GS on *Indigo:* Maintain Buy on Company, target price at Rs 5050/Sh (Positive) MOSL on *Union Bank:* Maintain Buy on Bank, target price at Rs 135/Sh (Positive) MOSL on *APL Apollo:* Maintain Buy on Company, target price at Rs 1830/Sh (Positive) Bernstein on *HDFC Bank:* Maintain Outperform on Bank, target price at Rs 2300/Sh (Positive) Bernstein on *Zomato:* Maintain Outperform on Company, target price at Rs 310/Sh (Positive) Jefferies on *Shriram Fin:* Maintain Buy on Company, target price at Rs 710/Sh (Positive) Jefferies on *KFin Tech:* Maintain Buy on Company, target price at Rs 1310/Sh (Positive) GS on *Trent:* Zudio stores ramping up faster, strategic expansion aims for higher customer wallet share, target price at Rs 8120/Sh (Positive) JP Morgan on *Defense:* Recent corrections makes valuations reasonable. Top picks- HAL and BEL (Positive) CLSA on *India Strategy:* Government of India actions provide hope of recovery in activity. Consensus EPS cut trends prevails-likely to bottom out in H1FY26. Top picks- Adani Ports, Bajaj Auto, Marico and Shriram Finance (Positive) MS on *FMCG sector:* Q3 demand trends improved sequentially yet overall remaining subdued, volumes were weak while value growth improved owing to price hikes (Neutral) Jefferies on *e-Commerce:* DMart Ready leads in pricing, Zepto Super Saver close competitor, Flipkart Minutes aggressive (Neutral) GS on *Bharti Airtel:* Maintain Buy on Company, target price at Rs 1780/Sh (Neutral) GS on *Indus Tower:* Maintain Sell on Company, target price at Rs 330/Sh (Neutral) UBS on *PFC:* Maintain Buy on Company, target price at Rs 670/Sh (Neutral) UBS on *REC:* Maintain Buy on Company, target price at Rs 600/Sh (Neutral) MS on *SBI Cards:* Maintain Equal weight on Company, target price at Rs 685/Sh (Neutral) Bernstein on *ICICI Bank:* Maintain Market perform on Bank, target price at Rs 1440/Sh (Neutral) JP Morgan on *SBI Cards:* Maintain Neutral on Company, cut target price at Rs 395/Sh (Neutral)