Hot Stocks: Brokerages on Nykaa, Zomato, Adani Ports and Cholamandalam Investment

Kotak Securities has downgraded Nykaa to "Sell" from "Add" and lowered the target price to Rs 190 from Rs 195. While Nykaa's portal excels in product discovery, Q-commerce portals are expanding their BPC product range. Nykaa needs to invest in faster delivery. Kotak Securities also reduced FY25-27 EBITDA estimates by 3-7% due to lower margins, leading to the downgrade amid a sharp stock price increase.