Brokerage Radar Today: Top 10 Stock Calls from Reliance and Bank of Baroda

Institutional equity research desks have ignited stock-specific momentum on Dalal Street with a wave of comprehensive coverage updates across 10 heavyweight counters, spanning private conglomerates, public sector lenders, market infrastructure institutions, and logistics leaders. Global brokerages including Morgan Stanley, Nomura, HSBC, CLSA, Citi, Jefferies, and JPMorgan have recalibrated their investment thesis on Muthoot Finance, Bank of Baroda, GE Vernova, Sun Pharma, LIC Housing Finance, Page Industries, Delhivery, National Stock Exchange (NSE), GAIL, and Reliance Industries. With fresh target prices reflecting second-quarter earnings surprises, expanding order pipelines, and shifting sector valuations, institutional allocators are positioning for divergent trends across large-cap and mid-cap spaces.

Banking, Energy & Housing Finance: BoB Upgraded to Buy, Reliance Refining Rebound & GAIL's Big Beat

Leading the financial space, HSBC has upgraded public sector lender Bank of Baroda to a 'Buy' with a revised target price of ₹286 per share, spotlighting stronger core operational profitability fueled by robust non-interest fee growth and reduced loan loss provisions, while setting aside a one-off ₹1,600 crore provisioning charge; the brokerage raised its FY2027–FY2029 earnings per share (EPS) estimates by 10.7% to 16.7%, projecting a steady 1% Return on Assets (RoA) and 13% Return on Equity (RoE). In the gold loan segment, CLSA retained an 'Outperform' stance on Muthoot Finance while lowering its price target to ₹3,500 per share, acknowledging that Q2 net profit beat estimates by 14% alongside a 23% quarter-on-quarter surge in net interest income, though rising early-stage delinquencies in short-term credit portfolios were factored into an attractive valuation of 8 times its estimated FY2028 price-to-earnings ratio. Meanwhile, Morgan Stanley reaffirmed an 'Underweight' rating on LIC Housing Finance with a target of ₹445, noting that despite an encouraging 10% loan growth in individual retail disbursements and a 3% beat in net interest income, annual net interest margins contracted by 4 basis points. In energy, Nomura reiterated a 'Buy' on Reliance Industries with a ₹1,560 target after consolidated Q2 EBITDA surged 19% quarter-on-quarter to beat estimates by 9%, powered by multi-decade high refining margins in the oil-to-chemicals (O2C) segment and ongoing telecom gains. Concurrently, Citi reaffirmed a 'Buy' on state-run gas utility GAIL with a target of ₹200, celebrating a blowout Q2 EBITDA of ₹6,400 crore against market estimates of ₹3,500 crore on the back of exceptional natural gas marketing and transmission numbers that compensated for drag in the petrochemical unit.

Pharma, Consumer & Logistics Plays: GE Vernova Data Center Boom, Sun Pharma R&D and Delhivery Turnaround

In the industrial and clean tech segment, JPMorgan maintained an 'Overweight' rating on GE Vernova with a price target of ₹5,400 per share, driven by a 203-basis-point sequential margin expansion to 27.1%, annual order inflow growth of 52% to ₹2,440 crore, and advanced negotiations to secure an export contract worth $151 million for hyperscale US data centers in the second half of the fiscal year. In healthcare, HSBC stood by its 'Buy' call on Sun Pharmaceutical Industries with a target of ₹2,050, forecasting a commercial revival in its specialty drug pipeline as US sales of flagship biologic Ilumya expand into psoriatic arthritis treatments, alongside the anticipated European launch of novel cholesterol therapeutic Lerodulcibep. In consumer apparel, Nomura initiated coverage on Page Industries with a 'Buy' and a target price of ₹44,000, projecting a transition toward early double-digit volume expansion supported by new collection launches, expanded retail reach, and end-to-end digital inventory transformation after a sluggish FY2023–FY2026 phase. Across supply chain platforms, Jefferies preserved a 'Buy' rating on Delhivery while trimming its target to ₹470 per share, citing a 23% beat in Q2 adjusted EBITDA, a 70-basis-point margin expansion, and a 21% upgrade to FY2027 EPS forecasts, indicating that the stock's 30% discount to peers since June 2026 is primed for a sharp mean reversion.

Landmark Coverage on National Stock Exchange: Morgan Stanley and B&K Bet on Indian Market Financialization

Market infrastructure major National Stock Exchange of India (NSE) drew massive institutional attention as domestic and international research houses initiated active equity coverage, positioning the premier bourse as the primary institutional vehicle to capitalize on India's retail wealth migration into capital markets. Brokerage house B&K initiated coverage on NSE with a 'Buy' rating and a target price of ₹2,100 per share, valuing the exchange at 35 times its FY2029 core earnings and highlighting unmatched liquidity dominance, trading turnover, and market transaction moats. Concurrently, Morgan Stanley issued an 'Overweight' initiation on NSE with a higher target price of ₹2,315, outlining that the platform stands as a direct compounding beneficiary of surging household financial savings and rising retail demat penetration. Underlining historical financial strength, the Wall Street brokerage pointed to NSE's compound annual profit growth rates of 19% over the past 14 years and 25% over the past decade, projecting a durable 15% annualized profit compounding trajectory between FY2027 and FY2029.