Brokerage Radar: Today, before the start of trading on January 9, brokerage firms have issued their opinions regarding shares of many sectors and companies. These include big stocks like Mannapuram Finance, Tata Motors, Zydus Life, Hindalco and Reliance Industries. Apart from these, the brokerage has also issued its opinion regarding cement and telecom sectors. Due to these reports, shares of these companies remain in focus today. Let us know what is the opinion of the brokerage regarding these shares and what target price they have given to them.
1. Manappuram Finance
Jefferies has given the stock a “Hold” rating and set its target price at ₹190 per share. The brokerage said that the Reserve Bank of India has lifted the ban imposed on Ashirwad Finance, which is being considered positive. However, disbursements are likely to remain slow in the near future due to stress in MFI (microfinance) portfolios. Jefferies says the impact of the lifting of the ban has already been seen in the company’s share price, which has recently returned to pre-ban levels. However, near-term results may remain under pressure due to MFI portfolio stress.
2. Tata Motors
Morgan Stanley has given Tata Motors an “equal-weight” rating and a target price of ₹920 per share. Jaguar Land Rover (JLR)’s Q3FY25 wholesale volume growth came in 2% higher than expected, according to analysts. JLR’s EBIT margin is expected to be 9.6%, in line with FY25 guidance of 8.5%.
Nomura has “Buy” rating on Tata Motors and has set a target price of ₹990 per share. Nomura says JLR’s sales have increased only in North America and Europe. The company’s free cash flow in the third quarter is estimated at GBP 250 million. Tata Motors’ net cash could reach ₹86 per share by FY27.
3. Zydus Life
Nomura has given “Buy” rating to Zydus Life and set its target price at ₹1,140 per share. The brokerage said the company’s earnings estimates have been raised due to rising revenues from sitagliptin. Nomura believes that the company’s revenue from the US market will increase and by FY27, 77% of the total revenue will come from the US.
4. Hindalco
CLSA has given “outperform” rating on Hindalco and has kept the target price at ₹ 800 per share. The company’s subsidiary Novelis has indicated weak results for Q3FY25. Novelis’ volume growth has been steady, but profits are at the lowest since Q3FY23. However, the domestic business remains strong and is supported by stable aluminum prices. Analysts expect profit growth to improve along with volume improvement at Novelis.
5. Reliance Industries
Morgan Stanley has given “overweight” rating on Reliance Industries and set its target price at ₹1,662 per share. Analysts say cyclical challenges in the refining sector are now subsiding, while there is a possibility of improvement in the retail sector. Apart from this, new energy projects can improve the company’s rating.
6. Nomura’s opinion on cement sector
Nomura believes the Indian cement industry will see a volume growth of 5-6% during FY26-27. However, there will be no major improvement in prices. The company has advised “buy” on shares of UltraTech, Ambuja and Ramco. It has set a target of Rs 12,800 for UltraTech, Rs 690 for Ambuja Cement and Rs 1,060 for Ramco. At the same time, it has reduced the ratings of Shree Cement, ACC and Nuvoco.
7. CLSA’s opinion on telecom sector
CLSA believes the Indian telecom sector could see a tariff increase of 10% in the second half of FY26. Sector revenues have grown at an annual rate of 10% over the last 12 months, mainly driven by tariff increases. The revenue is expected to increase further in the coming years due to increase in 4G and 5G penetration and expansion of 5G FWA (Fixed Wireless Access).
2025 may prove to be a year of many important events for the telecom sector. These include the large-scale adoption of 5G FWA, Vodafone Idea’s fund raising process, and the possibility of Reliance Jio’s IPO as the biggest event.
According to analysts, Bharti Airtel remains the top choice in this sector. Additionally, Indus Towers is considered to offer “deep value” at 5.6x EV/EBITDA. Tata Communications is rated “Outperform” with 15% data revenue CAGR. At the same time, Voda Idea has been given an “underperform” rating, and Sterlite and Hexacom have been recommended “hold”.
Also read- Brokerage Radar: Nomura has advised to buy Tata Motors with a target of Rs 990.
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