NDTV Profit’s Nov. 3 stock roundup reported four positive ratings for Marico and opposing views on Escorts Kubota, as quarterly earnings and a court case featured in calls on Indian companies.
The outlet reported that Jefferies kept Buy on Marico and raised its target to ₹1,035 per share from ₹1,000. JPMorgan raised its target to ₹940 from ₹915 and rated the stock Overweight. Goldman Sachs kept Buy at ₹950, while Citi kept Buy at ₹1,000.
Marico reported consolidated second-quarter revenue of ₹3,897 crore, up 13% year over year, domestic volume growth of 10% and EBITDA growth of 27%. The company expects EBITDA growth in the mid-20s in fiscal 2027.
For ITC, NDTV Profit reported Neutral ratings from JPMorgan, with a ₹310 target, and Goldman Sachs, with a ₹290 target. Jefferies kept Buy at ₹350. ITC said consolidated revenue rose 19% in the quarter ended Sept. 30. The company also reported continued pressure on legal cigarette volumes after a tax increase and said FMCG revenue growth reached a 14-quarter high.
NDTV Profit listed Devyani International targets from ₹127 to ₹174 per share. JPMorgan kept Overweight at ₹127; Goldman Sachs kept Buy at ₹140; Bernstein kept Outperform at ₹160; Jefferies cut its Buy target to ₹150 from ₹160; and Citi cut its Buy target to ₹174 from ₹186. Devyani’s results release reported revenue of ₹15,194 million, up 10.4%, and operating EBITDA of ₹1,251 million, up 34%. It added 70 stores, including 50 KFC outlets, taking its network to 2,325.
On Escorts Kubota, the roundup said JPMorgan kept Neutral and cut its target to ₹2,770 from ₹3,400. Kotak upgraded its rating to Buy from Add but lowered its target to ₹3,100 from ₹3,450. NDTV Profit said JPMorgan cited a less favorable outlook for tractor demand and commodity expenses; Kotak pointed to room for market-share gains and the company’s broader business mix.
NDTV Profit also reported that JPMorgan kept Underweight on Yes Bank and lowered its target to ₹13.10 from ₹21. Yes Bank’s exchange filing said the Supreme Court on Oct. 15 dismissed appeals by the bank, the Reserve Bank of India and the Union of India concerning the write-down of ₹8,415 crore in Additional Tier 1 (AT1) bonds. The bank estimated a pro forma impact of about 250 basis points on its Common Equity Tier 1 ratio using June 30 figures, and said its Tier 1 ratio was expected to remain at 14%.
The roundup also reported that Kotak upgraded Aarti Industries to Add from Reduce with a ₹480 target, kept Add on UPL at ₹580, and that Citi maintained Buy on Affle while cutting its target to ₹2,130 from ₹2,160.
