As India prepares to celebrate Diwali next week, investors will welcome Samvat 2083 after a challenging year for equities.
SBI Securities expects a gradual recovery after two years of consolidation. The primary catalyst for this recovery, according to the brokerage, will be a pullback in crude oil prices below $90 per barrel.
SBI Securities noted that Tata Steel is one of the world’s most geographically diversified steel producers, with an annual crude steel capacity of over 36 million tonnes per annum (MTPA). The company’s operations are fully integrated– from mining to the manufacturing and marketing of finished products. Its manufacturing assets are spread across India, Netherlands, UK and Thailand. “We believe the sharp rise in HRC and Rebar prices shall more than offset the recent cost increase for steelmakers like Tata Steel, with full impact of higher realizations to be seen in Q3 FY27,” the brokerage said, keeping a target price of Rs 200 per share for the stock.
SBI Securities highlighted that Indian Hotels Company (IHCL) is India’s largest hospitality player with a diverse portfolio of 390 operational hotels across 15 countries under iconic brands such as Taj, SeleQtions, Vivanta, and Ginger. The company commands an industry RevPAR premium of over 60%, driven by its strong brand leadership. Under its 'Accelerate 2030' strategy, IHCL targets 700+ hotels and consolidated revenue exceeding Rs 15,000 cr by 2030. The company’s management recently revised its FY27 consolidated revenue growth guidance upward to 15-17%, backed by robust Q2 FY27 performance and favorable upcoming seasonal demand. SBI Securities has set a target price of Rs 935 for the stock.
Multi Commodity Exchange of India (MCX) commands a dominant market share of 99% in the domestic commodity derivatives segment, acting as a direct play on global commodity volatility. The brokerage noted that MCX enjoys strong operating leverage benefits aided by an in-house Commodity Derivatives Platform, expanding EBITDA margins to 72% in FY26. The brokerage expects MCX's revenue, EBITDA, and PAT to grow at a CAGR of 24%, 24.3%, and 25.2% respectively over FY26-FY28, keeping a target price of Rs 3,633.