SBI Cards' stock fell 3% following disappointing Q2 results, prompting brokerages like Nomura and HSBC to downgrade their ratings. Nomura set a target price of Rs 625, predicting a challenging FY25, while HSBC lowered its target to Rs 580, citing weak card issuance and high credit costs impacting earnings.
Analysts are expressing caution regarding SBI Cards, while Nomura has raised the target price for Bharti Airtel. In the automotive sector, Maruti Suzuki faces challenges with weak demand and high discounting, leading to neutral and hold calls from Nomura and HSBC, respectively. Both firms anticipate a tough Q3 but expect normalization in FY26 with potential upside from new product launches.
Maruti Suzuki, Cipla, and the Adani Group are among 139 companies releasing their Q2FY25 earnings today, with Cipla expected to see a modest profit rise and Maruti facing challenges from declining volumes. Bharti Airtel reported a significant 168% Y-o-Y profit increase, while Sun Pharma's net profit grew by 28%. Indian equity indices opened slightly lower after a positive previous session.
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