Several brokerage firms have issued fresh calls on select Indian stocks, highlighting investment opportunities and risks across sectors. While these are views expressed by the respective brokerage houses, they do not constitute investment advice from this publication. Here’s a roundup of stocks that have received ‘Buy’ calls or positive commentary from brokerages as of April 15, 2025:
Motilal Oswal upgrades Interglobe Aviation to Buy
Motilal Oswal has upgraded Interglobe Aviation (IndiGo) to a ‘Buy’ with a target price of ₹6,550, implying an upside of nearly 27% from the last close. The brokerage believes favorable domestic demand, supported by benign Brent crude prices despite geopolitical turbulence, will benefit the airline. IndiGo is expected to clock a CAGR of 28% in EBITDA and 38% in PAT over FY25–27. The stock currently trades at 20x FY26 EPS and 9.7x FY26 EV/EBITDA.
Jefferies initiates Buy on Ajanta Pharma
Jefferies has initiated coverage on Ajanta Pharma with a ‘Buy’ call and a target of ₹2,850, projecting 11% upside. The brokerage noted that 70% of Ajanta’s revenues come from high-entry-barrier branded generics markets in India, Asia, and Africa. Jefferies cited superior geographic mix, focused market strategies, and strong execution, forecasting 19% PAT CAGR over FY25–27.
Jefferies retains Buy on TBO, trims target
Jefferies maintained a ‘Buy’ on TBO Tek, even as it reduced the target price to ₹1,400 due to macro headwinds including a potential global economic slowdown and tariff uncertainties. The firm trimmed EPS estimates by 5–11% and flagged that TBO’s current strategy of prioritising growth over margins could impact near-term earnings. Still, the brokerage sees 31% upside from the CMP of ₹1,069.25.
Goldman Sachs on HDFC Bank: Buy maintained
Goldman Sachs continues to be bullish on HDFC Bank, maintaining a ‘Buy’ call with a target of ₹2,087—16% higher than its April 11 closing price of ₹1,805.20. The bank recently cut its savings deposit rate by 25 bps to 2.75%, a move GS views as a sign of confidence in deposit accretion amid the RBI’s accommodative policy stance. The adjustment is expected to ease margin pressures while supporting sustainable growth.
Citi bullish on Vodafone Idea after credit rating upgrade
Citi has reiterated a ‘Buy (High Risk)’ rating on Vodafone Idea, assigning a target price of ₹12, representing a 67% upside from its CMP of ₹7.18. The brokerage noted the recent conversion of ₹37,000 crore in spectrum dues into equity by the government (which now holds a 49% stake) has led to an investment-grade rating (BBB–) by ICRA. This rating upgrade is expected to facilitate the company’s efforts to raise long-pending bank debt, a key step in its recovery plan.
Disclaimer: The above article is a summary of views expressed by various brokerage firms and does not represent investment advice from the author or this publication. Please consult a qualified financial advisor before making any investment decisions.
