BSE shares surged 4.32% intraday to ₹4,298 on May 19 following reports of potential inclusion in the benchmark Nifty 50 index. According to Axis Capital, the stock exchange is set to replace Wipro in the Nifty 50 rejig, with the NSE indices rebalancing announcement due in the second half of August, effective from September 30, 2026. The rejig could result in potential fund outflows worth $225 million from the Indian stock market, as reported by Axis Capital. The brokerage expects 1 constituent change in Nifty 50, 5 constituent changes in Nifty Next 50, and no change in Bank Nifty, based on data from February 1 to May 15.
Nomura has initiated a Buy rating on Avalon Technologies with a target price of ₹1,722, positioning it as a play on the global industrial EMS upcycle. The brokerage expects revenue CAGR of 31% over FY26-29 and EBITDA margins to improve from 10.8% to 13.2%, with management targeting revenue doubling over the same period. Jefferies has maintained its Buy rating on AWL Agri but reduced the target price to ₹260 from ₹340, highlighting the company's transition from an edible-oil-led model to a diversified kitchen essentials platform. The foods business is seen as a key growth engine with the foods restructuring expected to support profitable long-term growth.
Citi maintains a Neutral rating on Hindalco Novelis with a target price of ₹1,000, while HSBC maintains a Buy rating with a higher target of ₹1,310. According to reports from Citi, free cash flow is expected to turn positive by end FY27, with the Oswego restart ahead of schedule and Bay Minette project nearing completion. Jefferies maintains a Hold rating with a target of ₹890, noting that fire incidents continued to impact quarterly performance, though the New York plant restart is expected in coming weeks. The brokerage expects insurance recovery may cloud underlying EBITDA performance.
Morgan Stanley maintains an Overweight rating on Mankind Pharma with a target price of ₹2,500, citing strong domestic growth and positive domestic recovery trajectory. Macquarie maintains an Outperform rating on Zydus Life with a target of ₹1,110, reporting strong all-round performance and raising FY28 EPS estimates by 21%. In the banking sector, Citi maintains Buy ratings on both Axis Bank (target ₹1,620) and ICICI Bank (target ₹1,720), with the latter benefiting from broad-based growth led by retail segment and no visible stress from West Asia crisis.
Goldman Sachs maintains a Buy rating on BEL with a target price of ₹475, noting slight miss on estimates but ahead of street expectations with healthy order book maintained. UBS maintains a Buy rating with a higher target of ₹500, highlighting strong order inflows that helped exceed FY26 guidance. The brokerage expects robust performance to be largely priced in, with FY27 order pipeline remaining a key focus area. Citi maintains a Buy rating on Ajax Engineering with a target increased to ₹680 from ₹600, citing Q4 performance ahead of expectations and pricing discipline.
