Stock Picks Today: BPCL, GAIL, Ambuja Cement, SBI Life, Tata Steel, And More On Brokerages' Radar

Brokerages have given stocks calls across energy, oil and gas, cement and more sectors. MS India Strategy is bullish on Indian stocks, overweight financials, consumer discretionary, and Industrials. Citi recommends BPCL, GAIL, and IGL. BofA maintains a buy on cement stocks.

Jefferies on India Energy

• The ceasefire raises hopes of Hormuz reopening, though freight may stay elevated for some time.
• GRMs are extreme as ~3% of global capacity is impacted, also aided by Russian infrastructure damage.
• Crude dislocations persist with Russian Urals and Dubai trading at premium to Brent.
• OMC losses are wide despite excise cuts.
• Massive petchem capacities are damaged supporting spreads.
• LNG prices are up 85% with supply damage likely to keep gas tight in 2026-27. 

Bernstein on Wealth Managers

• Buy for upside capture as fear recedes.
• Recovery from sharper drawdowns than AMCs.
• 360One & Nuvama attractive, Anand Rathi surprising strength.
• 360 One – Maintain Outperform with TP of Rs 1,360.
• Nuvama Wealth – Maintain Outperform with TP of Rs 1,710.
• Anand Rathi – Maintain Market-perform with TP of Rs 3,280. 

MS India Strategy – Ridham Desai

• A Bull Market on the Horizon.
• Trailing performance, valuations, positioning and earnings all support a major recovery in Indian stocks over the coming months.
• The RBI has turned the sentiment on the INR, which remains undervalued.
• Policy momentum looks strong too and the domestic bid has withstood a major market drawdown.
• Domestic Cyclicals > Defensives and External-facing sectors.
• Overweight Financials, Consumer Discretionary and Industrials.
• Underweight Energy, Materials, Utilities and Healthcare. 

Citi on Oil & Gas

• If geopolitical risks are indeed past their peak, recommend a stock selection approach,
• Balance between medium-term fundamentals with recent drawdowns and valuations relative to history.
• On this basis, three stocks that screen as beneficiaries in a “worst is over” scenario are BPCL, GAIL, and IGL. 

BofA on Cement

• Ambuja – Maintain Buy; Cut TP to Rs 590 from Rs 620.
• UltraTech – Maintain Buy; Cut TP to Rs 13400 from Rs 14,000.
• Dalmia Bharat – Maintain Buy; Cut TP to Rs 2300 from Rs 2,500.
• Shree Cement – Maintain Underperform; Cut TP to Rs 23,500 from Rs 24,600.
• Navigating cost headwinds with pricing action in focus.
• Looking beyond 4Q results given upcoming headwinds.
• Estimated cost increase is Rs 200-250/MT owing to the Middle East conflict.
• Price increase key catalyst in the near-term. 

HSBC on Insurance and AMCs

• SBI Life – Maintain Buy; Cut TP to Rs 2300 from Rs 2,410.
• HDFC Life – Maintain Buy; Cut TP to Rs 700 from Rs 850.
• ICICI Pru – Maintain Buy; Cut TP to Rs 690 from Rs 790.
• ICICI Lombard – Maintain Buy; Cut TP to Rs 2,200 from Rs 2,285.
• PB Fintech – Maintain Buy; Cut TP to Rs 1,980 from Rs 2,190.
• General Insurance – Maintain Reduce; Cut TP to Rs 339 from Rs 345.
• ICICI Pru AMC – Maintain Buy with TP of Rs 3,600.
• HDFC AMC – Maintain Hold with TP of Rs 2,580.
• Nippon AMC – Maintain Hold; Hike TP to Rs 860 from Rs 830.
• Top-line growth/earnings are impacted the most for life insurers, followed by AMCs.
• Non-life insurers are relatively better placed.
• In the current volatile environment, preference sits with market leaders that can gain and/or protect market share.
• Dual impact due to weak equity markets for asset management companies. 

HSBC on Steel

• Large domestic price increases should hold given multiple supporting factors.

• Domestic HRC prices have seen multiple price increases through March and even April.
• While further hikes look difficult from here, expect domestic prices to hold near current levels.
• Do not expect any meaningful decline in domestic steel prices.
• See upside risk to estimates.
• Retain Buy on TATA; SAIL (Hold) should also benefit from higher spot prices.
• Tata Steel – Maintain Buy with TP of Rs 250.
• SAIL – Maintain Hold with TP of Rs 150. 

GS on Max Health

• Maintain Buy with TP of Rs 1,300
• Assessing the potential impact of entry into Bhubaneswar market.
• Bhubaneshwar is heavily under-served with just 4 hospitals in Max's planned hospital's catchment area.
• Max's announced acquisition is unlikely to see any incremental competition within a 5km radius, for the foreseeable future.
• Management are identifying appropriate locations where they can efficiently run a hospital.

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