The domestic equity markets ended the week on a cautious note as crude oil prices once again surged to trade near $90 a barrel. The Nifty 50 closed the week 0.80% lower, while the BSE Sensex ended the week 0.48% lower.
Several top research houses, including Nomura, Jefferies, CLSA, Emkay Global, Nuvama, Antique, Bernstein, JM Financial, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors.
Nuvama on LG Electronics
Nuvama retained its ‘Buy’ rating on LG Electronics and raised its target price to Rs 1,910 from Rs 1,820. Based on the current price of Rs 1,578, this implies around 21% upside. Consumers are increasingly opting for higher-end products such as French-door and side-by-side refrigerators, larger-capacity washing machines and premium televisions.
Nuvama estimates that LG Electronics has taken 7-15% price hikes across key categories over the past six months. These price increases have helped the company absorb higher input costs while supporting revenue and margins.
CLSA on Bharat Electronics
CLSA has an ‘Outperform’ rating on Bharat Electronics and a target price of Rs 522, implying 27.2% upside. The company is among the newer players permitted to bid for fifth-generation fighter programmes. CLSA also includes Bharat Electronics among its preferred listed plays on India’s defence aerospace opportunity.
The MTA programme could create additional opportunities for domestic defence manufacturers as the government expands indigenous participation in military aviation. CLSA also points to hybrid import-plus-Make-in-India programmes such as the C-295.
JM Financial on Tata Motors PV
JM Financial has an ‘Add’ rating on Tata Motors Passenger Vehicle and a target price of Rs 375. That indicates around 13% upside from the current market level. The brokerage highlighted the strong performance of the domestic passenger vehicle business. Volumes jumped 46.3% year-on-year, while revenue increased 66.2%.
Electric vehicle demand was also among the contributors. However, Tata Motors’ margins remain under pressure because of raw material inflation and increased costs. JM Financial noted, “Management guided for high double-digit domestic volume growth for FY27.”
Emkay Global on Siemens
Emkay Global Financial Services has a ‘Buy’ rating on Siemens, with a price target of Rs 4,600, implying an upside of 14.7% from the current market price. However, the brokerage said that despite a strong order book, cost pressure dented operating performance.
Siemens maintained a healthy order backlog of Rs 46,670 crore, which was up 9.6% YoY. This robust backlog provides high revenue visibility, equivalent to 2.5 times its Trailing Twelve Months (TTM) revenue. While overall quarterly order inflow reached Rs 6,330 crore, rising 16.5% YoY, the core performance for Siemens is even stronger.
Jefferies on MCX
Jefferies has a ‘Buy’ rating on Multi Commodity Exchange of India (MCX) and a price target of Rs 3,600, implying 25% upside. The brokerage’s August 12 report centres on SEBI’s proposals to widen foreign portfolio investor participation in non-agricultural index derivatives and non-cash-settled non-agricultural commodity derivatives.
Jefferies estimates that participation by foreign portfolio investors in non-cash-settled non-agricultural contracts at levels similar to existing participation could add 3% to MCX’s profit after tax. “Similar participation in non-cash/non-ag contracts could add 3% to MCX’s PAT,” Jefferies said.
Nomura on Titan
Nomura has a ‘Buy’ rating on Titan Company and raised the price target to Rs 5,425 from Rs 5,000. This implies an upside of 10% from the current market price. This increase in the 12-month target price came on the back of several factors like robust Q1 performance, a rise in demand growth, and many others.
Nomura raised its FY27–29 EPS estimates by 3% to account for the strong Q1 results, projecting a 22% EPS CAGR over FY26–29. This outlook is on the back of Titan’s intact long-term headroom for growth and the activation of a strategic playbook designed to help the company navigate a high comparative base in the second half of the year.
Jefferies on Tata Consumer Products
Jefferies has a ‘Buy’ rating on Tata Consumer Products and a target price of Rs 1,450, implying 37% upside. Jefferies sees the company as relatively less exposed to crude-linked input costs compared with peers, while India remains its core source of stable growth.
“Tata Consumer Products is uniquely positioned, with limited dependence on crude-linked inputs vs peers,” Jefferies said. The brokerage expects the company’s EBITDA to grow at a 14% compound annual growth rate between financial year 2026 and financial year 2029, with margin expansion supported by the company’s growth portfolio and international operations.
Antique on Hindustan Aeronautics
Antique has a ‘Buy’ rating on Hindustan Aeronautics, with a cited target price of Rs 6,026 against a current market price of Rs 4,924. This points to an upside of around 22%. The brokerage sees a long runway for HAL as India works to modernise its ageing fighter fleet.
The Indian Air Force currently operates around 31 squadrons against a planned strength of 42. The replacement of older aircraft such as Mirage 2000, Jaguar and MiG-21 could create demand for more than 300 aircraft over the next decade or more. Antique said, “HAL, being a monopoly player in defence aerospace, would emerge as one of the key beneficiaries of the ordering momentum.”
Bernstein on Paytm
Bernstein has an ‘Outperform’ rating on Paytm and raised its target price to Rs 2,200 from Rs 1,500, indicating an upside of around 36.3%.
Bernstein said recent comments from the Ministry of Finance, along with legislative changes removing the statutory prohibition on charging MDR on UPI transactions, had shifted the discussion from whether MDR would return to “when and in what form.”
Bernstein estimated that Paytm could realise around 3-4 basis points of additional net payments margin if UPI MDR is introduced along the lines assumed in its model.
Motilal Oswal on Gopal Snacks
Motilal Oswal has a ‘Buy’ rating on Gopal Snacks and set a target price of Rs 390. This implies an upside of 43%. The company’s revenue increased 31.1% year-on-year (YoY) to Rs 420 crore in the June quarter. Growth was led by wafers and gathiya, while Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA) rose 107% YoY to Rs 31.5 crore.
The brokerage believes the recently operational Rajkot plant could help reduce manufacturing and transportation costs. Gopal Snacks also added 54 distributors during the quarter.
Conclusion
The recommendations point toward strong business fundamentals, quarterly performance, sector-specific growth drivers, and a change in business model.
As broader market sentiments are turning, leading brokerages identified opportunities across sectors such as fintech, defence, jewellery, automobile, consumer durable, and others.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.