Stock Picks Today: Maruti Suzuki, TVS Motor, L&T Finance, Biocon, TBO Tek And More On Brokerages' Radar

Brokerages have spotlighted opportunities across automobiles, NBFCs, real estate, pharmaceuticals, specialty chemicals, and online travel distribution, issuing fresh calls and updates on TVS Motor, L&T Finance, Maruti Suzuki, Biocon, Oberoi Realty, Anupam Rasayan, and TBO Tek.

Analysts have also weighed in on the latest fund manager survey and trends across the IT, residential real estate, and cement, and paint sectors, along side an insight on India strategy.

UBS on Maruti Suzuki

• Maintain Neutral with TP of Rs 13970
• Maruti's price hike falls short of expectations
• Despite 330 bps of Q1 gross margin compression, Maruti's first FY27 price hike is modest
• Capped at Rs 30000 on new bookings and averaging 0.7%
• Limited pricing may curb Q2 margin recovery and leave FY27 EBIT margin expectations vulnerable.

Jefferies on TVS Motor

• Maintain Buy; Hike TP to Rs 5425 from Rs 4900
• Annual report highlights four focus areas: global, electric, premiumization & margins, and technology
• It is delivering well on exports, EVs, and margin, but overseas investments in Norton and e-bikes have yet to deliver results
• Subsidiary investments rose at 29% CAGR over last 5-year
• Subsidiaries made losses on combined basis, although mostly limited to Norton and TVS EBike
• FCF improved in FY26 despite high investments.

Nomura on Oberoi Realty

• Maintain Buy with TP of Rs 2090
• DTCP ruling positive but HC hearing on 19 August is key
• Believe it is important that the project moves smoothly from the perspectives of both the company's reputation and future growth in Gurgaon
• The stock trades at a 53% premium to NAV. 

Bernstein on Biocon

• Maintain Underperform with TP of Rs 326
• Keeping Pace, Not Changing the Race
• Yesintek Autoinjector Approval Improves Convenience, Not Market Share
• Approval is an important competitive catch-up that strengthens Yesintek's positioning
• It is unlikely to materially alter Biocon's medium-term growth trajectory nor the challenges in its execution blueprint. 

CLSA on IT

• Infosys – Downgrade to Hold from Outperform; Hike TP to Rs 1147 from Rs 1109
• TCS– Downgrade to Hold from Outperform; Hike TP to Rs 2326 from Rs 2165
• Tech Mahindra – Downgrade to Hold from Outperform; TP at Rs 1634
• Wipro – Downgrade to Underperform from Hold; Cut TP to Rs 152 from Rs 157
• Mphasis – Downgrade to Underperform from Hold; TP at Rs 2113
• Peristent – Maintain High Conviction Outperform; Hike TP to Rs 6246 from Rs 6166
• LTIMindtree – Maintain Outperform; Hike TP to Rs 5534 from Rs 4570
• Hexaware – Maintain Outperform; Hike TP to Rs 730 from Rs 727
• Coforge – Maintain High Conviction Outperform with TP of Rs 2170
• Still amid storm but with anchors
• Facing multiple macro/micro headwinds with balanced risk-reward
• Q1 was a mixed bag for Indian IT and global Sis
• Major technology changes come along with potential winners/losers, also a function of management execution/aggression during those phases
• See mid-tier IT vendors in a better position to take advantage of these tectonic changes
• Hence reiterate High Conviction Outperform on Coforge/Persistent and Outperform on Hexaware/LTM
• Large SIs are in a tough spot, facing both an AI deflation drag on legacy managed services and vagaries of macro headwinds
• Basic excel math does imply AI volumes could supersede deflation by FY30
• Given the long gestation time and limited potential upsides, downgrade TCS, Infosys and Tech Mahindra to Hold, and Wipro and Mphasis to Underperform due to structural concerns. 

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Macquarie on L&T Finance

• Initiate Buy with TP of Rs 400
• From repair to returns
• L&T Finance, a diversified retail lender, has fixed its legacy issues and now targets peer-like growth from a largely retailised book
• The stock is attractive, trading at a 35-50% discount to larger peers despite comparable AUM and earnings growth expectations
• Outperform as growth, improving returns and a discounted valuation start to converge
• Legacy issues fixed, gearing up for the next phase of growth
• Strong earnings growth and ROA improvement to drive re-rating
• Top pick in the NBFC space, valuations lower than larger peers.

HSBC on Residential

• Steady trend
• See no material change in residential demand-supply environment; high base impacts growth rates
• Within markets, Southern India is performing better than NCR markets, but unsold inventory still in comfortable range
• Premiumisation trend sustains with Q1FY27 again witnessing pick up in super luxury segment.

BofA Global Fund Manager Survey

• August Fund Manager Survey is 3rd most bullish survey of investor sentiment since 2022
• Cash level down to uber-low 3.5% from 3.6%
• Global equity allocation surges to highest since Nov'21 (net 56% Overweight)
• Consensus conviction is no macro landing, no Fed hike, no AI capex cut, no DEM sweep, no bears
• Positioning continues to recommend investors retreat or rotate within risk assets rather than reload. 

ICICI Sec on Anupam Rasayan

• Initiate Add with TP of Rs 1345
• A unique play, upside runway longer owing to rich valuations
• A healthy, well-diversified order book
• Technical capabilities and a proven record create a moat
• Vertical integration, acquisitions to add value, elevate scale
• Multiple growth engines — such as US and pharma exposure — reduce reliance on Indian agrichem cycles
• Balance sheet, execution risks are real and need monitoring
• Market multiples factor in flawless execution and favourable macros. 

Jefferies on TBO Tek

• Maintain Buy with TP of Rs 1905
• Well Positioned for North America's Luxury Travel Growth
• Last year, TBO acquired Classic Vacations, giving it exposure to North America's travel advisor market
• Luxury is emerging as a key growth engine for Travel
• Leading North American consortia highlighting strong growth (double-digit) in premium travel & increasing importance of advisors
• CV provides TBO with an established gateway to the region's advisor-led distribution network
• Positioning it to capture the growing, high-value luxury travel opportunity.

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Bernstein India Strategy - Venugopal Garre

• We're not yet seeing earnings upgrades for the broader market
• Base effects turn less favorable and the macro backdrop remains volatile
• Even with a not-so-compelling overall set-up, the market remains quite interesting beneath the surface
• Stock specific opportunities continuing to offer the best route to outperform in what's likely to be a modest-returns environment
• Reflecting this, we are refreshing our portfolio with a select set of catalyst-driven ideas
• Adding Eternal, as it continues to demonstrate competitive strengths in a sector where raising capital is becoming increasingly difficult
• Removing Avenue Supermarts following its outperformance and growing risks to urban growth from quick commerce
• Also adding Paytm on the back of potential MDR-related catalysts
• Introducing Adani Ports following the recent correction.

JPMOrgan on Cement Channel Check

• August: Weak demand; prices flat to down, as expected
• Pricing mostly stable barring a few areas
• Weak demand behind weak pricing
• Current situation largely as expected
• Strong Q1 momentum could be tested. 

JPMorgan on Paint Channel Check

• Demand remains firmly on track, though price elasticity bears watching
• Pricing tailwinds to strengthen in Q2
• The competitive battleground has shifted from pricing to execution
• Premiumization and adjacencies continue to power growth
• Pricing and cost discipline should keep margins on track. 

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