ICICI Prudential Life Insurance Co., IndusInd Bank Ltd. and ICICI Lombard General Insurance Co. were among the top companies on brokerages’ radar on Wednesday.

Further, BofA continues to project headline inflation to average 4.1% year-on-year in financial year 2026, after headline inflation goes sub 4% for two months in a row.

In addition, HSBC expects mid-single-digit CAGR growth for the IT sector over the medium term in USD terms.

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

Brokerages On IndusInd Bank

Morgan Stanley

  • Maintains equal weight with a target price of Rs 755.

  • An external agency confirmed the derivative loss, which is in line with the bank’s previous estimates.

  • The forthcoming fourth quarter results will provide more clarity on margins, growth, and asset quality.

  • Findings from the comprehensive audit report are awaited.

Macquarie

  • Maintains Outperform with a target price of Rs 1,210.

  • The derivative discrepancy is limited to 2.27% of net worth—slightly below internal estimates.

  • This is seen as a near-term positive, with no further surprises expected.

Citi

  • Maintains Buy with a target price of Rs 890.

  • The external review validated internal estimates of the derivative discrepancy.

  • The impact is seen as less severe than initially feared.

  • MFI stress and provisioning may weigh on earnings.

  • CEO transition developments will be a key factor to monitor.

Brokerages on ICICI Prudential Life Insurance

Macquarie

  • Maintains a Neutral rating with a target price of Rs 725.

  • Sees downside risks to VNB growth due to declining margins.

  • Financial year 2025 margins were affected by higher ULIP exposure and changes to surrender value regulations.

  • Management did not provide growth guidance for fiscal 2026.

  • The firm sees risks to its financial year 2026/financial year 2027 VNB projections.

Morgan Stanley

  • Maintains an equal-weight rating and reduces target price to Rs 600 from Rs 630.

  • The fourth quarter was a muted quarter, with VNB falling short of consensus estimates.

  • APE growth assumptions were reduced due to slower ULIP trends.

  • Mortality assumptions for group credit were revised, negatively impacting embedded value.

  • Morgan Stanley forecasts a slower rise in VNB margins.

Brokerages On CPI

BofA

  • Headline inflation has stayed below 4% for two consecutive months.

  • A further drop in perishables and gold-led movement in core CPI contributed to this trend.

  • BofA expects the RBI’s rate-cutting cycle to continue into June.

  • The firm projects average headline inflation at 4.1% year-on-year for financial year 2026.

Goldman Sachs

  • March headline inflation fell to a 5.5-year low, driven by a 3.5-year low in food inflation.

  • A heatwave warning may reverse some of the decline in vegetable prices.

Morgan Stanley

  • March CPI reached its lowest level since September 2019.

  • Inflation is expected to average around 4% in financial year 2026, with short-term readings staying decisively below 4%.

  • The firm anticipates an additional 50 basis points of policy easing.

Brokerages On ICICI Lombard

Macquarie

  • Maintains Outperform with a target price of Rs 2,255.

  • Despite a fourth quarter profit miss, the company performed well in a challenging year.

  • The miss was due to a higher combined ratio and lower investment income.

  • Financial year 2025 combined ratio trends are stronger than the industry average.

Citi

  • Maintains Sell, raising the target price to Rs 1,540 from Rs 1,450.

  • Weak fourth quarter performance was led by sluggish premium growth, a sharp decline in investment income, and a spike in the incurred claims ratio.

  • Management highlighted elevated competition in business-to-business.

  • Lack of visibility on motor third-party price hikes remains a near-term concern.

HSBC on the IT Sector

  • IT stocks may not underperform in 2025, even when applying lessons from previous macroeconomic crises.

  • New challenges this cycle include GCC competition, GenAI uncertainty, and INR stability.

  • HSBC expects mid-single-digit revenue CAGR in USD terms over the medium term.

BofA on the Consumer Sector

  • FMCG valuations have come under renewed debate; BofA stresses the importance of de-averaging the sector.

  • Business growth remains the main factor influencing valuations, and growth is always relative.

  • Global sectoral trends are critical for context.

  • Valuation divergence is expected to persist or widen, with increasing preference for retail and discretionary segments.

Bernstein on Kotak Mahindra Bank

  • Maintains Market-perform with a target price of Rs 1,950.

  • Shares have risen over 18% year-to-date due to faster growth compared to peers and the lowest funding costs.

  • However, the bank now faces the highest incremental cost of funds among peers, rising by over 30 basis points in the last three quarters, compared to less than 20 basis points for others.

. Read more on Markets by NDTV Profit.HSBC expects mid-single digit CAGR growth for the IT sector over the medium term in USD terms.  Read MoreMarkets, Business 

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