The domestic equity markets ended the week on a cautious note as crude oil prices once again surged near $80 a barrel. The Nifty 50 closed the week 0.08% higher, while the BSE Sensex ended the week 0.21% lower.
Several top research houses, including Nomura, Jefferies, Macquarie, HSBC, Nuvama, Goldman Sachs, Morgan Stanley, JM Financial, and Motilal Oswal, shared their latest recommendations for key stocks as markets dropped, and we shortlisted 10 stocks across sectors.
Nomura has maintained its ‘Buy’ rating on Samvardhana Motherson. The brokerage house has raised its price target to Rs 171, from Rs 155 on the stock, implying an upside of over 10%. It said that steady earnings growth will continue. This raise in price target came on the back of strong ramp-up of non-auto segments and high free cash flow (FCF) to help with acquisition optionality.
The brokerage’s estimated Samvardhana Motherson’s revenue growth is 11% for FY27, 12% for FY28, and 18% for FY29, driven by the ramp-up of greenfield plants and strong growth in non-auto segments led by consumer electronics.
Jefferies has initiated coverage on Kalyan Jewellers with a ‘Buy’ rating. It has set a target price of Rs 598, implying an upside of around 39% from the current market price. As per the brokerage house report, the company could benefit from the continued shift towards organised jewellery retail, particularly as it expands beyond its traditional South India stronghold.
India’s jewellery market is worth more than $115 billion and around 60% of it remains unorganised. Kalyan Jewellers already has a presence across more than 500 showrooms globally. Jefferies believes its combination of local market understanding and organised retail infrastructure could help it capture a larger share of the market.
HSBC maintained its ‘Buy’ rating on Trent and increased its target price to Rs 3,390 from Rs 3,370, implying an upside of 11.8% from the current market price. The brokerage said the June-quarter EBITDA beat was driven primarily by higher gross margins.
HSBC said the lagged benefit of higher raw material pricing, a better mix led by Westside and operating efficiencies resulted in EBITDA beating estimates by nearly 10%. However, it cautioned that revenue growth would remain the biggest driver for future stock performance of Trent, even though margins have improved meaningfully.
Nuvama has a ‘Buy’ rating on Britannia. It set a target price of Rs 7,240. This translates to an upside potential of 49% from the current market price.
Britannia’s revenue for the quarter came in at around Rs 5,000 crore. Earnings Before Interest, Tax, Depreciation and Amortisation (EBITDA), a measure of core operating profit, stood near Rs 840 crore. The Nuvama report noted, “Geopolitical situation in West Asia and volatility in crude oil prices remain key monitorables.”
Macquarie maintained its ‘Outperform’ rating on PB Fintech with a 12-month target price of Rs 1,950, implying a 19.6% upside from the reference price in its report. The brokerage said revenue growth remained strong while profitability stayed in line with expectations as operating leverage continued to improve. It also pointed to the expansion of the renewal book, improving insurance profitability and narrowing losses in newer businesses.
The brokerage said total insurance premiums continued to grow faster than the industry, supported by product innovation and service quality. It also noted that PB Fintech’s management remained confident about dealing with potential regulatory changes relating to insurance commissions.
JM Financial has maintained a ‘Buy’ rating on Ventive Hospitality with a 12-month target price of Rs 840, implying an upside potential of about 35%. Ventive Hospitality reported a relatively soft June quarter, mainly due to higher operating costs in its Maldives business.
Rising diesel prices and additional expenses linked to the West Asia conflict affected profitability. However, the brokerage does not see this as a long-term concern.
Motilal Oswal has maintained its ‘Buy’ rating on ONGC with a target price of Rs 290. This translates to an upside potential of around 21% from the current market price.
In the Q1FY27 earnings, ONGC’s standalone revenue stood at around Rs 46,500 crore. As per Motilal Oswal’s report, this was broadly in line with their estimates. Furthermore, the brokerage report noted that crude oil and natural gas sales, however, came in lower than expected.
Morgan Stanley retained its ‘Overweight’ rating on PNB Housing Finance and raised its target price to Rs 1,420 from Rs 1,405, implying an upside of 27% from the reference price used in the report. The brokerage said the company’s June-quarter performance reinforced its positive view and prompted it to raise loan growth estimates for FY27 through FY29.
The brokerage said PNB Housing Finance’s underlying retail loan disbursements increased by more than 50% year-on-year, after adjusting for an accounting change, while retail loan accretion exceeded its expectations.
Goldman Sachs upgraded Hindustan Aeronautics to ‘Buy’ with a target price of Rs 5,870, implying an upside of 27%. The brokerage said its view changed because execution risks that had weighed on the stock for nearly two years were beginning to recede, while earnings expectations remained conservative relative to the opportunities emerging across multiple defence platforms.
The brokerage said its revised estimates on HAL incorporated higher manufacturing revenue and earlier deliveries of several key platforms. It raised its financial year 2027 revenue estimate by 9% and financial year 2028 revenue estimate by 23% after advancing expected deliveries of the HTT-40 trainer aircraft, Light Combat Helicopter Prachand and Su-30 platforms by one year based on channel checks and supply chain activity.
HSBC has a ‘Buy’ rating on Hindalco Industries with a target price of Rs 1,430, implying a 46.8% upside. The brokerage has identified aluminium as its preferred commodity, citing China’s capacity cap and resilient global demand. Hindalco Industries is its preferred way to play that theme among Indian metals companies.
The brokerage says aluminium remains its “preferred commodity”, supported by China’s production cap and steady global demand. With an upside potential of nearly 47%, Hindalco offers the highest return potential among HSBC’s 10 preferred India stock ideas.
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 metal, aeronautics, housing finance, oil exploration, FMCG, and others.