ICICI Bank, SBI, Maruti, Lupin among top 16 picks by Axis Securities

Axis Securities has rolled over its Nifty Base case December’24 target at 23000 Base case. In their base case, they assume the continuation of the political stability and consequent visibility on the policy continuity after the 2024 general elections.

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Axis Securities continues to believe in India’s economy’s long-term growth story, supported by the emerging favorable structure as increasing Capex enabling banks to improve credit growth. These factors as per Axis will ensure that Indian equities will easily manage to deliver double-digit returns in the next 2-3 years with the support of double-digit earnings growth. They foresee 14% CAGR growth in Nifty earnings over FY23-26.

In the Financials Axis Securities remains bullish on ICICI Bank Ltd, State Bank of India, Bank of Baroda, mid-cap Federal Bank and small cap CreditAccess Grameen Ltd. The target price of Axis Securities at ₹1250 for ICICI Bank , ₹715 for SBI, ₹255 for Bank Of Baroda, ₹180 for Federal Bank and ₹1935 for CreditAccess Grameen indicate upside of 32%, 25%, 26%, 21% and 14% respectively for all these stocks

Maruti Suzuki India Ltd with target price of RS 11,800 and TVS Motor Company with target price of ₹2100, in the Auto space indicate an upside of 10-11%.

Varun Beverages Ltd and ITC Ltd are picks of Axis Securities with target prices of ₹1200 and ₹540 indicating an upside of 10% and 20% respectively.

In the Communication Services space Bharti Airtel with target price of ₹1155 indicating an upside of 14% remain the top pick of Axis Securities.

Also Read-Adani Wilmar, Adani Power, Adani Total Gas other group stocks gain up to 10%

For Consumer Discretionary as Relaxo Footwears, CIE Automotive India Ltd and Westlife Foodworld Ltd the target price of ₹915, ₹485, ₹894 indicate an upside of 11-21% from current market price.

The pharmaceutical company Lupin Ltd remains among top picks of Axis Securities with a target price of ₹470 indicating an upside of 13%

Small Cap companies JTL Industries Ltd in the Materials space and PNC Infratech Ltd in the Industrials space are top picks of Axis Securities with target price of RS 285 and ₹415 respectively.

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Published: 07 Dec 2023, 01:59 PM IST