Stocks to watch today on brokerages today, June 22: BPCL, HPCL, Eicher Motors, M&M, Reliance Industries and more

Several brokerage firms have revised their outlook on key Indian stocks, including oil marketing companies (OMCs), automobile manufacturers, pharmaceutical firms, and conglomerates. Investors may keep an eye on these stocks following fresh target price revisions and sector commentary issued by major brokerages.

OMC Stocks in Focus After Kotak Securities Upgrades

Kotak Securities upgraded its rating on major oil marketing companies, citing an improved outlook following changes in crude oil price assumptions.

The brokerage upgraded:

• Indian Oil Corporation (IOCL) to Reduce from Sell and raised the target price to ₹150 from ₹120.
• Bharat Petroleum Corporation (BPCL) to Reduce from Sell and increased the target price to ₹320 from ₹245.
• Hindustan Petroleum Corporation (HPCL) to Reduce from Sell and lifted the target price to ₹400 from ₹275.

Kotak Securities stated that it has reverted to a crude oil price assumption of $85 per barrel for FY27 from its earlier estimate of $95 per barrel. According to the brokerage, the operating environment for OMCs has improved, and it does not expect these companies to report losses in FY27. However, it also noted that a complete reversal of earlier benefits may be unlikely.

Auto Sector Stocks on Radar After Goldman Sachs Commentary

Goldman Sachs maintained a positive view on selected automobile manufacturers while updating target prices.

For Eicher Motors, the brokerage maintained its Buy rating and increased the target price to ₹9,100 from ₹8,400.

For Mahindra & Mahindra (M&M), Goldman Sachs retained its Buy rating but reduced the target price to ₹3,650 from ₹4,000.

The brokerage highlighted that periods of softer fuel prices have historically supported demand in categories such as scooters, entry-level cars, premium motorcycles, and premium hatchbacks. Goldman Sachs identified TVS Motor, Eicher Motors, and Maruti Suzuki as companies that could benefit from additional volume growth under such conditions.

The brokerage also noted that rainfall across India has been running below the long-term average and referenced historical data indicating that M&M’s tractor volumes declined during a previous year marked by a similarly weak monsoon. M&M’s management guidance currently points to mid-teens growth for FY27.

HSBC Maintains Positive View on Aurobindo Pharma

HSBC maintained its Buy rating on Aurobindo Pharma with a target price of ₹1,580.

According to the brokerage, Aurobindo Pharma continues to progress toward its goal of achieving $2 billion in US sales. HSBC highlighted the execution of Lannett’s complex generics portfolio and improved capacity utilization as important factors for realizing expected deal synergies.

The brokerage also identified the planned US launch of the generic Advair inhaler (gAdvair) as a key potential catalyst for future growth.

Jefferies Retains Buy Rating on Reliance Industries

Jefferies maintained its Buy recommendation on Reliance Industries (RIL) while slightly reducing its target price to ₹1,675 from ₹1,695.

The brokerage reiterated Reliance’s ambitions in artificial intelligence and highlighted several business segments that could support future performance.

According to Jefferies, the company’s retail and FMCG businesses may benefit from manufacturing integration and export opportunities. The brokerage also noted that Reliance’s new energy initiatives are moving closer to monetization, while its oil-to-chemicals (O2C) business could gain from strength in the petrochemical segment.

Additionally, Jefferies stated that a recovery in retail growth could support a reassessment of the company’s valuation by the market.