𝗧𝗼𝗽 𝗦𝘁𝗼𝗰𝗸𝘀 𝗧𝗼 𝗪𝗮𝘁𝗰𝗵 𝗼𝗻 𝗝𝘂𝗻𝗲 𝟴: 𝗧𝗶𝘁𝗮𝗻, 𝗕𝗵𝗮𝗿𝘁𝗶 𝗔𝗶𝗿𝘁𝗲𝗹, 𝗔𝗱𝗮𝗻𝗶 𝗣𝗼𝗿𝘁𝘀, 𝗠𝗮

𝗧𝗼𝗽 𝗦𝘁𝗼𝗰𝗸𝘀 𝗧𝗼 𝗪𝗮𝘁𝗰𝗵 𝗼𝗻 𝗝𝘂𝗻𝗲 𝟴: 𝗧𝗶𝘁𝗮𝗻, 𝗕𝗵𝗮𝗿𝘁𝗶 𝗔𝗶𝗿𝘁𝗲𝗹, 𝗔𝗱𝗮𝗻𝗶 𝗣𝗼𝗿𝘁𝘀, 𝗠𝗮𝗿𝘂𝘁𝗶 𝗦𝘂𝘇𝘂𝗸𝗶, 𝗮𝗻𝗱 𝗠𝗠

Morgan Stanley rates Titan overweight with a target price of Rs 5,182. Analysts project 19% annual jewellery revenue growth through FY30. The company aims to grow market share from 8.5% to 11%. Gold exchange programs now drive about 50% of revenue. Supply remains secure despite stricter import rules. Jewellery demand dipped briefly after recent comments from the Prime Minister but has since rebounded. The plain gold opportunity remains large. The company plans to double its eye care market share by FY30 and open 100 new stores in FY27.

CLSA rates Bharti Airtel outperform with a target price of Rs 2,310. Airtel Money, the Africa mobile money unit, plans an IPO in the second half of 2026. The unit reportedly seeks to raise $1.5 to $2 billion at a $10 billion valuation. This marks a four-fold jump from 2021 and equals about 60% of Airtel Africa's market cap. FY26 revenue hit $1.4 billion, up 36% year over year. Earnings before interest, taxes, depreciation, and amortisation rose 31% year over year to $689 million. The service reaches 29% of Airtel Africa's 184 million mobile subscribers. Nigeria has yet to scale up. Airtel Money makes up about 20% of the Africa region. Africa accounts for 25% of Bharti Airtel's consolidated operations.

Goldman Sachs maintains a buy rating on Adani Ports and raised the target price to Rs 1,870. May 2026 cargo volumes hit 48.3 million tonnes, up 16% year over year. Liquids rose 33% and containers rose 17%. Quarter-to-date cargo stands at 91.4 million tonnes, up 15% year over year. Thermal coal handling is rebounding and is expected to stay strong through the summer. May logistics rail volumes fell 19% year over year to 48,170 container units. Growth drivers include Tata Power-linked coal at Mundra, the Vizhinjam transshipment project, liquid cargo at Mundra, and multimodal logistics parks. Earnings estimates and the target price moved up due to strong volume momentum and improving return on capital employed.

摩根大通给予 Maruti Suzuki “增持”评级，目标价为 16,415 卢比。分析师在 4 月份将该股列入“积极催化剂观察名单”。他们预计，在 GST 削减后，首次购车群体将持续复苏。该公司在这一细分市场占据很大份额。其订单量和新增产能应有助于其扩大市场份额。2026 年 4 月至 5 月的批发量同比增长了 38%。零售量同比增长了 22%。零售市场份额同比增长 1.2 个百分点，达到 40%。自 2027 财年开始以来，该股表现落后于 Nifty Auto 指数 4%。分析师预计，利润率将在 2027 财年上半年触底，随后在 2027 财年下半年及 2028 财年有所改善。

野村证券给予 M&M “买入”评级，目标价为 4,580 卢比。分析师预计，产能和新车型将推动增长。公司预计 2027 财年 SUV 的销量增长将在 15% 至 19% 左右。大多数车型面临高需求，但过去两个月供应出现问题。公司预计问题将很快得到解决。到 2027 年 3 月，SUV 产能应会有显著扩张。随后将推出 NU-IQ 平台。公司计划在 2027 财年至 2031 财年期间推出 10 款内燃机车型和 6 款纯电动车型。纳格浦（Nagpur）工厂将从 2028 年开始生产 50 万辆 SUV 和 10 万辆拖拉机。