A host of stocks are likely to remain in the spotlight today as several brokerages have issued fresh commentary and call actions, including upgrades, initiations, and revised target prices. Among the key names on radar are Interglobe Aviation, Ajanta Pharma, HDFC Bank, Vodafone Idea, TBO Tek, and metal majors like Hindalco and Hindustan Zinc.
Motilal Oswal upgrades Interglobe Aviation to ‘Buy’ call
Motilal Oswal has upgraded Interglobe Aviation to a Buy call with a revised target price of ₹6,550, citing multiple tailwinds supporting the airline’s growth. The brokerage expects IndiGo to benefit from stable crude oil prices and robust domestic demand despite global geopolitical tensions. It estimates EBITDA and PAT to grow at a CAGR of 28% and 38% respectively over FY25–27. The stock currently trades at 20x FY26 estimated EPS and 9.7x EV/EBITDA, with strategic initiatives expected to further enhance profitability.
Jefferies initiates ‘Buy’ call on Ajanta Pharma with ₹2,850 target
Jefferies has initiated coverage on Ajanta Pharma with a Buy call and target price of ₹2,850, highlighting its strong presence in high-entry-barrier branded generic markets across India, Asia, and Africa, which account for 70% of revenues. Jefferies believes the company’s focused strategy and superior geographic mix versus peers has driven consistent double-digit growth and robust free cash flow. A 19% PAT CAGR is projected over FY25–27.
TBO Tek sees target cut, but Jefferies retains Buy call
Jefferies continues to hold a Buy call on travel tech platform TBO Tek, though it has trimmed the target price to ₹1,400. The brokerage cited near-term headwinds from a potential global economic downturn and the ongoing tariff war, which may dent outbound travel demand and earnings. Jefferies also flagged that TBO’s current preference for growth over margin expansion may impact its earnings trajectory in the short term.
Goldman Sachs reaffirms Buy call on HDFC Bank; highlights deposit rate cut
Goldman Sachs has maintained its Buy call on HDFC Bank with a target price of ₹2,087. It noted the significance of the bank’s recent 25 basis point cut in savings deposit rates—the first since June 2020—bringing rates for balances below ₹5 lakh to 2.75%. The move, GS says, reflects the bank’s confidence in its deposit accretion strategy amid the RBI’s shift to an accommodative policy stance. The brokerage sees the rate cut as a prudent step to ease margin pressures.
Vodafone Idea in focus after rating upgrade; Citi maintains Buy call
Citi has reiterated its Buy call (High Risk) on Vodafone Idea with a target price of ₹12. The recent conversion of ₹37,000 crore in spectrum dues into equity, giving the government a 49% stake, has led to ICRA assigning an investment-grade rating of BBB–. This, Citi notes, could be a key enabler for Vodafone Idea to finally secure long-awaited bank loans. Citi also continues to have a Positive Catalyst Watch on Indus Towers.
Mixed views from Citi on metals and mining; pair trade opened
In the metals and mining space, Citi prefers Hindalco (Overweight call) over Hindustan Zinc (Underweight call), stating Hindalco is undervalued even at current spot commodity prices, while HZL appears expensive. On the ferrous side, Citi sees downside risks if spot EBITDA/t drops to import parity levels, which it views as the most likely scenario once the tariff noise fades. Among steelmakers, SAIL and Tata Steel are seen with higher upside potential if prices hold, while JSW Steel and JSPL appear to be pricing in peak levels already. Citi reiterates a Sell call across steel stocks.
HSBC cautious on L&T, maintains Hold call
HSBC has maintained a Hold call on Larsen & Toubro with a target price of ₹3,600. The brokerage anticipates a strong Q4FY25 performance from L&T, led by strength in its project and manufacturing (P&M) business, which is likely to offset weakness in services. It expects FY26 guidance to include 7–10% growth in order inflow, over 15% revenue growth, and a 30–40 basis point rise in P&M margins.
Asset management companies under pressure, HSBC remains cautious
HSBC also remains cautious on the AMC sector. According to the brokerage, the industry’s total AUM declined 2% quarter-on-quarter in Q4FY25, with equity and hybrid fund AUMs down 3%. Net inflows moderated in March, suggesting an 8% annualized growth trajectory. While SIP flows remained resilient, the decline in SIP folios signals emerging caution among retail investors amid market volatility.
Disclaimer: The above views are of the brokerages and not of the author or the publication. Please make any and every investment decision after consulting your financial advisor.
