Motilal Oswal upgraded Bharat Dynamics citing reasonable valuation and strong Q1 growth. ICICI Securities maintained its buy on Jyothy Laboratories, while PL Capital did same for Cello World despite target price cuts. Jefferies is positive on FSN E-Commerce Ventures after Nykaa’s impressive growth. Emkay Global Financial Services retained its reduce rating on Hindalco due to weak Novelis performance.
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