Divi's Laboratories | Jefferies has downgraded its rating on Divi's Lab to 'hold' with a target price of ₹3,510 per share. It says the company's second quarter was a miss on lower sales and higher opex, which led to margin contraction.

Bharat Forge | Jefferies has maintained an 'underperform' rating on Bharat Forge with a target of ₹850 per share. It says it likes to company's structural story, but is concerned on the cyclical headwinds in exports and rich valuations.

HPCL | Jefferies has maintained an 'underperform' rating on HPCL with a target of ₹225 per share. It says the com[any's refining margin have fallen sharply in the third quarter of this fiscal, lowering marketing losses.

Concor | HSBC has maintained a 'hold' rating on Concor with a target of ₹780 per share. It says the company's volume growth is likely to be strong in the near term while margin remain soft.

Bharat Forge | Morgan Stanley has maintained an 'overweight' rating on Bharat Forge with a target of ₹1,176 per share. It says the company's management sees challenges in wind energy.

Nykaa | Morgan Stanley has maintained an 'overweight' rating on Nykaa with a target of ₹173 per share. It says the shift in festive season will drive the third quarter growth for the company.

Nykaa | Jefferies has maintained a 'buy' rating on Nykaa with a target of ₹200 per share. It says the company's revenue growth was strong and was led mainly by strong user growth in its two key segments.