HFCL SHARES JUMP 277 % IN 2026 AHEAD OF RELIANCE JIO IPO ; NUVAMA SAYS BUY RATING . CHECK TARGET PRICE AND JIO CONNECTION

What happened: Nuvama Institutional Equities initiated coverage on HFCL with a buy rating, citing its shift to telecom and networking products, order book, capex and data centre and defence opportunities. HFCL shares rose 277% in 2026. Key numbers: Nuvama set a 12-month target price of ₹380, based on 18 times estimated EV to EBITDA for Q3FY29. Why it matters: Nuvama flagged a slowdown in global data centre capex and delays in HFCL's preform capacity as key risks. HFCL's promoter Mahendra Nahata and family hold 47.87 million Jio Platforms shares, a 0.54% stake, ahead of Jio's proposed IPO.

Nuvama Institutional Equities initiated coverage on HFCL with a buy rating, citing its shift to telecom and networking products, order book, capex and data centre and defence opportunities. HFCL shares rose 277% in 2026.

Nuvama flagged a slowdown in global data centre capex and delays in HFCL's preform capacity as key risks. HFCL's promoter Mahendra Nahata and family hold 47.87 million Jio Platforms shares, a 0.54% stake, ahead of Jio's proposed IPO.