Buy, Sell or Hold: Nuvama maintains hold on Kajaria Ceramics; Goldman Sachs initiates coverage on Physics Wallah

Brokerage houses present a mixed outlook on Indian equities, balancing execution strength, governance clarity, and valuation comfort. While Kajaria Ceramics focuses on cost optimisation amid industry headwinds, Cholamandalam Investment & Finance Company remains a preferred pick due to earnings visibility and governance confidence. PhysicsWallah’s growth prospects are acknowledged, though valuation and offline expansion risks temper optimism.