Amid a more than 2% drop in the Nifty this month due to Middle East tensions and foreign investor outflows, InCred Equities has selected 11 stocks expected to perform well in the coming quarters. The recommendations come as India faces higher crude oil prices, given its import of nearly 90% of its oil needs. All stocks receive an 'Add' rating with target prices implying various upside potentials.
The Indian stock market has experienced volatility, with the Nifty index declining over 2% this month. This downturn is linked to escalating geopolitical tensions in the Middle East and ongoing foreign institutional investor (FII) outflows. The situation is particularly challenging for India, which imports about 90% of its oil requirements, as crude oil prices have risen.
In response to this backdrop, InCred Equities has highlighted 11 stocks it views as strong performers for the upcoming quarters. Each recommendation carries an 'Add' rating, along with specific target prices and estimated upside percentages from current levels.
The list includes:
- HDFC Bank, with a target of Rs 1,180 per share, suggesting 34.2% upside.
- Tata Consultancy Services, targeted at Rs 3,663 per share, indicating 40.1% upside.
- Bajaj Finance, at Rs 1,200 per share, for 22.7% potential gain.
- Maruti Suzuki India, with a target of Rs 17,561 per share, implying 22.1% upside.
- Axis Bank, targeted at Rs 1,500 per share, for 9.3% upside.
- UltraTech Cement, at Rs 14,550 per share, suggesting 16.2% potential.
- Tata Steel, with a target of Rs 224 per share, indicating 6.2% upside.
- Tata Motors' commercial vehicles business, at Rs 521 per share, for 4.6% upside.
- CG Power and Industrial Solutions, targeted at Rs 900 per share, implying 26.4% gain.
- Lupin, at Rs 2,675 per share, for 15.7% upside.
- GE Vernova T&D, with a target of Rs 5,000 per share, suggesting 32.5% potential.
These picks aim to offer opportunities despite market pressures, though the firm notes that views expressed are its own and not those of the publication.
