Stock Picks Today: HDFC Bank, BSE, Sun Pharma, SBI Life, HDFC Life And More On Brokerage's Radar

HDFC Bank Ltd. has hogged much of the spotlight on the brokerage stage after developments in key management appointments. 

Besides that, brokerages have highlighted opportunities across Non-banking financial companies (NBFCs), Pharmaceuticals, and jewellery stocks issuing fresh calls on SBI Life Insurance, Sun Pharma, Kalyan Jewellers on Tuesday.  

Additionally, they have also offered their views on the Indian Telecommunications sector, solar industries, consumer price index (inflation), and brokers. 

Jefferies on HDFC Bank

• Maintain Buy with TP of Rs 880
• CEO Appointment: Board Proposes 2 CEO Candidates; Moving Quickly
• Appointment of new CEO for 3yrs for which it has submitted two names (likely 1 internal & 1 external)
• Introducing 4th ED role for better oversight & succession planning
• Clarity on smooth succession will be positive for bank and sector
• Conversations with investors indicate that appointments shouldn't include past leaders from PSU Banks as it can complicate the transition

Kotak Securities on HDFC Bank

• Maintain Buy with TP of Rs 1050
• Taking another step forward to restore investor confidence
• Succession planning moves into execution phase
• Stock price weakness reflects financial and non-financial aspects
• Getting closer to the end of de-rating cycle
• Would favor a CEO who can provide stability, strategic clarity, and a credible roadmap to improve the bank's return profile

JPMorgan on India Telecom

• Can IDEA regain market share post bank funding for capex?
• IDEA's capex share rises but not subs/revenue share
• IDEA's subscriber share trends are not different across circles.
• More capex needed, but will it be enough?
• Prefer BHARTI and Hexacom given attractive valuations and strong competitive positions
• Underweight on IDEA given optimistic estimates baked in

GS on Solar Industries

• Maintain Buy; Hike TP to Rs 26550 from Rs 20180
• Proposed Omnia acquisition likely to be earnings accretive and strengthen the value chain in Africa
• Transaction has strategic merit
• Biggest positive is the balanced growth focus of the company
• See potential accretion to SOIL FY28E EPS of 11-25%
• Opens new geographies for SOIL besides enhancing footprint in other key regions
• New products likely to be added with diversification into Agriculture segment

GS on CPI

• August headline inflation slightly below expectations
• Core inflation pressure broadening
• Despite El Niño-related risks, food prices have remained contained until now

JPMorgan on BSE

• Upgrade to Overweight from Neutral; Cut TP to Rs 3950 from Rs 4090
• Expect CAS overhang to lift – Volumes likely to pick up
• See SEBI's consultation paper as direct policy response to the market disruption that has weighed on BSE since introduction of CAS
• Believe CAS overhang is set to ease as the settlement methodology is corrected and market familiarity with the auction improves
• To support a gradual volume recovery
• Trimming near-term estimates to reflect the volume dip and a more measured recovery path

ALSO READ: Five Stocks To Buy: Paytm, FirstCry, Concord Biotech And More | September 15

Jefferies on Brokers

• CAS: SEBI's Proposals Remove Uncertainty; Positive for Brokers & Exchanges
• SEBI's consultation paper addresses option traders' concerns around CAS
• Consensus estimates were expecting a normalization of CAS issues from H2FY27
• Maintain BUY on GROWW, Underperform on BSE
• GROWW is a better way of playing India's equity story
• MDR framework: Revenue pool could reach Rs 22,000 cr in FY28E
• Alert: MDR is Merchant Discount Rate
• 40bps MDR could create Rs 22,000 cr revenue pool in FY28E, assuming 50% of transaction value is eligible
• Banks could collectively capture Rs 14,000 cr, while TPAPs could earn Rs 7,000 cr
• Alert: TPAP is Third-Party Application Provider
• Issuing banks could receive 30% of economics, acquiring banks 25% & PSP banks 5% each
• Alert: PSP is Payment Service Provider
• Merchant-side TPAPs could receive 23%, consumer-side TPAPs 8% and network 5%
• Regulatory framework likely to set headline MDR rate and eligible transaction conditions
• Split between TPAPs and partner PSP banks likely to remain commercially negotiate

UBS on Indian Hotels Company

• Maintain Buy; TP Rs 900
• Domestic hospitality cycle remains strong, with demand continuing to outpace supply
• Industry supply growth remains constrained at 4-5% CAGR, supporting room-rate growth
• Pipeline stands at 80,000-100,000 rooms over the next 5 years
• Nearly 65% of advanced pipeline is in emerging cities, expanding the addressable market
• IHC plans $700-800mn investment over the next 3-4 years across expansion and renovations
• Room revenue is only 45% of total revenue, with F&B, banqueting and weddings providing diversification
• Maintain Buy with 28x FY28E EV/EBITDA and unchanged Rs 900 target

UBS on Sun Pharma

• Maintain Buy; TP Rs 2,200
• Specialty franchise remains key strategic focus, led by Leqselvi, Unloxcyt and Ilumya
• Leqselvi weekly prescriptions have reached 1,000, supported by physician awareness and reimbursement
• Ilumya's October 2026 PsA PDUFA date remains an important near-term milestone
• MFN agreement with US government provides tariff-free period for innovative products for two years
• GLP-1 opportunity expanding, with Noveltreat currently the only semaglutide auto-injector in India
• Organon transaction expected by Q4FY27, strengthening Sun Pharma's international presence

HSBC on Aditya Birla Real Estate

• Market momentum remains strong, with healthy demand and pricing across key markets
• Management surprised by Bangalore resilience, though some stress seen among Tier-II developers
• FY27 launch pipeline guided at Rs 9,600 cr, despite no launches so far this year
• FY29 booking value target of Rs 15,000 cr, versus FY26 bookings of Rs 8,140 cr
• Portfolio GDV stands at Rs 74,000 cr, with Rs 4,300 cr added over the past 6 months
• Co became net debt-free after receiving cash from its pulp and paper business
• Worli remains key growth opportunity, with 6.8msf developable area 

UBS on Nuvama Wealth Management

• Maintain Buy; TP Rs 2,095
• Management reiterates 20% recurring AUM net-new-money growth and 25% ARR growth targets
• Limited CAS impact, with stable asset services and modest volume moderation in institutional equities
• AI-driven productivity gains and platform strength supporting RM retention

UBS on SBI Life Insurance

• Maintain Buy; TP Rs 2,360
• Individual APE growth guidance maintained at 14-15%
• Protection remains the fastest-growing segment, supporting product mix
• Continued investment in the agency channel to support growth
• VNB growth expected to remain ahead of APE growth
• Margins guidance maintained at 26-28%, likely towards the higher end

UBS on HDFC Life Insurance

• Maintain Buy; TP Rs 690
• FY27 growth expected in line with industry, aided by higher incremental growth
• Banca growth expected to recover, with August showing 15–20% growth on a benign base
• Agency growth remains strong, with 20% growth run-rate
• Protection mix expected to remain healthy despite GST base effects
• VNB expected to grow in line with APE

UBS on Motilal Oswal Financial Services

• Maintain Buy; TP Rs 1,150
• Broking and MTF market share gains continue despite regulatory headwinds
• Consolidated PBT margin guidance maintained at 50-52%
• Annual carry expected at Rs 250 cr from FY27
• PE raised Rs 8,400 cr in FY26, with 30% already deployed
• Rs 3,000 cr CRE fund in pipeline, supporting alternatives growth

Morgan Stanley on Hindustan Petroleum

• Overweight; TP Rs 590
• Physical oil prices remain tighter than spot Dubai crude prices, supporting fuel-marketing economics
• HPCL increasingly positioned as a refining-margin play as Rajasthan refinery ramps up
• 240kbpd Rajasthan refinery increases exposure to the tighter part of the barrel
• Upgrades expected to improve crude flexibility and conversion yields
• Sustained refining strength and lower crude premiums remain key catalysts
• Morgan Stanley sees 80%+ probability of its bullish scenario

CLSA on Sterlite Technologies

• Maintain Outperform; Hike TP to Rs 1,400 from Rs 950
• Capacity utilisation at 70% across 10 manufacturing facilities
• Planned 50% capacity expansion by FY29 supports long-term growth
• Management targets Rs 20,000 cr revenue by FY29 and 27% EBITDA margin
• Order book likely already exceeds Rs 20,000 cr, supported by recent wins
• AI data-centre demand driving structural shift towards high-capacity optical fibre
• FY27-29 estimates raised 14-124%, following plant visit and stronger demand outlook

UBS on Kalyan Jewellers India

• Initiate Buy; TP Rs 900
• Pan-India expansion gaining momentum, with capital-light FOCO model driving store additions
• Revenue and earnings expected to compound 23% annually over the next five years
• Organised jewellery market growing at 15-20% CAGR, benefiting Kalyan and Titan
• Company adding 70-80 stores annually, supporting high growth and improving returns
• Hyper-local strategy differentiates Kalyan, with 40% inventory tailored to local tastes
• Regional format launch in Tamil Nadu offers another potential growth opportunity
• Valuation attractive at 30x FY28E P/E, at 45% discount to Titan

Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.