ICICI Bank, Zomato, Mamaearth among 27 buy recommendations from Jefferies

Within financials, Jefferies has picked ICICI Bank, Axis Bank, IndusInd Bank, ICICI Pru Life, Bajaj Finance, Cholamandalam Finance and Shriram Finance.

Jefferies picked Eicher Motors, Tata Motors and TVS Motors in the auto pack. It expects strong cyclical recovery in two-wheelers. For Tata Motors, JLR along with improving the PV/EV franchise hold the key.

Within metals, Coal India is the only pick. "Our PT of Rs385 is based on 7.5x Sep-25E PE, which provides TSR (total stock return) of 23% including 7% dividend yield," Jefferies said.

Larsen & Toubro (L&T) is its top pick in this space for a SOTP based price target of Rs 3,400. Thermax, NTPC and JSW Energy are other buy recommendations.

Godrej Properties is Jefferies' top bet as improvement in profitability and cash flows will drive a rerating in the stock.

The US-based brokerage selects Bharti Airtel in the telecom sector. Moderating capex, rising Ebitda will help Bharti to deleverage its balance sheet by $7bn over FY25-26. Buy with a price target of Rs 1,085.

Recently listed Honasa Consumer, which sells Mamaearth brand is among its top picks alsong with Godrej Consumer Products (GCPL) and Zomato.

Sun Pharmaceuticals is recommended as a buy for target of Rs 1,310. Others in contention are Piramal Pharma and Max Health. Targets are Rs 135 and Rs 685, respectively.

UltraTech Cement is suggested as a buy given the strong earnings revival prospects. Jefferies expects the stock to re-rate.

Jefferies also identified midcap stocks like Kajaria Ceramics, Amber Enterprises and Supreme Industries. Respective targets are Rs 1,565, Rs 3,990 and Rs 5,200.