UBS upgraded Chola Investment to ‘buy’ with the target price raised to Rs 1,950. Analysts said the company was the best combination of growth and RoE (return on equity). The company has levers to grow its assets under management at 25% annually.They feel Chola Investment’s credit cost had most likely peaked in FY25. They also expect RoA (return on assets) to improve to 2.5% by FY27 from 2.3% in FY25.
JP Morgan has upgraded HCL Tech to ‘overweight’ with a target price of Rs 1,750. Analysts said HCL Tech’s Jan-March numbers were in-line with FY26 guide that hasn’t been jaded by post tariff macro factors. Services have now performed ahead or at par with fastest growing scale peers for the third year in a row. They said with the stock trading at 4% dividend yield and a 6% free cash flow yield, there’s value in the stock
Nomura has a ‘buy’ rating on Havells India with a target price of Rs 1,873. Analysts said Jan-march margins were ahead of estimates with demand tailwinds seen from cables &wires, Lloyd. They feel going forward, operating leverage to drive Havells’ margins. They expect healthy demand tailwinds in cables.
Morgan Stanley has an ‘outperform’ rating on AU Small Finance Bank with the target price at Rs 750. Analysts said that the bank delivered 1.5% RoA, which was much higher than the peers despite high interest rates, tight liquidity and elevated asset quality stress. They feel over the next two years, RoA can expand as the rate cycle has turned and MFI asset quality improves.
HSBC has a ‘buy’ rating on Mahindra & Mahindra with the target price at Rs 3,320. Analysts feel M&M’s earnings upgrade cycle is already behind and FY26 earnings growth may outperform most other auto companies. They feel EV traction is key and the start has been patchy, and pick-up in EV demand is a key upside catalyst for stock. Valuations are reasonable considering strong competitive positioning in tractors, LCVs and SUVs.
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