Brokerage Views: Jefferies Sectoral Picks, Citi On Lupin And More

Jefferies said it is cautious on Indian equities in the near term and has banks and staples as some of its sectoral picks. Citi has maintained its 'sell' call on Lupin Ltd., citing likely delay in the generic launch of an important drug in April 2025, while Motilal Oswal Financial Services Ltd. is upbeat on Persistent Systems Ltd.

NDTV Profit tracks what brokerages are putting out on stocks and sectors. Here are all the top calls from analysts you need to know about on Monday.

Jefferies On India Equity Strategy

India's macro story remains strong.
Growth uptick led by a capex cycle which has further headroom to expand.
Strong performance of Indian markets due to domestic flows.
Domestic investor flows has legs but toppish in near term.
It expects foreign flows to provide cushion to Indian markets.
It is cautious on Indian equities in the near term.
The investment bank is overweight on telecom, banks, staples, two-wheelers and power. On the long term, it also prefers industrials and real estate.

Also Read: Domestic Flows May See Short-Term Pause; FPIs To Provide Cushion: Jefferies

Morgan Stanley On Indian Steel Sector

Domestic steel prices remain range-bound, and the investment bank expects continued downward pressure.
Lower import prices will continue to pressure domestic prices, the brokerage said.
Domestic inventory de-stocking to be slow in near term.
Underperformance in steel stocks will continue to be supported by unfavourable valuations.
Steel companies see no material improvement in inventory levels and spreads.

Also Read: Piyush Goyal Invites Steel Industry Leaders For Talks On Carbon Tax Concerns

Citi On Lupin

The brokerage maintained 'sell' rating on the stock with a target price of Rs 1,700 per share, implying a potential downside of 24.7% to the previous close.
The drugmaker’s generic launch of gJynarque—used to slow kidney function decline—in April 2025 may now be an 'at risk' launch.
The generic share generally remains low in 'at risk' launch, compared to a normal launch and there may be delay around injunctions/restraining orders, etc.
The company may also decide to delay the launch of drug.
gJynarque contributes around 30% of the bank's fiscal 2026 EPS estimate.

Also Read: Lupin Launches Generic Cancer Treatment Drug In US Market

Jefferies On JSW Group

The brokerage met with the management recently. These were the key takeaways:

India at inflection point of growth and policy, giving immense opportunities.
Target of 42 million tonnes per annum by September 2027 and 50 mtpa by fiscal 2031.
The energy business grew from 4.6 GW in fiscal 2020 to 7.3 GW in fiscal 2024 with 2.6 GW under construction.
Thermal continues to be important for India, while hydrogen technology is still evolving.

Also Read: JSW Neo Energy Secures 400-Megawatt Wind-Solar Hybrid Project

Motilal Oswal On Persistent Systems

The brokerage maintained 'buy' rating on the stock with a target price of Rs 6,300 apiece, implying a potential upside of 21% to the previous close.
The company is targeting a revenue of $2 billion by fiscal 2027.
It is implementing strict cost management strategies and benefitting from vendor consolidation and high demand areas.
The company aims to increase European share in its turnover from 7-8% to 12%.
It expects 18% dollar revenue growth up to fiscal 2027 and 21% compounded annual growth in earnings-per-share.

Also Read: Domestic Flows May See Short-Term Pause; FPIs To Provide Cushion: Jefferies

Motilal Oswal On Medanta

The brokerage maintained 'buy' rating on Global Health Ltd., the operator of hospital chain Medanta, with a target price Rs 1,380 per share, reflecting an upside of 24% from its previous closing.
Building of new hospitals is on the path of recovery and it has witnessed uptick in volumes over last two months.
The company aims to grow capacity to 3,373 beds by end of this fiscal and 5,173 beds over longer term.
Matured hospitals are sustaining the growth momentum and the brokerage expects a healthy 18% earnings growth compounded annually over the next two years.
The company is valued at 33 times its 12-month forward enterprise value-to-Ebitda ratio.

Also Read: Medanta Gets Target Price Hike As Motilal Oswal Maintains 'Buy'