Leading brokerage firms have given their recommendations on a range of Indian companies. Goldman Sachs has maintained a neutral rating on Nykaa due to concerns about profitability in the fashion segment. Macquarie has also maintained a neutral rating on Reliance Industries, stating that Jio earnings growth is set to lag Airtel India. Jefferies has a buy rating on Delhivery, anticipating medium-term e-commerce growth of around 15-20%. Meanwhile, CLSA has a buy rating on Hindalco, expecting low leverage and profitability growth, while UBS resumed its sell rating on Tata Motors due to concerns over its electric vehicle pipeline.