MOSL BROKERAGE CALLS
• Voltas – Neutral, TP ₹1,350: Weak Q1; festive recovery possible; EPS cut.
• Grasim – Buy, TP ₹3,500: Margin beat; strong paints momentum.
• Cummins India – Buy, TP ₹4,350: Solid Q1 beat; strong growth outlook.
• Tata Motors – Neutral, TP ₹631: CV strong; JLR/PV facing headwinds.
• Nalco – Neutral, TP ₹190: Soft metals weigh; near-term risks.
• Biocon – Buy, TP ₹410: Generics pressure; biologics remain strong.
• Max Financial – Neutral, TP ₹1,750: Margin beat; reverse merger a key trigger.
• Info Edge – Neutral, TP ₹1,380: Margins capped due to high spends.
