Brokerage activity remained high on September 15 with fresh initiations, target upgrades, and sector outlooks across autos, IT, consumer, and financials.
Jefferies initiated coverage with a buy rating on liquor makers Radico Khaitan (target ₹3,500), Allied Blenders (target ₹620), and United Spirits (target ₹1,570). The brokerage also updated its India strategy, adding or increasing weight on Bajaj Finance, Radico Khaitan and GMR Airports, while cutting exposure to Bandhan Bank, ITC, and Infosys.
HSBC maintained a buy on several auto majors, lifting target prices to ₹17,000 for Maruti, ₹2,800 for Hyundai, ₹4,000 for TVS Motors, ₹4,000 for Mahindra & Mahindra, and ₹600 for Ather. The brokerage said GST-driven price cuts could add 200–300 bps to sector CAGR over the next 4–5 years, prompting an upgrade in FY27/28 earnings estimates by 4–14%.
DAM Capital initiated a buy on Northern Arc with a target of ₹335.
CLSA retained an outperform on Samvardhana Motherson with a higher target of ₹124, and on Bandhan Bank with a target of ₹220.
UBS turned positive on IT services, initiating a buy on MphasiS (target ₹3,370) and Persistent Systems (target ₹6,730). It also started coverage on LTIMindtree with a neutral rating and a target of ₹5,830.
Goldman Sachs (GS) reiterated a buy on Havells with a target price of ₹1,720.
InCred revised its domestic auto volume forecasts higher—by 300 bps to 11% for FY26 and 500 bps to 15% for FY27—driven by passenger vehicle strength. It upgraded Apollo Tyres, Escorts Kubota, Mahindra & Mahindra, and Tata Motors.
Nomura noted strong dealer sentiment in autos and reiterated its top picks: M&M, Hyundai, TVS Motors, and Ashok Leyland. The brokerage kept a neutral on Apollo Hospitals with a target of ₹6,856.
Morgan Stanley (MS) said it expects the RBI to ease rates in the October policy on the back of CPI inflation trends, while keeping room for further easing.
JP Morgan stayed cautious on Tata Technologies, retaining an underweight rating with a target of ₹570.
Disclaimer: This article is based strictly on the inputs provided and is for informational purposes only. It does not constitute investment advice.
