A wide range of stocks and sectors are on the radar today after global and domestic brokerages issued new reports and target updates. Here is a round-up of key calls:
Autos
Bajaj Auto
CLSA maintains Outperform, target Rs 10,149
Company aims to gain market share in 125cc+ segment with new Pulsar refresh or brand. Chetak 3kWh to help e-2W growth. Exports expected to rise 15–20% in FY26. KTM turnaround eyed by 2026. New e-rickshaw launch also planned.
Ashok Leyland
Morgan Stanley maintains Overweight, target Rs 288 (From earlier list — still valid, no second version provided)
Tata Motors
JP Morgan downgrades to Neutral, target Rs 740
Key headwinds: tariff risks, ageing JLR portfolio, muted India CV+PV growth. FY26 expected to be tough. Recovery expected in FY27–28. Investor Days (June 9, India / June 16, JLR) will be key.
Technology
Infosys
Kotak Institutional Equities maintains Buy, target Rs 1,780
Stable demand despite macro uncertainty. Large deals tilted to cost takeout. Margin levers in place. GenAI seen as neutral to revenues.
Oil & Gas
ONGC
Morgan Stanley maintains Overweight, target Rs 308 (From earlier list — valid)
HPCL
Morgan Stanley maintains Overweight, target Rs 516 (From earlier list — valid)
Reliance Industries
Jefferies maintains Buy, target Rs 1,650
Stock up 12% YTD. Retail growth visibility improving. Positive Jio tariff outlook and strong O2C Q1 performance. Trades below LT mean EV/EBITDA — room for re-rating.
Consumer
Marico
JP Morgan maintains Overweight, target Rs 770
Management confident of double-digit revenue growth FY26, supported by volume growth and portfolio diversification (digital, foods, premium personal care). Project Setu expanded to 11 states, expected to drive better rural and urban distribution in H2FY26.
Real Estate
Prestige Estates
CLSA maintains Outperform, target Rs 2,380
Godrej Properties
CLSA maintains Outperform, target Rs 2,270
Sunteck Realty
CLSA maintains Outperform, target Rs 625
Sobha
CLSA upgrades to Hold (from Underperform), target Rs 1,550
CLSA sector view:
Expect 25 bps rate cut in ongoing MPC meet (taking YTD cuts to 75 bps), further 50–75 bps expected in FY26. Affordable & mid-income segments set to benefit from rate cycle reversal.
Beneficiaries: Sobha, Prestige, Godrej, Sunteck.
REITs and large rental players like DLF, Phoenix Mills to also gain.
Cement
Nomura sector view:
Cement spreads improving as prices trend upward. June prices up Rs 2/bag m-m, Q1FY26 prices up Rs 12/bag q-q. Fuel costs stable.
Bullish on: Ambuja, Ultratech, Shree Cement, Ramco
Reduce on: Dalmia Bharat, ACC, Nuvoco
Life Insurance
Bernstein sector view:
Indian life insurers still have upside potential. Valuations supportive. Growth and margin outlook improving, regulatory sentiment turning positive.
Top pick: Max Financial over SBI Life and HDFC Life
Neutral on ICICI Pru Life and LIC
Telecom
Bharti Airtel
Macquarie maintains Outperform, target Rs 2,050 (From earlier list — valid, not duplicated in second list)
Sees ARPU rising to Rs 290 by FY27, strong FCF and RoIC outlook.
Microfinance (MFI trends)
Jefferies notes:
Q4 MFI disbursements fell 38% YoY (+12% QoQ). AUM down 3% QoQ / 14% YoY.
Overdue loans (31–180 days) improving (from 6.4% to 6.2%). Normalisation expected in 1–2 quarters.
Spandana, Fusion, CredAG more exposed to >=4 loans; Bandhan could perform better.
Morgan Stanley on Godrej Consumer Products — Overweight, TP Rs 1,431
Morgan Stanley on M&M — Overweight, TP Rs 3,668
CLSA on SOBHA — now Hold (upgraded in second list)
Disclaimer: This article is for informational purposes only and does not constitute investment advice. Readers are advised to consult their financial advisors before making any investment decisions.
