Thursday's top brokerage calls: HCL Tech, Hindalco, PNB and ICICI Bank

Morgan Stanley on HCL Technologies | The impact of volatility caused by macro factors on business is limited so far, Morgan Stanley said while maintaining its 'equal-weight' rating on shares of HCL Technologies.

CLSA on ICICI Bank | The bank's focus remains on delivering pre-provision operating profit growth, said CLSA while adding that loan growth is unlikely to face size constraints anytime soon.

CLSA on Hindalco Industries | The brokerage firm has upgraded its rating on Hindalco shares to 'buy' and said that the risk-reward ratio is attractive.

Morgan Stanley on Punjab National Bank | The brokerage firm has remained 'equal-weight' on PNB stock as valuation provides comfort.