The domestic equity markets ended the week on a cautious note as crude oil prices once again surged to trade around $90 a barrel. The Nifty 50 closed the week 0.47% lower, while the BSE Sensex ended the week 0.44% lower.
Several top research houses, including Jefferies, Macquarie, Bernstein, Emkay Global, CLSA, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors.
Bernstein on NTPC
Bernstein has a ‘Buy’ rating on NTPC and has a target price of Rs 450, implying around 32% upside from the current market price. India’s renewable-energy capacity is expanding rapidly. Bernstein pointed out that generation capacity alone does not solve the problem.
Bernstein believes battery energy storage systems could play a much larger role in India’s electricity network than previously expected. The brokerage noted, “Consensus on large role of BESS (larger than planned).”
Macquarie on Bharat Electronics
Macquarie Research has reiterated its ‘Outperform’ rating on Bharat Electronics and maintained a 12-month target price of Rs 550, which implies a recalculated upside of about 35.04%. The range of products covered by the new orders is important to Macquarie Research’s view because Bharat Electronics operates across several defence and electronics segments.
Rather than depending on one single programme, the company continues to receive orders across communication systems, radar, electronic systems and other equipment and services.
Motilal Oswal on Adani Enterprises
Motilal Oswal has initiated coverage with a ‘Buy’ rating on Adani Enterprises, and a target price of Rs 3,880. That implies about 25% upside potential from the current market price. From airports and roads to renewable energy, data centres, copper and strategic manufacturing, the company is building exposure to several areas expected to see higher investment in the coming years.
As per the brokerage house Motilal Oswal report, Adani Enterprises is positioned across several long-term investment themes. This includes transport infrastructure, energy transition, digitalisation and domestic manufacturing.
Jefferies on Bharti Airtel
Jefferies has retained Bharti Airtel as its top pick in the telecom sector, citing revenue growth, market share gains, and early signs of stabilisation at rival Vodafone Idea. The brokerage believes the company is benefiting from better subscriber quality, stronger revenue growth and continued market-share gains.
Jefferies said, “Sector revenue growth remained steady.” The brokerage expects telecom sector revenue to grow at a 12% compound annual growth rate (CAGR) between FY27 and FY29. Bharti Airtel delivered 10% year-on-year revenue growth in the June quarter, ahead of the overall industry.
Macquarie on Cummins India
Macquarie Research has maintained its ‘Outperform’ rating on Cummins India and retained its target price of Rs 6,150, implying a recalculated upside of about 19.39%. The brokerage’s positive view is built on strong demand across several parts of the company’s business.
Power generation remains a major contributor, while data centres have emerged as an increasingly important source of growth. Macquarie Research also sees additional opportunities in Cummins India as more CPCB IV+ engines move beyond their warranty period and enter the aftermarket cycle.
CLSA on Eternal
CLSA has a High-Conviction ‘Outperform’ rating on Eternal and a target price of Rs 506, indicating an upside of 54.5%. Its case is closely tied to Blinkit’s growth, alongside the opportunity to improve performance in food delivery.
CLSA expects Eternal’s Blinkit to add more customers as it expands geographically and increases its dark-store network. The brokerage also sees higher ordering frequency and customer additions through Zomato Gold supporting the food-delivery business.
Emkay Global on Hyundai Motor India
Emkay Global Research has a Buy rating on Hyundai Motor India, and raised the 12-month target price to Rs 2,600, up from Rs 2,450. This implies an upside of 16.8% from the current market price. This positive outlook is driven by several factors such as a favourable product cycle, SUV premiumisation, and many others.
After facing a lean product phase over the past five years (releasing only 3 new models during FY21–26), Hyundai Motor is accelerating its pipeline with 26 strategic product actions, including 7 new nameplates over the next five years.
Jefferies on Sai Life Sciences
Jefferies has a ‘Buy’ rating on Sai Life Sciences. The brokerage has a target price of Rs 1,610 and sees 10.7% potential upside. Sai Life Sciences reported 24% year-on-year growth in its CRO business during the June quarter.
Jefferies said Sai Life Sciences also delivered a margin beat, with currency movement supporting the quarter’s performance. More than 90% of the company’s targeted FY27 revenue was already covered by orders in hand, according to Jefferies. The brokerage also pointed to stronger client conversion and faster growth in peptides and antibody-drug conjugates.
CLSA on Avenue Supermarts
CLSA has a High-Conviction ‘Outperform’ stock on Avenue Supermarts. The brokerage has a target price of Rs 5,723, with the stock offering 46.4% potential upside. The core of the DMart thesis is its retail model.
CLSA says the company’s low operating costs allow it to offer lower consumer prices, which supports sales velocity and scale. The brokerage also sees private labels as an important source of growth. Avenue Supermarts is expanding its private-label assortment, while continued store additions are expected to support its presence across more locations.
Motilal Oswal on V-Mart Retail
Motilal Oswal has a ‘Buy’ rating on V-Mart Retail, and set a target price of Rs 975. With the current market price, this works out to an upside of roughly 13%. The brokerage said, “Demand momentum remains healthy, profitability continues to improve.”
V-Mart’s sales and profitability also showed signs of strengthening. Promotional activity resulted in an aggregate gross margin decline of around 25 basis points. However, better cost control and operating leverage helped offset this pressure.
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 telecom, consumer durables, automobile, defence, 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.