Nomura initiated its coverage of Lloyd Metals with the target price at Rs 1,600. Analysts said that supported by low-cost iron ore assets to 2057, vertical integration into steel, predictable (MDO) earnings, and diversification into copper, LMEL is transitioning from a pure-play miner to a more stable, diversified and less cyclical business model. They estimate LMEL to generate consolidated earnings before interest, taxes, depreciation, and amortisation (EBITDA) of Rs 10,900 crore by FY28F from Rs 1,900 crore in FY25, implying a compounded annual growth rate 77%. The risks include a delay in steel capacity, political unrest in the Democratic Republic of the Congo affecting copper business, BHQ beneficiation not yielding the same results as seen in the pilot project, and resurfacing of Naxal activities.BoFA Securities upgraded Vedanta to buy from neutral with the target price raised to Rs 840 from Rs 480. Analysts said they upgraded the stock given a bullish view on aluminium, supportive silver prices, and a healthy dividend yield. Moreover, significant deleveraging at the parent company level minimizes risk of an increase in brand-fee rates or inter-corporate loans. They raised FY26-28 expected EBITDA by 16-21% as they incorporated higher aluminium forecasts, higher fair value of HZ, depreciation of the rupee, and a reduced holding-co discount of 5% (vs 15% earlier).Jefferies has a buy recommendation on Adani Enterprises with the target price at Rs 2,750. Analysts said FY27 as a key ramp-up year for the company, led by scale up at airports (particularly Navi Mumbai Airport), copper (smelter utilization) and roads (Ganga Expressway). New industries will focus on solar manufacturing expansion. And the recent capital raise will strengthen the balance sheet. Analysts also said that the company’s data centre business is targeting 210 MW capacity over the next 18–20 months. And the company’s playbook remains to incubate new businesses to scale using operating leverage.CLSA has an outperform rating on TCS with the target price at Rs 3,593. Analysts said that TCS has partnered with ServiceNow to accelerate large-scale AI adoption for enterprises. ServiceNow has grown strongly, backed by a strong order book implying similar growth for system integrators around SaaS implementation having strong partnerships with these platforms. ServiceNow has partnered with foundation model companies like Anthropic and OpenAI which improves the customer experience on the platform. However, they said that TechM has the strongest ServiceNow capabilities across Indian and global peers.Elara Capital has upgraded Garden Reach Shipbuilders & Engineers (GRSE) to reduce from sell with the target price raised to Rs 2,300 from Rs 2,030. Analysts said the value of the next generation corvette (NGC) order from the Indian Navy has been raised 32% to Rs 33,000 crore and its order book is seen reaching lifetime high of Rs 50,000 crore by March 2026. Analysts see defence order pipeline at Rs 1.5 lakh crore and non-defence at Rs 1 lakh crore over the next 12–18 months. For the company, the revenues would commence in FY28 with the first ship delivery scheduled in FY31, followed by one ship every six months. The company has also announced a Rs 3,000 crore capex for greenfield expansion at Kandla and Bhavnagar. GRSE’s target price is based on 35x Dec 2027 core shipbuilding value plus cash value.
