Stock Recommendations Today: Defence, NBFCs, Aviation, Dr. Reddy's Labs, Yes Bank Are On Brokerages' Radar
Find out what brokerages' views are on Bharat Electronics Ltd., Dr. Reddy's Laboratories Ltd., Yes Bank Ltd., and United Breweries Ltd.

Defence, aviation, and non-banking financial services are in focus for brokerages. They also gave view on Dr. Reddy's Laboratories Ltd., Reliance Industries Ltd., Bharat Electronics Ltd., and United Breweries Ltd.
The GIFT Nifty was trading 0.52% or 129.50 points higher at 25,179.50 as of 7:04 a.m., which implied a higher open for the Nifty 50 index. The Nifty 50 ended 140.50 points or 0.56% down at 24,971.90 on Monday on weak global cues amid rising geopolitical tension.
The other benchmark index BSE Sensex ended 511.38 points or 0.62% down at 81,896.79 on Monday.
Take a look at what views brokerages have given on defence, aviation, NBFCs, and consumer durables, and other stocks.
Jefferies On Defence
India’s defence spend rose 25% year-on-year in March, 2025 to achieve the FY25 revised estimate of 3% growth
FY26 defence capex started on a strong note with 122% YoY rise in April
Post 'Operation Sindoor' in May 2025, government focused on putting India-made defence equipment on the global stage for higher export opportunity
Year-to-date defence exports is 10% of the Rs 30,000 crore FY26 target
PSUs to remain dominant in defence, though private share is rising
Hindustan Aeronautics Ltd., Data Patterns are our top picks followed by Bharat Electronics Ltd.
Morgan Stanley On NBFCs
HDFC AMC – Maintain Equal-weight; hiked target price to Rs 4,470 from Rs 3,740
Aditya Birla Capital – Maintain Overweight; hike target price to Rs 295 from Rs 250
SBI Life AMC – Maintain Overweight; hike target price to Rs 2,115 from Rs 2,050
ICICI Prudential Life – Maintain Equal-weight; hike target price to Rs 625 from Rs 600
L&T Finance – Maintain Underweight; hike target price to Rs 132 from Rs 115
Manappuram Finance – Maintain Equal-weight; hike target price to Rs 270 from Rs 220
HDFC Life – Maintain Overweight; hike target price to Rs 840 from Rs 815
Multi Commodity Exchange of India – Maintain Underweight; Hike target price to Rs 5,750 from Rs 3,400
Home First – Maintain Overweight; hike target price to Rs 1,540 from Rs 1,400
PB Fintech – Maintain Underweight; Hike target price to Rs 1,370 from Rs 1,130
Shriram Finance – Maintain Overweight; hike target price to Rs 775 from Rs 750
Muthoot Finance – Maintain Equal-weight; hike target price to Rs 2,880 from Rs 2,400
Chola Finance – Maintain Equal-weight; hike target price to Rs 1,475 from Rs 1,430
LIC Housing – Maintain Underweight; hike target price to Rs 480 from Rs 435
Factor in front loaded rate cuts by RBI and equity market moves into EPS estimates and cost of equity assumptions
Ratings and preferred picks are unchanged
See limited upside and more dispersion in stock returns over the next 12 months
Jefferies On Aviation
Recent Air India Boeing 787 crash comes at a critical juncture in the Co’s 5-year turnaround journey
Believe IndiGo is well-positioned to consolidate leadership especially in the high-frequency domestic and the emerging regional int'l routes
Notably, technical snags/glitches are reported for few IndiGo flights also
IndiGo's stronger on-time perf, op efficiency, and low-cost service continue to be winner versus peers
Believe near-term market share gains, especially in premium short-haul and metro-heavy corporate travel, could accrue to IndiGo
Macquarie On Consumer Durables
Crompton Consumer – Maintain Outperform; Cut target price to Rs 398 from Rs 426
Havells – Maintain Outperform; Cut target price to Rs 1,836 from Rs 1,899
Polycab – Maintain Outperform; Cut target price to Rs 7,266 from Rs 7,448
Voltas – Maintain Outperform; Cut target price to Rs 1,417 from Rs 1,446
Cables and wires will likely lead segmental demand in FY26
Expect a gradual untick in B2C demand in H2FY26
Margins should improve, helped by a benign commodity and demand uptick
Havells' consistent delivery vs peers on growth drives our preference; top pick in India Consumer Durables
Investec On United Breweries
Maintain Hold with a target price of Rs 2,248
Driving growth despite inherent challenges
Company is focusing on navigating state-level challenges while reaffirming double-digit revenue growth ambition
Unseasonal weather, sharp MRP increase and valuations keep us cautious from a medium-term perspective
JPMorgan On BEL
Maintain Overweight; Hike target price to Rs 490 from Rs 445
Steady stream of orders & elevated geopolitical risk to lead to outperformance
Emergency procurement orders on the anvil
In the fray for large orders over medium
Margins may not go down anytime soon
Diversified business should lead to consistent performance
Civilian and export opportunities provide optionality
BofA On Reliance Industries
Maintain Buy with target price of Rs 1,590
RIL’s strategy on Campa: Focus high on investing & scaling
Doubling down: Attractive price points, leverage strengths
Strategy: Invest in SKUs, densification & manufacturing
In investment mode: Focus on growth & not profitability
Goldman Sachs On Yes Bank
Maintain Sell with a target price of Rs 15
ROA growth to pick up in H2; 1% ROA journey continues
Expect the bank to deliver 14% loan growth over FY25-27
SMBC’s stake purchase, potential synergies may play out especially in the mid-sized corporate segment