Stock Picks Today: MCX, Shriram Finance, BEL And More On Brokerages’ Radar

A host of global and domestic brokerages have released fresh views on MCX Ltd., Shriram Finance Ltd., BEL, Can Fin Homes Ltd., SBI Life, and more ahead of Wednesday's session.

• Morgan Stanley upgrades MCX to Equal-weight from Underweight and hikes the target price to Rs 11,135 from Rs 6,710.

• The brokerage highlights strong ADTR momentum.

• Average daily transaction revenue has surged over the past three months, driven by commodity price action.

• Morgan Stanley does not see this momentum ebbing in the near term.

• Estimates have been raised materially.

• There is potential upside risk if elevated and volatile transaction volumes are sustained.

• Morgan Stanley maintains an Overweight rating and hikes the target price to Rs 2,460 from Rs 2,310.

• The brokerage rolls over valuation to March 2027 from September 2026.

• There are no changes to EPS estimates.

• Morgan Stanley maintains an Overweight rating and hikes the target price to Rs 1,060 from Rs 1,000.

• The brokerage rolls over valuation to March 2027 from September 2026.

• There are no changes to EPS estimates.

• Nomura maintains a Buy rating and hikes the target price to Rs 1,200 from Rs 1,140.

• AUM growth guidance stands at 20%, alongside improving credit costs.

• ROA is expected to reach 3.9% by FY28F before moderating to 3.7% over the following five years.

• The vehicle and non-vehicle product mix is expected to remain around 80:20.

• Nomura sees faster growth in gold lending in the near term.

• Morgan Stanley maintains an Underweight rating and hikes the target price to Rs 160 from Rs 143.

• FY26, FY27, and FY28 EPS estimates are raised by 4.0%, 4.2%, and 4.3% respectively.

• FY26–28 NIM assumptions are raised to 9% from 8.9% earlier.

• Operating cost assumptions for FY26–28 are cut by 1–2% each year.

• Morgan Stanley maintains an Equal-weight rating and hikes the target price to Rs 300 from Rs 285.

• Consolidated EPS estimates are cut by 8.7% for FY26, 1.4% for FY27, and 1.5% for FY28.

• FY26 consolidated loan growth forecast is raised to 20% YoY from 13% earlier.

• FY26 credit cost assumptions are raised to 3% from 2.9%.

• FY26–28 NIM assumptions are cut to an average of 11.5% from 11.8%.

• Jefferies maintains a Buy rating and hikes the target price to Rs 1,145 from Rs 1,060.

• The brokerage expects AUM CAGR to accelerate to 18–20% over the next three years.

• A 100 bps reduction in cost of funds is expected over the next two years.

• NIMs are expected to expand even as some cost-of-funds benefits are passed on.

• Credit costs are guided to be 10–20 bps lower.

• ROA is expected to rise to 3.6% over five years.

• ROE is expected to fall to 13.5% in FY27E before recovering to 15–16% over the next five years.

• FY27–28 EPS estimates are lifted by 5–7%.

• CLSA maintains an Outperform rating with a target price of Rs 1,030.

• The brokerage believes Shriram is fuelled up for growth.

• Lower cost of funds is expected to accelerate growth and improve profitability.

• There are no plans for M&A or urban expansion.

• MUFG will remain a non-promoter with limited operational involvement.

• CLSA believes the transaction strengthens the balance sheet and positions Shriram to capture India’s credit growth without altering its core strategy.

• Goldman Sachs maintains a Buy rating with a target price of Rs 455.

• Order momentum remains strong.

• The Q4 order pipeline remains key to achieving order inflow guidance of Rs 27,000 crore.

• BEL secured fresh orders worth Rs 1,350 crore in December 2025.

• This reflects sustained momentum in order book growth.

• The brokerage sees improved medium-term revenue visibility and reinforces confidence in execution-led growth.