Varun Beverages Ltd., Ajanta Pharma Ltd., and Bandhan Bank Ltd. were among the key stocks in focus in Friday’s brokerage notes.

Brokerages maintain a buy call on Varun Beverages on the back of the company’s healthy first quarter performance but slash their target prices on the counter, while Ajanta Pharma saw a hike in the same as fiscal 2026 guidance points towards robust growth.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the key brokerage calls to watch on Friday.

On Varun Beverages

Jefferies

  • Maintain a ‘buy’ call with a cut in target price to Rs 650 from Rs 700.

  • Strong double-digit volume growth in India with margin expansion should allay investor concerns around Reliance’s Campa

  • Management remains unfazed with the rise in competition.

  • Views competition as a tool for market expansion

  • International performance was mixed.

  • All eyes are on the upcoming season in India.

BofA

  • Maintain ‘buy’ with a cut in target price to Rs 600 from Rs 630.

  • India volumes surprise positively with overall Q1 largely in line

  • Management is confident in sustaining a double-digit volume growth trajectory with stable margins.

Jefferies On Indian Oil Corp

  • Maintain ‘buy’ with a hike in target price to Rs 160 from Rs 150.

  • Ebitda beat of 81% driven by refining with GRM at a large premium to the benchmark on inventory gains

  • With crude down $10 in April, inventory losses are likely in Q1.

  • Government didn’t compensate LPG losses in fiscal 2025.

  • Refining profitability has weakened, and marketing margins have expanded sharply.

  • Raised fiscal 2026 and 2027 Ebitda to 15% and 17%, respectively.

Jefferies On Ajanta Pharma

  • Maintain ‘buy’ with a hike in target price to Rs 3,140 from Rs 2,850.

  • In-line Q4 for Ajanta and strong outlook for fiscal 2026

  • Ebitda margin came short of expectations due to growth-orientated investments.

  • India continued to outperform IPM with 13% annual growth.

  • Fiscal 2026 guidance pointed to robust growth, with branded generics sales growth in the low teens and US growth in the mid to high teens.

BofA On Bandhan Bank

  • Maintain ‘buy’ with a target price of Rs 195.

  • Gradual MFI normalisation continues in Q4, with growth set to rebound in fiscal 2026.

  • Hits: loan growth run runrate improves, better asset quality trends

  • Misses: NIM pressure continues

. Read more on Markets by NDTV Profit.Here are the key brokerage calls to watch on Friday.  Read MoreMarkets, Business 

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