • See IGI as a leader with resilient growth and a top player in a high-growth market.

  • Risks are overstated; model disruption is unlikely.

  • IGI is expected to remain pivotal in the diamond jewellery value chain globally over the longer term.

  • Strong industry growth, best-in-class margins, strong earnings prospects, and a return on capital employed above 35% call for a higher price-to-earnings multiple.

HSBC On Hexaware Technologies

  • Initiate Buy rating with a target price of Rs 950.

  • The company is well positioned to grow at a top-quartile sector rate, driven by balanced sales and client-mining capabilities.

  • Two-year earnings per share growth is over 20%, with a price-to-earnings ratio of 34 times, making the stock attractive based on valuation versus growth.

  • Key risks include exposure to US government-related entities and potential stake sale by private equity investors.

Macquarie On Mankind Pharma

  • Maintain Underperform rating with a target price of Rs 2,150.

  • The quarter ended March 2025 showed a modest operating miss.

  • Net profit was higher due to a lower-than-expected tax rate and higher-than-expected other income.

  • Guidance for the financial year 2026 is below consensus estimates.

On IndusInd Bank

Macquarie

  • Maintain Outperform rating with a target price of Rs 1,210.

  • The quarter ended March 2025 showed a large earnings miss with multiple events recognized.

  • Asset quality remains a concern.

  • Assuming cleanup is largely done, normalised pre-provision operating profit was Rs 12,000 crore annualised for the quarter ended March 2025.

  • The stock currently trades at five times trailing pre-provision operating profit, lower than peers.

  • On a trailing book value basis, the stock trades at 0.9 times price-to-book for the financial year ending March 2025.

  • Clarity on management succession, peak credit costs, sustainable net interest margins, and governance are key monitorables.

CLSA

  • Maintain Hold rating; cut target price to Rs 725 from Rs 780.

  • The quarter ended March was a quarter to forget.

  • Core profitability was muted, with several one-off items leading to a loss of Rs 2,200 crore.

  • Core slippages in microfinance institution segment were elevated, but other segments remained stable.

  • Fiscal 2026 is expected to be a year of uncertainty.

Jefferies

  • Maintain Buy rating; cut target price to Rs 920 from Rs 1,040.

  • The clean-up was larger than anticipated.

  • The exit run-rate of the business is low.

  • The new chief executive officer is expected to lay out a path forward.

  • Valuations are considered reasonable.

HSBC

  • Downgrade to Reduce from Buy; hike target price to Rs 660 from Rs 770.

  • IndusInd Bank has effectively been pushed back to a pre-2009 era.

  • Currently, there is no clarity on the rebuilding process.

  • Earnings per share estimates for fiscals 2026 and 2027 are cut by 41-43% due to one-off adjustments made by management to correct accounting discrepancies.

Morgan Stanley

  • Downgrade to Underweight with Equal-weight; cut target price to Rs 700 from Rs 755.

  • The bear case is playing out.

  • A sharp net interest income miss was expected following recent disclosures, but the market was negatively surprised by incorrectly classified MFI slippages.

  • The high-margin loan mix is declining and will weigh on return on assets recovery.

  • Earnings recovery is expected to be gradual, starting from a weak base.

  • Valuation at 0.9 times price-to-book for the financial year 2026 is not cheap in the context of an expected 7-10% return on equity over the next two years.

Macquarie On Swiggy

  • Maintain Underperform rating with a target price of Rs 260.

  • Swiggy outpaced Zomato in the past two quarters but downside to the 18-22% gross order value growth target is expected.

  • Swiggy is expected to continue closing the adjusted Ebitda margin gap with Zomato.

  • With shares trading 20% below the initial public offering price, the market views Instamart as a free option; Macquarie disagrees.

  • Food delivery is valued at Rs 180 per share and net cash at Rs 20 per share, combined at still one-third below the current price.

Macquarie On Oil And Natural Gas Corp.

  • Maintain Outperform rating with a target price of Rs 310.

  • The fourth quarter showed in-line production but profit missed estimates due to higher exploration costs.

  • Production volumes are showing positive momentum after seven years of decline.

  • This is driven by new site additions and expected production increases in legacy fields.

  • Higher realisation on incremental natural gas is a positive in a lower crude price environment.

UBS On Power Finance Corp.

  • Maintain Buy rating with a target price of Rs 600.

  • The quarter ended March showed a strong beat, but guidance for the fiscal is soft.

  • Growth beat was a key positive surprise.

  • Disbursements were the highest ever in a quarter.

Macquarie On Uno Minda

  • Maintain Outperform rating with a target price of Rs 1,157.

  • Multiple growth levers are at play.

  • The company delivered solid revenue growth.

  • Product and scale capabilities are being augmented.

  • Premium valuations reflect growth potential from new products, increasing market share, and potential ramp-up with passenger vehicle original equipment manufacturers.

JPMorgan On Max Healthcare

  • Maintain Overweight rating; cut target price to Rs 1,325 from Rs 1,390.

  • Revenue was in line; Ebitda was slightly lower.

  • Healthy performance was seen in existing units.

  • Strong momentum continues in new units.

  • The company is best placed to ride the expansion wave in the hospital industry.

JPMorgan On Information Technology Sector

  • Client businesses have not seen deterioration.

  • Focus is evenly split between cost savings and growth.

  • Low probability of earnings downgrades.

  • The next catalyst is expected to be Accenture earnings on June 20, followed by first quarter earnings for the financial year ending March 2026 in July.

  • All eyes will be on revenue growth guidance for the financial year 2026 from Infosys and HCL Technologies.

  • Preference is for midcaps over large caps, with top picks being Coforge, Persistent Systems, KPIT Technologies, Infosys, and HCL Technologies.

  • The IT sector looks attractive tactically.

. Read more on Markets by NDTV Profit.Here are the analyst calls to keep an eye out for on Thursday.  Read MoreMarkets, Business 

​NDTV Profit