Morgan Stanley upgraded Torrent Pharmaceuticals to “Overweight” from “Equalweight” and lifted its target price to Rs 5,623, implying about 39.6% upside. The brokerage said cost synergies have already moved beyond the initial Rs 900 million target and are now expected to exceed Rs 1 billion, before rising to around Rs 3 billion in FY28 and nearly Rs 4.5 billion in FY29. It also highlighted Torrent’s position in India’s semaglutide market, with a 36% share overall and 94% in oral semaglutide.

India’s three largest cigarette companies—ITC, Godfrey Phillips and VST—together control over 90% of the country’s market. Recent quarterly disclosures show ITC’s cigarette net revenue excluding duties fell 31.45%, VST’s monthly cigarette volumes dropped 14%, and Godfrey Phillips’ consolidated net profit declined 44.3%. The figures point to contracting cigarette consumption and rising earnings pressure for listed firms whose core business is cigarettes.

Nuvama has maintained a ‘Buy’ rating on Radico Khaitan with a target price of Rs 5,285, implying an upside of about 27%. It said net sales rose 12% year on year and EBITDA increased 50% in the June quarter, while management lifted premium portfolio volume growth guidance to more than 25%. Nuvama noted that premium and above brands now contribute more than 76% of revenue. It also raised its earnings estimates for the next three years by about 11% on a richer product mix and expectations that EBITDA margins will remain around 20% in the current financial year.

Astra Microwave Products has won a Rs 2,205 crore order from Hindustan Aeronautics (HAL) for the Uttam Radar programme, covering 122 Advanced Array Assembly Units and 121 Interface Frames. The contract pushed Astra Microwave’s shares up 12% in a single session. The stock is up 97.57% on a year-to-date basis. The order reinforces the company’s defence supply-chain position and provides clearer visibility on earnings and order continuity.

Star Health reported a 25% year-on-year rise in net profit for the first quarter of FY27. Underwriting profit climbed sevenfold to ₹111 crore from ₹16 crore a year earlier. The results were prepared under Indian Accounting Standards (Ind AS), which have been mandatory for insurers since April 1, 2026, allowing acquisition costs to be spread over the policy term. The stock ended 3% higher at ₹598.85 on the NSE.

Larsen & Toubro’s shares rose 4% in a single session as Motilal Oswal and JM Financial kept bullish calls and tweaked their price targets. Motilal Oswal raised its target to Rs 4,550 from Rs 4,500, while JM Financial trimmed its target to Rs 4,640 from Rs 4,700, implying upside of over 19% and 21%, respectively. Their rationale includes a 14% YoY rise in core E&C order inflows, 3% YoY growth in core E&C revenue and steady margins at 7.6%, alongside continued large-ticket ordering from West Asia that underpins L&T’s FY27 order-inflow growth guidance of 10–12%.

Coforge reported a strong June-quarter showing, with revenue rising 49% year on year to Rs 5,527.7 crore and profit up 63% while maintaining healthy margins. The board declared an interim dividend of Rs 4 per share. The stock was up about 5% intraday, extending a recent rally.

Tata Capital reported a 56% year-on-year rise in net profit, alongside sharp growth in its loan book and assets under management. During the quarter, the company entered gold loans by acquiring an 88.6% stake in gold-loan platform Yogakshemam Loans. Retail and SME lending accounts for 85.4% of its total AUM, and the newly added gold-loan business expands its secured lending offering by using gold as collateral.

Larsen & Toubro reported a 14% year-on-year rise in Q1FY27 net profit to Rs 4,123 crore, while revenue increased 7% to Rs 67,942 crore. EBITDA slipped 3% to Rs 6,116 crore and the EBITDA margin narrowed by 90 basis points to 9%. International revenue accounted for 51% of quarterly revenue, down slightly from 52% a year earlier. The results show revenue growth alongside weaker operating profitability, which affects the stock’s valuation base.