Stock Picks Today: Adani Enterprises, BEL, Tata Motors PV, HDFC Life, And More On Brokerages' Radar

Brokerages issued fresh views on Adani Enterprises, BEL, Anant Raj, Tata Motors PV, Tata Motors CV, HDFC Life, Info Edge, Trent, Syngene, Vedanta Aluminium, alongside commentary on power, banks and metals sector.

MS on Adani Enterprises

• Initiate Overweight with TP of Rs 3638
• Anchored to "The New India"
• India's premier incubator, with exposure to multi-decade themes
• Forecast EBITDA to scale up 3x by FY30, driven by airports, new energy, and primary industries
• FY27 marks an earnings inflection for Adani Enterprises
• FY27 drivers: NMIA, Ganga Expressway, the copper plant, and new energy capacity expansion
• By FY30, expect Adani Ent to handle 145 mn passengers across its airports and have a 2GW DC portfolio (JV route)

Citi on Power

• Recent Power Demand Pick-Up: Key Signals for H2
• Power demand metrics have recovered robustly in Q1
• Recent peak demand trends highlighting renewed demand supply mismatch during non-solar hours
• Near-term demand trends will likely moderate on monsoon onset
• Capex upcycle is already ongoing, see likelihood of policy measures in H2
• Remain constructive on electric utility stocks
• NTPC is top pick supported by relatively undemanding valuations and broadest pipeline across key generation capacity addition areas

Citi on BEL

• Maintain Buy with TP of Rs 515
• Recent Developments Incrementally Positive
• Reiterate a Top Pick
• Recent order wins are spread across multiple product categories
• Timing of large-value QRSAM conversion remains a monitorable
• Think the combination of steady base orders, improving macro and incremental export optionality
• This should provide continued conviction in BEL's medium-term growth visibility

​Citi on Banks

• Clarification reframes the scheme's character entirely
• From cost-arbitrage instrument into a full-spectrum balance sheet expansion play and is extremely positive for Indian banks
• Layered atop CRR/SLR exemption and favorable LCR treatment, the value proposition is multi-dimensional
• It can potentially attracts higher foreign deposits/borrowings flow than 2013
• Scheme's ultimate efficacy will be determined by execution velocity and leverage depth
• Alpha accrues decisively to institutions that move fastest, leverage deepest, and distribute with the broadest global reach

Nomura on Anant Raj

• Maintain Buy; Cut TP to Rs 650 from Rs 700
• Visibility on revenues for cloud segment should improve from Q2
• Luxury Group Housing Project likely to be launched in Q2
• FY27F/28F EPS cut by 8%/10% on slower-than-expected ramp-up of cloud capacity and residential project launches

CLSA Price Action – Laurence Balanco

• Midcap breakout building, large caps range-bound
• Nifty Midcap 100 is pressing against a cup-and-handle breakout (62,113–62,907), targeting 77,687–78,000, with upside bias intact above the 200DMA (59,254)
• Flag AB Capital and Nykaa as buy candidates
• Turning to the large-cap Nifty index, there is limited change
• In contrast, the Nifty remains rangebound (21,743–26,319)
• Key support remains anchored at 21,743–23,000, while resistance is defined at 25,600–26,319
• With a lack of directional conviction likely to persist until a clear breakout from this range emerges

UBS on Info Edge

• Maintain Buy with TP of Rs 1280
• Incremental upside with rising AI and deeptech relevance
• AI portfolio scaling with early entry and improving validation
• Deeptech in early stages and consumer tech remains anchor

Macquarie on Syngene

• Maintain Outperform; Cut TP to Rs 735 from Rs 835
• From Transition to Transformation
• Syngene's stock price correction factors in headwinds for its CMO business from 1 product but fails to capture upside from medium-term growth levers
• New mgmt is prioritising stronger commercial execution, driving higher capacity utilisation for improvement in profitability and ROCE
• FY27 guidance appears conservative
• Cut target price to reflect CDMO business headwinds

Citi on Tata Motors PV

• Maintain Sell with TP of Rs 320
• Positively surprised by the very strong revenue CAGR for India business
• It will be interesting to see how much of it is driven by volumes/pricing/ASP
• EBITDA margin guidance of 8%/10% is in line with estimates
• India business growth guidance is very strong
• Domestic Industry outlook is healthy

Jefferies on Tata Motors PV

• Maintain Underperform with TP of Rs 300
• Strong revenue but modest margin guidance for India PV
• Consol guidance implies big margin expansion at JLR, which believe would be tough
• Expanding India portfolio to gain share
• Like improving market share in India, but see multiple headwinds for JLR

Jefferies on Banks

• RBI FCNR-B FAQs Supportive, But Some Rate Hikes Needed to Lift Mobilisation
• Permitting foreign branch leveraging, which can reduce friction & counterparty risks
• Allowing different rates based on tenor & value
• These are supportive to FCNRB mobilisation
• Feel banks are offering lower rates/ IRRs, which can limit mobilisation
• Expect FCNR-B rate hikes, esp. for large-ticket deposits for 3yr, & will watch for rate changes by banks

MS on Tata Motors PV

• Maintain Equal-weight with TP of Rs 367
• Investor Day focus was on sustained volume growth, premiumization, deep cost transformation
• Closer integration of JLR and India businesses to drive sustainable and profitable growth over the medium term
• Industry dynamics remain supportive, with premiumization continuing to be a key structural trend

GS on HDFC Life

• Maintain Buy with TP of Rs 735
• Product mix turning more balanced
• Protection momentum more durable this time
• Margin commentary remains measured
• Agency remains medium-term structural opportunities
• Capital position appears comfortable

JPMorgan on Metals

• Indian metal stocks could see profitability tailwinds fading gradually into Q2
• Commodity prices have started easing, while cost pressures in steel could linger
• Spot prices for rebar/aluminum/iron ore/int'l thermal coal/domestic HRC are down 14%/13%/13%/8%/2% vs peaks
• Coking coal costs have moved up by 5% vs Q4 avg
• Advocate buying JSW Steel and Hindalco on dips
• JSW Steel could face near-term spread pressure, but is demonstrating strong execution on capacity expansion & deleveraging
• Believe the Aluminum market will remain in a deficit in CY26

CLSA on Vedanta Aluminium

• Initiate Outperform with TP of Rs 540

• Aluminium upcycle, earnings torque; Throughput up, costs trimmed
• Expect backward integration to lift the company into the first decile of global cost curve
• See near term volume growth visibility
• Strong FCF generation is likely to support deleveraging and dividend payout
• Every US$100/T change in aluminium price impacts valuation by 7%

MS on Trent

• Maintain Overweight with TP of Rs 3151
• FY26 AGM Takeaways: Positive Commentary
• Management believes it can expand the network by adding annually 50 Westside stores, 200-250 Zudio, and 25-40 Star
• Over time, it sees potential for 700 Westside stores and 5,000 Zudio stores
• Management aspires to low double-digit LFL growth
• Star remains a key pillar, with reconfiguration of all stores to be complete by end-FY27
• Store addition guidance of 50/year for Westside was a key positive

Citi on Tata Motors CV

• Management guided to high-single-digit CV industry volume growth in FY27
• Targets 40% domestic CV market share (VAHAN-based) vs 35.7% in FY26
• Double-digit EBITDA margin and 30-35% ROCE post IVECO acquisition by FY28
• Company plans to maintain investment spend at 2-4% of revenue while generating free cash flow of 7-9% of revenue
• Core product strategy is centered on addressing white spaces in trucks and bus segments.

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