Adani Power, ITC & more: Top stocks to buy on November 3 — check list

Jefferies has a buy on Adani Power with the price target at Rs 195. Analysts said the company’s Sept quarter earnings before interest, taxes, depreciation and amortisation (EBITDA) was 4% lower than expectation due to lower utilisation on weak power demand. They also feel the recent thermal tariff power purchase agreements (PPAs) are being signed at close to Rs 6/unit against sub-Rs 5.5/unit earlier, which should lead to better profitability for FY28-FY30.Nomura has a buy on ITC with the target price at Rs 540. Analysts said the company’s July-Sept quarter (Q2FY26) was in-line with expectations. They expect the paperboard business to recover soon, while its agri business declined on high base and the foodtech business is scaling up.Citigroup has maintained its buy rating on Hyundai Motor India with the target price raised to Rs 2,900 from Rs 2,850 earlier. Analysts said results were broadly in line with net profit about 1% above estimate. The company saw strong festive demand, combined with the effect of cut in GST rates. The company also saw its compact SUVs outperform the market while rural market demand remains in focus. Analysts also expect exports growth to exceed its 7-8% growth guidance.Morgan Stanley maintained its underweight rating on Cipla with the target price at Rs 1,396. Analysts said its Q2FY26 was in-line with expectations while the company lowered its margin guidance. They said muted FY25-FY28 earnings per share (EPS) compounded annual growth rate (CAGR) of just 1% keeps them underweight. They also said that the company could face a slowdown in earnings in the near-term and there is limited visibility growth for the next few months.CLSA has an outperform rating on Swiggy with the target price at Rs 493. Analysts said Q2FY26 was a mixed bag with marked improvement in contribution per order for Instamart but at the cost of a deceleration in order growth and customer additions. They said food delivery was also a mixed bag with better take rates but a slightly lower-than-expected contribution and EBIDTA. While Swiggy has made positive strides, gap in execution compared with Eternal widened this quarter, analysts said.(Disclaimer: Recommendations and views on the stock market, other asset classes or personal finance management tips given by experts are their own. These opinions do not represent the views of The Times of India)