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Jefferies on L&T:

Buy rating, Target Price at Rs 4500

L&T has recovered most of share price losses since Iran-US-Israel conflict

Address three questions that are top of mind for investors –

1) L&T’s role in Middle East (ME) reconstruction opportunity

2) Impact of oil prices on global and India business

3) Margin impact of higher commodity/ logistics costs

Remain positive given expectations of medium-term double-digit growth & likely discussion on semiconductor investments with FY26 results.

JPM on RIL:

Overweight raitng. Target Price Rs 1675

RIL stock has given up recent outperformance on uncertainty related to nearterm O2C margins.

Yet, even as supply chains normalize, both refining and petchem margins for Reliance should turn out higher than earlier assumed.

At the very least, higher crude and a weaker rupee should drive upgrades to FY27 O2C EBITDA.

These can be large enough to compensate for any delays to the modeled increase in pricing at other businesses.

With relative valuations comfortable, maintain O/W

Nomura on Yes Bank:

Neutral rating, Target Price at Rs 21

4Q26: Improving fundamentals; core-ROAs still catching up

Broad-based strength across growth, margins and profitability

ROA at 0.95%; SR recoveries to moderate from FY26 levels

Levers for profitability at play, but core-ROA profile build up would take time

Strategic execution of new management is a key monitorable

Majority of the analysts that have coverage on ICICI Bank continue to maintain their optimistic stance after the lender reported its Q4 results on Saturday, which beat Street estimates.

Click here to know the five factors that analysts cite for their bullish view on the stock

MS on HDFC BanK:

Overweight rating, Target Price Rs 1025

PAT beat MSe by 4% as sharply lower provisions and lower operating costs offset slightly lower core revenue (2% below MSe).

Commentary was anchored on loan growth with LDR no longer a constraint.

Earnings resilience and attractive valuation make it one of key picks amid geopolitical risks.

CLSA on ICICI Bank:

Outperform, Target Price Rs 1,700

4QNII & PPOP were largely in line with estimates, while PBT was a 10% above due to negligible credit costs

Latter was driven by sharp recoveries from written-off accounts.

However, even excluding that, core asset quality was better than estimates

Key +ve was pickup in loan growth, up from 12% YoY last quarter to 16% YoY in 4QFY26

This should put to rest worries that ICICIB’s loan growth is slowing.

NIM was largely stable QoQ; a decent outcome in this environment.

Fee income remains sluggish as credit card spending is muted.

Lastly, asset quality continues to surprise positively with the gross/net slippage ratios improving 40bps/10bps YoY.

The lender’s Net Interest Income, or core income grew by 16% year-on-year to ₹2,637.7 crore from ₹2,276.3 crore last year. Net profit also grew by 44.8% from last year to ₹1,064.8 crore from ₹738 crore last year. Gross NPA improved to 1.3% from 1.5%, while Net NPA stood at 0.2% from 0.3% in the December quarter. Provisions though, increased on a sequential basis to ₹187.6 crore from ₹21.9 crore in the previous quarter.

The lender’s net profit grew 8.5% from the same quarter last year to ₹13,701.7 crore, higher than the CNBC-TV18 poll of ₹12,949 crore. Net Interest Income (NII) grew by 8.4% year-on-year to ₹22,979.2 crore from ₹21,193 crore. Core income was also marginally higher than the poll figure of ₹22,755 crore. Gross NPA improved to 1.4% from 1.53%, while Net NPA improved to 0.33% from 0.37% last quarter. Board has recommended a dividend of ₹12 per share.

India’s largest private lender reported net profit of ₹19,221 crore, marginally higher than the CNBC-TV18 poll of ₹19,024.8 crore. Net Interest Income stood at ₹33,081.5 crore compared to the CNBC-TV18 poll of ₹33,738 crore. Net profit on a year-on-year basis grew 9.1%, while Net Interest Income grew 3.2% from last year. Asset quality improved with Gross NPA at 1.15% from 1.24%, while Net NPA improved to 0.38% from 0.42% in the previous quarter. Provisions were largely flat sequentially.

GIFT Nifty is higher, trading at a premium of nearly 100 points from Nifty Futures Friday’s close, indicates a start in the green for the Indian market

The Nifty Bank has been a key factor behind the recovery seen on the Nifty from the recent lows.

That will again be the index to watch as HDFC Bank, ICICI Bank and Yes Bank, all react to their quarterly results that were reported on Saturday.

HDFC Bank had a subdued quarter, while ICICI Bank and Yes Bank reported a strong quarter.

24,000 has now become the most important level on the downside for the Nifty.

The index for now is comfortably above that but the bulls would hope that even if the market reacts negatively to the weekend developments, it does not fall below those levels.

On the upside, last week’s high of 24,400 will be an important one to watch for the Nifty.

All eyes will be on the GIFT Nifty as to how it reacts to all the developments that have taken place over the weekend.

The GIFT Nifty had surged as much as 400 points on Friday when Iran had declared the Strait of Hormuz to be open, only to shut it on Saturday.

Asian markets have opened mostly higher in early trading on Monday, brushing aside the fall seen in the US futures and the rebound in oil prices.

The Nikkei 225 and the KOSPI have both seen gains of up to 0.7% each, while futures on the Hang Seng are pointing to a subdued start as well.

The market had rallied over the last two weeks on hopes of the US-Iran talks reaching a conclusion and peace prevailing over West Asia.

That, now appears to be in jeopardy with the latest US-Iran standoff in the Strait of Hormuz. You can on that here.

As a result of that, US futures are trading lower with the Dow futures declining as much as 500 points. The S&P 500 and Nasdaq, which ended at record highs on Friday, are also seeing their futures trade lower.

Oil prices have also staged a rebound this morning after Friday’s plunge.

The Nifty is up over 2,000 points from the recent low of 22,182.

The bulls would hope that this level becomes the low for the year.

However, multiple factors will put this recovery to test in today’s trading session.

Details in subsequent posts.

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