Nalco | Kotak Institutional Equities maintains a 'sell' rating on Nalco with a target of Rs 75 per share. it says the companyremains proxy for aluminium prices in the medium-term and trades at expensive valuations.

IT stocks | Kotak Institutional Equities says it expects recovery in revenue growth for a few large IT companies to be around 10 percent in FY25. It adds that Infosys, TCS and HCL Teach are its top picks.

IT stocks | HSBC says it sees growth bottoming out in most verticals in the second quarter. It adds that most funds are still underweight on IT, supporting the recent rally in prices.

OMCs | Jefferies has upgraded its rating on GAIL to 'buy' with a target of Rs 136 per share. It has also downgraded its rating on BPCL to 'underperform' and reiterated HPCL's rating as ' underperform'.

JSW Energy | Jefferies has maintained a 'buy' rating on JSW Energy with a target of Rs 500. It says it it expects three triggers to play out for jSW Energy over the next 12 to 24 months.

HDFC Bank | Macquarie has maintained an 'outperform' rating on HDFC Bank with a target of Rs 2,110 per share. It says the lender may miss near-term 1.9 to 2.1 merged ROA guidances but Credila gains could save it.

HDFC Bank | Bernstein has maintained an 'outperform' rating on HDFC Bank with a target of Rs 2,300 per share. It says it expects depressed earnings in the next few quarters due to one-off factors.

HDFC Bank | Nomura has downgraded its rating on HDFC Bank to 'neutral' with a target of Rs 1,800 per share. It says the cost-to-income is higher because of accounting changes.