Diwali 2023- ICICI Bank, Maruti, UltraTech, Polycab amongst top 10 picks by SBI Securities

During Samvat 2080 according to SBI Securities -India still the An Emerging Global Economic Powerhouse: They say that according to the latest World Economic Outlook – October ‘2023 report from the IMF, India’s FY24 GDP growth estimate has been revised up by 0.2% to 6.3% and it will be the fastest growing economy in the world.

Also read- Market outlook for Samvat 2080: Positives outweigh possible negatives

India’s favorable macro setting along with the inclusion of Indian government bonds in the JP Morgan Emerging Market Debt Index is to ensure stability in Dollar-Rupee over the next 1 year, SBI Securities said. India’s macro setup is on a relatively stronger footing with a Debt to GDP ratio at 84%, no change in the government’s borrowing program in 2HFY24 ahead of the Lok Sabha election next year, strong tax collection – (1HFY24 direct tax collection and GST up 22% and 11% YoY respectively) and forex reserves by $583.5 bn (8-10 months of import cover).

Healthy Earnings Growth for Nifty50 companies along with reasonable valuations: Nifty50 companies are likely to report a healthy 12.5% ​​CAGR (compound annual growth rate) earnings during the FY23-FY26 period. Nifty50 is trading at FY24 and FY25 estimated price to earnings multiples of 19.8 times and 16.9 times which are neither expensive nor cheap.

Strong domestic fund flows likely to support the market at lower levels: Monthly SIP contribution in equity mutual funds is at an all-time high (~ 16,000 cr in Sep’23) and increased by 22% YoY during the period Apr’23-Sep’23 at 90,312 cr. This, along with the number of disrated accounts exceeding 12 mark, will attract fund flows from DIIs and retail investors at lower levels, in case of any deep correction due to an unknown factor.

A sector to focus on: According to SBI Securities sectors to be targeted are Consumer, Auto, BFSI (Banks, AMCs, Insurance, NBFC, Stock Market Intermediaries), Real Estate, Travel & Tourism, Engineering & Cap Goods, Telecom and growing sectors to fast as Renewable, EMS etc.

Also Read – Stocks To Watch Today- Coal IndiaLIC, ONGC, SAIL, Biocon, Solar TV network

SBI Securities Diwali Picks 2023

ICICI Banl Ltd – SBI Securities Target Price of 1,081 represented 18% upside to the market price of approx 915

Maruti Suzuki India Ltd– The target price of it 12,000 represents a 15% increase from the market price 10,391

Ultratech Cement Ltd – The target price of it 9,800 showed 16% upside to amrket price of 8,422

Polycab India Ltd– The target price of it 5,877 represents 19% upside to the current market price of 4,922.

Kalyan Jewelers India Ltd– The target price of it 364 shows 26% upside with 289.

Praj Industries Ltd – The target price of it 633 shows 18% upside with 536

Titagarh Railway Systems– SBI target price of 988 shows 30 % upside with 762 levels

Mrs.Bectors Food Specialties Ltd– Target price of 158 represents 21% upside from current levels 1120

Kolte-Patil Developers Ltd– The target price of it 570 represents 19% upside from its current level 479

Goodluck India Ltd– The target price of it 1072 represents 26% upside to the current levels of Rs850

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Updated: 12 November 2023, 05:57 PM IST

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