Brokerage calls on Tuesday put spotlight on pipe makers, capital goods, cement, insurance, healthcare and consumer sectors.
UBS on Astral and Supreme Industries share price
UBS initiated coverage on plastic pipe companies with contrasting calls—buy on Astral with a target price of ₹1,800 and sell on Supreme Industries with a target price of ₹3,500. The brokerage said pipe sales volumes are likely to recover in the second half of FY26 on the back of government spending, real estate completions and higher agriculture income. It expects high single-digit sector growth in FY27. UBS highlighted PVC prices are near the bottom and may rebound due to China’s anti-involution push and Indian government measures such as BIS norms and anti-dumping duties. Astral is seen benefitting from margin upside with backward integration, while Supreme faces pressure from high capex, return on capital employed concerns and challenges in its other businesses.
Nomura on Cummins share price
Nomura reiterated a buy call on Cummins India with a target price of ₹4,500, citing cost efficiencies being ingrained in its growth ethos. It raised FY27–28F EBITDA estimates by 2 percent and expects an 18 percent PAT CAGR over FY25–28 with RoE of 33 percent. Nomura also highlighted that Battery Energy Storage Systems (BESS) will strengthen the company’s value proposition, supported by buoyant demand outlook and a revival in private capex led by GST cuts.
CLSA on L&T share price
CLSA maintained outperform on Larsen & Toubro with a target of ₹4,320, citing positive conference feedback. It noted that L&T had a strong start to FY26 with Q1 E&C orders up 41 percent year-on-year, PAT higher by 31 percent and RoE expanding by 230 basis points. The brokerage said L&T is benefiting from India’s capex cycle revival, government investments doubling over FY19–24, and a robust global EPC opportunity set, with 12–15 large projects worth $1 billion each in India and the Middle East.
CLSA on UltraTech Cement share price
CLSA also retained outperform on UltraTech Cement with a target price of ₹13,500, highlighting optimism of a demand recovery in the second half supported by government measures such as income tax cuts, interest rate reductions and GST rationalisation. UltraTech expects removal of the coal cess and replacement by GST to reduce costs by ₹20 per tonne, and reiterated its ₹300 per tonne cost savings target with ₹86 per tonne already achieved.
HSBC on Aster DM share price
HSBC remained positive on healthcare, maintaining buy on Aster DM Healthcare with a target price of ₹680. It said the proposed merger with QCIL is on track for closure by Q4FY26, with both entities focusing on operational ramp-up through talent, technology and infrastructure. Growth in Kerala and Bengaluru markets remains a key driver despite rising competition.
Life insurance sector in focus
Life insurance was another sector under focus. HSBC noted that individual APE growth declined 10 percent month-on-month in August, citing deferment of sales in anticipation of GST cuts. It expects growth to remain weak in September but improve from Q3FY26 onwards. CLSA flagged August as a slow month, with Axis Max Life reporting healthy growth while HDFC Life and SBI Life were up 1–3 percent and ICICI Prudential declined 9 percent. Jefferies said retail APE fell 1 percent year-on-year in August versus a 10 percent rise in July, with Axis-Max leading growth at 16 percent while HDFC Life, SBI Life and ICICI Prudential saw softer trends. Morgan Stanley highlighted that individual sum assured growth was stronger, with SBI Life reporting 73 percent growth, HDFC Life up 13 percent and ICICI Prudential down 5 percent.
HSBC on jewellery sector
HSBC said lab-grown diamonds are seeing increasing adoption globally, particularly in the US where they account for 17 percent of demand. In India, adoption is expected to rise given new entrants and falling natural diamond prices. However, its analysis of Titan’s product portfolio indicated limited risks as high-ticket solitaires form a smaller share of its mix.
Morgan Stanley on Titagarh Rail Systems share price
Morgan Stanley reiterated overweight on Titagarh Rail Systems with a target price of ₹1,017, pointing to a large tender worth ₹210 billion in the passenger rail segment. It said Titagarh remains well placed to capture this opportunity with strong engineering capabilities, large capacity and technology support.
Morgan Stanley on non-life insurance sector
In non-life insurance, Morgan Stanley said industry premium growth slowed to 2 percent year-on-year in August versus 3 percent in July and 6 percent YTD. ICICI Lombard reported 2 percent growth after declines in earlier months, while Go Digit saw a strong 14 percent rise. Standalone health insurers grew 4 percent, with Niva Bupa up 3 percent. The brokerage said accounting changes in long-term policies have partly affected growth trends.
Disclaimer: The views and investment recommendations expressed above are those of the respective brokerages. They do not represent the views of this publication. This article is for informational purposes only and is not investment advice.
