Brokerages shared fresh views on Dixon Technologies, Natco Pharma, Ather Energy, Zee Entertainment, Finolex Cables and more while strategy notes highlighted trends in the cement, pharma, data centres and India equityMacquarie On Dixon Tech Maintain Outperform, TP Rs 15000 PLI 2.0 details emerging for mobile phones Domestic Value Addition (DVA) of more than 55% vs 15%-20% (Currently) PLI 2.0 will be formally linked with the Rs40,000 crore Electronics Components and Manufacturing Scheme (ECMS) Incentives will be tiered based on the local sourcing of critical sub-components PLI 2.0 to provide confidence around margin trajectory Dixon could be the key beneficiary with its JVs with Q Tek , HKC and Chongqing Yuhai Provide visibility for the company to target other major input costs such as batteries and PCBs, through capex outlay and/or JVs and acquisitions.
Investec On Natco Pharma Maintain Buy, TP Rs 1220 (From Rs 1035).Q4 saw Core business performing well – after adjusting for one-off expense.
No gRevlimid but delivered strong numbers.
Sema-India (~1bn sales) and new launches in Brazil/Canada/US as key drivers.With Rs 2500cr cash, co offers M&A optionality – management has been conservative.Raise FY27E/FY28E EPS ests by 5%/4% Nomura On Data Centers Decadal growth opportunity.Industry to record 30% CAGR over CY25-30F.
India to outperform broader APAC.
Lower capex and favourable power economics support attractive returns.India's digital, cloud and GenAI adoption driving demand.Attractive opportunities for industrial equipment manufacturers.Top picks: CGPOWER and Ge Vernova TD to benefit.Systematix on NMDCMaintain BUY on NMDC with a revised TP of Rs 112.Strong FY26 execution with future growth trajectory intact.Management has guided for 60mt production in FY27.Management expects EBITDA margin to recover to ~35-40%Raises FY27E/FY28E EBITDA estimates by 10%/8% and PAT estimates by 23%/21%.Revision is built on NMDC's strong execution track record.ALSO READ: Five Stocks To Buy: Infosys, NMDC, NBCC And More | June 02, 2026Morgan Stanley-India Equity Strategy Bottom maybe behind us.
With earnings growth acceleration likely in the pipeline and valuations and sentiment coming off near extremes Indian equities appear poised for a strong year ahead.The long-term story is intact notwithstanding the AI debate.Domestic Cyclicals > Defensives and External-facing sectors; overweight Financials, Consumer Discretionary and Industrials.
Underweight Energy, Materials, Utilities and Healthcare.
IT services could be the dark horse as the world pivots to these companies to build AI applications and solutions.
Key risks to India are mostly external, including geopolitical tensions and slowing global growth.
Worry about the low productivity in farming, capacity constraints in the judiciary and embodied AI hitting the labour markets.
Nirmal Bang on Ather Energy Initiate Buy, TP Rs 1210 (26% upside).Built to scale, poised to lead.Technology led EV player with strong visibility.Distribution expansion....
