Hot stocks: Brokerages on DMart, Indegene, Indus Towers, Tata Motors and ONGC

Brokerage firms such as CLSA have an "outperform" rating on Avenue Supermarts, and BofA has a "buy" call on Indus Towers. JPMorgan has initiated coverage with a "neutral" rating on Indegene, while maintaining "neutral" and "outperform" views on ONGC and Tata Motors, respectively.

We have collated a list of recommendations from top brokerage firms from ETNow and other sources:

CLSA on Avenue Supermarts: Outperform | Target price: Rs 5,650

CLSA has maintained an "Outperform" rating on the stock and raised the target price to Rs 5,650 from Rs 5,535.


Sustainability is boosting profits. The FY24 annual report shows that a focus on sustainability and a shift to solar energy are reducing power costs. Increasing land purchases indicate a likely acceleration in store openings.

JPMorgan on Indegene: Neutral | Target price: Rs 570

JPMorgan has initiated coverage on Indegene with a neutral rating and a target price of Rs 570.

The company shows attractive growth potential due to under-penetrated outsourcing opportunities and boasts strong process expertise and a solid track record with top clients. Its sector-leading per capita revenues and profits highlight its differentiated service offerings. JPMorgan anticipates that growth will accelerate in FY26 as client-specific issues are resolved.

BofA on Indus Towers: Buy | Target price: Rs 490

BofA has maintained a "buy" rating on Indus Towers with a target price of Rs 490.

The brokerage highlights strong business fundamentals, with potential for re-rating and dividends. Key factors to watch include new contracts with VIL, recovery of past dues, and market share expansion in new businesses.

JPMorgan on Tata Motors: Overweight | Target price: Rs 1,250

JPMorgan has maintained an "Overweight" rating on Tata Motors with a target price of Rs 1,250.

JPMorgan's monthly sales tracker for JLR shows a 1% year-over-year decline in July 2024 retail sales. While China inventories are under control and US inventories and incentives remain stable, US incentives have increased across the board. Land Rover, however, is relatively better positioned compared to pre-COVID levels. Despite this, JLR might encounter near-term headwinds due to supply challenges.

JPMorgan on ONGC: Neutral | Target price: Rs 306

JPMorgan has retained its "neutral" view on ONGC and raised the target price to Rs 306 from Rs 280.

The stock's upside is driven more by pricing than by structural volume improvements, with the prospect of oil price reform supporting ONGC's share price in the near term. Free cash flow-based valuations could have additional upside if these reforms materialize. However, offshore production is steadily declining despite ongoing efforts, and there is virtually no development pipeline beyond KG 98/2 to support medium-term production. Additionally, near-term volume guidance appears to be at risk.

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