The domestic equity markets took a beating this week, as conflict across West Asia escalated further. This led to a sharp spike in energy prices. The equity markets on Thursday saw the biggest single-day loss since June 2024. However, they did manage to recoup some ground on Friday and the Nifty 50 and Sensex closed up 0.2% and 0.08% for the week, respectively.
You may be wondering what’s a good stock to buy at this juncture.
This week, several top research houses, including Motilal Oswal, Nomura, Anand Rathi Research, Nuvama Institutional Equities, and JM Financial, shared their latest recommendations, and we shortlisted 10 stocks across sectors.
Motilal Oswal on LG Electronics
The country’s largest full-service brokerage house, Motilal Oswal retained its ‘Buy’ on LG Electronics. It sees more than 18% upside in the stock over the next 12 months, at a target price of Rs 1,860.
The analysts at Motilal Oswal visited the LG Electronics India plant in Pune and interacted with the management. They indicated that LPG availability remains largely secure, with alternate fuels ensuring minimal disruption. There’s a positive outlook for summer as demand trends remain strong with healthy January–March 2026 growth. This is supported by a pickup in secondary sales from April 2026.
Nuvama on Waaree Energies
The solar and renewable power sector is seeing renewed focus, and the spotlight is on key players like Waaree Energies. Nuvama retained its ‘Buy’ on Waaree Energies, with a target price of Rs 3,867. This translates to an upside of 21.4% from the current market price.
This recommendation follows analysts’ visits to Waaree Energies’ five plant sites—solar module, cell, BESS, electrolyser and inverter giga-scale factories and the real-time understanding of the expansion initiatives.
JM Financial on Belrise Industries
The domestic brokerage house, JM Financial maintained ‘Buy’ on Belrise Industries, raising its target price to Rs 225 from Rs 215 earlier, implying an upside of about 22% from the current levels.
The brokerage’s positive stance is anchored in the company’s latest acquisition move, which it believes strengthens long-term growth prospects, even though near-term financial impact may remain limited. Belrise Industries has entered into an agreement to acquire 100% stake in UK-based Chester Hall Precision Engineering Holdings for about GBP 13.2 million (around Rs 163 crore).
Motilal Oswal on HDFC Bank
HDFC Bank shares saw a sharp cut recently. However, domestic brokerage house Motilal Oswal believes that the “assurance from the management team, Mistry’s appointment as an interim chairman, and the RBI’s endorsement of the bank’s corporate governance” would help assuage some of the concerns
Motilal Oswal retained a ‘Buy’ on HDFC Bank and set a target price of Rs 1,100 for HDFC Bank. This implies an upside of 38% from current levels. The brokerage pointed out that “the swift regulatory engagement and interim leadership appointment do provide comfort on operational continuity.”
Nuvama on Reliance Industries
Nuvama retained ‘Overweight’ qon Reliance Industries, citing its presence across energy, telecom and retail that supports earnings stability. The stock, trading near Rs 1,395, is expected to deliver steady growth supported by improving performance across segments.
The brokerage pointed to Reliance Industries’ strength of having multiple revenue drivers that reduce dependence on a single business. At the same time, it acknowledges that valuations remain elevated and performance could be sensitive to global energy trends and domestic consumption.
Motilal Oswal on Varun Beverages
Motilal Oswal maintained ‘Buy’ on Varun Beverages, with a target price of Rs 550, implying around 35% upside. According to the report, CY25 was a subdued year for Varun Beverages, with volume growth coming in at just 8% globally and 2% in India due to unusually heavy rainfall affecting demand. The report further noted that realisations also remained largely flat during the year.
The brokerage points out that underlying demand drivers, such as retail expansion, better electrification, and stronger cold-chain infrastructure, remain firmly in place and should support long-term growth.
Anand Rathi on Hindustan Copper
Anand Rathi Research retained ‘Buy’ on Hindustan Copper and set a target price of Rs 650, implying an upside of 31.13% from current levels. They are constructive on the longer-term prospect, as most of Hindustan Copper’s chemicals are sourced locally, which limits its exposure to global supply disruptions.
Anand Rathi is positive on Hindustan Copper as it expects to see a boost in its production capacity in the long term. It has received a composite licence in January for the Baghwari-Khirkhori block which, after being operational, could support the company’s production growth beyond FY31 and help expand its ore production capacity beyond 12.2 million tonnes.
Nomura on The Indian Hotels Company
Nomura retained ‘Buy’ on The Indian Hotels Company, while trimming the target price from Rs 830 to Rs 800, implying a 28.6% upside. The brokerage house took cognizance of the recent turbulence but says the damage to the fourth quarter earnings is likely to remain limited, while the earnings trajectory from FY26 to FY28 stays intact with a projected annual EBITDA growth rate of 13% to 14% on a compounded basis.
The gap between Indian Hotels‘ share price performance and its operational trend has widened in recent months. The stock has fallen 21% over six months, compared with an 8% decline in the Nifty 50, a move Nomura links largely to geopolitical concerns rather than a deterioration in business performance.
Motilal Oswal on Ipca Laboratories
Motilal Oswal recommended ‘Buy’ rating on Ipca Laboratories, with a target price of Rs 1,820. According to the brokerage report, “We expect IPCA to deliver a 13% revenue CAGR over FY26-28, led by robust performance in domestic formulations and healthy pick-up in exports.”
The brokerage report added that EBITDA and PAT are projected to grow at 17% and 16% CAGR over the same period, driven by better operating leverage. Ipca Laboratories is implementing multiple initiatives to strengthen its domestic formulation segment, such as revamping the cardiology portfolio and expanding into high end cosmo dermatology.
JM Financial on Eternal
JM Financial maintained a ‘Buy’ on Eternal, with a price target of Rs 400, implying an upside of over 80% from current levels. According to the report, the optimism comes despite rising competition in both quick commerce and food delivery, as well as broader macro uncertainties.
Quick commerce and competition go hand in hand. Everyone wants a slice of the up-and-coming segment, as a result, big players like Flipkart and Amazon are also scaling up their dark store networks and competing aggressively on pricing and delivery fees. As per JM Financial, Blinkit remains structurally well-positioned for Eternal.
Disclaimer: This article provides factual analysis only and is not, and should not be construed as, an offer, solicitation, or recommendation to buy or sell securities. Investors must conduct their own independent due diligence and seek advice from a SEBI-registered financial advisor.
