Mumbai, April 8, 2025: Several stocks are expected to be in the spotlight today following brokerage commentary and target revisions on the back of key developments, earnings previews, and macro events.
Titan Company has been rated ‘Neutral’ by Citi with a target price of ₹3,550. The brokerage noted that jewellery sales (excluding bullion) grew 25% YoY in Q4FY25, led by a 15% same-store and like-for-like growth. However, buyer growth remained in single digits due to muted demand at lower price points amid elevated gold prices. While plain jewellery and gold coins saw robust demand, the studded jewellery mix witnessed a modest decline, according to Citi estimates.
Oil marketing companies (OMCs) such as IOC, BPCL, and HPCL are in focus after multiple brokerages weighed in following the government’s move to hike excise duty on petrol and diesel by ₹2/litre and increase LPG prices by ₹50/cylinder. CLSA highlighted that despite this hike, marketing margins remain strong due to a steep fall in crude prices in recent days. HSBC maintained a Buy on all three OMCs but revised target prices — IOC to ₹150 (from ₹170), BPCL to ₹400 (from ₹440), and HPCL to ₹480 (from ₹450), citing higher risk perception. Citi also noted the government’s move effectively compensates for LPG losses incurred in FY25.
InterGlobe Aviation (IndiGo) is in the limelight after Morgan Stanley raised its target price to ₹6,085, maintaining an Overweight rating. The brokerage expects strong Q4FY25 results supported by favorable yields, fuel cost tailwinds, and a ramp-up in international operations. It sees scope for valuation re-rating given business class expansion and improving spreads.
Suven Pharmaceuticals received a fresh Buy rating from Goldman Sachs with a target price of ₹1,350. The brokerage expects structural growth from FY26 driven by top-selling drugs, new approvals, and integration synergies from recent acquisitions. Suven’s medium-term EBITDA is projected to grow over 20% CAGR organically.
Piramal Pharma also received an Initiate Buy call from Goldman Sachs with a target price of ₹275. The firm expects top-quartile profit growth between FY24–FY28 as PBT margins improve significantly, driven by growth in the CDMO and CHG segments and a turnaround in the ICH business.
Bajaj Finance was reaffirmed with an Outperform rating and target price of ₹11,000 by CLSA. The brokerage termed FY25 a “year in bad form” but expects a return to “class” in FY26 with improved asset quality. CLSA estimates a healthy 22–23% PAT CAGR over the next 3–5 years, making it one of the strongest growth stories among large Indian stocks.
Macrotech Developers came under review by Morgan Stanley, which maintained an Equal-weight rating and a target price of ₹1,230. The firm noted a slowdown in Q4 pre-sales growth at 14% YoY (below estimates) but remains optimistic about FY26 guidance supported by strong collections and launch pipeline expansion in cities like Pune and Bengaluru.
Tata Motors and JSW Steel were also covered by Morgan Stanley. Tata Motors has been rated Equal-weight with a target price of ₹853. While JLR earnings in Q4 may be subdued, market attention is shifting to FY26. JLR’s volumes were up 1% YoY with North America driving the growth. Meanwhile, JSW Steel retains an Overweight stance with a target price of ₹1,150, supported by in-line production and sales forecasts.
Tata Steel has been assigned an Equal-weight rating with a target price of ₹160. The brokerage noted strong domestic volumes but a decline in exports and operational halts at the UK unit.
PNB Housing, Axis Bank, and SBI are on Goldman Sachs’ radar in the banking space. PNB Housing and Axis Bank have been upgraded to Buy, with TPs of ₹1,184 and ₹1,228 respectively, while SBI was upgraded to Neutral (TP ₹823) after a significant de-rating made its risk-reward appear more balanced.
Disclaimer: The above views are of the broker’s and not the author or the publication’s. Please make any and every investment decision after consulting your financial advisor.