Stocks to Buy: The season of December quarter (Q3) results has started. Brokerage houses have updated their views on many big stocks. Based on reports from top research firms like Motilal Oswal, Nomura, Nuvama, UBS and Jefferies, we have shortlisted 10 stocks from banking, finance, auto and consumer sectors, which can give returns of up to 70%.
Nomura has maintained ‘Buy’ rating on Infosys and given a target of ₹1,810, which shows about 13% upside. According to the brokerage, the company’s guidance upgrade has improved growth visibility despite macro uncertainty.
Infosys has received big deal orders worth $4.85 billion. Also, six big opportunities related to AI – such as AI engineering, data platform and software modernization can support medium term growth.
Nomura has initiated coverage on ITC Hotels with a ‘Buy’ rating and a target of ₹230. This suggests returns of around 20% over the next 12 months.
The brokerage believes that high-single digit RevPAR growth, strong ARR and better occupancy in newly opened hotels will support the company’s growth.
Jefferies maintains a ‘Buy’ rating on HDB Financial Services with a target of ₹920, which implies an upside of about 20%.
The company’s profit increased by 36% to ₹640 crore in Q3. Provisions remained low and fee income was high. AUM grew 12% to ₹11.49 lakh crore, while NIM stood at 8.1%.
Nomura has ‘Buy’ rating on Indian Hotels (IHCL) and a target of ₹830, which suggests an upside of about 22.4%.
According to the brokerage, ADR growth may remain strong as hotel room supply is limited in key business cities. New supply is expected to be very limited between FY25-30.
Motilal Oswal has ‘Buy’ rating on HDFC Asset Management Company and a target of ₹3,200. This shows an increase of about 25% from the current level.
The brokerage expects 16% CAGR in revenue, EBITDA and PAT and 18% CAGR in AUM during FY25-FY28. Despite rising employee expenses, the company’s EBITDA margin remains strong at 81.5%.
Jefferies has maintained ‘Buy’ rating on ICICI Lombard General Insurance and given a target of ₹2,400, which is about 27% upside.
Q3 results were around estimates after removing labor code-related one-time expenses. However, profitability remained under pressure due to high loss ratio in motor insurance.
Anand Rathi has maintained his BUY call on TBO Tek and increased the target price to ₹2,000 from ₹1,725 earlier. This indicates a return of about 32% from the current level.
The brokerage says that TBO Tek’s hold in global travel distribution has further strengthened after the acquisition of Classic Vacations (integration in October 2025). Rapid growth in the hotel segment, expansion in international markets, signs of stability in India business and increasing share of new travel agents are important growth drivers for the company.
UBS believes that growth visibility at Max Healthcare has improved following recent capacity additions. The brokerage has given a target of ₹1,475, which shows about 45% upside.
New hospital beds and better occupancy are expected to strengthen earnings in the coming time.
Nuvama has maintained ‘Buy’ rating on Just Dial and given a target of ₹1,100. This indicates an increase of about 52% compared to the current price of ₹722.
Revenue growth may be limited, but profitability has improved in the short term. EBITDA margin stood at 31.2%, which was better than expected.
Emmvee Photovoltaic Power
Jefferies has maintained ‘Buy’ rating on Emmvee Photovoltaic Power and given a target of ₹320. This shows a return potential of over 70% over the next 12 months.
The brokerage believes solar installations in India will grow at 24% CAGR during FY25-FY28. Early entry into TOPCon technology, strong DCR profitability and a strong balance sheet give the company an edge.
Dividend Socks: Lots of dividends, stock splits, bonus issues next week; Corporate action will be seen in these 10 companies
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