Institutional brokerage houses entered Tuesday's trading session on Dalal Street with broad-based bullish conviction, rolling out comprehensive research notes across key banking, IT, telecommunications, green energy, defense explosives, and consumer retail counters. Leading global research desks—including Nomura, CLSA, HSBC, Goldman Sachs, and UBS—have highlighted favorable medium-term catalysts spanning leadership transitions, expanding operating margins, large-scale international mergers, and aggressive retail store networks. While enterprise software firm Coforge commanded dual upgrades despite recent governance realignments, blue-chip lender HDFC Bank, fiber optics leader Sterlite Technologies, clean-energy developers Juniper Green and ACME Solar, industrial explosives heavyweight Solar Industries, and jewelry retailer Kalyan Jewellers all received explicit buy calls alongside upgraded price targets.

HDFC Bank: Nomura Eyes ₹950 Target Amid RBI Leadership Transition

Nomura maintained an optimistic stance on private banking bellwether HDFC Bank, reiterating a "Buy" rating with an upgraded price target of ₹950 per share. The rating action follows the bank board's formal submission of two prioritized executive candidates to the Reserve Bank of India (RBI) on September 12 for the post of Managing Director and Chief Executive Officer. Nomura pointed out that while an internal candidate would safeguard operational continuity and maintain institutional culture, selecting a dynamic external leader could prove more transformative over the medium term by unlocking fresh strategic pivots. The brokerage noted that the stock's prolonged underperformance offers considerable scope for a valuation re-rating, with clear milestones around deposit accretion, net interest margin expansion, and credit growth roadmaps serving as immediate operational triggers.

Coforge Rebounds: Nomura and CLSA Issue Upbeat Targets Up to ₹2,170

Midcap IT leader Coforge secured ringing endorsements from two premier brokerages following a 4.5 percent weekly pullback triggered by the sudden resignation of two independent board directors. Nomura posted a "Buy" recommendation with a target price of ₹1,860, noting that prompt induction of fresh independent directors and the appointment of a permanent board chairman will restore market confidence, especially as management reaffirmed that operations, financial metrics, and FY27 guidance remain unaffected. Taking a more aggressive stance, CLSA designated Coforge as a "High Conviction Outperform" with a target price of ₹2,170. CLSA emphasized that proactive board governance measures protect minority shareholder interests, projecting that the company is exceptionally positioned to monetize enterprise-grade generative AI adoption across banking and travel verticals.

Sterlite Tech and Clean Energy: CLSA Lifts Target to ₹1,400 While HSBC Backs Solar Plays

In the optical communications space, CLSA maintained its "Outperform" rating on Sterlite Technologies, raising its target price to ₹1,400 following an extensive plant inspection that verified integrated production lines from optical preforms to finished fiber optic cables. Operating at 70 percent capacity across 10 global facilities with plans to expand capacity by 50 percent by FY29, Sterlite prompted CLSA to upgrade FY27-29 growth estimates by 14-124 percent, supporting management's long-term targets of ₹20,000 crore in revenue and a 27 percent EBITDA margin. In the green energy sector, HSBC initiated coverage on Juniper Green with a "Buy" rating and a target price of ₹330, projecting an EBITDA compound annual growth rate (CAGR) of 135 percent between FY26-28 as its 2 GW operational portfolio triples by FY29. Concurrently, HSBC retained a "Buy" on ACME Solar, elevating its target price to ₹450 after the developer converted 730 MW of letters of award into binding power purchase agreements amid a sharp revival in domestic renewable auctions.

Heavyweight Growth: Goldman Sets ₹26,550 on Solar Industries; UBS Assigns ₹900 on Kalyan Jewellers

Goldman Sachs issued an assertive "Buy" call on industrial explosives and defense hardware major Solar Industries India, setting an ambitious target price of ₹26,550. The investment bank lauded the strategic acquisition of South Africa-based Omnia Holdings, highlighting that the buyout deepens global commercial blasting capabilities, scales market footprints in Australia and Indonesia, and creates an entry gateway into mining corridors across Canada and Brazil. Rounding out consumer equities, UBS initiated coverage on Kalyan Jewellers with a "Buy" call and a ₹900 target, asserting that the jeweler's capital-light Franchisee-Owned Company-Operated (FOCO) store expansion model is running at nearly double the velocity of market leader Titan. Noting that Kalyan logged a 35 percent revenue CAGR between FY22-26 and trades at a deep 45 percent discount to Titan at approximately 30 times FY28 estimated P/E, UBS forecast a 23 percent revenue and earnings CAGR over the coming five years, leaving substantial runway for valuation multiple expansion.