Morgan Stanley maintained its overweight rating on Reliance Industries, keeping the target price at Rs 1,803. The stock remains a top pick among analysts at the brokerage. They cited energy security policies and tighter refining markets as factors keeping product spreads structurally stronger for longer. The company's oil-to-chemicals earnings were supported despite higher logistics costs. Reliance is well positioned in heavy and sour crude processing and diversified sourcing. The chemical cycle recovery is aided by advantaged feedstocks through US ethane and captive naphtha, expected to lift earnings by 6-8% this year. Monetisation 4.0 is underway as solar module, cell, and energy storage manufacturing ramps up. However, this is not fully reflected in valuations. AI monetisation and data centre investments remain a show-me story for investors. The stock trades at 1.1x economic value to invested capital, a 68% discount to domestic peers across verticals, similar to 2018 levels before significant outperformance.
Citigroup initiated coverage on LG Electronics India with a buy rating and target price of Rs 1,800. Analysts highlighted the company's dominant market share in washing machines, refrigerators, TVs, and air conditioners. It operates with over 85% localised in-house manufacturing and strong parent R&D. Low domestic penetration offers a structural growth runway. Its upcoming Sri City plant involves a Rs 5,000 crore capital expenditure.
Macquarie initiated coverage on GMR Airports with an outperform rating and target price of Rs 125. Analysts noted that GMR's India gateway airports are embedded with premium travel consumption. Its captive passenger ecosystems drive spending through retail, duty-free, and integrated monetisation. Its large landbank offers upside through commercial development and ecosystem expansion.
Jefferies has a buy rating on Interglobe Aviation (IndiGo) with a target price of Rs 5,380. Analysts attended the management meeting and shared key takeaways. The airline's management reiterated its pragmatic approach, focusing near-term on pricing over capacity push amid cost inflation. Discussions also focused on long-term tailwinds for aviation sector growth, cost optimisation, and fleet expansion. The airline is expanding forex hedging. The international segment is a key growth lever with new fleet and routes. The company is expanding its geographic and customer profile with recent initiatives.
Nomura maintained its buy rating on Nestle India with a target price of Rs 1,500. Analysts noted that the FSSAI issued a notice to the company over detection of larvae in a Maggi packet. Nestle clarified that the complaint originated from an unverified X account, and independent lab testing of the same batch confirmed samples were free of infestation. The company submitted comprehensive quality records to the FSSAI.
(Disclaimer: Recommendations and views on the stock market, other asset classes, or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India.)
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