Indian steel, cements and residential stocks will be in focus in Thursday’s session as brokerages have altered their views on stocks in the sector.

Jefferies also highlighted that NTPC Ltd., JSW Energy Ltd., and Power Grid Corp. of India are its top picks in the power sector. It expects power demand to receive a significant boost from the growth of data centers and the artificial intelligence boom.

NDTV Profit tracks what the brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Thursday. 

Emkay On Ceat

  • Retained a ‘buy’ rating on the stock and raised target price to Rs 4,000 apiece from earlier Rs 3,150, implying a potential upside of 27% from the previous close.

  • The acquisition aligns with the company’s focus on premium products, off-highway tyres, and exports.

  • The mix of off-highway tyres and exports is expected to rise to approximately 25% each, compared to the current levels of around 15% and 19-20%, respectively.

  • Double-digit market share of Camso in the United States and Europe is expected to support market expansion efforts.

  • Management anticipates synergies in distribution channels and client relationships to drive additional market-share gains.

  • Over the next three years, other segments such as agriculture, power sports, and harvesters are likely to present further opportunities.

  • Estimates remain unchanged, with the stock valued at 18 times December 2026 estimated price-to-earnings ratio.

Nuvama On Ceat

  • Retained a ‘buy’ rating on the stock and raised the target price to Rs 3,640 apiece from Rs 3,360 earlier, implying a potential upside of 15% from the previous close.

  • Ceat’s share of high-margin off-highway tyres is expected to increase from 15% to 25%.

  • The acquisition is projected to boost the international revenue contribution from 19% to 26%.

  • Ebitda margin is anticipated to improve to 20% under a stable business scenario, compared to mid-teens currently.

  • Forecasting a compound annual growth rate of 14% in revenue and 12% in earnings over fiscals ending March 2024 to March 2027.

HSBC On Indian Residential Market

  • Mega launches in start of 2025 are expected to drive a strong pre-sales base.

  • Expects growth in 2025 as 2024 was weaker on launches.

  • Real estate demand growth to start pivoting towards mid-income housing.

  • Key worry remains on weak approval cycle, companies may cut fiscal 2026 guidance.

  • Real estate stocks could benefit from potential interest rate cuts.

Top Picks:

  • Maintained ‘buy’ on Godrej Properties with a target price of Rs 3,700 per share, a 30% upside from the previous close.

  • Maintained ‘buy’ on DLF, with a target price of Rs 1,010 per share, an upside of 17%.

  • Maintained ‘buy’ on Sobha with a target price of Rs 2,150 per share, a 28% upside.

  • Maintained ‘hold’ on Oberoi Realty with a target of Rs 2,050 per share, a downside of 4%.

Morgan Stanley On Indian Steel Industry

  • Sees green shoots for price spreads expansion in 2025.

  • Expects 7% steel demand growth for fiscal 2026.

  • Expects domestic steel prices to rise on narrowing of price difference with global prices.

  • Pace of demand recovery in China a key monitorable.

  • Morgan Stanley expects select steel stocks to do well in 2025.

  • Retained an ‘overweight’ rating on Jindal Steel and Power with a target price of Rs 1,200 apiece, implying a potential upside of 20% from the previous close.

  • Retained an ‘overweight’ rating on JSW Steel with a target price of Rs 1,150 apiece, implying a potential upside of 14% from the previous close.

  • Retained an ‘equal weight’ rating on Tata Steel with a target price of Rs 160 apiece, implying a potential upside of 6% from the previous close.

  • Retained an ‘underweight’ rating on Steel Authority of India with a target price of Rs 115 apiece, implying a potential downside of 9% from the previous close.

Nomura On Ceat

  • Maintained a ‘neutral’ rating with a target price of Rs 3,051 per share, a downside of 5% from previous close.

  • Camso acquisition is expected to accelerate off-highway tyre expansion over the long term.

  • Management highlighted that the acquisition aligns with Ceat’s strategic goal of premiumisation.

  • Camso holds a 20% market share and is the second-largest global player in the tracks business.

  • Margins are expected to improve to 20% over the next few years as demand strengthens.

  • Camso’s realisations per kilogram are significantly higher at $5-7, compared to Ceat’s $3.

  • Ceat plans to explore segments such as agricultural and harvester tracks, and power sports tracks after three years, once the brand is fully integrated.

  • Management expects the acquisition to contribute positively to earnings per share within the next one-two years.

HDFC Securities On Metropolis Healthcare

  • Retained an ‘add’ rating on the stock with a target price of Rs 2,370 apiece, implying a potential upside of 6.9% from the previous close.

  • Anticipates steady growth and margin expansion starting from the fiscal ending March 2026.

  • The acquisition of core diagnostics strengthens Metropolis’ presence in northern and eastern India.

  • Oncology revenue share is expected to grow from 4% to approximately 10%, leveraging synergies from the acquisition.

  • Core Diagnostics enhances Metropolis’ capabilities with high-end cancer tests, projected to boost gross margins to 55-65%.

  • Ebitda margin is forecasted to improve to 25-26% over the next three-four years.

  • Earnings per share accretion is expected by the fiscal ending March 2026.

Jefferies On India Power

  • Highlights NTPC, JSW Energy, and Power Grid Corporation of India as top picks in the sector.

  • Reports a 4% year-on-year increase in power demand for November 2025, recovering from a 2.3% decline from August to October 2024.

  • Notes that power demand growth for the first eight months of the fiscal ending March 2025 stands at 4% year-on-year, below the brokerage’s estimate of 7% for the fiscal.

  • Observes strong momentum in renewable energy auctions in the fiscal year so far.

  • Expects power demand to receive a significant boost from the growth of data centers and the artificial intelligence boom.

JPMorgan On India Cement Sector

  • Dealer checks indicate that price hikes in the northern and eastern regions remain weak.

  • Cement prices in the western region have risen by Rs 15-20 per bag, while prices in the southern region have increased by Rs 20-25 per bag.

  • Most cement dealers are cautious about the sustainability of these price hikes.

  • Notes that price increases might be rolled back if demand does not show significant improvement.

  • However, the brokerage expects cement prices to generally trend upward in the near term.

Top Cement Bets:

  • UltraTech Cement is favoured for its consolidation benefits.

  • ACC, due to attractive valuations and stronger price momentum in the southern region.

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