Stock Market Live April 15: Sensex surges 1100 pts, Nifty crosses 24,100; IndiGo emerges top gainer

CITI on Pine Labs

Initiate buy, TP Rs 235

India’s payments fintech is on a monetization improvement trajectory, with leading players increasingly entrenched in respective core areas of leadership

While product/services/distribution build-outs into comprehensive plays will continue across fintech ecosystem, large players don’t face significant disruption risks owing to:

a) across-the-board profitability push,

b) rising regulatory costs & compliance requirements,

c) stickiness borne out of integration into enterprise business workflows

Further, while consumer payments has seen flux in competitive positioning in the past decade, there have been relatively fewer changes in positioning/leadership within segments in merchant payments.

BoFA Sec on Groww (Billionbrains Garage Ventures)

Initiate Buy, TP Rs 235

Groww is well positioned to capitalize on India’s retail investing tailwinds; expect revenue growth of 30% CAGR over FY26-28

Best‑in‑class profitability with further upside from operating leverage, driving EBITDA/PAT margins to 67%/52% by FY28E

Valuing Groww at 39x FY28E P/E; Near term risk- weak capital market perf and six-months lock in expiry

Elara Capital on Jindal Saw

Initiate Buy with a target price of ₹280 

Earnings recovery expected over FY27–FY28, driven by water and oil & gas demand 

Order book at all-time high (~1.4x trailing volumes), indicating strong visibility 

Jal Jeevan Mission spending revival to drive domestic pipe demand 

Global pipeline capex supported by energy security concerns 

Exports rising, with diversification reducing dependence on domestic capex 

Capacity expansion to support margins and operating leverage 

Valuations attractive, with rerating potential driven by execution and growth

Elara Capital on Vishal Mega Mart

Initiate Buy with a target price of ₹130 

Diversified model combining apparel, FMCG and general merchandise drives footfall and margins 

Private label mix ~75%, enabling strong pricing power and higher margins 

Revenue and EBITDA expected to grow at 18% and 21% CAGR over FY26–FY28 

Asset-light model and low-cost structure drive superior return ratios 

Strong store expansion runway, focused on tier 2 and smaller cities 

Operating leverage to drive margin expansion to ~10.3% by FY28 

Risk from potential supply overhang due to promoter stake dilution.

CITI on DR Reddys

Sell, TP Rs 1070

Dr. Reddy’s Semaglutide generic, Embeltah, has been denied registration by Brazil’s ANVISA as filing did not meet all technical requirements to prove the efficacy, safety and quality of product

This rejection likely prevents Dr. Reddy’s from participating in initial wave of Semaglutide generic launches in Brazil, a market expected to face intense competition with 16 other applications pending before ANVISA.

Furthermore, Apotex’s tentative approval in the US suggests it may gain a lead over Dr. Reddy’s in Canadian market

Jefferies on Indus Tower

Downgrade to U-P from buy, TP cut to Rs 375 from Rs 530

Downgrade due to site renewal risks bunched up over 2HCY26/1HCY27 which could impact revenues/growth 

Elevated capex levels due to higher growth and maintenance capex which will impact earnings growth as well FCF/payouts

Cut revenue/PAT estimates by 2-6% to factor renewal risks post which stock offers 3% EPS growth & 4% yield

Risks on growth outlook should weigh on re-rating potential too.