Jefferies assigns ‘Buy’ calls to 11 non-banking financial companies (NBFCs), with target prices implying up to 48% upside potential. It also has ‘Hold’ ratings on Mahindra Finance, LIC Housing Finance, Bajaj Housing Finance, SBI Cards, Muthoot Finance, Piramal Finance and IIFL Finance.The brokerage hosted nine of the companies and found that most reported healthy disbursement growth and resilient asset quality in the July-September quarter so far. Cost of funds (CoF) remains steady but could inch up if the RBI raises rates, while most companies expect net interest margins (NIMs) to remain range-bound in the near term. Brokerage Sees Upside