Jefferies on Max Financial
Buy Call, Target Price Raised To ₹1,830/Sh
Management Confident On Mid-teens APE Growth & Margin Gains In FY26
VNB Estimates Raised By 2%
Succession & Low Attrition Seen As Key, With Management Optimistic
Lower Risk From Banca Norms & Insurance Act Changes Are Positives
Axis-Max Life Offers Strong Risk-reward; Among Top Sector Picks
Jefferies On InterGlobe Aviation
Buy Call, Target Price At ₹6,300/Sh
Mgmt Reiterated Long-term Tailwinds For Aviation Growth In India
Focus Remains On Cost Leadership & Timely Fleet Orders, Amid Space Consolidation
Intl Segment Is A Key Growth Lever With New Fleet & New Routes
Co Is Expanding Its Geographic & Customer Profile Through Recent Initiatives
Jefferies on Indian Hotels
Buy Call, Target Price At ₹980/Sh
Management Highlighted The Scale-up & transformation Of IHCL Over The Past 8 Years
Reaffirmed A Positive Demand-supply Cycle For Hospitality In India
Maintained Double-digit Revenue Growth Guidance For FY26
Reiterated FY30 Targets Of Doubling The Portfolio & Consolidated Revenues
Expanding New/Reimagined Businesses & Targeting An Asset-light Mix Of 75%
Jefferies On HDFC Bank
Buy Call, Target Price At ₹2,380/Sh
Mgmt Expects Favourable Policy Actions To Aid Consumption & Credit Demand In H2FY26
Reiterated Loan Growth Guidance In-line With The Sector For FY26 & Ahead In FY27
NIMs Will Correct Near-term & Rise In FY27, Asset Quality Remains Healthy
See Recent Allegations On The Bank/CEO As A Non-event, Albeit Noisy
Bank Remains Among Top Sector Picks
Jefferies On Ambuja Cements
Buy Call, Target Price At ₹700/Sh
Mgmt Remains Confident Of Reaching A Cement Capacity Target Of 140 MTPA By FY28
Provided Updates On Scaling Up Cost-efficiency Targets Over The Next Few Years
Expects Industry Demand To Recover To 7–8% In FY26
On pricing, Management Indicated Improvement In Recent Months
Jefferies On BSE
Hold Call, Target Price Raised To ₹2,900/Sh
Mgmt Awaits Clarity On Any Changes To F&O Expiry Days
Mgmt Expects No Material Volume Impact
Continues To Target Onboarding Clients Focused On Longer-dated Expiries In F&O Segment
Transition To Common Contract Note Can Improve Liquidity & Market Share
New Derivative Instruments And Growth In Data Services To Aid Profitability
Expect 30% PAT CAGR Over FY25–28