Adani Power, Tata Steel, BHEL, HAL, BDL: Trade deal gainers, top picks, target prices

Antique on Tuesday said the India–US trade deal is significantly positive for Indian equities, as it could reverse foreign portfolio investor equity outflows, a key overhang on markets over the past 15 months, while supporting nominal GDP growth by 50–80 basis points and driving rupee appreciation. The brokerage reiterated its March 2027 Nifty 50 target of 29,500, based on 20 times FY28 earnings per share, and said it remains overweight on financials, capital goods, defence and consumer discretionary sectors.

Antique said banks could benefit from the US–India trade deal, highlighting ICICI Bank Ltd, HDFC Bank Ltd, State Bank of India, Karur Vysya Bank Ltd and City Union Bank Ltd as key names. In information technology services, it sees largecap stocks such as Infosys Ltd, Wipro Ltd and HCL Technologies Ltd, along with midcap names including Persistent Systems Ltd and Mphasis Ltd, as beneficiaries, noting that visa fee concerns and US hiring issues are likely to subside. However, it cautioned that every 1 per cent appreciation in the rupee could lead to a 2 per cent earnings downgrade for the sector.

In pharmaceuticals, Antique highlighted Cipla Ltd and Dr Reddy’s Laboratories Ltd. Within industrials, it named Bharat Heavy Electricals Ltd (BHEL), Apar Industries Ltd, Transformer Rectifiers India Ltd, Larsen and Toubro Ltd’s heavy engineering business, GE Vernova T&D India Ltd and Cummins India Ltd as beneficiaries. In defence, Hindustan Aeronautics Ltd (HAL), Bharat Dynamics Ltd (BEL), PTC Industries Ltd and Raymond Ltd were identified as key gainers.

The brokerage said textile companies such as KPR Mill Ltd, Welspun Living Ltd and Arvind Ltd stand to benefit, while in the power space it prefers Adani Power Ltd and JSW Energy Ltd. In transportation, Adani Ports and Special Economic Zone Ltd was highlighted as a key beneficiary.

In agro-chemicals, Antique named UPL Ltd, SRF Ltd and Sharda Cropchem Ltd, while Studds Accessories Ltd was highlighted in the auto ancillary segment. Syrma SGS Technology Ltd was identified as a beneficiary in the electronics manufacturing services space, LG Electronics India Ltd in consumer durables, and Tata Steel Ltd and National Aluminium Company Ltd in metals.

Meanwhile, below are the stocks that are Antique Stock Broking's top picks.  Antique has also offered target prices for the stocks.