Nuvama Upgrades 22 Stocks After Q3 Results, Flags Select Opportunities Across Sectors

Nuvama Institutional Equities has revised its stock ratings following an analysis of December-quarter (Q3) earnings, upgrading 22 companies across multiple industries. The brokerage said the changes reflect improved business outlooks, better-than-expected performance, and valuation comfort in select names.

Among the key upgrades is Suzlon Energy, which was moved from Hold to Buy after reporting stronger execution and improved balance sheet visibility. Tata Power and IndusInd Bank were both raised from Reduce to Hold, supported by stable earnings trends and manageable near-term risks. 

Several well-known companies were upgraded from Hold to Buy, including Axis Bank, Bajaj Auto, and asset management firms such as CAMS and Aditya Birla Sun Life AMC. In the manufacturing and electronics segment, Dixon Technologies received a positive revision to Buy, reflecting confidence in demand recovery and margin improvement. Other industrial and consumer-focused companies like Whirlpool of India, Kaynes Technology, Thermax, and UltraTech Cement also saw upward revisions.

At the same time, Nuvama downgraded a few stocks where valuations appear stretched or growth visibility has weakened. Cipla and Steel Authority of India were cut from Hold to Reduce, while companies such as ITC, Cummins India, SKF India, and AIA Engineering were moved from Buy to Hold.

According to the brokerage, while Q3 earnings showed resilience across several sectors, sustainability of growth remains a key factor to monitor. Nuvama highlighted global economic uncertainty, margin normalization, and evolving technology trends as important risks that could influence future performance.