Brokerages Upgrade Ratings for Dr Reddy's, Rallis India, Gujarat Gas After Strong Q3 Results

• CLSA upgraded Dr Reddy's Labs from 'Sell' to 'Hold' with a target of Rs 1,210, citing better-than-expected Q3 results and growth in emerging markets and India.
• HSBC upgraded Rallis India from 'Hold' to 'Buy' with a target of Rs 300, noting better-than-expected Q3 performance, business transformation, and attractive valuations.
• CLSA upgraded Gujarat Gas from 'Sell' to 'Hold' with a target of Rs 375, due to in-line Q3 profit, strong unit margins, and improved volume outlook in Morbi.
• Dr Reddy's US business, excluding Revlimid, shows single-digit growth potential, while India and emerging markets could see double-digit growth, with Semaglutide as a new revenue driver.
• Rallis India's business transformation is positively impacting Seeds and Export segments; Gujarat Gas expects Morbi volumes to reach 3.0–3.2 mmscmd by February–March.

Why It Matters: Brokerage firms upgraded Dr Reddy's, Rallis India, and Gujarat Gas ratings due to strong Q3 results and positive outlooks.