Macquarie's India playbook: 6 stars, 6 hitters, and 6 rising stocks

Macquarie initiated coverage on Trent with a target price of Rs 7,000

Global brokerage firm Macquarie released its latest strategy note on India, offering a detailed set of "Buy Ideas" that span across various sectors and investment themes. The brokerage segmented its top stock picks into three categories: "6 Stars," "6 Hitters (Tactical)," and "6 Rising Stars," offering investors a diversified set of opportunities.

Macquarie’s “6 Stars” list includes industry leaders such as TCS, HDFC Bank, Sun Pharma, Mahindra & Mahindra (M&M), Trent, and PFC. Notably, the brokerage has initiated coverage on Trent with a target price of Rs 7,000, citing its potential to become a dominant force in retail not just within India, but also across Asia.

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On a more tactical front, Macquarie has identified Reliance, NTPC, Wipro, Tata Motors, BEL, and Shriram Finance as short- to medium-term outperformers. Among these, Tata Motors stands out with an “Outperform” rating and a price target of Rs 826, as management remains confident about delivering JLR’s net cash balance sheet by March 2025, a milestone that could significantly boost the stock’s outlook.

The “Rising Stars” basket includes IRCTC, Uno Minda, AB Capital, Devayani International, Delhivery, and Lemon Tree Hotels. Macquarie expressed a positive view on the restaurant sector in general, attributing its growth potential to higher discretionary incomes and changing consumption patterns.

AB Capital is marked as one of Macquarie’s top picks among financials, with the firm projecting the stock to potentially double in value over the next three years, assigning a 12-month target of Rs 260.

Uno Minda also received an “Outperform” rating with a target price of Rs 1,157, driven by its diversified revenue mix and broad components portfolio, which are expected to support medium-term growth.

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