Nomura, Axis initiate coverage on 8 stocks with up to 30% upside potential. See full list

A host of domestic and global brokerages have initiated coverage on select Indian stocks across sectors such as aluminum, energy and internet. Analysts are bullish on major names such as Paytm, Vedanta Aluminum among others and forecast strong upside from current market levels. Here is a list of stocks on which brokerages initiated coverage.

With a target price of this Rs 500 (39% upside), Nomura started coverage on the stock with a Buy rating. Nomura’s sector outlook is centred on the divergence between commodity prices rather than their absolute direction. The brokerage expects aluminium and its key raw material, alumina, to become increasingly decoupled, with the widening price gap presenting the main value-creation opportunity over the next 2-3 years.

With a target price of Rs 1,100 (23.3% upside), Nomura started coverage on the stock with a Buy rating. LME aluminium prices have risen more than 20% in 2026 following supply disruptions in the Middle East, reaching $3,850 per tonne in June. Nomura said this divergence has significant historical precedent that current market narratives have underappreciated, creating asymmetric investment opportunities.

With a target price of Rs 320 (2.5% upside), Nomura started coverage on the stock with a Neutral rating. LME aluminium prices have risen more than 20% in 2026 following supply disruptions in the Middle East, reaching $3,850 per tonne in June. Nomura said this divergence has significant historical precedent that current market narratives have underappreciated, creating asymmetric investment opportunities.

One97 Communications, the parent company of Paytm, got a Buy rating from global brokerage Nomura which assigned a target price of Rs 2,250, an upside of 36% from current levels. Nomura analysts say Paytm is riding India’s digital payments highway and sees robust growth levers in the coming quarter.

Axis Direct has initiated coverage on the stock with a Buy rating and a target price of Rs 2,315 per share, implying an upside of 26% from the current market price of Rs 1,934. The brokerage cited the company’s pan-India hub-and-spoke network and strong business-to-consumer (B2C) franchise, which contributes more than 70% of revenue and provides direct access to a large, diversified patient base.

JM Financial has initiated coverage on Shiprocket with a Buy rating and a September 2027 target price of Rs 165 (34% upside), valuing the company at 32 times its estimated adjusted EBITDA for September 2028. The brokerage sees Shiprocket as a way to tap into India’s expanding commerce enablement market across direct commerce, in-store and hyperlocal commerce, digitally enabled social commerce and MSME exports.

Nomura started coverage with a Buy rating and a target price of Rs 505 (25.3% upside), citing its shift from a conventional independent power producer (IPP) to a firm power platform, with dispatchable capacity expected to account for half its portfolio. The transition is expected to support higher utilisation rates, tariffs and equity internal rates of return (IRRs).

Nomura initiated coverage with a Neutral rating and a target price of Rs 100 (19% upside). The company’s growth plans are anchored by its target of 60 GW of capacity by FY32, supported by memorandums of understanding signed with state entities and other public sector undertakings (PSUs). NTPC Green plans to add around 34 GWh of BESS capacity by FY32.
Disclaimer: This article has been written by Veer Sharma, who is not a SEBI-registered Research Analyst or an Investment Adviser. Veer Sharma and his/her ‘relative(s)’ (as defined under Section 2(77) of the Companies Act, 2013) do not hold any financial interest in the companies mentioned in this article as of the date of publication. The views/recommendations mentioned in this article, wherever applicable, are those of the respective SEBI-registered Research Analyst/brokerage and have been reproduced/reported with due attribution. They should not be construed as the views or recommendations of The Economic Times Digital or the journalist. Readers are advised to consider the original research report and make their investment decisions based on their own assessment. Brokerage disclaimers here.