Monday's top brokerage calls: HDFC Bank, Paytm and Jubilant FoodWorks

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Morgan Stanley on Jubilant FoodWorks | Sudden leadership change threatens Jubilant FoodWorks' near-term outlook, said Morgan Stanley while downgrading the stock to 'underweight' rating. The brokerage firm has cut EPS estimates for the company by 15 percent for FY23 and by 24 percent for FY24.

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JPMorgan on Jubilant FoodWorks | The brokerage firm has downgraded its rating on shares of the Domino's Pizza operator due to rising demand and margin risks. Unexpected CEO resignation adds to the uncertainty, said JP Morgan.

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Macquarie on Jubilant FoodWorks | Resignation of CEO raises concerns around the execution and earnings growth, said Macquarie while slashing its rating for shares of the foodservice company to 'underperform'.

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Morgan Stanley on HDFC Bank | The brokerage firm believes that RBI approval should reduce investor concerns on the bank's digital capabilities.

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Nomura on HDFC Bank | Digital acquisition of customer and wallet share will improve profitability, said Nomura while maintaining its 'buy' call on the stock.

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Macquarie on Paytm | With RBI banning payments bank from adding customers, Macquarie does not expect impact on business to be substantial. The brokerage firm has an 'underperform' rating on shares of Paytm.