Leading international research desks and brokerage institutions released decisive equity calls on Tuesday morning, September 29, 2026, setting price targets and strategic ratings for six key market movers: Ola Electric, Eternal (Zomato), Kalyan Jewellers, Azad Engineering, InterGlobe Aviation (IndiGo), and Petronet LNG. Across the detailed coverage notes, four counters secured clear "Buy" recommendations, while two faced cautious downgrades or lower price targets based on margin pressures, production visibility, and evolving macroeconomic factors shaping Dalal Street.

Goldman Sachs Bets Big on New-Age Tech and Aerospace: Eternal, Azad Engineering, and IndiGo

Goldman Sachs maintained an aggressive bullish stance across three distinct sector leaders, reiterating Eternal (Zomato) as its primary pick in India’s internet economy while hiking its target price to ₹385. The investment bank underlined the company’s trajectory toward reaching a $1 billion operating profit by fiscal 2029, supported by market share revival in core food delivery, expansion in its "Going Out" vertical, and Blinkit's rapid quick-commerce scaling that could outpace consensus if it compounds at 60% over the next three years. Concurrently, Goldman reaffirmed a "Buy" on Azad Engineering with a target of ₹3,315 following the rollout of two dedicated manufacturing plants for GE Vernova in Hyderabad, emphasizing long-term gas turbine demand and rich multi-year order books. For aviation frontrunner IndiGo, the brokerage reiterated a "Buy" with a ₹5,900 target, citing domestic market dominance climbing to approximately 65% in August 2026, industry-wide aircraft constraints supporting passenger yields, and compelling valuation at 10.4 times estimated FY2028 operating metrics despite transient aviation turbine fuel (ATF) cost pressures.

Contrasting Perspectives: UBS Backs Kalyan Jewellers as HSBC Cuts Ola Electric and Jefferies Trims Petronet

Retail jewelry powerhouse Kalyan Jewellers earned a firm "Buy" from UBS alongside a ₹900 target, with analysts projecting robust second-half momentum driven by rapid showroom expansion, resilient wedding-season gold exchange volumes, and dependable customer additions through gold savings schemes. Conversely, HSBC maintained a cautious "Reduce" recommendation on Ola Electric with a ₹24 target price; while acknowledging that the company's Gigafactory battery yields could improve from 70% to 90% over the next 6 to 9 months alongside rising manufacturing automation, HSBC urged vigilance regarding brand equity preservation, execution discipline, and cost containment. Rounding out the institutional notes, Jefferies tagged Petronet LNG with an "Underperform" rating and a ₹240 target, noting that while long-term management envisions profit multiplying 2.5 times by FY2031, volume recovery post-Strait of Hormuz tensions offers capped upside until global LNG pricing softens, with the Kochi terminal awaiting pipeline integration by FY2028 and the PDHPP petrochemical venture facing scrutiny over immediate economic returns.