Diwali Muhurat Trading: HDFC AMC, BEL, SBI, VAML among Monarch's picks; 8th Pay Commission, BSFI key Samvat 2083 themes
After sharp corrections in Samvat 2082, Monarch Networth Capital sees potential for a market rally and wealth creation. The brokerage’s Samvat 2083 themes include the 8th Pay Commission and BFSI. Its top stock ideas are Carborundum Universal, CCL Products, Vedanta Aluminium, and more
Diwali stock picks by Monarch Networth Capital (AI image for representational purpose)
Diwali Muhurat trading: Samvat 2082 tested investors’ patience as Nifty 50 and Sensex saw sharp corrections. But historically, such sharp corrections set the base for the market rally and next phase of wealth creation, according to Monarch Networth Capital.
For Samvat 2083, 8th Pay Commission and Banking, Financial Services, and Insurance (BFSI) are likely to remain as key themes for investors to track. Additionally, the brokerage released the list of Diwali stock picks for Samvat 2083 which includes Aster DM Quality Care, Bharat Electronics, Bharti Airtel, Blue Star, Carborundum Universal, CCL Products (India), HDFC AMC, Indegene, Pricol, State Bank of India, TBO Tek, Vedanta Aluminium Metal, and VA Tech Wabag.
Samvat 2083 key themes: 8th Pay Commission, BFSI
Potential approval of 8th Pay Commission in the financial year 2027-28 (FY 28) is likely to put more money in the hands of over 2 crore employees and pensioners and boost consumption.
“Past commissions saw the extra income flow towards automobiles, travel and tourism, premium beverages and consumer durables, and we expect a similar pattern. The premiumization theme could benefit these consumption and discretionary pockets,” read the Monarch report.
Credit and deposit growth are both above 15% and asset quality remained at multi-year best, in the BFSI segment, highlighted the brokerage in its report.
Diwali Muhurat trading: Stock picks for Samvat 2083
Carborundum Universal Limited, CCL Products, and Vedanta Aluminium Limited are among the top three stocks in which Monarch Networth Capital sees more than 40% upside potential.
Buying Range ( ₹)
CMP ( ₹)
Target Price ( ₹)
Upside (%)
Aster DM Quality Care Ltd
660–700
681
835
23%
Bharat Electronics Ltd
Defence
355–385
370
449
21%
Bharti Airtel Ltd
Telecom
1,950–2,000
1,974
2,270
15%
Blue Star Ltd
Consumer Durables
1,580–1,670
1,628
1,911
17%
Carborundum Universal Ltd
Capital Goods
995–1,060
1,030
1,563
52%
CCL Products (India) Ltd
Tea & Coffee
900–960
928
1,415
52%
HDFC AMC Ltd
AMC
2,260–2,360
2,309
2,680
16%
Indegene Ltd
Technology
570–600
585
691
18%
Pricol Ltd
Auto Ancillary
625–660
644
800
24%
State Bank of India Ltd
Banking
945–980
962
1,265
31%
TBO Tek Ltd
Travel Platform
1,495–1,570
1,532
2,043
33%
Vedanta Aluminium Metal Ltd
Metal
340–370
356
525
48%
VA Tech Wabag Ltd
Water Recycling
1,760–1,860
1,812
2,235
23%
CMP on
October 30, 2026
Vedanta Aluminium share price target
Listed after Vedanta demerger, Vedanta Aluminium has the potential to deliver 48% returns to its shareholders in the long-term. India’s largest producer of aluminium and alumina, is expected to deliver strong revenue and EBITDA growth over the next three years, as per the brokerage.
However, fall in aluminium prices, delays in mine approvals and leverage at the promoter level are among key risks. Monarch gave a ‘Buy’ rating with a target price of ₹525 per share.
Carborundum Universal target price
The company offers a differentiated materials-science play, with backward integration across bauxite, fused alumina and silicon carbide (SiC), and growing exposure to engineered materials.
“We value CUMI on a sum-of-the-parts basis, attributing a 45.0x P/E and a 27.0x EV/EBITDA for the core business and separately valuing its stake in listed Wendt India, to arrive at a Sept-2028E base-case target price of ₹1,563.”
CCL Products share price target
One of the largest producers of Instant Coffee for private labels, CCL Products is expected to deliver consistent performance despite volatility in coffee prices. Monarch gave a target price of ₹1415 per share.