Kolkata: Chris Wood is the global head of equity strategy at major US brokerage Jefferies and he has been bullish about Indian stocks for a number of years. Recently, this US-based firm has recommended four prominent stocks in banking, energy and renewables sectors. These are Reliance Industries, the stock with the biggest market cap in the country, Biggest private sector lender HDFC Bank, IndusInd Bank and JSWW
Jefferies belies all these companies are set to flourish in their respective areas in the coming years which will drive it growth in revenue as well as earnings. Let’s have a close look at the stocks. They have very robust fundamentals and plans to raise capacity expansions.
Reliance Industries target price
Reliance Industries is a company that is never off the radar of analysts. Jefferies has retained its Buy signal and has assigned a target price of Rs 1,785. The stock closed at Rs 1,467.90 on October 20. Renewable energy and battery storage business could boost earnings of this company, think Jefferies. “RIL’s battery foray is part of its Net Carbon Zero 2035 target. BESS addresses challenges of low capture rates, curtailment, and non-solar peak load as RE share of generation rises,” mentioned the brokerage. By 2030, there could be demand of 268 GWh of energy storage in India which will unleash a $21 billion market, said Jefferies.
HDFC Bank target price
HDFC bank is the biggest private sector lender in India and a titan in the equity markets. Jefferies has reaffirmed its Buy rating on this stock and has specified a target price of Rs 1,240. The price of this stock was Rs 1,003.60 at close of trade on October 20. Steady loan growth and improving asset quality are the two main drivers for this bank, though its NIM could be some pressure in the near-term, thinks Jefferies. The bank witnessed a 4.5% QoQ loan growth and a marked decline in credit costs in the last quarter. The brokerage also expects that NIM can rise from October-December quarter of this year.
IndusInd Bank target price
Jefferies has maintained Buy rating on this bank and has mentioned its target price at Rs 920. The current market price is Rs 758.50 (closing price on October 20, 2025). The brokerage thinks the bank will display stable earnings from the next financial year FY27. The lender belonging to the Hindujas suffered a loss of Rs 44 billion in the September on account of higher credit costs and tepid topline performance. IndusInd Bank has written off some NPAs. The situation is expected to become normal in FY27, said the brokerage. “Valuations are reasonable at 0.9x 12-month forward adjusted PB, so we maintain our ‘Buy’ call with a price target of Rs 920 based on 1x Dec-27E adjusted PB,” mentioned the US brokerage.
JSW Energy target price
Jefferies has reaffirmed the Buy rating on JSW Energy. It has also mentioned a target price of Rs 700. A vigorous This indicates a 29% potential upside. The brokerage believes the company’s aggressive capacity addition plan will boost its earnings. Jefferies mentioned how the operating profit of JSW Energy for July-September quarter (Q2) beat estimates by 9%. It was “driven by better utilisation from KSK’s 1.8 GW thermal asset and O2’s 1.8 GW renewable energy assets,” said the brokerage. “We believe JSW Energy should deliver 42% EBITDA CAGR in FY25–28E. Maintain Buy with 29% upside to our PT of Rs 700,” the firm added. “Capacity addition updates, recovery in annual power demand and stable merchant prices” were recognised as possible boosters while execution delays and aggressive bidding by rivals could be chief risk elements.
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