Nomura

In a note starting coverage on USL with a 'Buy' rating & target of ₹1,650, Nomura said the sector is seeing a paradigm change as consumers move away from 'drinking more' to 'drinking better'.

The brokerage expects robust margin improvement, strong cash generation and healthy growth in the company's managed hotels pipeline to drive earnings over the medium term.

Nomura has set a target price of ₹830 for the Indian Hotels stock, based on a valuation of 26 times its estimated FY28 EV/Ebitda

TCS Q3 results impact: The common thread across analysts is that while Q3 execution remains strong and margins resilient, clear visibility on broad-based demand acceleration is still missing.

The brokerage lowered its target price to ₹16,598 from earlier levels, implying a 36 per cent upside from current prices.

Nomura highlights that developers are on track for a third consecutive quarter of steady sales momentum, driven largely by sustained interest in branded residential offerings.

Kaynes' stock has fallen about 30 per cent over the past month as against a 1.4 per cent rise in the Nifty, largely on worries around accounting and collections in the smart-meter business

Nomura, which termed Coforge its "top pick in the mid-cap India IT services sector," said the company is banking on a solution-led sales strategy to maintain its growth trajectory.

Nomura expects Indian markets to trade in the range of 20-22x one-year forward earnings, assuming risk premia remain low.

PNGRB, in its 27 November order, raised GAIL's integrated pipeline tariff by roughly 12 per cent to ₹65.7 per mmbtu, effective 1 January 2026.

Valuations across the sector remain attractive, but Nomura stays selective. It has rolled forward its valuation framework to H1FY28 while maintaining target multiples.

In their assessment, Nomura analysts said the Sierra's modern, feature-rich positioning and aggressive pricing strategy could meaningfully lift Tata Motors' volume trajectory in FY26-28.

Nomura says the broad-based slowdown validates earlier expectations of a sharper demand slump in the second half of the year.

The upgrade by Nomura comes on the back of a strong operational performance in Q4FY25, where Siemens delivered a meaningful beat despite pockets of muted demand.

The review matters because Nomura is one of the key players in the Strips market, a niche but a fast-growing part of India's $1.3 trillion sovereign debt market

However, on the bourses, Lupin shares were trading 0.70 per cent lower at ₹1,973.50 per share at 9:30 AM. In comparison, BSE Sensex was trading 0.23 per cent lower at 83,346.45 levels.

The brokerage has upgraded Asian Paints and Berger Paints to 'Buy,' calling the stability in margins and dealer relationships a "re-rating event" for the industry.

Swiggy's food delivery (FD) arm continued its solid performance in the September quarter (Q2FY26), driven by sustained order growth and operational efficiency.

Earnings slowdown to persist in the near term and modest recovery expected in FY27, says brokerage

Nomura has maintained its Nifty target for March 2026 at 26,140, implying a modest upside of 4 per cent from current levels, based on a FY27F earnings per share (EPS) estimate of ₹1,245.