An HDFC Securities Institutional Equities report kept its ratings on nine companies unchanged after the quarter ended Sept. 30, while revising seven target prices and leaving two others intact.
NDTV Profit published the attached note in its Oct. 26 coverage of the brokerage's Q2 FY27 review. The review covers results for the quarter ended Sept. 30, 2026.
The rating mix remained four Buy, two Add and three Reduce calls. Target prices, however, moved in both directions, so the review paired unchanged recommendation labels with changes to seven price estimates. All target figures are denominated in rupees.
Shriram Finance retained Add as its target rose to ₹1,210 from ₹1,200. SBI Cards and Payment Services kept Reduce, although its target increased to ₹600 from ₹595. IndusInd Bank also stayed at Reduce as its target moved up to ₹815 from ₹760. DCB Bank kept Buy while its target rose to ₹270 from ₹245.
For pharmaceutical companies, Torrent Pharmaceuticals maintained Add while its target fell to ₹5,000 from ₹5,270. Dr Reddy’s Laboratories retained Reduce, even as its target climbed to ₹1,270 from ₹1,200. Hindustan Petroleum Corporation kept Buy as the target was lowered to ₹415 from ₹445.
Infosys and Godrej Properties both retained Buy ratings, with target prices unchanged at ₹1,250 and ₹2,258, respectively.
The distinction is between the brokerage's recommendation and its target price. In this review, the former stayed fixed across all nine companies while seven numerical targets changed: five increases and two reductions.
A summary on NDTV Profit's page says eight target prices were revised, but its itemized figures show seven changes and two unchanged targets. The page does not explain the difference.
The SBI Cards increase comes amid EconoTimes' earlier coverage of brokerage calls on the company after its second-quarter results. That earlier report described other brokers' target cuts, while this HDFC Securities note retained Reduce and raised its target.
