Stock Recommendations Today: Wipro, Tech Mahindra, Kotak Mahindra Bank On Brokerages’ Radar NDTV Profit Desk NDTV Profit

Brokerages have reacted to the third-quarter financial results of Wipro Ltd., Tech Mahindra Ltd. and Kotak Mahindra Bank Ltd.

Analysts were mixed on Tech Mahindra’s numbers, with Nomura remaining positive on the stock while Citi stayed cautious. Citi has lowered financial year 2025-2027 EPS estimates by 3-4%.

Wipro also received mixed reviews with Citi maintaining a ‘sell’ stance, while Nomura and Jefferies remain positive on the back of third quarter results.

On the other hand, Kotak Mahindra Bank has impressed analysts as it reports steady performance amid challenging macros.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Monday:

Brokerages On Tech Mahindra

Citi

• Maintains ‘Sell’ with a cut in target price to Rs 1,440 from Rs 1,475.

• Third quarter EBIT came in at approximately 4% below the brokerage’s expectations despite some help from reversal of provisions.

• The company expects to see improvement in calendar year 2025. The recovery will be incremental and not a V-shaped, the management said.

• Lowers financial year 2025-2027 EPS estimates by 3-4% factoring in third quarter trends and comments.

• The management has been executing well and the expectations are high amid a tough sector backdrop.

Nomura

• Maintains ‘Buy’ with a target price of Rs 1,900.

• Third quarter result for this fiscal was a beat on all parameters.

• Steady progress towards medium-term goals.

• Deal pipeline strong; business repair underway.

Brokerages On Wipro

Citi

• Maintains ‘Sell’ with a target price of Rs 280

• Revenue was in line and EBIT was better; guidance however was slightly below estimates.

• Wipro’s growth is likely to trail peers in financial year 2026.

• On margins, management is focused on keeping it in a narrow band.

• Stock could get a boost from likely EPS upgrades, particularly given disappointment in most peers.

Nomura

• Maintains ‘Buy’ with a target price of Rs 340.

• Strong large deal win momentum in third quarter.

• Strong margin beat drives 2-5% EPS upgrade.

• Discretionary demand improving.

• Robust execution on margin continues.

• Fourth quarter guidance a tad softer than our expectations.

Jefferies

• Upgraded to ‘Hold’ from ‘Underperform’ with a hike in target price to Rs 300 from Rs 260.

• Results ahead of estimates.

• Skewed growth; growth pick-up to be gradual.

• Margins supported by lower D&A costs.

• Revised capital allocation policy should support current valuations which limits downside.

Brokerages On Kotak Mahindra Bank

DAM Capital

• Upgrade to ‘Buy’ from ‘Neutral’ with a target price of Rs 2,020.

• Posted much better operating internals with business growth continuing to be robust.

• Lower slippages this quarter and very strong operating expenses efficiency despite RBI embargo in place.

• Provisions were bit higher as bank has aggressive provisioning policy in place.

• Valuations now are in decent range of 2.0-2.1x core book.

Motilal Oswal

• Upgrade to ‘Buy’ from ‘Neutral’ with a hike in target price to Rs 2,100 from Rs 1,900.

• Steady performance amid challenging macro.

• RoA outlook looks healthy.

• Asset quality holding up well, with slippages declining quarter-on-quarter.

• Marginally raise earnings and estimate and expect the bank to deliver financial year 2026E RoA/RoE of 2.2%/13.5%.

ICICI Securities

• Upgrade to ‘Buy’ from ‘Hold’ and hike target price to Rs 2,050 from Rs 1,850.

• Steady quarter amidst challenging times.

• Growth leadership and improving outlook on asset quality to drive re-rating.

• Best positioned on business growth along with improved outlook on unsecured personal loan.

B&K

• Upgrade to ‘Buy’ from ‘Hold’ and hike target price to Rs 2,111 from Rs 1,908.

• Positive surprises on TD cost and asset quality.

• Believe that once the RBI relaxes the regulatory conditionality, it will aid net profitability for the bank.

Nuvama

• Upgrade to ‘Buy’ from ‘Reduce’ and hike target price to Rs 2,040 from Rs 1,615.

• Core pre provision operating profit grows 3% quarter-on-quarter with better NIM, growth and operating expenditure.

• Asset quality improves.

• Bank has done a particularly commendable job turning in a strong third quarter even as it weathered the RBI ban.

• Believe bank offers growth, quality and a safe place to hide in a milieu of weak deposits and high NPLs.

Nomura on Gland Pharma

• Upgrade to ‘Neutral’ from ‘Reduce’ with a cut in target price to Rs 1,790 from Rs 1,800.

• Strategic uncertainty remains and the brokerage firm said it awaits clarity on future direction.

• Currency depreciation and volume increases on financial year 2025’s low base.

• Possible fill-finish opportunity for GLP-1 support a likely Ebitda margin expansion over financial year 2025-2027.

Brokerages On SBI Life Insurance

Citi

• Maintain ‘Buy’ rating with a hike in target price to Rs 2,100 from Rs 2,040

• Margins are strong and agency scale up a key positive.

• Operational performance remains strong.

• Concerns pertaining to any potential regulatory changes to bancassurance will likely weigh in on investor sentiment.

• Current price point provides an attract entry point for a long-term investor.

Nomura

• Maintains ‘Buy’ rating with a cut in target price to Rs 1,800 from Rs 1,835.

• Steady quarter.

• Well-entrenched for growth in financial year 2025, given cross-selling opportunities for SBI customers are significant.

• Estimate the company’s APE/VNB to post 14%/10% CAGRs over financial year 2024-2027.

Brokerages On ICICI Lombard General Insurance

HSBC

• Maintains ‘Buy’ rating with a cut in target price to Rs 2,170 from Rs 2,250.

• Despite headwinds, opportunity thrives.

• Slowdown in underlying assets growth, accounting changes, and competition could keep near-term premium growth muted.

• Superior underwriting and cost control would lead to better operating performance and stable RoEs.

• Remain optimistic on medium-term earnings.

Jefferies

• Maintains ‘Buy’ with a target price of Rs 2,500.

• The quarter ending December was a stable operating quarter.

• Accounting changes impact CoR by approximately 40bps; no earnings impact.

• Motor book shines on underwriting outcomes.

• Retail health growing on a small base.

• Group health seeing competitive intensity.

• ICICI Lombard remains the brokerages’ top pick in the general insurance space.

Jefferies On Indian Hotels

• Maintains a ‘Buy’ rating with a target price of Rs 1,000.

• Strong third quarter with RevPAR growth to remain healthy.

• Positive commentary on RevPAR; currency tailwinds new driver.

• New business continues to grow.

• Walking the talk on accelerated expansion.

Jefferies on Adani Enterprises

• Maintains a ‘Buy’ rating with a target price of Rs 3,800.

• Asset monetisation to improve cash flows.

• To exit Food and FMCG business, to raise $2 billion.

• Navi Mumbai Airport to commence soon.

• New energy business soon going to start the next round of Capex towards doubling its cell plus module capacity from 4GW to 8GW.

• Capex acceleration ahead, hinges on fundraise.

Disclaimer: NDTV Profit is a subsidiary of AMG Media Networks Limited, an Adani Group Company.

. Read more on Markets by NDTV Profit.Kotak Mahindra Bank has impressed analysts as it reports steady performance amid challenging macros.  Read MoreMarkets, Business, Notifications 

​NDTV Profit