Ashok Leyland | Jefferies has maintained a 'buy' raing on Ashok Leyland with a target of Rs 195 per share. It says its focus areas include expanding export and defence footprint as well as building EV and alternate powertrains.

Larsen & Toubro | Macquarie has maintained a 'buy' rating on L&T with a target of Rs 2,440 per share. It says the company has received a major boost with MSCI upgrading its ESG rating to BB from B.

Gateway Distri | Citi has maintained a 'buy' rating on Gateway Distri with a target of Rs 90 per share. It says it continues to maintain its market share in key markets.

Nykaa | Macquarie has maintained an 'underperform' rating on Nykaa with a target of Rs 115 per share. It says there are concerns of capital intensive growth given rising competition.

Nykaa | Jefferies has maintained a 'buy' rating on Nykaa with a target of Rs 200 per share. It sas the management sounded positive on its industry outlook.

NBFCs | JPmorgan says the perennial boom-bust cycle of NBFCs is recovering again and may last for four to five years. It adds that both domestic as well as foreign investors suggest under-allocation to this segment.

NBFCs | Morgan Stanley says the key picks in large cap quality group are Bajaj Fin and SBI Cards. It adds that Manappuram, PNB Housing and Shriran Finance can give outsized returns.

Five Star Fin | Nomura has maintained a 'buy' rating on Five Star FIn with a target of Rs 750 per share. It says itis highly-profitable and is among the fastest growing NBFCs.

JSPL | Kotal Institutional Equities has upgraded its rating on JSPL to 'buy' with a target of Rs 740 per share. It says it sees the next 12 months as a transformational period for the company.