Mumbai Citi has downgraded India to underweight, pointing to persistent macroeconomic and geopolitical risks and a softer earnings outlook. The brokerage still expects about 11.7% upside for the Nifty, targeting 27,000, but says its FY27-28 earnings forecasts factor in the impact of the Iran War. It prefers banks, telecom, defence and pharma.
Polycab India shares jumped 6% to Rs 8,938.70 after it reported stronger-than-expected Q4 results. Brokerages raised target prices following a 27% YoY revenue jump and 13% EBITDA growth. Analysts pointed out the surprise strength despite geopolitical disruptions, weak March demand, and channel destocking, with Citi taking the Street-high view at Rs 10,500.
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Vodafone Idea shares are drawing attention after the government cut AGR dues by 27%, bringing total liabilities down to Rs 64,046 crore. The relief, paired with a structured repayment plan, is easing financial pressure and boosting sentiment. Citi is turning bullish, pointing to improved prospects for fundraising and faster network expansion.
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