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Brokerage and financial firm JM Financial Institutional Securities has given a 'buy' call for Hindalco Industries, Mahindra & Mahindra, Zomato, Bharat Forge, Prestige Estates, and Gujarat State Petronet.

Outlook for Hindalco Industries remains buoyant as Indian aluminium continues to benefit from high realisations coupled with strong recovery in copper volumes driven by recovery in segmental profits, the firm said in a report.

Target price for the company is set at Rs 650, as against current price of Rs 540.5.

For Mahindra & Mahindra, target price is kept at Rs 1,060, as against Rs 850 currently.

Robust demand and with a strong product pipeline are expected to drive growth for the automotive manufacturer, the report said.

"Subdued performance in 3QFY22 was driven by a challenging environment on account of semiconductor shortages, higher commodity prices and weakness in high margin tractor business. We believe the ongoing rural slowdown would continue impacting tractor sales in coming quarters."

However, it expects strong demand for SUVs to continue over the next two to three years and the premiumisation trend would further pick up.

For food aggregator Zomato, target price is at Rs 155 against its current price of Rs 88.80.

"Zomato indicated that it is likely to increase its stake in Blinkit (erstwhile Grofers) following the latter's 100 per cent transition to the quick commerce category."

The firm remains optimistic on such hyper-local ecosystem investments (beyond core food delivery) as they could lead to bundled offerings that would not only help Zomato improve customer engagement, retention and ordering frequency but also drive operational synergies.

For Bharat Forge and Prestige Estates, the target price is kept at Rs 875 and Rs 595, against their current share price of Rs 732 and Rs 452, respectively.

Lastly, the target price for Gujarat State Petronet is kept at Rs 350 versus the current price of Rs 297.