Jefferies upgraded Shriram Finance to “buy” and retained a “buy” rating on L&T while Antique initiated a “buy” on Paradeep Phosphates. Kotak Institutional Equities maintained a reduced rating on Lupin. Jefferies believes L&T is positioned for order flow traction, while Paradeep Phosphates is firing on all cylinders, poised to reap great benefits from recent capacity expansion. Lupin’s upside from gSpiriva is priced in, and it has a weak execution track record, limited medium-term US pipeline, and subpar margin profile, said Kotak Institutional Equities.
