The domestic equity markets ended the week on a higher note as crude oil prices slipped to trade near $90 a barrel. The Nifty 50 closed the week 1.85% higher, while the BSE Sensex ended the week 1.88% higher.
Several top research houses, including CLSA, Nomura, Jefferies, Macquarie, Bernstein, JM Financial, and Motilal Oswal, shared their latest recommendations for key stocks as markets surged, and we shortlisted 10 stocks across sectors.
Motilal Oswal on MTAR Technologies
Motilal Oswal has a ‘Buy’ rating on MTAR Technologies and set a target price of Rs 7,550, implying an upside potential of around 38%.
MTAR Technologies’ June quarter performance exceeded expectations, prompting it to raise its earnings estimates for the next two financial years. The brokerage said, “Factoring in strong 1QFY27 results, we raise our FY27/FY28 earnings estimates by 9%/2%.”
Nomura on Indus Towers
Nomura has a ‘Buy’ rating on Indus Towers and a price target of Rs 505, implying an upside of 32%. The brokerage said that earnings came largely stable. The company’s Africa rollout is to begin in the second quarter of FY27.
Rental per tenant was flat sequentially at Rs 41,082 per month, which was 1% ahead of the brokerage’s estimates. Indus Towers’ EBITDA (excluding provisions) at Rs 4,540 crore was up 1% QoQ, largely due to a 1% QoQ increase in revenue per tenant and lower operating expenses, partly offset by higher energy loss at -4.6% vs -3.6% in the previous quarter.
JM Financial on Supreme Industries
JM Financial upgraded Supreme Industries to a ‘Buy’ rating from ‘Add’ based on several factors, such as likely demand recovery, normalisation of channel inventories, and others, indicating a positive outlook despite a mixed first quarter.
The upgrade was partly driven by Supreme Industries’ stock performance, which saw a nearly 20% price correction over the past year. This decline made the valuation more attractive, with JM Financial maintaining its target price of Rs 4,000, implying an upside of 18%.
CLSA on HDFC Bank
CLSA has maintained its ‘Outperform’ rating on HDFC Bank with a target price of Rs 1,200, implying an upside of 60.3%. The brokerage says HDFC Bank’s corporate loan portfolio has grown 19% year on year, significantly faster than the bank’s overall loan growth.
While corporate loans typically generate lower yields than retail and MSME loans, CLSA argues that investors have overlooked the benefits that accompany this mix. According to the brokerage, corporate lending carries lower incremental operating costs because it is largely a business-to-business segment.
Motilal Oswal on GO Fashion
Motilal Oswal has a ‘Buy’ rating on Go Fashion (India) with a target price of Rs 450, indicating an upside potential of about 31%.
Go Fashion went through a challenging financial year, with revenue and operating profit under pressure. However, management is now focused on improving store productivity, customer acquisition and operating efficiency. The brokerage said, “Accordingly, we tweak our revenue/EBITDA estimates marginally and now model a revenue/Pre-IND AS EBITDA/PAT CAGR of 9%/20%/21% over FY26–29E on a low base.”
Bernstein on Swiggy
Bernstein has an ‘Outperform’ rating on Swiggy with a target price of Rs 430, implying 71% upside. The brokerage remained constructive on Swiggy, highlighting the early performance of its private-label food brand Noice.
While the brokerage found that Noice outperformed expectations in a blind taste test, it said Swiggy still needs to improve purchase frequency, monetise its dark-store network more effectively and execute consistently for Instamart to narrow the gap with Blinkit.
Jefferies on Bharti Airtel
Jefferies has a ‘Buy’ recommendation on Bharti Airtel with a target price of Rs 2,350, seeing 21% upside. The brokerage’s analysis of the company’s standalone financials, which closely reflect its India operations, highlights continued improvement in margins, free cash flow generation and leverage.
According to Jefferies, Bharti Airtel has significantly strengthened its balance sheet, with standalone net debt-to-EBITDA declining to 1.9 times from around 4 times in FY23.
Macquarie on NTPC
Macquarie has an ‘Outperform’ rating on NTPC, assigning a 12-month target price of Rs 480, translating into a 40.8% TSR. The brokerage said NTPC’s June-quarter results reinforced confidence in its long-term growth outlook, with consolidated net profit rising 12% year-on-year, supported by strong capacity additions and higher plant availability.
NTPC added 1.8 GW of generation capacity during the quarter, including thermal, hydro and renewable projects, taking total installed capacity to 90.9 GW, while another 35.7 GW remains under construction.
CLSA on Coforge
CLSA prefer select mid-tier Indian IT companies, with the brokerage retaining a ‘High Conviction Outperform’ rating on Coforge. It has retained a target price of Rs 2,170 on Coforge, implying 26.8% upside.
The brokerage believes that the quarter also points to intensifying competition in the banking, financial services and insurance (BFSI) segment, while recent gains in large-cap IT stocks leave less room for further upside.
Jefferies on Hindustan Unilever
Jefferies has a Buy rating on Hindustan Unilever and believes the recent correction in its share price offers an attractive entry opportunity, maintaining the target price of Rs 2,850, which implies around 35% upside.
The brokerage described the company’s June-quarter performance as only a marginal miss, noting that consolidated revenue still grew 10% year-on-year, the fastest pace in 13 quarters, with growth evenly split between higher volumes and pricing. HUL’s margins in the home care business remained under pressure, and some categories delivered softer growth.
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, FMCG, IT, food delivery, banking, 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.