Jefferies, Nomura, Macquarie Initiate Coverage on 5 Indian Stocks with 14%-30% Upside

Several leading domestic and global brokerage firms have recently started coverage on a select group of Indian companies spanning various sectors such as travel, consumer discretionary, and renewable energy. These brokerages have assigned optimistic ratings and price targets, indicating considerable upside potential for these stocks from their current market levels.

Jefferies has initiated coverage on Dhoot Transmission, an automotive component manufacturer, with a Buy rating and set a price target of Rs 1,730 per share. This suggests a potential increase of approximately 14 percent from its present valuation. Jefferies highlighted that Dhoot Transmission stands to benefit from the rising demand for two-wheelers, the ongoing shift toward premium models, and the growing trend of vehicle electrification. Additionally, the company’s efforts to diversify its product offerings are expected to further drive growth.

Nomura has taken a positive stance on InterGlobe Aviation, the parent company of IndiGo Airlines, initiating coverage with a Buy rating and a target price of Rs 6,000. This implies an upside of around 21 percent from IndiGo’s closing price of Rs 4,984 on September 30. Nomura cited IndiGo’s substantial aircraft order book, its cost-efficient operating model, and expanding international routes as key factors that could help the airline maintain resilience, even if fuel prices remain high.

Global brokerage BofA Securities has started coverage on Trent, part of the Tata Group, with a Buy recommendation and a price target of Rs 3,075, indicating nearly 19.5 percent upside potential. The firm pointed out Trent’s unique retail platform, its promising growth outlook, and its integrated technology and supply chain management capabilities. Trent’s diversified portfolio spans apparel, fashion, beauty, food and grocery, and emerging consumer lifestyle segments, all contributing to its competitive edge.

Macquarie has also entered the coverage arena, initiating an Outperform rating on the National Stock Exchange (NSE) with a target price of Rs 1,965 per share. This suggests an upside of more than 14 percent compared to its previous closing price of Rs 1,723. Macquarie referred to NSE as “The Dominator” because of its commanding market share and dominant position within India’s financial markets.

In addition, Macquarie has initiated coverage on CleanMax, a clean energy company, assigning it an Outperform rating with a target price of Rs 1,700 per share. This forecast represents a 30 percent upside from current levels. The brokerage expects CleanMax’s renewable energy capacity to more than double by fiscal year 2029, reaching approximately 8 gigawatts. They also highlighted the company’s recurring commercial and industrial client base and its exposure to data center and artificial intelligence-related transactions as key drivers supporting long-term earnings growth in India’s relatively underdeveloped commercial and industrial renewable energy market.

These recent brokerage ratings reflect growing investor interest in sectors tied to consumer lifestyle shifts, transportation, and renewable energy, which are gaining momentum amid evolving market dynamics in India. As major brokerages provide insights on these companies, investors are offered perspectives that could influence portfolio strategies in the coming years.

Disclaimer: The article was authored by Veer Sharma, who is not a SEBI-registered Research Analyst or Investment Adviser. Neither Veer Sharma nor his/her relatives hold any financial interest in the companies mentioned as of the publication date. The views and recommendations cited are those of the respective registered analysts or brokerages and have been reproduced with proper attribution. Readers should consult original research reports and conduct their own analysis before making investment decisions.