HDFC Bank, Bajaj Auto among 11 top conviction stock picks by InCred Equities for June

The Indian benchmarks Sensex and Nifty recorded their first weekly gain this week after two straight weeks of decline. Against this improving backdrop, brokerage firm InCred Equities has released its latest list of high-conviction stock ideas for June 2025, maintaining a cautious stance with a preference for large-cap stocks. Here are 11 large-cap stock ideas, with earnings momentum and technical strength key to selection.

InCred Equities has an ‘ADD’ rating on HDFC Bank, India’s largest private lender by market cap. The brokerage sees the stock climbing to Rs 2,200, implying an upside of 14.3% from current levels.

Tata Consultancy Services is also rated ‘ADD’, though InCred notes it has been one of the underperformers in its conviction list. With a modest 5.4% upside to a target price of Rs 3,589, TCS continues to remain a structural long-term story.

InCred maintains an ‘ADD’ on Bajaj Finance, with a target of Rs 10,800, representing a 20.3% upside. The brokerage expects sustained AUM growth and stable asset quality to support premium valuations.

Maruti Suzuki, India’s top passenger vehicle maker, carries an ‘ADD’ rating with a Rs 13,621 price target. The stock has 12.3% upside.

InCred is bullish on Axis Bank, assigning it an ‘ADD’ with a 21% upside to Rs 1,430.

With the ongoing infrastructure push, UltraTech Cement makes the list with a Rs 13,550 target price and 22.8% upside. The stock is rated ‘ADD’.

Bajaj Auto, despite being flagged as an underperformer to Nifty by InCred, is retained with an ‘ADD’ rating. The brokerage sees 21.5% upside to Rs 10,400, backed by premium segment gains and export recovery.

InterGlobe Aviation (IndiGo) is rated ‘REDUCE’ with a sharp 43.7% downside to Rs 3,030.

The brokerage has a bearish stance on Tata Steel, issuing a ‘REDUCE’ call with a target of Rs 82—implying 47.9% downside.

One of the top outperformers in InCred’s model portfolio, Shriram Finance is rated ‘ADD’ with the highest upside of 28% to Rs 830.

Though listed among prior underperformers, Lupin continues to be rated ‘ADD’ with a Rs 2,400 target, implying a 22.8% upside.

(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of the Economic Times)