Muhurat Trading Picks: Tata Steel, Coal India to BEL - HDFC Sec recommends these 10 stocks to buy on Diwali | Full list
Diwali is not just a celebration of light, prosperity and new beginnings; it is also an occasion when investors look to welcome Goddess Lakshmi into their portfolios. Keeping with this age-old tradition, the stock market's annual Muhurat trading session offers investors an opportunity to make symbolic investments and seek prosperity in the year ahead.
As Samvat 2083 begins, investors will be watching the special trading session on Sunday, 8 November, with the NSE and BSE scheduled to open at 2:20 PM IST.
HDFC Securities has recommended 10 stocks across sectors for investors looking to make fresh investments during the Muhurat trading session and hold them until the next Diwali. The brokerage's picks span cement, power, energy, defence, automobiles, housing finance, textiles, metals, pharmaceuticals and infrastructure.
The brokerage has highlighted companies with strong growth prospects, improving operational efficiencies, healthy order books and favourable industry trends.
Its picks include Ambuja Cement, Adani Power, Coal India, Bharat Electronics, Maruti Suzuki India, Can Fin Homes, KPR Mill, Tata Steel, Emcure Pharmaceuticals and Larsen & Toubro.
Here is a closer look at HDFC Securities' investment rationale, recommended buying ranges and target prices for the 10 stocks.
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Target price: ₹481 | Buy range: ₹347–362 | Add on dips: ₹325
HDFC Securities believes Ambuja Cement is well-positioned to deliver improving profitability, supported by higher green-power usage and logistics efficiencies. These factors are expected to aid margin recovery beyond the near-term cost pressures in FY27.
The brokerage expects these gains, along with capacity-led growth, to drive a consolidated volume and EBITDA CAGR of 8% and 17%, respectively, over FY26–FY28. It has recommended buying the stock with a target price of ₹481, valuing the company at 13 times its September 2028 estimated consolidated EV/EBITDA.
Target price: ₹234 | Buy range: ₹185–195 | Add on dips: ₹170
HDFC Securities is positive on Adani Power's strategy to progressively contract its entire operational and upcoming capacity through long-term power purchase agreements (PPAs). This is expected to improve revenue visibility and reduce exposure to merchant power markets.
The brokerage believes the company's disciplined leverage, calibrated expansion plans and increasingly contracted portfolio will support a more stable earnings and cash-flow profile, potentially justifying a valuation premium over peers.
It expects Adani Power to deliver revenue, EBITDA and PAT CAGRs of 18.8%, 19.2% and 10.4%, respectively, over FY27–FY29. HDFC Securities has assigned a target price of ₹234.
Target price: ₹490 | Buy range: ₹389–405 | Add on dips: ₹355
HDFC Securities expects Coal India's outlook to remain positive, supported by a robust volume outlook, healthy e-auction premiums and lower costs.
The brokerage believes strong summer demand and weak rainfall could support higher power demand and coal volumes in FY27. Higher global coal prices could also improve e-auction realisations.
Coal India's strong cash-flow generation and cash balance, even after accounting for elevated capital expenditure and dividend payouts, could support a valuation re-rating over the next few years. HDFC Securities expects the company to report consolidated revenue, EBITDA and PAT CAGRs of 6.2%, 11.2% and 8.4%, respectively, over FY26–FY28. It has recommended the stock with a target price of ₹490, based on 8.25 times FY28 estimated EPS.
Target price: ₹475 | Buy range: ₹368–378
HDFC Securities remains positive on Bharat Electronics, citing its established execution track record, large manufacturing capacity, strong research and development base, and robust order book with healthy order prospects.
The brokerage also highlighted the company's debt-free balance sheet, attractive return ratios and improving profitability as key strengths. It expects BEL to deliver revenue growth at a CAGR of around 14% over FY26–FY29.
HDFC Securities has recommended buying the stock with a target price of ₹475, valuing it at 40 times its estimated EPS for September 2028.
Target price: ₹13,900 | Buy range: ₹11,200–11,600 | Add on dips: ₹10,400
HDFC Securities noted that Maruti Suzuki is outperforming the industry in both domestic and export markets, although this growth has partly come at the cost of margins.
The brokerage expects capacity additions, a healthy booking backlog, the recently launched Brezza facelift and lower dealer inventory to support near-term channel filling. It also expects the company to adopt a less conservative approach to price hikes, helping offset higher raw material, manufacturing and logistics costs.
HDFC Securities remains positive on Maruti Suzuki's new product launch cycle and export growth prospects. It has assigned a target price of ₹13,904, based on 20 times the estimated EPS for September 2028.
Target price: ₹845 | Buy range: ₹720–740 | Add on dips: ₹655
HDFC Securities believes Can Fin Homes is well-positioned to deliver loan growth of more than 15% in FY27, supported by the addition of around 25 branches annually, product and customer diversification, a higher share of direct sourcing and ongoing technology transformation.
However, the brokerage flagged the company's relatively modest loan growth of 9.5% year-on-year amid a moderation in housing demand. Elevated competition and the prolonged impact of its growth initiatives also remain key monitorables.
HDFC Securities has recommended buying the stock with a target price of ₹845, based on 1.35 times its estimated adjusted book value as of September 2028.
Target price: ₹1,289 | Buy range: ₹1,098–1,129 | Add on dips: ₹995
HDFC Securities noted that KPR Mill delivered a strong first-half FY27 performance despite volatility in the global textile industry, driven by trade tensions, policy changes and tariff pressures.
The brokerage expects an improvement in garment realisations to support a recovery in segment volumes as Indian exports become more competitive against Bangladesh and Vietnam in key overseas markets. Benefits from the India-UK free trade agreement are also expected to start accruing in the second half of FY27.
HDFC Securities has recommended buying KPR Mill with a target price of ₹1,289, based on 33 times its FY29 estimated EPS.
Target price: ₹210 | Buy range: ₹168–175 | Add on dips: ₹151
HDFC Securities highlighted Tata Steel's healthy volume growth across retail, automobiles, energy and engineering segments.
While steel prices corrected in the second quarter, the brokerage noted that the management remains confident of delivering higher sequential EBITDA, supported by increased production and cost stabilisation. Cost-saving initiatives are also expected to accelerate in the second half of FY27.
The company continues to focus on cost optimisation and value-added products to mitigate potential margin pressures beyond 2030. HDFC Securities has recommended buying the stock with a target price of ₹210, based on 15 times FY28 estimated EPS.
Target price: ₹2,208 | Buy range: ₹1,863–1,898 | Add on dips: ₹1,681
HDFC Securities expects Emcure Pharmaceuticals' domestic growth strategy to benefit from stronger execution across priority franchises, improved field-force productivity and a differentiated product pipeline developed in-house and through strategic partnerships.
The company is prioritising women's health and cardio-metabolic therapies, along with central nervous system, oncology, renal, dermatology and consumer healthcare segments. The brokerage believes this strategy will help strengthen its presence across key therapies.
It expects growth across business segments and operating leverage to drive EBITDA and PAT CAGRs of 18.5% and 25%, respectively, over FY26–FY29. HDFC Securities has recommended buying Emcure Pharmaceuticals with a target price of ₹2,208, based on 25.5 times H1FY29 estimated EPS.
Target price: ₹4,458 | Buy range: ₹3,840–3,935 | Add on dips: ₹3,585
HDFC Securities expects Larsen & Toubro to deliver strong growth, backed by a robust order book and a healthy pipeline of large domestic and international projects. The brokerage highlighted the company's evolving business mix, with international orders, particularly from the Middle East, accounting for more than half of its order backlog.
It remains positive on L&T's execution capabilities, strong balance sheet, healthy subsidiary performance and the opportunity arising from rising public capital expenditure in the energy transition space.
The brokerage expects consolidated revenue, EBITDA and PAT to grow at CAGRs of around 13%, 14.5% and 21%, respectively, over FY26–FY29. It has recommended buying the stock with a target price of ₹4,458, based on approximately 23.5 times H1FY29 estimated EPS.
Dhanya Nagasundaram works as a Content Producer at LiveMint, specializing in news related to financial markets, stocks, and business. With over eight years of experience in journalism and content creation, she has honed her skills in data-driven reporting and market analysis. Her focus is on monitoring stock trends, initial public offerings (IPOs), corporate news, policy shifts, and larger economic trends that affect investors and market players. <br><br> At LiveMint, Dhanya consistently writes and produces articles that make complex financial topics accessible to readers. She keeps a close eye on equity markets, commodities, and macroeconomic indicators, assisting audiences in comprehending how global and domestic events influence investment perspectives. Her stories frequently underscore emerging trends within sectors, the IPO market, company earnings results, and market strategies pertinent to both retail and institutional investors. <br><br> Before her tenure at LiveMint, Dhanya accumulated a wealth of professional experience at various companies, including MintGenie, Informist, Cogenics, Chary Publications, KPMG, and the Royal Bank of Scotland. These positions allowed her to establish a solid foundation in financial research, reporting, and content creation. <br><br> Throughout her career, she has explored numerous subjects such as trading strategies, commodities, IPOs, wealth generation, corporate profits, and macroeconomic indicators. Her background in both financial journalism and corporate settings has given her the ability to tackle stories with analytical rigor while ensuring clarity for her audience. Through her contributions, Dhanya strives to deliver insightful, trustworthy, and investor-centric financial content.
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