Fund house recommendations -July 30

Infrastructure & Construction

Larsen & Toubro (L&T)
Positive

Jefferies: Buy | TP ₹4,230 (↑ from ₹3,965)

B&K: Buy | TP ₹4,034 (↑ from ₹3,986)

Haitong: Outperform | TP ₹4,150 (↑ from ₹3,800)

Investec: Buy | TP ₹4,460 (↑ from ₹4,115)

Motilal Oswal (MOSL): Buy | TP ₹4,200 (↑ from ₹4,100)

Neutral

Axis: Buy | TP ₹4,270

Emkay: Buy | TP ₹4,000

-Consumer & FMCG
Asian Paints
Positive

JP Morgan: Upgraded to Neutral | TP ₹2,500

Jefferies: Buy | TP ₹2,900

Macquarie: Outperform | TP ₹2,700

Neutral

Goldman Sachs (GS): Buy | TP ₹2,250

HSBC: Buy | TP ₹2,800 (cut TP)

Investec: Buy | TP ₹2,050

CLSA: Reduce | TP ₹1,926

Morgan Stanley (MS): Underweight | TP ₹1,909

-Financial Services
Piramal Enterprises (PEL)
Positive

CLSA: Neutral | TP ₹1,200 (↑)

MOSL: Buy | TP ₹1,315

Nippon AMC
Positive

Nomura: Buy | TP ₹880

HSBC: Buy | TP ₹690

Bank of India
Neutral

Morgan Stanley (MS): Underweight | TP ₹110

-Metals & Mining
Jefferies on Metals

Positive view on Tata Steel & Jindal Stainless

Picks driven by higher spreads, 8–10% CAGR volume growth (FY25–27)

-Pharmaceuticals & Healthcare
Piramal Pharma
Neutral

MOSL: Buy | TP ₹240

-Energy & Utilities
GAIL
Neutral

MOSL: Buy | TP ₹210

Macquarie: Outperform | TP ₹215

-Green Energy / Renewables
Adani Green
Positive

Jefferies: Buy | TP ₹1,300

-Auto & EV
Ather Energy
Positive Initiation

HSBC: Buy | TP ₹450

Nomura: Buy | TP ₹458

Tata Motors
Neutral

UBS: Sell | TP ₹690

-Industrial Manufacturing

Apar Industries
Positive

Nuvama: Buy | TP ₹12,100

-Power Utilities

NTPC
Positive

Nuvama: Buy | TP ₹401

-Consumer – Beverages

Varun Beverages (VBL)
Neutral

CLSA: Outperform | TP ₹774

Nuvama: Buy | TP ₹606 (cut TP)

Jefferies: Buy | TP ₹600