Reliance, Mahindra & more: Top stocks on brokers' radar for May 9

Bernstein initiated its coverage of Titan with an outperform rating and a target price of Rs 4,200. Analysts said Titan is best placed to capture increasing formalization and contemporization of jewellery demand in India.

While Titan has a storied legacy of 23% earnings per share (EPS) compounded annual growth rate (CAGR) for two decades, it trades at a five-year low price-to-earnings (PE) due to three controversies, they said. Those are the rapid rise in gold price, jewellery demand is becoming more formal, contemporary and competition is increasing, and natural diamond-lab grown diamond (LGD) dynamics. Analysts said natural diamond-LGD dynamics threatens its studded jewellery sales, which provide higher margins.

While this is a key long-term risk, we think the 1-2- year impact may be muted.Cantor has initiated its coverage of Ambuja Cement with an overweight rating and a target price of Rs 745. Analysts said from a regional leader the company is now a pan-Indian champion, which is also transforming the cement industry. The company is also enhancing its cost leadership through various initiatives, alongside its plans to reduce raw material costs by 8-10%.

They believe Ambuja's shares could trade at an 18.5x in bull case scenario, resulting in a price of Rs 1,000.UBS resumed its coverage of Reliance Industries with a buy rating and a target price of Rs 1,750. Analysts said the company is building India's digital and new energy future, while Jio & Retail are entering a ‘harvesting’ phase. They also feel diversified O2C reduces cyclicality as new energy scales up in coming years. They expect new energy to start contributing EBITDA from FY27 with 10GW of Solar PV and 15GWh of battery capacity by then.

Given upcoming value unlocking potential in these less cyclical and faster growing businesses, see room for re-rating in stock, analysts said.Morgan Stanley maintained its overweight rating on Aditya Birla Capital with an increased target price of Rs 330 from Rs 320. Analysts raise FY27-28 earnings estimates for the NBFC business on lower provisions. They also raised Fy26-28 HFC business earnings estimates on higher revenues and lower operating costs.CLSA has an outperform rating on Avenue Supermarts with a target price of Rs 6,406. Analysts said they maintained a high conviction outperform rating on the stock with a 36% upside. They said DMart is gaining edge on ratings and engagement, and the company stands out on the quality of its reviews and number of reviews in metro areas and smaller towns. The company’s consistently lower prices and assortment are keys to its success. They believe its value does not reflect the faster pace of its store additions, its push into private labels and strengthening of its profitability moat.