Jefferies and other global and domestic brokerage houses released their latest views on select Indian stocks for May 29, offering insights into sector trends, management commentary, and valuation dynamics.
Jefferies view on Jindal Stainless stock: Initiates coverage with bullish outlook
Jefferies initiated coverage on Jindal Stainless (CMP: ₹644.65) with a “Buy” rating and a target price of ₹800. The brokerage cited Jindal Stainless as a leader in India’s fast-growing stainless steel market, with lower EBITDA per tonne volatility and a better balance sheet compared to carbon steel peers. With China’s stainless steel conversion spreads at a 10-year low, any rebound could improve margins for JDSL. Jefferies forecasts 10% volume and 21% EPS CAGR with a 17% ROE over FY25-27E.
Jefferies on Bandhan Bank share: Maintains buy amid asset quality concerns
On Bandhan Bank (CMP: ₹168.73), Jefferies maintained a “Buy” rating with a target price of ₹195. Post management interaction, the brokerage noted watchfulness on asset quality due to tightening lending caps but expects credit costs to moderate from 2HFY26. The MFI loan share is projected to drop from 40% to 35% over 2-3 years, potentially boosting ROA to 1.8%-1.9% by FY28.
Jefferies on Max Financial stock: Sees opportunity despite leadership changes
For Max Financial, Jefferies reiterated a “Buy” call with a target of ₹1700 despite the early retirement of Axis Max Life CEO Prashant Tripathy and Axis Bank DMD Rajiv Anand. While the management transitions could pose short-term concerns, regulatory tailwinds and strong business growth offer medium-term support.
Jefferies upbeat on Nuvama stock and metal sector picks
Jefferies also reaffirmed a “Buy” rating on Nuvama with a target of ₹8000. The firm reported 4QFY25 revenue and PAT growth of 30% and 39% YoY respectively, led by strong performance in the capital markets business. Wealth management growth was moderate due to higher costs. The firm remains encouraged by healthy net inflows and diversified business segments.
In the metals space, Jefferies remains bullish on Indian steelmakers, projecting 8-10% volume CAGR over FY25-27E. The brokerage upgraded JSW Steel (JSTL) to “Buy” and raised its target to ₹1200. It also maintained “Buy” on Tata Steel (TP: ₹200) and Coal India (TP: ₹455), while downgrading Hindalco to “Hold” and cutting the target to ₹690 due to muted earnings growth and rising leverage.
UBS on PB Fintech share: Maintains sell on growth concerns
UBS has maintained a “Sell” rating on PB Fintech with a target price of ₹1,640. The brokerage cited slower-than-expected growth in savings products while noting resilience in health and term insurance. It added that Paisabazaar will continue to broaden its offerings and that PB Healthcare is being spun off as a separate entity.
UBS on Cummins stock: Maintains sell as topline miss weighs on outlook
On Cummins, UBS retained a “Sell” call with a target of ₹2,700, citing sequentially flat exports and a miss in topline performance. UBS believes the best phase of the earnings cycle may be behind for the company.
Macquarie on IRCTC stock: Maintains outperform on tourism boost
Macquarie maintained an “Outperform” rating on IRCTC with a target price of ₹900, driven by a beat in Q4 numbers aided by a boost in spiritual tourism. The brokerage continues to forecast low teens growth supported by strong 30% FCF margins and 30% ROIC. Upside potential lies in a high share of AC rail supply, spiritual tourism packages, and railway platform modernization.
Nomura on Sansera Engineering share: Maintains buy, trims target
Nomura maintained a “Buy” rating on Sansera Engineering but cut the target price to ₹1,643 from ₹1,669. The brokerage expects growth to accelerate, led by non-auto segments. Q4 margins were in line, and diversification efforts across ADS and aluminium forging are picking up pace. Nomura projects a robust 36% EPS CAGR for Sansera over FY25-27.
InCred on Adani Power stock: Initiates add on turnaround story
InCred has initiated coverage on Adani Power with an “Add” rating and a target price of ₹649. The firm highlighted the company’s 13.12 GW expansion plans amid surging power demand and noted that 17% of its sales are from merchant power, a high-margin segment. InCred expects Adani Power to deliver an 11% EBITDA CAGR while continuing to deleverage.
Disclaimer: The views and investment recommendations expressed in this article are those of the respective brokerages. Business Upturn does not endorse or offer any investment advice.