Morgan Stanley is bullish on Reliance Industries’ $110 billion AI investment, seeing it as a major capital shift. Investec initiates a buy on JSW Cement, highlighting its execution and cost leadership. Motilal Oswal recommends Lenskart, despite near-term capex impacting cash flow. Macquarie remains cautious on United Spirits due to growth concerns, while HSBC holds ITC with limited upside triggers.