ICICI Securities has upgraded Jindal Stainless to 'Buy' from 'Add' and set a target price of ₹875 based on 18x FY28E P/E, as reported in their research report dated August 05, 2026. The brokerage's upgrade comes despite recent challenges, with Jindal Stainless reporting Q1FY27 EBITDA of ₹13.2bn (+1% YoY/-9% QoQ) due to production disruptions caused by industrial gas shortages. Management refrained from providing new guidance following a volume miss, previously guiding 7-9% growth.
Brokerages have shared mixed views on select stocks, with Morgan Stanley remaining bullish on International Gemological Institute (IGI), Goldman Sachs reiterating its positive stance on Jindal Stainless, and Citi maintaining a cautious outlook on Biocon. According to reports from The Economic Times, these recommendations reflect varying assessments of different sectors and companies within the Indian market.
Morgan Stanley's bullish stance on IGI is supported by strong long-term growth prospects, as reported by The Economic Times. The company's growth is backed by a robust certification market and its strategic transition towards a stronger consumer-focused business. This shift positions IGI to capitalize on growing consumer demand for certified gemological services.
ICICI Securities expects gradual recovery for Jindal Stainless, with the commissioning of its Indonesia 1.2mtpa SMS facility and ramp-up of downstream expansion projects supporting volume growth in FY28. The brokerage forecasts volume CAGR of 6%, rising to 2.9mt over FY26–28E, with higher contribution from the Nickel Pig Iron (NPI) project being EPS accretive. Despite current challenges, the company remains one of preferred picks in the metals space.
Citi maintains a cautious outlook on Biocon, as reported by The Economic Times. This recommendation contrasts with the more optimistic views on other companies, reflecting different brokerage assessments of the pharmaceutical sector and Biocon's specific business prospects.
