Multiple brokerage reports released on June 10 highlighted divergent views on Tata Motors while reiterating positive sentiment on stocks like Ultratech Cement, Bharti Airtel, Grasim, and MGL.
Tata Motors
Nomura maintained a Neutral rating with a target price of ₹799, highlighting the company’s aim to boost market share and margins in both commercial and passenger vehicle segments. The brokerage expects a 5% CAGR in MHCV volumes and sees execution in expanding SCV share as a key driver. Investor focus remains on JLR guidance due on June 16.
Jefferies retained an Underperform call with a target of ₹630, noting Tata’s focus on launching seven new vehicles and improving margins but flagged concerns around multiple headwinds.
Nuvama reiterated a Reduce rating and a target of ₹670, projecting single-digit growth in domestic CV and PV for FY26. The brokerage cited FY27 free cash flow estimates and product pipeline but noted challenges in the EV segment.
Bharti Airtel & Telecom Sector
HSBC remained bullish on Bharti Airtel (Buy, TP ₹2,100) and Reliance Industries (Buy, TP ₹1,590), citing upside from Vodafone Idea’s potential capex delays. The brokerage sees ARPU expansion and home broadband growth supporting future gains. It has a Reduce rating on Vodafone Idea with a TP of ₹5.90.
Grasim
Morgan Stanley maintained an Overweight rating on Grasim with a target price of ₹3,500, stating that multiple medium-term catalysts are in play including unlocking value in its paints business and scaling new-age ventures.
Ultratech Cement
Morgan Stanley rated Ultratech Cement Overweight with a TP of ₹14,000, calling it a long-term earnings compounder backed by strong volume potential, multiple revenue levers, and cost optimisation efforts.
Mahanagar Gas (MGL)
Morgan Stanley maintained an Overweight rating with a target of ₹1,797, calling it Mumbai’s “Tesla-like moment” for gas adoption. The brokerage expects infrastructure investment in natural gas to rise 1.5x through the decade.
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should consult with their financial advisors before making any investment decisions.
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