Indian equities are set to open on a watchful note Thursday, with several key brokerage updates and sector cues likely to influence trade. Here are the top stocks to track today, October 23, 2025:
Maruti Suzuki (MS – Overweight, TP ₹18,360)
Morgan Stanley maintained an Overweight call, projecting share price gains over the next 60 days. The brokerage expects recovery in first-time buyers, strong rural demand, and robust SUV response to boost Maruti’s market share. Rising EV exports could further lift the company’s average selling price.
Dixon Technologies (CLSA, Nomura, Nuvama)
A flurry of mixed calls came in post-results:
- CLSA downgraded the stock to Outperform from Buy and cut the target to ₹18,800, noting solid Q1 revenue growth but flagging possible PLI-related margin pressures in early FY27.
- Nomura maintained a Buy rating with a target of ₹21,152, highlighting strength in mobile manufacturing, diversification into B2B exports, and margin resilience.
- Nuvama retained Hold with a target of ₹16,600, pointing to robust Q2 performance but modest volume guidance and near-term margin pressure.
L&T Technology Services (HSBC, MS, Nomura)
- HSBC kept a Hold rating with TP ₹4,695, noting weak Q2 growth but steady progress in sustainability and technology verticals.
- Morgan Stanley maintained Equal-Weight, TP ₹4,500, acknowledging healthy deal wins but cautioning that revenue conversion remains key.
- Nomura downgraded to Reduce with TP ₹3,720, calling FY26 double-digit growth guidance ambitious, though margins are seen recovering over FY26–28.
Titan Company (UBS – Buy, TP ₹4,700)
UBS upgraded Titan to Buy, raising its target to ₹4,700 and projecting a sharp earnings rebound—46% in FY26 and 21% in FY27. The firm cited Titan’s brand strength, loyal customer base, and limited threat from lab-grown diamonds as key drivers.
Can Fin Homes (MS – Overweight, TP ₹1,000)
Morgan Stanley raised its target to ₹1,000 and reiterated Overweight, noting positive Q2 surprises in NIM and asset quality. The brokerage believes current valuations are attractive amid improving loan growth outlook.
NMDC (MS)
Morgan Stanley highlighted that NMDC cut iron ore prices by ₹550/t (9%) for lumps and ₹500/t (10%) for fines, contrary to expectations of stability. Domestic discounts to import parity prices widened to 57%. The cut surprised the brokerage, which expected price stability on seasonal steel demand and possible safeguard duty extension.
Urban Company (GS – Neutral, TP ₹140)
Goldman Sachs initiated coverage with a Neutral rating and TP ₹140, expecting a 24% revenue CAGR and 35% EBITDA CAGR (FY25–30E). However, it flagged that premium valuations already price in strong execution, with Urban Co trading at 64x FY28 EV/EBITDA.
Sunteck Realty (Jefferies – Buy, TP ₹575)
Jefferies maintained Buy with TP ₹575 after Q2 pre-sales jumped 34% YoY. The firm cited strong traction in the super-luxury segment with a ₹20,000 crore pipeline and steady business development worth ₹2,300 crore signed YTD.
Tata Steel (Nomura – Buy, TP ₹215)
Nomura initiated Buy with a 24% upside target, citing strong India operations, a turnaround in Europe, and favorable macros that position Tata Steel for sustained growth and margin improvement.
Bank of India (MS – Underweight, TP ₹120)
Morgan Stanley raised the TP to ₹120 but stayed Underweight. Strong RoA (0.9%) and asset quality offset NIM compression, though the firm sees profitability pressures once credit costs normalize.
United Breweries (Investec – Hold, TP ₹2,081)
Investec maintained Hold, noting Heineken’s commentary of revenue exceeding estimates. Price-mix aided growth in Q2, and margin tailwinds could emerge from higher realizations.
Sector View – Autos (CLSA)
During the festive period, PVs rose 17% YoY and 2Ws 20% YoY. CLSA said Maruti Suzuki and Hero MotoCorp gained the most market share, maintaining M&M, MSIL, TTMT, and Bajaj Auto as top auto OEM picks.
Macro Watch – Oil Prices (Citi)
Citi reported Brent rebounded to around $60 amid lower Indian imports of Russian crude and expectations of a potential Russia-Ukraine peace deal, which could further ease global supply constraints.
Disclaimer: This article is for informational purposes only and not a recommendation to buy or sell any securities.
