Stock Recommendations Today: Swiggy, Bajaj Auto, Tata Motors On Brokerages’ Radar NDTV Profit Desk NDTV Profit

CLSA revised its rating for Bajaj Auto Ltd.’s share price to ‘outperform’ from ‘underperform’ earlier, after recent correction.

Nuvama raised its target price for Transformers & Rectifiers to Rs 1,450 from Rs 1,240 per share earlier, as it assessed the company’s third quarter results.

NDTV Profit tracks what brokerages are saying about various stocks and sectors. Here are the analyst calls to watch out for on Thursday:

CLSA On Bajaj Auto

• Upgraded from ‘underperform’ to ‘outperform’, with a price target of Rs 9,493, a 10% upside.

• Steep correction and improving electric two-wheeler franchise.

• Stock corrected 32% over the past four months.

• Market share in e-2Ws crossed the 25% mark in December, with the launch of a cheaper Chetak variant.

• Company deserves 10-20% premium multiple over the long term average.

• Expects 6% motorcycle volume CAGR in FY24-27CL vs 8% for industry.

Bernstein On Swiggy

• Initiated ‘outperform’ rating, with a price target of Rs 635, implying a 25% upside.

• Company will be one of the winners in India’s convenience economy.

• Company is India’s second largest online food delivery with ~42% market share.

• Expects it to deliver more than 90% CAGR growth in FY25-27 in Quick Commerce.

• Medium term growth led by new categories (electronics, apparel) and tier 2+ cities.

• Adjusted Ebitda margins to expand from 1.2% in Q2 FY25 to 4% by FY30.

• Expects incumbents (Swiggy, Zomato) to hold market share despite rising competition.

• Swiggy trades at 52% discount to Zomato on EV/sales, discount to shrink over time.

Nuvama On TRIL

• Nuvama maintains ‘buy’ on Transformers & Rectifiers India and hiked target to Rs 1,450 per share vs Rs 1,240 earlier (17% upside).

• Q3 FY25 results in line with estimates on stellar execution, strong operating margins.

• Strong sales visibility given Rs 3,700 crore order book, Rs 19,000 crore prospects.

• Company to benefit from tailwinds of high demand for HV transformers.

• Company to benefit from efforts in backward integration.

• Raises FY25/26/27 EPS estimates by 10%/17%/29%.

• Stock’s valuations reflect strong profit delivery.

• Key variables: timely order inflows, procurement of key raw materials.

Goldman Sachs On Reliance 

• Goldman Sachs maintained a ‘buy’ on RIL, but lowered target to Rs 1,595 per share from Rs 1,630 earlier.

• Sell-off in RIL’s share is overdone; stock at brokerage’s bear case scenario.

• Company’s return infection thesis taking longer than expected.

• Jio’s returns already inflecting, retail segment taking longer.

• Q3 core Ebitda to remain largely flat. Telecom growth to offset weakness in energy.

• Restructuring of retail operation to continue to remain a drag through Q4.

• Expects FY26 Ebitda to grow 24% YoY.

• Lower FY25-27 Ebitda estimates by up to 4%.

Nomura On Tata Motors

• Retained ‘buy’ with target price of Rs 990 apiece, implying an upside of 27%.

• JLR’s retail volumes down 3% YoY, while wholesale volumes up 3% YoY for 3QFY25.

• Estimates annual sales to be flat at 401,000 for JLR in FY25.

• Implies 2% YoY growth in Q4 FY25, 112,000 units in Q4 FY25.

• Estimates JLR’s Q3 FY25F EBIT margin at 8.5% vs reported EBIT margin of 5.1% in Q2 FY25.

• Estimates positive FCF of GBP 250 million in Q3, led by higher volume at 104,000 units .

• Forecast Tata will move to net cash position of Rs 86 per share by FY27 vs debt of Rs 22,000 crore.

Emkay On Hindustan Unilever

• Maintained ‘buy’ with a target price of Rs 2,675, implying a 12% upside.

• Considers media insights and HUL looking to acquire the Minimalist brand as positive.

• With Minimalist acquisition, HUL is likely to gain a decent consumer base, where 60% of users are loyal and order 4 times a year.

• Expected valuation of Rs 3,000 crore is reasonable, given robust growth ahead.

• If the deal materialises, the brokerage sees it as a win-win for both.

• Minimalist brand is making progress on positive word-of-mouth, leveraging ecommerce (90% of sales) platforms for scale with 100% own production against peers.

Emkay On Tata Motors

• Retained ‘buy’ with target price of Rs 950 per share from Rs 1,000, implying an upside of 19.5%.

• Normalised production and strong mix seen driving sharp QoQ margin improvement.

• India CV outlook is improving gradually, amid slower than anticipated public capex uptick.

• India PV outlook remains soft despite the recent Curvv SUV launch.

• Emerging EV competition slated to impact Tata’s positioning.

• Trim India PV EPS by 4.5%/2.5% for FY26E/27E.

• JLR staying on track for £1bn FCF this year with net-cash balance sheet.

Motilal Oswal’s Top Picks For 2025: Page Industries

• Maintains ‘buy’ with a target price of Rs 57,500. This indicates a 20% upside.

• Well-positioned to capitalise on India’s growing innerwear and athleisure markets.

• Favourable macroeconomic trends bode well for the company.

• Company has effectively addressed trade inventory challenges.

• Expects revenue/Ebitda to grow at 13%/17% CAGR over FY24-27.

• Stock deserves high multiples on excellent track record, strong earnings potential, high ROEs of over 40%.

Citi On Oil & Natural Gas Corp.

• Citi maintained ‘neutral’ on ONGC with a target of Rs 280 (a 6% upside).

• Contract award to BP expected to lead to production upside in Mumbai High.

• ONGC to hire BP Exploration to help with 7-8% YoY natural decline rate at Mumbai High.

• Efforts to help a potential cumulative production rise of 60% over 10 years.

• If successful, efforts to lead to $3 billion net present value accretion.

• A lot to depend on execution on contract, costs involved.

Motilal Oswal’s Top Picks For 2025: Kaynes Technologies

• Maintained ‘buy’ with a target price of Rs 9,100 per share, indicating a 31% upside.

• Company is one of the fastest-growing EMS firms.

• It has diversified exposure to end industries across seven high-growth sectors.

• Company to maintain robust revenue growth of 67% in FY25.

• Margin profile to improve to 15% in fiscal 2025 on rising share of high margin business.

• Business to see high growth from new segments like smart meters, Aerospace, ‘Kavach’.

• Exports to reach 20%/33% of total revenue by FY26/FY28.

• Expects revenue/Ebitda/net profit CAGR of 60%/67%/74% over FY24-27.

Bernstein On QSR

• 2024 was a tough year for QSR stocks in India, 2025 will be a turn-around year.

• Expecting consumer demand to pick up gradually in H1 and materially in H2 of 2025.

• Gross margins will be range bound; Ebitda/PAT will improve with operating leverage.

• Expects Dominos and KFC to continue aggressive growth. McDonald’s will be relatively calibrated.

• 2025 is a crossroads year for Pizza Hut.

• Expects delivery growth to remain strong.

• Retained ‘outperform’, revised TP for Jubilant to Rs 850 (+12%).

• Retained ‘outperform’ rating on Devyani International with target price of Rs 220 (+12%).

• Maintained an ‘underperform’ on Westlife, with a target price of Rs 625 apiece (-24%).

• Retained ‘market perform’ rating on Sapphire, with a price target of Rs 320 per share (-10%).

Jefferies On India Travel 2025 Outlook

• Continues to like the space, rate all stocks in coverage as ‘buy’.

• Order of preference: IndiGo > IHCL > GMRI > TBO.

• Travel demand healthy even after growth normalisation post Covid.

• Industry pricing remains elevated without hurting growth.

• Indian consumers prioritising travel over other spending categories.

• Raised price target for IndiGo to Rs 5,260 per share, sees 21% upside.

• Raised price target for Indian Hotels at Rs 1,000, sees 17% upside.

• Raised price target for TBO Tek to Rs 2,100, sees 20% upside.

• Rates ‘buy’ on GMR Airports with a price target of Rs 110, a 42% upside.

. Read more on Markets by NDTV Profit.Here are the analyst calls to watch out for on Thursday.  Read MoreMarkets, Business, Notifications 

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