Infosys, IIFL finance, Kalyan Jewellers India, Wipro, and Nuvama Wealth are among the stocks attracting brokerage attention on Wednesday. Other tech giants such as L&T Tech, Hexaware Technologies, Coforge, Tech Mahindra will also be in focus.
Brokerages have revised target prices, earnings estimates and ratings across sectors; while others flagged concerns over margins, valuations, execution and demand. Here is what brokerages are saying about these stocks:
UBS on Kalyan Jewellers
- Maintain Buy; TP at Rs 900
- Strong festive and wedding demand expected to sustain growth, supported by healthy same-store sales
- Franchise-led store expansion supports long-term growth and capital efficiency
- Expects 35% EPS CAGR over FY26–29; gold price volatility and franchise execution remain key risks
HSBC on Kalyan Jewellers
- Maintain Buy; TP at Rs 770
- Strong Navratri and Dhanteras demand supports positive festive-quarter outlook
- Management remains optimistic about wedding-season demand and expects a strong quarter-end
- Inventory gains and customs-duty benefits require further clarity to assess underlying profitability
HSBC on IIFL Finance
- Maintain Buy; hike TP to Rs 810 from Rs 760
- USD686mn capital infusion led by Blackstone expected to lift Tier-1 capital ratio to 21.8%
- Stronger capital base supports faster secured lending growth and 25–42bps NIM expansion over FY27–29
- Hikes FY27–29 PAT estimates by 10–20%; potential Fairfax stake sale and slower gold-loan growth remain risks
Jefferies on Infosys
- Maintain Hold; TP at Rs 1,140
- FY27 revenue growth guidance of 1–2% includes 200bps impact from deal exit and accelerated offshoring to reduce US visa exposure
- AI-led services growth and easing AI-driven pricing deflation expected to support recovery; AI revenues now contribute 10.5%
- Workforce reskilling over restructuring limits margin expansion; wage hikes and furloughs to pressure 2HFY27 margins
Bernstein on Nuvama Wealth
- Maintain Outperform; TP at Rs 1,800
- Strong HNI and UHNI annuity inflows support wealth growth, while asset-services yields are expected to remain stable
- Favourable Anugrah ruling releases capital for lending and asset-services expansion; deleveraging takes priority over dividends
- Expects 18% EPS CAGR over FY26–29 and sustained 28% ROE; regulatory restrictions on derivatives remain a key risk
Brokerages on India Equity Strategy
Bernstein on India Strategy - Venugopal Garre
- Maintain near-term Trading Buy and 12-month Neutral; hike December 2026 Nifty target to 26,100 from 25,000
- Easing Iran tensions, softer crude prices, lower bond yields and improving flows support a near-term market rally
- Strong earnings momentum offers temporary support, but weak demand and limited earnings upgrades threaten sustainability
- Expensive valuations, fiscal constraints and AI-related risks cloud medium-term outlook; Financials remain the preferred sector
BofA India Strategy - Amish Shah
- Risks receding, earnings recovering, staying on the course
- Most of the unknowns are now known; stay positive Nifty
- El Niño & Pay Commission: next swing factors
- Prefer Large caps vs small and midcaps
- Turn cautious on two-wheelers
- Upgrade Hospitals & Telecom sectors on defensive earnings and improved valuations.
- Nifty year-end target unchanged at 26,200
Jefferies India Strategy - Abhinav Sinha
- Where Could a Revival in FPI Flows Go?
- After persistent selling, FPI flows have turned positive recently
- Potential AI-trade reversal, any equity tax relief, resilient domestic macro, reasonable large-cap valuations and light positioning could sustain the flows
- Run 3 FPI ownership focused screens to identify potential FPI flow beneficiaries
- Large caps could be the cleaner play on an FPI return
- Large-cap valuations have turned more reasonable
- Given higher liquidity and FPI ownership, we see large caps as the more direct beneficiary of revival in FPI flows
- Plays on FPI reversal – RIL, HDFC Bank, Axis, Kotak Mahindra Bank, UltraTech, Max Health, Varun Beverages, JSW Energy, DLF, Indian Hotels and Sona BLW
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