Stock Picks Today: Oil India, Ola Electric, Eternal, Oberoi Realty And More On Brokerages' Radar

Brokerages issued fresh views on Oil India, Ola Electric, Oberoi Realty alongside commentary on India economics, auto, cement sector and more.

CLSA On India Economics 

• Rupee could rise to Rs93-94:US$1.
• Recent schemes could attract FX inflows of at least US$30bn.
• The introduction of a concessional FX swap for ECBs by PSUs.
• Decision of the RBI to bear full hedging costs on fresh 3-5-year FCNR(B) deposits.
• Tax exemptions on FPI holdings of G-secs.
• Such inflows would lead to significant improvement in the expected BOP deficit, which could put a lid on rupee depreciation bias.

Morgan Stanley On Oberoi Realty 

• Maintain Equal Weight, TP Rs 1440.
• Believe share price will rise over next 60 days.
• Expect co to launch Phase 1 of Gurgaon Project 360 North.
• 360 North will have launch value exceeding Rs 3000 crore.
• Project is witnessing strong on ground traction.
• Which could translate sales of over Rs 2500cr.
• Implying 56% YoY pre-sales growth in Q1FY27.

CLSA On Autos 

• Premium continues to shine  
• All eyes on demand in next 2-3 months post increase in fuel price  
• The premium segment continues to outshine entry segment for both PVs and 2Ws.  
• Maruti's mini and compact segment volumes have improved cumulative improvement is 8-10k per month. For others, it continues to remain subdued.  
• Premium motorcycles (>125cc) and SUVs continue to lead 
• OEMs also highlighted that rising share of first-time buyers further aided by replacement demand 
• M&M is extending its PV market-share gains through successful new models 
• Tata Motors PV's recent launches have sharply lifted its volume run-rate.  
• In 2Ws, premium-focused players like TVS Motors and Royal Enfield are consistently gaining share 
• Believe Bajaj Auto's refreshed portfolio positions it to recover from CY25 lows.  
• In OEMs, M&M, Tata Motors PV and Bajaj Auto remain our top picks. 

Jefferies On Auto vs Auto Ancillaries 

• Earnings outlook for Indian autos has weakened in 2026 amid demand as well as margin concerns.  
• Intensity of Street earnings cuts is relatively lower for 2Ws, auto-comps with global exposure, and M&M 
• Auto-comps with global exposure better placed.
• Consensus FY27 EPS, in Jun-Q, is  up 3% for Bajaj Auto.
• Down 1-3% for Bharat Forge, Motherson Sumi, Sonacom, Belrise, Heor Motor, Eicher Motor, TVS Motors, M&M & Tata Motors PV.
• Down a sharp 7-12% for Hyundai, Ashok Leyland, Maruti Suzuki & Uno Minda.  
• Prefer auto-comps over OEMs. 

JP Morgan On Hero-Moto (Management Meet) 

• Maintain Overweight-TP Rs 6430.
• Domestic 2W industry should grow at 7-8% and Co should outperform.
• Industry shift towards scooters/EV remains a headwind.
• Export growth trends should sustain (FY24-26 CAGR was 42%) 
• Margins could be weak in the near term but gradual price hikes plus PLI benefits in EVs should aid improvement going forward.  
• Investor concerns are centered on their continued market-share loss.  

Investec On Cement Dealer Check (May) 

• On m-o-m basis, average pan India trade prices declined by Rs2/bag in May'26.  
• East witnessed the steepest decline followed by West and Central. 
• Prices are higher by Rs7/bag in Q1FY27 versus Q4FY26.  
• No price hike announcements for June'26.  
• Dealers indicate demand was affected due to heat waves, labour shortages in May'26.  
• Expect spreads in 1HFY27E to be impacted by cost inflation (fuel, packaging), with increase in diesel prices further increasing the ask on price growth.  
• Retain Ultratech Cement, Ambuja Cement, JSW Cement, JK Cement  as BUYs.

Morgan Stanley On Oil India 

• Maintain Underweight, TP Rs 404.
• Believe the share price will  fall   in absolute terms  over the next  30  days.
• 5% impact on Oil India's earning on recent royalty rate changes.
• Gas ASP increases will underperform Street estimates. 
• Fuel refining profitability drops almost by half as the impact of tax benefits unwind. 
• Headwinds from slower pipeline network expansion. 
• Prefer ONGC within upstream segment.  

Morgan Stanley On Internet 

• Reiterate Eternal as Top Pick 
• Eternal-given good execution, a solid balance sheet, and favorable industry growth tailwinds.  
• India's internet market cap index has corrected 8% from its end-Mar'26 peak, tracking a similar pattern to the US Internet market cap index.  
• High dispersion across stocks: In the past month, Eternal outperformed Swiggy by 11% Shadowfax over Delhivery by 28%, and Paytm over Pine Labs by 14%.  
• PE/VC funding environment is challenging on a TTM basis (-23% YoY), but capital continues to flow into areas – e.g., instant vertical commerce, instant services.  
• Earnings downgrade risks persist, driven by heightened competition (quick commerce, instant services) and a potential demand slowdown such as in travel. 
• Key OWs in the group include Eternal, Pine Labs  and Shadowfax  
• Expect competition-related overhangs to persist in quick commerce and instant services, although growth tailwinds remain strong.  
• In e-commerce logistics,see favorable industry tailwinds as 3PL players gain share, with both Delhivery (rated EW) and Shadowfax well positioned.  
• Within e-commerce, expect Meesho (rated EW) to outpace most peers on growth while delivering gradual improvement in profitability. 

Goldman Sachs On Ola Electric 

• Maintain Neutral, TP Rs 38.9 (From Rs 34) 
• Model update for recent fund raise, and latest electric 2W penetration.
• May 2026 E2W penetration in India rose to 9% vs. 7.9% in April.  
• Ola Electric's mkt share was 8.7% for May 2026 (vs. a YTD low of 5% 
• FY27-FY29E revenue estimates are up c.2%-3% 
• Better liquidity situation for company.

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