April 16 brings fresh investment recommendations from leading brokerages including HSBC, Citigroup, Jefferies, and Elara. These updates cover top-performing stocks such as L&T, Vodafone Idea, Ajanta Pharma, and Orient Cement. Additionally, global brokerages have raised their outlook for gold amid increasing economic uncertainty.
L&T – Hold (Target: ₹3,600) – HSBC
HSBC has reiterated a ‘hold’ rating on Larsen & Toubro (L&T) with a price target of ₹3,600. The brokerage anticipates robust Q4 results driven primarily by the Plant & Machinery division, which is expected to offset softness in services revenue.
- FY26 Outlook:
- 7–10% growth in order inflows
- Over 15% revenue growth
- 30–40 basis points expansion in EBITDA margins in the plant & machinery segment
Vodafone Idea – Buy (High Risk) (Target: ₹12) – Citigroup
Citigroup has assigned a ‘Buy (High Risk)’ rating to Vodafone Idea (VI) with a price target of ₹12. The call follows the government’s conversion of ₹3,700 crore spectrum dues into equity, giving it a 49% stake in the company.
- Positives:
- Upgrade to BBB- investment grade by ICRA
- Improved debt-raising ability
- Potential long-term synergy with Indus Towers
Ajanta Pharma – Buy (Target: ₹2,850) – Jefferies
Jefferies has initiated coverage on Ajanta Pharma with a ‘buy’ rating and a target of ₹2,850.
- 70% revenue from high-entry-barrier branded generics
- Strong presence across key geographies
- Forecasted 19% CAGR in net profit from FY25 to FY27
- Consistent double-digit growth and strong free cash flow
Orient Cement – Sell (Target: ₹225) – Elara
Elara has maintained a ‘sell’ rating on Orient Cement with a target of ₹225. The call is based on expectations of a stock price decline post-open offer.
- Estimated rejection ratio: 51% (if full participation)
- Long-term oversupply risks in the South Indian market
Gold Outlook – Goldman Sachs & UBS Raise Price Targets
Amid recession concerns and strong central bank demand, two global brokerages have raised their gold price forecasts:
- Goldman Sachs: $3,700/oz (previously lower)
- UBS: $3,500/oz
Both firms highlight:
– Increased ETF inflows
– Hedging recession risk
– Growing demand for safe-haven assets
– Expectations for the gold rally to extend into 2026
