Stock Recommendations Today: Tata Motors, Venus Pipes, Macrotech Developers On Brokerages’ Radar NDTV Profit Desk NDTV Profit

Tata Motors Ltd., Venus Pipes Ltd., and Macrotech Developers Ltd. are among the top companies on brokerages’ radar on Wednesday.

Chemicals, information technology, and quick service restaurants are among the sectors analysts have done a deep dive into. Meanwhile, Nomura Research said that it remains underweight on emerging market Asia, barring overweight on Indonesia and Korea.

NDTV Profit tracks what analysts are saying about various stocks and sectors. Here are the analyst calls to keep an eye out for on Wednesday.

Jefferies On Auto

• India’s two-wheeler registration growth has moderated from 12% in April-August to 9% in September-December and 4-5% in January-first half of February.

• TVS is outperforming with double-digit growth and is gaining market share.

• Eicher lagged in April-August but has outperformed with 14% growth in September-January.

• Hero Moto and Bajaj Auto, conversely, are lagging in domestic two-wheeler growth.

• Electric vehicle penetration in two-wheelers remains in the 4-7% range, with Ola facing volume and margin pressures.

• TVS and Eicher are preferred two-wheeler buys.

CLSA On IT Sector

• Capgemini calendar year 2025 revenue guidance seems more of a company-specific issue.

• It is facing incremental headwinds from higher exposure to France, the European Union, and the United Kingdom, besides more exposure to manufacturing than its global and Indian IT peers.

• Reiterated optimistic stance on the Indian IT sector due to improved discretionary demand across the United States, banking and financial services, and retail sectors.

CLSA On Tata Motors

• Upgraded to ‘high conviction outperform’ from ‘outperform’; target price at Rs 930.

• Adverse near-term outlook giving scope to enter at a favourable valuation.

• Jaguar Land Rover is presently trading at 1.2 times fiscal 2027 enterprise value to earnings before interest, taxes, depreciation, and amortisation — way below its normative multiple of 2.5 times.

• After a couple of subdued years for medium and heavy commercial vehicles, cyclical revival from fiscal 2027 would start getting priced in the coming quarters.

Investec On Venus Pipes

• Initiated ‘buy’ with a target price of Rs 1,665.

• Fastest-growing player; backward integration boosts profitability.

• Incremental expansion offers an attractive return on capital employed profile in titanium tubes, hygienic tubes, and fittings.

• Expects earnings before interest, taxes, depreciation, and amortisation to grow at a compound annual growth rate of 21% over fiscals 2024-2027.

Citi On Chemical Sector

• Sees chemicals as one of the sectors at risk of reciprocal tariffs that could be imposed by the United States.

• For the key product categories of organic chemicals and miscellaneous chemical products, the tariff differential between India and the United States is 7%.

• Assuming an equivalent reciprocal tariff, the earnings before interest, taxes, depreciation, and amortisation impact on PI Industries, SRF, and Navin Fluorine could be 12%, 4%, and 5%, respectively.

• Actual impact is likely to be lower owing to offsets from tariffs on other exporters into the United States and possible pass-through via higher domestic prices in the United States.

Jefferies On Macrotech

• Maintained ‘buy’ with a target price of Rs 1,600 per share.

• Consistent pre-sales growth, strong cash flow, low gearing, and expansion in new geographies ensure a sustainable 20% growth and 20% return on equity trajectory.

• Infrastructure development around Palava township has a long runway.

• Sees residential premiumisation and rising land values for Palava over the long term.

Nomura Emerging Market Strategy

• Emerging market investors’ relative allocations to Hong Kong and China equities increased marginally, while allocations to India and Taiwanese equities decreased month-over-month.

• On India, 24 out of 45 funds in the brokerage’s sample set had lower relative allocations.

• Emerging market funds remain underweight on emerging market Asia, barring overweight on Indonesia and Korea.

Macquarie On Two-Wheeler Auto

• Hero Moto: Maintained ‘neutral’; cut target price to Rs 4,292 from Rs 4,792.

• Bajaj Auto: Maintained ‘outperform’ with a target price of Rs 10,299.

• TVS Motor: Maintained ‘outperform’ with a target price of Rs 2,904.

• Eicher Motor: Maintained ‘neutral’ with a target price of Rs 5,156.

• India’s two-wheeler exports witnessed strong recovery in fiscal 2025.

• Latin America has been a key growth driver in recent years.

• Exports to Africa are stabilising, following a sharp decline over fiscals 2022-2024.

• Sees medium-term export potential with growing demand and market share gains in Latin America and Africa, along with electric two-wheeler export potential.

• TVS is best positioned versus peers to leverage growth.

• Top pick in two-wheeler space.

Goldman Sachs On Cable And Wires

• Polycab: Maintained ‘buy’ with a target price of Rs 6,510.

• KEI Industries: Retained ‘neutral’ with a target price of Rs 3,780.

• Recent correction offers an opportunity for entry in the cable and wires sector in India.

• Over ~90% of revenue accruing from the domestic end-market where fundamentals remain strong.

• Exports provide an opportunity with global transmission and distribution spends continuing to be healthy.

• Indian companies gaining traction on a low base.

• Valuations still remain higher than global peers.

• Growth and return profile, along with visibility of that continuing in the medium term, will support premium valuations.

• Keep a close watch on supply additions, which could put pressure on margins, but this does not seem an imminent cause for concern.

Goldman Sachs On Quick Service Restaurants

• QSR players are now gaining share within the food delivery market.

• The dine-in channel seems to be recovering, a positive for QSR players.

• Improved affordability and value initiatives to continue to drive same-store sales growth recovery.

• QSR companies have a favourable base in fiscal 2026, as they lap the impact of geopolitical issues.

• Third quarter of fiscal 2025 was the beginning of a cyclical upturn in QSR; tax cuts will act as a further catalyst.

• Prefer Sapphire and Devyani, as it likes the long-term structural opportunity in KFC.

• Likes Westlife given the company has brought back focus on value.

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