Top Brokerages Issue 'Buy' Calls on 12 Stocks Amid Key Sectoral Shifts

Banking and Auto Giants Get a Boost Jefferies has maintained a 'Buy' rating on Maruti Suzuki, raising its target price to ₹16,500. Analysts cite strong passenger vehicle demand and easing metal prices as key catalysts for margin expansion. Meanwhile, HDFC Bank also received a 'Buy' call from Jefferies with a ₹1,050 target, following recent management strengthening, including the appointment of new board members and key executives like Puneet Sharma as CFO. In the auto space, HSBC has signaled optimism for Mahindra & Mahindra (M&M) with a 'Buy' call and a target of ₹4,200, highlighting robust margins expected in the coming fiscal years.

Nomura’s Bullish Stance on Telecom and City Gas

Nomura has turned bullish on Bharti Airtel, hiking its target price to ₹2,355. The brokerage highlights an anticipated tariff hike, strong free cash flow, and healthy dividend payouts, noting that the company’s valuation discount compared to its peers is currently unjustified. Simultaneously, Nomura’s report on city gas distributors reveals a strategic shift in Delhi’s EV policy, moving from incentives to mandates. While this poses a structural risk to auto-CNG growth, the brokerage retains a 'Buy' on IGL, noting that domestic and industrial PNG segments remain strong growth pillars.

The 'Delhi EV Policy' Ripple Effect

Brokerages are closely tracking the government’s ₹15,000 crore investment plan for Delhi’s EV ecosystem. With a ban on new ICE (Internal Combustion Engine) three-wheeler registrations by January 2027 and two-wheelers by April 2028, experts see clear winners. Nomura suggests that M&M, Tata Motors, Ather, and Sona BLW are best positioned to benefit. Both HSBC and Citi highlighted that government subsidies of ₹50,000 for electric three-wheelers and ₹30,000 for two-wheelers will accelerate the shift, though they caution that charging infrastructure and border leakages remain critical hurdles to watch in the medium term.

Agri-Inputs and Financial Services Outlook

Outside of the auto sector, HSBC has issued a 'Buy' call on UPL with a target of ₹880, banking on positive industry sentiment and an expected 5-10% demand growth in agri-inputs for Q1FY27. On the financial services front, Citi is bullish on Mahindra Finance with a ₹380 target. The brokerage points to the company’s ongoing digital transformation in vehicle financing as a major modernization drive that is expected to significantly improve underwriting standards and credit metrics over the next year.