Archive · 11 Oct 2026
Brokerages Favor HDFC Bank, TCS and Titan, See Upside
Several brokerages think HDFC Bank, TCS and Titan could perform well.
They gave the companies Buy ratings, which are their opinions that the shares may be worth buying.
HDFC Bank’s analysts are watching its leadership, deposits and ability to improve profits.
TCS could benefit when businesses spend on technology and artificial intelligence, but some projects have been delayed.
Titan is opening more stores and growing in several consumer businesses.
However, Titan’s jewellery sales were weaker than one brokerage expected.
The target prices and upside figures are estimates from the brokerages, not guarantees.
The article says investors should do their own research and consult a registered financial adviser.
HDFC Bank received Buy ratings from Emkay Global, Motilal Oswal and Jefferies, with stated upside estimates ranging from 19.6% to 69.9%.
Analysts see HDFC Bank’s leadership stability, deposit growth and execution as key to improving performance and profitability.
Nomura and Motilal Oswal rated TCS Buy; Axis Securities also issued a Buy, citing AI services and technology demand while flagging project timing and deal conversion.
Nomura rated Titan Buy with a ₹5,425 target and 19.2% stated upside, highlighting retail expansion and consumer growth.
Motilal Oswal reported Titan’s consumer businesses grew about 25% year on year and its network reached 3,758 stores, while jewellery sales missed its estimate.
- Who
- Brokerages including Emkay Global, Motilal Oswal, Jefferies, Nomura and Axis Securities assessed HDFC Bank, TCS and Titan Company.
- What
- The brokerages issued Buy ratings and discussed target prices, growth prospects and risks for the three companies.
- When
- The article references brokerage updates dated October 6 and October 9, 2026; other report dates are not specified.
- Where
- The article concerns Indian companies and their shares.
- Why
- Analysts cited leadership stability, deposits and profitability at HDFC Bank; AI demand and deal conversion at TCS; and retail expansion and consumer-business growth at Titan.
Positive outlook
Risks and uncertainties
HDFC Bank execution
Positive outlook
Brokerages said leadership stability, deposit mobilisation and better execution could support growth and profitability.
Risks and uncertainties
The positive outlook depends on improving deposits, operating performance and returns; Jefferies also highlighted funding costs and loan mix.
TCS growth
Positive outlook
AI services, technology modernisation and vendor consolidation could create growth opportunities; brokerages cited substantial deal activity.
Risks and uncertainties
Discretionary technology spending remains scrutinised, some projects have been deferred, and contract wins must convert into revenue.
Titan growth
Positive outlook
Analysts pointed to store expansion, premiumisation and growth across consumer businesses.
Risks and uncertainties
Jewellery sales fell short of Motilal Oswal’s estimate; Nomura also cited risks from higher gold prices, competition and slower expansion.
- HDFC Bank ratings
- Emkay Global, Motilal Oswal and Jefferies each rated the bank Buy.
- HDFC Bank target prices
- ₹1,225 (Emkay Global), ₹925 (Motilal Oswal) and ₹880 (Jefferies).
- TCS ratings
- Nomura, Motilal Oswal and Axis Securities rated TCS Buy.
- TCS target prices
- ₹2,630 (Nomura), ₹2,400 (Motilal Oswal) and ₹2,360 (Axis Securities).
- TCS AI revenue
- Axis Securities cited annualised AI revenue above US$3.1 billion, up 19% sequentially.
- Titan target price
- Nomura rated Titan Buy with a ₹5,425 target; the article states potential upside of about 19.2%.
- Titan store network
- Titan added 78 net stores in the quarter, bringing its combined retail network to 3,758.
- Titan jewellery sales
- Domestic jewellery sales rose 20%, below Motilal Oswal’s 28% estimate.