Buy or sell: Stock recommendation by brokers for November 21, 2025
Jefferies has a buy rating on Adani Enterprises with the target price at Rs 2,940. Analysts said that the company has received committee of creditors (CoC) approval for its Rs 14,500 crore resolution plan for JAL (Jaypee), beating others with superior upfront payment terms. Adani Ent’s plan, subject to NCLT clearance, may involve carving out Jaypee’s assets across Adani group entities, like Ambuja for cement, Adani Realty for land/real estate, Adani Power/Green for energy. JAL’s portfolio spans cement, power, real estate, hotels, and E&C projects, all of which offer synergies with the group.Morgan Stanley has an overweight rating on HDFC Bank with the target price at Rs 1,225. Analysts said the bank’s loan growth will broadly be in line with the system and it expects net interest margin (NIM) to stabilise and improve in the current half of the fiscal. They also said the lender’s collection efficiency and delinquency levels remain benign across segments.UBS has a buy on Reliance Industries with the target price at Rs 1,820. Analysts said that the company’s strength in refining would drive improvement in O2C earnings. They also said that the Singapore benchmark did not reflect current margins of diesel-heavy refiners. RIL’s diversified crude sourcing limits impact amid geopolitical dynamics.Macquarie has upgraded Hero Motocorp to outperform with the target price at Rs 6,793. Analysts said that the company’s domestic market share has stabilised, and they see upside risk in both motorcycles and scooters, led by GST reduction and product launches. They also said that electric two-wheeler traction is improving. They also see resilient margins notwithstanding ramp-up in 2Ws as ICE margins continue to surprise positively. They also see the market’s willingness to assign a higher multiple to the stock.ICICI Securities has a hold rating on NSDL with the target price at Rs 1,170. Analysts said the depository is a steady play on India’s capital-market growth with 42% recurring and 58% transaction-linked revenue. The company operates in a duopoly and has a capital-light model with strong return on equity (ROE). The stock is valued at 40x FY28 estimated earnings per share (EPS), in line with the target multiple of CDSL, its only peer in the market. The high valuation reflects long-term compounding potential and market-share gains. NSDL’s new management and digital initiatives are seen as positives while market momentum remains the key swing factor.Disclaimer: The opinions, analyses and recommendations expressed herein are those of brokerage and do not reflect the views of The Times of India. Always consult with a qualified investment advisor or financial planner before making any investment decisions.
