Global investment banking firm Jefferies has rated five stocks 'Buy' across defence, insurance, energy and information technology sectors, with target prices implying upside of 33% to 43%. According to reports from The Financial Express, the brokerage points to different factors behind each of the five calls, with HAL seeing renewed attention around Tejas Mk1A deliveries and its large order book, while ICICI Lombard is expected to benefit from changes in insurance distribution rules and its service-led model.
Jefferies has set a target price of ₹6,800 for HAL, implying 43% upside. The immediate focus for Hindustan Aeronautics is the delivery of Tejas Mk1A aircraft, with the company's chairman and managing director Ravi Kota confident of delivering the aircraft during the year after completing the Tejas Mk1 trainer aircraft contract on September 18, 2026. As reported by The Financial Express, Jefferies said 24 Tejas Mk1A airframes are ready with General Electric engines installed and aircraft testing completed, with the company receiving 10 engines from General Electric while radar and missile integration is 90-95% complete. The brokerage expects 10 aircraft to be delivered this year, compared with its earlier assumption of five.
Jefferies has set a target price of ₹2,150 for ICICI Lombard General Insurance, implying 42% upside. According to reports from The Financial Express, the brokerage's September 30 report follows ICICI Lombard's Digital Day, where management discussed proposed insurance distribution regulations, service offerings, technology investment and motor third-party provisions. The proposed regulations include a lower expense-of-management threshold and greater emphasis on compliance, which could reduce commission-based competition and potentially benefit ICICI Lombard given its service offering, brand awareness and relationships with garages.
Jefferies has set a target price of ₹310 for ONGC, implying about 35.4% upside, making it the highest-upside stock among the energy names. As reported by The Financial Express, the brokerage's September 30 Energy Market Letter comes as crude transportation through the Strait of Hormuz remains disrupted and tanker costs have risen sharply. Commercial vessel movement through the Strait declined 10% week-on-week over the seven days preceding the report, with freight rates increasing 7% week-on-week and up 8x from the start of the conflict. Refining margins have also remained elevated, with Singapore gross refining margins averaging US$14.1 per barrel in the second quarter of FY27.
Jefferies has set a target price of ₹630 for Newgen Software Technologies, implying 33% upside, making it the highest-upside 'Buy' among the selected information technology names. According to reports from The Financial Express, Jefferies' September 30 information technology preview expects the sector to deliver a subdued second quarter of FY27, with mid-sized companies expected to perform better than large information technology companies. The brokerage expects aggregate revenue to grow 1.7% quarter-on-quarter in constant-currency terms and 4% year-on-year during the second quarter of FY27, with organic growth expected at only 0.8% quarter-on-quarter.
