Banking and auto sector, Dr. Reddy's Laboratories Ltd., and Swiggy Ltd. were among the top companies on brokerages' radar on Friday.The Reserve Bank of India on Thursday eased guidelines for project finance loans extended by banks and non-bank lenders. The new norms, which come into effect from Oct. 1, 2025, require that under construction projects carry a 1% standard asset provisioning, compared with the 5% requirement proposed in the draft norms released in May 2024. This move according to brokerages, combined with the recent rate cuts and improved liquidity environment, could help boost lending in this segment.Macquarie expects the tractors and two wheelers to lead the growth in this fiscal, while private and commercial vehicles would remain muted.NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Friday.Brokerages On Project FinanceEmkayEmkay believes the RBI has taken a pragmatic approach with the final project finance norms.The provisioning requirement for under-construction infrastructure and commercial real estate projects has been lowered to 1–1.25%, compared to 5% in the draft norms.This significantly eases the pressure on project lenders such as REC and PFC.The RBI’s flexible stance on delays in Date of Commencement of Commercial Operations, cost overruns, and resolution triggers offers further relief.Emkay estimates limited impact on profitability or net worth for lenders, with regulatory capital implications only from financial year 2027.Combined with rate cuts and improved liquidity, the relaxed norms may trigger a revival in project lending.Large public sector banks and infra NBFCs like PFC and REC are seen as key beneficiaries.CitiCiti highlights that the RBI has relaxed general provisioning norms for project finance, terming the final guidelines lender-friendly.These norms will come into effect from Oct. 1, 2025.Provisioning has been eased for both infrastructure and non-infrastructure projects, including CRE.This represents a major relief for corporate lenders, particularly PSU banks and infrastructure-focused NBFCs.The final guidelines address concerns around cost overruns and the risk of a potential pullback in funding.Citi expects the move to support sustained lender participation in the project finance space.BernsteinBernstein notes that the RBI has eased provisioning norms for under-construction projects by reducing the standard asset provisioning requirement to 1%.This is viewed as a major relief for lenders.The combination of relaxed norms, rate cuts, and improved liquidity is expected to fuel a boost in project lending.The new guidelines will lift overall sentiment for infrastructure lending across sectors, according to Bernstein.Specialised NBFCs like REC and PFC are among the biggest gainers.PSU banks are also poised to benefit, as the norms lower their capital strain.RBI Eases Norms For Project Finance LoansJefferies Greed & FearGreed and Fear maintained confidence in a revival of the private capex cycle, even if the broader market sentiment has turned cautious.The team believes India’s property market, now in the fifth year of an uptrend, still has room to grow.The brokerage has exited investments in L&T, Thermax, and Godrej Properties and shifted to TVS Motor, Home First Finance, and Manappuram Finance.They are also increasing portfolio weightage in PB Fintech and Bharti Airtel by one percentage point each.Citi On SwiggyCiti maintained a 'buy' rating on Swiggy with a target price of Rs 425.The firm observes a recent stabilisation in competitive spending within the quick commerce segment, although it is too early to confirm this as a trend.Marketing expenditure in quick commerce may stabilise going forward, with Swiggy likely to focus more on Monthly Transacting Users growth.In food delivery, margin expansion is expected to come from operating leverage, advertising monetisation, and improved efficiencies.Stock Market Today: All You Need To Know Going Into Trade On June 20Citi On Jubilant FoodWorksCiti maintained a 'buy' rating on Jubilant FoodWorks with a target price of Rs 805.The company is leveraging free delivery and accelerated product innovation to drive higher order frequency and attract new customers.Jubilant plans to build five platforms, each with the potential to generate Rs 1,000 crore in revenue.Although free delivery impacted average order value and gross margins, the company was able to recover 50% of the lost margin through packaging fees.For Popeyes, gross margins at 100 stores are expected to be broadly on par with competitors.D P Eurasia, a subsidiary, is expected to start paying dividends in the second half of the year.BofA On Dr. Reddy’s LaboratoriesBofA maintained a 'buy' rating and raised the target price to Rs 1,500 from Rs 1,450.The journey to a 25% Ebitda margin is not as challenging as perceived.The market underestimates both the momentum in Dr. Reddy’s base business and its ability to optimise elevated costs, according to BofA.Key catalysts expected in second half of this calendar year could improve visibility around high-value product launches.A potential tariff announcement poses a near-term risk; BofA estimates a 5% Ebitda impact in case of a 10% tariff, assuming partial pass-through.The US business is seen to have limited implied value in the current market cap.Dr Reddy's, Alvotech Partner To Develop Biosimilar For Cancer TreatmentMorgan Stanley On BanksMorgan Stanley suggests playing the growth recovery theme through what it calls the “HIGH FIVE” set of banks.It anticipates a broad-based rally following RBI’s easing of liquidity, interest rates, and regulatory norms.First year 2027 is expected to be a turning point, benefiting from a confluence of positives.Although the next two quarters could be tough, they present attractive buying opportunities.Strong banks are likely to see significant re-rating.Their top picks include ICICI Bank, Kotak Mahindra Bank, AU Small Finance Bank, HDFC Bank, and Axis Bank.Among large private banks, they expect a core Pre-Provision Operating Profit CAGR of 16–18% from financial year 2027 onward.Macquarie On Auto SectorMacquarie maintained a 'neutral' rating on Ashok Leyland, with a revised target price of Rs 243 up from Rs 234.It also retained 'neutral' ratings on Bajaj Auto, Eicher Motors, and Hero MotoCorp, with all target prices slightly increased.'Outperform' ratings are retained for Escorts, Hyundai, Tata Motors with target price cut.Similarly, Uno Minda and TVS Motor have 'outperform' ratings with the target price cut. M&M and Maruti also kept 'outperform' rating.Macquarie expects tractors and two-wheelers to lead auto growth in this fiscal, while private and commercial vehicle growth may remain muted.Entry-level demand is likely to lag broader segment growth.Battery EV penetration is expected to improve due to new model launches.However, supply-side issues remain a key downside risk.Macquarie prefers companies with better growth and margin visibility, naming M&M and TVS as top picks.Buyback Bonanza: How India Inc's Repurchase Has Spelt Gains For InvestorsJefferies On InfosysJefferies maintained a 'buy' rating on Infosys with a target price of Rs 1,660.The brokerage sees Infosys’ service-line-aligned delivery model as a key enabler for efficient scaling.Delivery operations are identified as a significant source of competitive advantage.There is a renewed focus on risk management, particularly for large deals.The integration of AI will accelerate workforce transformation, according to the brokerage.Infosys, TCS, Tech Mahindra, Wipro Get Target Price Hikes From Morgan Stanley On Improving Growth Outlook Goldman Sachs On Varun BeveragesGoldman Sachs maintained a 'buy' rating on Varun Beverages with a target price of Rs 600.The stock’s valuation has corrected significantly over the past year and now trades below its five-year average P/E.The company is well-positioned to benefit from India’s growing ready-to-drink beverage market.Varun is expected to gain additional market share in faster-growing beverage segments between 2024 and 2027.Goldman Sachs projects an 11% revenue CAGR in the India business over calendar year 2024-27.Jefferies On SBIJefferies maintained a 'buy' rating on SBI with a target price of Rs 960.While growth is currently soft, it is expected to pick up from second quarter or third quarter onwards.SBI aims to maintain a 1% Return on Assets even in the face of interest rate cuts.The bank expects credit growth to outpace deposit growth and is scaling up its wealth management offerings.SBI’s subsidiaries have the potential to significantly enhance value, Jefferies said.DreamFolks Row: Why Major Banks, Card Networks Look To Part Ways With The Lounge Access AggregatorCLSA On AutoCLSA is assessing the impact of subsidy reductions on electric two-wheeler adoption.The cutback in FAME and state-level subsidies has slowed growth, although e-2W retail sales are picking up, albeit at a slower-than-expected pace.Adoption rates are improving in rural areas and in states with previously low penetration.New, cheaper EV model launches are helping original equipment manufacturers gain share.With more affordable models like the Chetak, Bajaj Auto is well-positioned to gain market share in the e-2W segment, CLSA said.Jefferies On Pharma SectorCipla has regained market share in the Albuterol segment and gained a meaningful share in a low-competition injectable product, Jefferies noted.Lupin is starting to face new competition in Rivaroxaban.Sun Pharma continues to post double-digit year-on-year growth for Ilumya and Cequa, and has also gained share in Vyvanse.Dr. Reddy’s has lost market share in gVascepa and gCiprodex.The generic version of Aptiom is now seeing multiple entrants, despite its 180-day exclusivity.Stock Market Live: GIFT Nifty Implies Higher Open; Container Corp, Kaynes Technology, Uno Minda In Focus. 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