Brokerages and fund houses issued a series of fresh recommendations across multiple sectors, putting stocks like Indus Towers, Ola Electric, Amber Enterprises, TBO Tek, Ceat, Vedanta, Swiggy, Eternal, Samvardhana Motherson, steel majors and leading automakers in focus today.
Citi maintained its buy call on Indus Towers with a target price of ₹460 per share, saying that concerns over payout deferral had triggered the recent correction but Bharti Airtel’s 0.26 percent stake hike between August 25 and September 1 signaled confidence and should limit downside. Risk-reward looks attractive at current levels.
On Ola Electric, Goldman Sachs maintained its buy call with a target of ₹72 per share, citing the Gen 3 scooter platform and stronger service infrastructure to support a 30–35 percent market share in the growing domestic e-two-wheeler space. The brokerage added that the auto business is expected to reach EBITDA breakeven in FY26.
Amber Enterprises drew a neutral stance from JPMorgan, which set a target price of ₹8,150. The brokerage noted that subsidiary ILJIN Electronics will raise ₹1,200 crore via equity and CCPS to fund expansion in bare and HDI PCBs, with the valuation of the deal being a key monitorable.
Jefferies raised its target price on TBO Tek to ₹1,800 while maintaining a buy rating, following the company’s $125 million acquisition of Classic Vacations, a US luxury travel wholesaler. The brokerage said this first major deal since the Jumbonline acquisition in 2023 strengthens TBO Tek’s premium outbound presence in North America and aligns with its roll-up strategy.
Steel companies came into focus after Morgan Stanley turned positive on the sector. It raised domestic steel price estimates by 3 percent each for FY27 and FY28, citing stronger demand, China’s anti-involution theme and favourable global macros. The brokerage upgraded JSW Steel to overweight with a target price of ₹1,300, Tata Steel to overweight with a target of ₹200, and SAIL to equal weight with a target of ₹140. Jindal Steel remains at equal weight with a revised target of ₹1,150.
In tyres, Ceat’s acquisition of Camso’s OHT business from Michelin for $225 million drew multiple views. CLSA maintained an outperform on Ceat at ₹4,399, highlighting long-term segment expansion despite near-term transition weakness. Nomura maintained buy at ₹4,037, expecting GST cuts and Camso benefits to aid margins from FY27–28. Nuvama upgraded Ceat to buy with a target of ₹3,900, projecting EBITDA margin expansion towards 20 percent in the medium term.
Fund house recommendations also supported Ceat. Nomura reiterated buy at ₹4,037, and Nuvama raised its target to ₹3,900 with an upgrade, while both cited long-term integration benefits and margin tailwinds.
Food-tech platforms remained in focus. Nomura initiated Swiggy with a buy at ₹550, projecting steady profitability in food delivery and margin improvement in quick commerce. Citi maintained buy on Swiggy at ₹465, also highlighting growth visibility. On Eternal, Nomura kept a buy at ₹370, citing growth in food delivery and margin expansion in quick commerce despite competitive pressures.
Vedanta remained active on the radar after emerging as the top bidder for Jaiprakash Associates’ assets. Nuvama reiterated buy on Vedanta at ₹601, noting the ₹17,000 crore bid subject to COC and NCLT approvals. Citi too maintained buy at ₹500, but flagged uncertainty around asset monetisation and funding as potential overhangs.
SpiceJet continued to draw a cautious view. Nuvama maintained hold on SpiceJet at ₹40, saying Q1FY26 EBITDAR rose sharply to ₹1,230 crore from ₹280 crore YoY but flagged concerns over delayed fleet expansion and a gradual recovery path.
Samvardhana Motherson saw multiple views after unveiling its FY25–30 plan to target $108 billion in revenues, up from $25.7 billion in FY25. JPMorgan maintained overweight on Samvardhana Motherson at ₹105, Jefferies and Nuvama maintained buy at ₹110, while InCred added at ₹117 but flagged execution challenges in hitting growth ambitions. Fund houses also weighed in—Jefferies reiterated buy at ₹110, while Citi diverged with a sell call at ₹75, highlighting concerns over the aggressive scale-up.
Autos were in focus with Bank of America reiterating its positive stance. It maintained buy on Eicher Motors with a raised target of ₹7,500, Maruti Suzuki at ₹17,000 and Mahindra & Mahindra at ₹4,000. The brokerage also lifted target prices on Bajaj Auto (neutral, ₹9,600), Hero MotoCorp (neutral, ₹5,650), TVS Motor (neutral, ₹3,725) and Hyundai (neutral, ₹2,700), citing supportive demand outlook and product pipeline strength.
Overall, the day’s brokerage radar reflected strong conviction across select auto, steel, travel, tyre and telecom names, even as caution remained on aviation and select industrials.
Disclaimer: The views and investment recommendations expressed above are those of the respective brokerages and fund houses. They do not represent the views of this publication. This article is for informational purposes only and is not investment advice.
