Grasim's Q3 results were broadly in-line despite cost pressures in viscose staple fibre (VSF), according to CLSA.
Deutsche Bank has retained Buy rating on the stock, but cut the stock's target price to Rs 1,075 from Rs 1,165.
"Don't expect VSF and chemical margins to improve much from current levels," the brokerage said in a research note.
Macquarie has upgraded Grasim to Outperform from Neutral, keeping the target price at Rs 372.
The brokerage also raised the company's FY19 EPS estimate by 3 percent.
CLSA has lowered Cadila Healthcare's target price to Rs 400 from Rs 430, retaining the Buy call.
The brokerage cut its FY19-21 EPS estimate for Grasim by 1-8 percent.
The brokerage has hiked Britannia's target price to Rs 3,125 from Rs 3,000.
"Expect a deceleration in its earnings growth trajectory," Deutsche Bank said in a research note.
There could be some pick-up in volumes on the back of election spending.
Deutsche Bank has kept the Hold rating on MRF, but slashed the target price to Rs 61,500 from Rs 71,000.
"Operating results materially below our and consensus expectations," the brokerage said.
Deutche Bank it FY19-21 EPS forecasts for MRF by 13-14 percent.