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Tuesday’s top brokerage calls: L&T, Tata Steel, Hindalco, DLF and more

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Tuesday’s top brokerage calls: L&T, Tata Steel, Hindalco, DLF and more

JP Morgan has an “overweight” rating on L&T, while Jefferies downgraded Tata Steel and JSW Steel.

The brokerage said the order inflow trend gave the company hope that it might stick to its guidance. JPMorgan sees a pickup in government capital spending and international orders as medium-term catalysts.

The brokerage has downgraded Tata Steel shares to “hold” and JSW Steel to “underperform”. However, Jefferies retained a “buy” rating on Hindalco stock. The foreign brokerage said weak macroeconomic and demand concerns in China were weighing on metal prices.

The brokerage sees upside risks to PB Fintech’s third-quarter revenue forecast. Morgan Stanley maintained an “equal weight” rating on PB Fintech shares with a target price of Rs 1,160.

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Morgan Stanley said channel checks indicated a positive response from clients. The brokerage’s revenue from the West Delhi project is estimated at Rs 4,200-4,500 crore.

While Asian stocks moved slightly differently, gains in Europe provided some support for Indian markets. The 30-share BSE Sensex closed up 221.3 points, or 0.4 percent, at 60,616.9, while the broader NSE Nifty50 benchmark settled at 18,055.8, up 52.5 points, or 0.3 percent, from its previous close. Both indexes closed higher for the third straight session.

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

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Oppn seeks probe into Adani charges in US: ‘Obvious protection of PM Modi’

Following US SEC charges of bribery against Gautam Adani, opposition parties criticise PM Narendra Modi and call for a JPC investigation.

As billionaire Gautam Adani faces charges in the US for alleged bribery and fraud, the Opposition on Thursday intensified its attack on the Centre over its alleged links with the Adani Group.

Gautam Adani has been charged in the US with allegedly paying $250 million in bribes to Indian officials between 2020 and 2024 to secure favourable terms for solar energy contracts. The scheme, prosecutors said, could have earned Adani’s group over $25 billion in profits.

Congress demands JPC probe

Reacting to the charges, the Congress called for a Joint Parliamentary Committee (JPC) probe into alleged scams involving Adani’s conglomerate. The party also demanded the appointment of a “new and credible” Sebi chief to investigate Adani’s financial dealings and compliance with securities laws.

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Congress leader Jairam Ramesh said the US Securities and Exchange Commission’s (SEC) actions highlight the failure of Indian institutions to investigate the group. “The indictment vindicates Congress’s demand since January 2023 for a JPC into the Modani scams,” Ramesh wrote on X.

He accused Prime Minister Narendra Modi of shielding Adani and claimed Congress’s “Hum Adani Ke Hain Kaun” (HAHK) series had exposed the businessman’s alleged fraud and his ties with the PM.

The fact that it has taken a foreign jurisdiction to properly investigate Adani only shows how Indian institutions have been captured by the BJP, and how decades of institutional development have been undone by greedy and power hungry leaders, the Congress leader said in another post.

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“All of this is consistent with a long record of fraud and criminality carried out with impunity with the obvious protection of the Prime Minister,” Ramesh charged.

Other Oppn leaders join attack

Other opposition leaders joined the attack. Trinamool Congress MP Saket Gokhale questioned the BJP’s involvement in Adani’s dealings and demanded an independent judicial probe.

Aam Aadmi Party leader Sanjay Singh accused PM Modi of allowing Adani to tarnish India’s global reputation.

ALSO READ- Adani Group shares plunge after US SEC charges, Adani Green down 16%

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Adani stocks latest updates

The allegations rattled markets, with Adani Group stocks plunging. Adani Enterprises fell 20 per cent in pre-open trade, while shares of Adani Ports, Adani Green, Adani Power, and others dropped between 7 per cent and 18 per cent.

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