Diwali stocks to buy! 8 stocks with upside potential of up to 52%
Samvat 2082 proved challenging for Indian equities, marked by heightened volatility, intermittent recoveries and a significant correction in benchmark indices. Over the next 12 months, the sustainability and breadth of corporate earnings growth are likely to be the key drivers of equity market returns. Here are 9 stocks Axis Direct is bullish on this Diwali.
ITC Ltd. has a target price of Rs 360 against its current market price (CMP) of Rs 259, indicating an upside potential of 39%. The stock carries a BUY recommendation.
2/8
Larsen & Toubro
Larsen & Toubro has a target price of Rs 4,550 compared with its CMP of Rs 3,801, translating into an upside potential of 20%. The recommendation is BUY.
3/8
Mazagon Dock Shipbuilders has a target price of Rs 2,905 against its CMP of Rs 1,731, indicating an upside potential of 68%. The stock has a BUY recommendation.
ETMarkets.com
4/8
Olectra Greentech
Olectra Greentech has a target price of Rs 1,500 compared with its CMP of Rs 985, suggesting an upside potential of 52%. The recommendation on the stock is BUY.
ANI
5/8
Coforge
With a target of Rs 2,245, Axis analysts forecast 18% upside from current levels. From FY20-26, Coforge has delivered a Revenue/EBIT/PAT CAGR of 26%/26%/24%, led by healthy momentum in deal wins and client additions across key verticals, particularly BFS and travel, transportation and hospitality.
ETMarkets.com
6/8
Hindalco
With a share price target of Rs 1,000, analysts see 15% upside potential. While LME aluminium prices have corrected amid easing supply concerns in the Middle East and higher aluminium production from China and Indonesia, Hindalco is expected to deliver stable performance, largely supported by Novelis.
Agencies
7/8
APL Apollo Tubes
Axis analysts have pegged the target at Rs 2,340, an upside of 15% from current levels. Management has highlighted war-driven global disruptions and near-term sector headwinds, such as steel price increases, channel destocking, and energy/labour shortages. As a result, the earlier FY27 volume growth guidance of 20% YoY was revised to the lower end of 15-20%.
ETMarkets.com
8/8
Elecon Engineering
With a target of Rs 500, Axis forecasts 20% upside potential in the stock. Elecon is well-positioned to capitalize on sustained domestic investments in steel, power and cement, alongside improving overseas enquiries and recovery in global markets. Supported by its leadership in Gear and MHE, advanced manufacturing capabilities, and customized engineering solutions, the company expects 15% revenue growth in H2FY27.