
Paladin Energy downgraded to Equal Weight from Overweight at Morgan Stanley
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Top stocks to watch on brokerages, August 4: ITC, Tata Steel, Delhivery, Godrej Properties, UPL, Federal Bank, PB Fintech and more
Several key companies are in focus today as leading brokerages released their latest research reports, commenting on earnings, margins, and operational trends. Here's a detailed look at the top stock ideas and outlooks: ITC share Brokerages remain largely positive on ITC following its Q1FY26 results. CITI (Buy, TP ₹500): Revenue grew 21% YoY, driven by the agri segment. Cigarette revenue rose 8% YoY, with an estimated 7% volume growth. FMCG showed growth improvement, though paperboard remained under pressure. Goldman Sachs (Buy, TP ₹490): Results were in line; cigarette growth solid with margin recovery likely in H2. Macquarie (Outperform, TP ₹500): 6.5% volume growth in cigarettes helped offset input cost pressure. Positive on margin recovery in 4QFY26. HSBC (Buy, TP ₹510): Revenue beat by 10%, though EBITDA missed by 3%. Core segments performed in line. Lowered FY26–28e EPS by 2–3%. Jefferies (Buy, TP ₹535): Cigarette volumes rose >6%, but margins declined. Overall EBITDA grew 3%, slightly below estimates. Morgan Stanley (Overweight, TP ₹500): Cigarette and FMCG revenue trends positive. Paper business weak but likely bottomed. Tata Steel share Jefferies (Buy, TP ₹200): Q1 EBITDA grew 11% YoY and beat estimates. While 2Q margins may compress due to lower steel prices, signs of recovery from higher Chinese export prices are emerging. Thermax share Jefferies (Buy, TP ₹4,500): Revenue miss in Q1, but EBITDA margin improved 162 bps YoY. Bio-CNG drag in FY25 is expected to subside, helping margin expansion in FY26. Godrej Properties share Views remain mixed post Q1 results: Jefferies (Buy, TP ₹3,000): Pre-sales fell 18% YoY, but management remains confident. Strong launch pipeline. Nomura (Reduce, TP ₹1,900): Expects FY26 sales to miss guidance. Concerns over growth strategy, equity dilution, and valuation premium. Morgan Stanley (Equal-weight, TP ₹2,400): Q1 pre-sales in line, but collection dropped 47% QoQ. D/E ratio rose. Tata Power share CLSA (Underperform, TP ₹351): Weakness in Indonesian coal, RE IPP business, and Tata Projects hurt core profitability. Solar EPC & module business was the only bright spot. UPL share HSBC (Buy, TP ₹775): Q1 was muted but recovery and deleveraging underway. Kotak Institutional Equities (Sell, TP ₹520): Gross margins improved, but long-term gains uncertain amid demand softness and intense competition. Delhivery share Goldman Sachs (Neutral, TP ₹375): E-commerce volumes grew but realization declined. Profit aided by treasury gains. Kotak Institutional Equities (Buy, TP ₹500): Strong PBT growth despite challenges. Continued scale-up in express parcel. Jefferies (Underperform, TP ₹350): EBITDA miss due to timing issues in Ecom Express volume. Industry shift to insourcing remains a headwind. Federal Bank share Brokerages split on Federal Bank's Q1 print: Morgan Stanley (Underweight, TP ₹165): Slippages increased due to MFI stress. RoA may moderate. CLSA (Outperform, TP ₹230): PAT beat, but credit costs 70% above estimates. Other income and opex helped. Nuvama (Buy, TP ₹230): NIM and slippages worsened; expects elevated credit costs in Q2, then easing. PB Fintech share HSBC (Buy, TP ₹2,250): Beat estimates on margin uplift in new segments, though core business saw margin compression. Jefferies (Buy, TP ₹2,100): Adj. EBITDA rose 80%. Sees healthy growth and valuation support from strong cash flows. LIC Housing Finance share Morgan Stanley (Underweight, TP ₹480): NIM declined, credit costs slightly higher. Franchise weakening; outlook remains subdued. MCX share Morgan Stanley (Underweight, TP ₹5,750): Core EBITDA missed due to higher employee costs. Transaction revenue falling; valuation seen as expensive. Adani Power share Jefferies (Buy, TP ₹690): EBITDA missed by 2%, capacity expansion plans intact. Acquired 600MW Vidarbha unit in July. Adani Enterprises share Jefferies (Buy, TP ₹3,000): EBITDA fell 12–13% YoY/QoQ due to legacy businesses. PAT down 50%. Retains FY27/28 outlook despite Q1 miss. Disclaimer: This article is based on brokerage reports and is for informational purposes only. It does not constitute a recommendation or investment advice. Investors should consult their financial advisors before making investment decisions. Ahmedabad Plane Crash News desk at

Wall Street Journal
8 hours ago
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Netscape's Lessons for AI Mania
The initial public offering was filed at $14. Everyone wanted shares, so Morgan Stanley set the deal price at $28. As trading started, the stock popped to $74, ending the day at $58. Tech star Figma? The latest SPAC? No, it was 30 years ago this week, Aug. 9, 1995. The Journal's Molly Baker nailed it: 'It took General Dynamics Corp. 43 years to become a corporation worth today's $2.7 billion in the stock market. It took Netscape Communications Corp. about a minute.' Remember, Netscape was a money-losing company with only $16.6 million in sales in its previous six months. Worth $2.7 billion! That's the equivalent of Nvidia shares going up 11 cents today. We've come a long way, baby.