The domestic equity markets ended the week on a higher note despite crude oil prices jumping over $80 a barrel. The Nifty 50 closed the week 1.28% higher, while the BSE Sensex ended the week 1.12% higher.
Several top research houses, including Morgan Stanley, Nomura, Antique, Ambit Capital, Nuvama Institutional Equities, JM Financial, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors.
Antique on HDFC Life Insurance
Antique retained its ‘Buy’ rating on HDFC Life Insurance with an unchanged target price of Rs 740, saying the insurer delivered an in-line June-quarter performance, indicating an upside of around 30%.
The brokerage highlighted 9% year-on-year growth in HDFC Life Insurance’s both annualised premium equivalent (APE) and value of new business (VNB), supported by strong traction in credit life and group insurance, while individual business growth remained moderate due to continued softness in the HDFC Bank distribution channel.
Nuvama on Siemens Energy
Nuvama Institutional Equities initiated coverage on Siemens Energy India with a ‘Buy’ rating and a target price of Rs 4,200, implying an upside of 20% from the current market price. The brokerage said that the company’s growth is at a discount, while the HVDC (High-Voltage Direct Current) remains unpriced.
Siemens Energy is a primary player positioned to benefit from India’s projected Rs 7.93 lakh crore transmission investment cycle through FY36. This structural growth is driven by the country’s shift toward a “coal-plus-renewables” model and the need to integrate 900GW of non-fossil capacity.
Motilal Oswal on Saatvik Green Energy
Motilal Oswal initiated coverage on Saatvik Green Energy with a ‘Buy’ rating. The brokerage sees an upside of more than 26% on the stock, with a target price of Rs 565 and calls it “David among solar manufacturing Goliaths.”
Saatvik Green Energy is significantly scaling its operations, moving from a module manufacturing capacity of 4.8GW at the end of FY26 to a planned 8.8GW by FY27. Furthermore, the company is backwards integrating into solar cell (6GW) and ingot-wafer (6GW) manufacturing, which strengthens its competitive position as a vertically integrated player.
Ambit Capital in NTPC
Ambit Capital has a ‘Buy’ rating on NTPC with a target price of Rs 410 per share, implying about 18% potential upside. The brokerage’s positive view comes with a warning on the need for fresh project wins.
Ambit assigns Rs 312 per share to NTPC’s thermal power business, with the remaining value coming from renewable energy, nuclear power, pumped storage projects, coal mining, flue gas desulphurisation and other businesses.
Motilal Oswal on Tata Power
Motilal Oswal has a ‘Buy’ rating on Tata Power with a target price of Rs 488, implying an upside potential of nearly 29% from the current market price. One of the biggest takeaways from Tata Power’s recent Annual General Meeting (AGM) was its planned entry into the nuclear power business.
As per the brokerage report, Tata Power is working with the Nuclear Power Corporation of India Limited (NPCIL) to develop its first 440-megawatt Bharat Small Reactor project. Motilal Oswal noted, “Nuclear project with NPCIL: A new long-term growth avenue.”
Nomura on Nuvoco Vistas
Nomura has maintained its ‘Buy’ rating for Nuvoco Vistas with a target price of Rs 400, implying an upside of around 17% from its current market price.
According to the brokerage house, the key factors driving the upside potential include stronger pricing, better cost management and a steady capacity expansion plan. It said, “We increase our FY27 EBITDA estimate by 5% to Rs 2,000 crore.” The brokerage has kept its estimates for the next two financial years unchanged and continues to expect earnings to remain ahead of broader market expectations for Nuvoco Vistas.
Morgan Stanley on Aptus Value Housing Finance
Morgan Stanley has a Buy rating on Aptus Value Housing Finance and raised its target price to Rs 405 from Rs 395, a 3% increase. The revised target implies 42% upside.
Aptus Housing Finance is Morgan Stanley’s preferred affordable housing finance stock. The brokerage said the company’s earnings performance remains strong even as the valuation multiples implied by its target price are 20-30% below their five-year averages. The target price values Aptus at 2.9 times FY28 estimated book value and 15 times estimated earnings.
JM Financial on Bharti Airtel
JM Financial maintained its ‘Buy’ rating on Bharti Airtel, with a 12-month price target of Rs 2,450, implying an upside of 29% from the current market price. The brokerage said that the company’s ARPU growth story remains intact on the back of multiple levers, which is a long runway.
A core part of Bharti Airtel’s growth involves upgrading its customer base. The brokerage noted that the company has a significant opportunity to upgrade almost 90 million subscribers to postpaid and more than 200 million feature phone users to smartphones. This strategy is expected to be a healthy driver of ARPU growth.
Antique on ICICI Prudential Life Insurance
Antique reiterated its ‘Buy’ rating on ICICI Prudential Life Insurance with a target price of Rs 730, indicating an upside of 45%. The brokerage believes the company’s focus on profitable growth positions it well to benefit from improving demand across the life insurance industry and therefore retained its positive recommendation.
The brokerage said ICICI Prudential Life Insurance delivered a strong start to FY27, supported by healthy premium growth and continued expansion in margins. It expects product mix improvements and disciplined execution to support sustainable earnings growth over the medium term.
Morgan Stanley on ICICI Bank
Morgan Stanley has a Buy rating on ICICI Bank and a target price of Rs 1,705, implying 23% upside potential. ICICI Bank sits at the top of Morgan Stanley’s order of preference.
The brokerage expects the ICICI Bank’s loan growth to accelerate to 17% year-on-year in the first quarter of FY27 from about 15.8% in the March quarter. It expects the net interest margin to compress by 4 basis points sequentially, making the margin trajectory and management’s outlook important for investors.
Conclusion
The recommendations point toward strong business fundamentals, quarterly performance, sector-specific growth drivers, and a change in business model. As the broader market sentiments are turning, leading brokerages identified opportunities across sectors such as banking, life insurance, cement, telecom, power, 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.
