IndusInd Bank Ltd., Infosys Ltd. and Bharat Electronics Ltd. were among the top stocks on brokerages’ radar on Monday, along with auto and metal sectors in focus.

Analysts have done a deep dive on broader concepts like capex and India Strategy.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Monday.

BofA On Auto Sector

  • M&M – Maintains ‘buy’ with a target price cut to Rs 3,385 from Rs 3,650.

  • Bajaj Auto – Maintains ‘buy’ with a target price cut to Rs 8,900 from Rs 11,000.

  • Tata Motors – Maintains ‘neutral’ with a target price cut to Rs 735 from Rs 850.

  • Hero Moto – Maintains ‘neutral’ with a target price cut to Rs 3,950 from Rs 4,650.

  • Hyundai – Maintains ‘underperform’ with target price cut to Rs 1,665 from Rs 1,700.

  • Escorts – Maintains ‘underperform’ with a target price cut to Rs 2,725 from Rs 3,200.

  • Maruti – Maintains ‘buy’ with target price of Rs 14,000.

  • Eicher – Maintains ‘buy’ with target price of Rs 6,000.

  • Ashok Leyland– Maintains ‘buy’ with target price of Rs 260.

  • Navigating the twists and turns. M&M, Maruti and Eicher are key ‘buy’ calls.

  • Two-wheelers make a sharp U-turn; markets don’t like the market share loss at all.

  • Four-wheelers are in a slow lane; Tesla grabs all the attention.

Jefferies On Metal

  • Tata Steel – Maintains ‘buy’ with target price hiked to Rs 920 from Rs 850.

  • JSW Steel – Maintains ‘hold’ with target price raised to Rs 180 from Rs 165.

  • Hindalco – Maintains ‘buy’ with a target price of Rs 800.

  • Metal stocks have outperformed Nifty 50, driven by optimism on China recovery, expectations of safeguard duty on steel in India, and aluminum prices holding up well.

  • Asian steel spread remains 20% below long-term average and has scope to expand.

  • Indian steel prices are up 5% from December trough, and any safeguard duty can provide further support, boosting margins and valuations.

  • Remain positive on metals with ‘buy’ on Hindalco and Tata Steel.

Macquarie On IndusInd Bank

  • Maintains ‘outperform’ with target price of Rs 1,210.

  • RBI announces extension of one year for IIB MD and CEO.

  • CEO extension of one year, a disappointment.

  • Shorter extension than the brokerage expected.

  • This creates an uncertain environment in the near to medium term.

  • IIB CEO may decide to hang up his boots early given the suboptimal tenure approval.

  • There might be an appointment of another CEO, who given the current trends, could be a PSU banker.

  • An appointment of a PSU Banker as CEO for IIB would also lead to a structural de-rating, according to the brokerage.

  • There have been precedences where CEO received the extension of three years post the completion of his one year tenure, it noted.

  • However, the likelihood of this is low in the brokerage’s view.

Morgan Stanley On Reliance

  • Maintained ‘overweight’ with target price of Rs 1,606.

  • RIL’s earnings have seen multiple legs of recovery since last quarter.

  • Have seen more evidence of recovery at refining and certain chains of chemicals.

  • Asian chemical multiples also rebounded from lows.

  • Valuations and earnings recovery keeps RIL as top pick.

Citi On IndusInd Bank

  • Maintains ‘buy’ with target price of Rs 1,378.

  • One-year CEO extension signals RBI’s discomfort.

  • Who and what is next are key questions.

  • The uncertainty surrounding the continuity of the current MD & CEO beyond this period will likely remain a concern.

Goldman Sachs On IndusInd Bank

  • Maintained ‘neutral’ with target price of Rs 964.

  • Management transition top of investors’ mind in the near-term.

  • Investors will also focus on the bank’s operational performance under the current CEO, especially as the bank struggles with challenges on multiple fronts, the brokerage said.

  • Investors will also watch out for any potential recruitment/departures at the senior level, it said.

CLSA On Infosys

  • Upgraded to ‘outperform’ from ‘hold’ with target price at Rs 1,978 per share.

  • Discretionary demand revival across key verticals and geos remain intact.

  • Fourth quarter weak seasonality priced-in, on-ground demand resilience remains intact.

  • Recent tariff related uncertainty could lead to wider growth guidance for financial year 2026.

  • Discussion with delivery head, Mr. Satish HC underscores its delivery strength.

  • Valuations more palatable given cyclical and structural demand tailwinds ahead.

Jefferies On Capex

  • Government capex ramp-up continues – defence up 87% year-on-year

  • Central government capex rose 51% year-on-year in January 2025 and year-to-date capex rose 5% year-on-year versus revised estimate of 7% year-on-year.

  • 15% year-on-year rise is needed in February-March to meet financial year 2025 RE.

  • Watch capex ex-telecom and Department of Economic Affairs, which is up 10% year-on-year versus 5% RE.

  • Transfer to States is up 60% year-on-year.

  • Government intent on capex spend will be monitored closely for industrial stocks, given the weak first half, according to the brokerage.

Motilal Oswal On Bharti Hexacom

  • Initiated with ‘buy’ rating and target price of Rs 1,625 per share.

  • A preferred play on India’s wireless growth story.

  • Presence in under-penetrated circles offers a longer runway for growth.

  • Lower competitive intensity in Hexacom circles to improve margins.

  • Lower capital misallocation worries drive preference for Hexacom.

  • Hexacom in close competition with RJio on subscriber market share.

  • Industry-leading ARPU driven by premiumisation of the subscriber mix.

  • Hexacom poised to become the RMS leader by end-financial year 2025.

Jefferies On BEL

  • Maintained ‘buy’ with target price of Rs 325 per share.

  • Orders: Near term trigger; be opportunistic.

  • BEL announced Rs 580 crore order flow; needs another Rs 11,300 crore in March-April 2025 to meet its financial year 2025 guidance.

  • In financial year 2023, BEL announced 83% of its order flow in March 2023 and met annual guidance.

  • Management in its Q3 call reiterated meeting its FY25 guidance.

  • Global news on rising defence spend may be a near-term trigger for BEL.

  • Government defence spend rose 87% year-on-year in January 2025.

Goldman Sachs On India Strategy

  • Staying ‘Marketweight’ for now. Trimmed 12-month target to 25,500 for Nifty from 27,000 on lower earnings; three-months and six-month targets are 23,000 and 24,000.

  • Domestic growth has likely bottomed; but expect a gradual recovery.

  • Policy remains mixed, albeit less restrictive than before.

  • EPS downgrade cycle not over, but pace of cuts has moderated.

  • Valuations for large caps have declined close to the brokerage’s ‘fair’ value, but SMIDs remain expensive.

  • Market technicals suggest signs of bottoming out.

  • Foreign positioning cleaner, but domestic positioning remains high in SMIDs.

  • Global uncertainties remain high, especially regarding concerns over reciprocal tariffs.

  • Our sector allocations continue to emphasise quality and earnings visibility.

  • Stay with Quality: Oversold screen for bottom-fishing.

  • Upgrade staples to ‘overweight’, given recent underperformance and a likely improving earnings outlook.

  • Lowered real estate to ‘marketweight’ on slowing volume growth.

  • Lowered metals and pharma to ‘underweight’ on potential tariff risks.

  • Raised OMCs to ‘marketweight’ on lower oil prices and significant price correction in recent months.

  • Raise Financials to ‘marketweight’ on improving earnings visibility as regulatory environment has turned benign, that could spur a gradual credit off-take.

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