Brokerage Giants Issue Explosive Reports on 8 Stocks: Reliance, Cement, IT in Focus

• JPMorgan gives 'Overweight' on Reliance Industries (target Rs 1,675) citing new energy projects as a major catalyst, with power generation from installed modules expected from CY26.
• Investec notes weak EBITDA/ton for most cement companies but expects Q4 margin improvement; maintains 'Buy' on UltraTech, Ambuja, JSW Cement, JK Cement.
• Investec reiterates 'Sell' on OMCs due to marketing margin squeeze risk with Brent crude above $70, suggesting Reliance as a better refining play.
• HSBC expects power demand recovery with El Nino; Jefferies maintains 'Hold' on HCL Tech, highlighting AI's potential for 30-40% effort savings.
• Mixed views on Kansai Nerolac (Nomura 'Buy', Morgan Stanley 'Underweight'); Jefferies 'Buy' on Bharti Airtel; Nuvama 'Buy' on Aurobindo Pharma and Greenply.