Diwali stocks to buy 2024: 5 stocks with up to 30.5% upside potential for Muhurat trading
1/5
Diwali top picks 2024: Best stocks to buy
Here are top picks for Muhurat trading 2024 from Religare Broking:
Stock: State Bank of India
Sector: Bank
Market cap: Rs 6,96,120 crore
*Reco price: Rs 782
Target price: Rs 941
Upside: 20.3%
Religare Broking: SBI is well-positioned with a low loan-to-deposit ratio, allowing flexibility despite softer deposit growth. Its stable retail deposits and consistent 22-23% credit market share enable it to gain market share as competitors struggle. Additionally, technology investments have improved cost efficiency, reducing the cost-to-income ratio below 50% and enhancing long-term profitability. Based on these factors, we expect NII/PPOP/PAT to grow at a CAGR of 14.2%/7.6%/7% over FY24-26E. We have a 'Buy' rating on the bank with a target price of Rs 941.
Stock: State Bank of India
Sector: Bank
Market cap: Rs 6,96,120 crore
*Reco price: Rs 782
Target price: Rs 941
Upside: 20.3%
Religare Broking: SBI is well-positioned with a low loan-to-deposit ratio, allowing flexibility despite softer deposit growth. Its stable retail deposits and consistent 22-23% credit market share enable it to gain market share as competitors struggle. Additionally, technology investments have improved cost efficiency, reducing the cost-to-income ratio below 50% and enhancing long-term profitability. Based on these factors, we expect NII/PPOP/PAT to grow at a CAGR of 14.2%/7.6%/7% over FY24-26E. We have a 'Buy' rating on the bank with a target price of Rs 941.
2/5
Muhurat trading 2024: Top stocks to buy
Stock: ITC
Sector: FMCG
Market cap: Rs 6,04,555 crore
*Reco price: Rs 482
Target price: Rs 594
Upside: 23.2%
Religare Broking: ITC Limited stands as a diversified leader in India, excelling in cigarettes, FMCG, hotels, agri-business, and paperboards. Its ITC Next strategy drives future growth through innovation, agile supply chains, and sustainability initiatives. By launching new products across various categories and enhancing distribution, ITC is fortifying its core businesses. With a strong portfolio of brands and an extensive market presence, ITCmitigates risks through diversification while leveraging brand equity to capture market share, ensuring sustained revenue and reinforcing its leadership position. On the financial front, we have estimated its revenue/EBITDA/PAT to grow at 12.7%/13.5%/13.8% CAGR over FY24-26E. Thus, maintaining our 'Buy' rating and a target price of Rs 594.
Sector: FMCG
Market cap: Rs 6,04,555 crore
*Reco price: Rs 482
Target price: Rs 594
Upside: 23.2%
Religare Broking: ITC Limited stands as a diversified leader in India, excelling in cigarettes, FMCG, hotels, agri-business, and paperboards. Its ITC Next strategy drives future growth through innovation, agile supply chains, and sustainability initiatives. By launching new products across various categories and enhancing distribution, ITC is fortifying its core businesses. With a strong portfolio of brands and an extensive market presence, ITCmitigates risks through diversification while leveraging brand equity to capture market share, ensuring sustained revenue and reinforcing its leadership position. On the financial front, we have estimated its revenue/EBITDA/PAT to grow at 12.7%/13.5%/13.8% CAGR over FY24-26E. Thus, maintaining our 'Buy' rating and a target price of Rs 594.
3/5
Diwali stocks to buy in 2024
Stock: Titan Company
Sector: Consumer Goods
Market cap: Rs 2,90,546 crore
*Recommended price: Rs 3,271
Target price: Rs 4,270
Upside: 30.5%
Religare Broking: Titan has a large presence in the Jewellery industry through its brands like Tanishq, Mia, Zoya and Caratlane and has an overall market share of 8% further, downward revision of custom duty on gold imports is a positive in the long-term with short-term implications on profitability and gold on lease. Company is also an emerging lifestyle player with presence across segments like Watches, Eye-Care and Emerging business. The company is focus on increasing its footprint by store expansion while taking efforts to improve margins. Its new business continues to see consistent growth. On the financial front, we have estimated its revenue/EBITDA/PAT to grow at 21.5%/28.0%/28.9% CAGR over FY24-26E. Thus, maintaining our 'Buy' rating and a target price of Rs 4,270.
Sector: Consumer Goods
Market cap: Rs 2,90,546 crore
*Recommended price: Rs 3,271
Target price: Rs 4,270
Upside: 30.5%
Religare Broking: Titan has a large presence in the Jewellery industry through its brands like Tanishq, Mia, Zoya and Caratlane and has an overall market share of 8% further, downward revision of custom duty on gold imports is a positive in the long-term with short-term implications on profitability and gold on lease. Company is also an emerging lifestyle player with presence across segments like Watches, Eye-Care and Emerging business. The company is focus on increasing its footprint by store expansion while taking efforts to improve margins. Its new business continues to see consistent growth. On the financial front, we have estimated its revenue/EBITDA/PAT to grow at 21.5%/28.0%/28.9% CAGR over FY24-26E. Thus, maintaining our 'Buy' rating and a target price of Rs 4,270.
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4/5
Stock recommendations for Muhurat trading 2024
Stock: Berger Paints
Sector: Paints
Market cap: Rs 62,702 crore
*Recommended price: Rs 537
Target price: Rs 655
Upside: 22%
Religare Broking: Bajaj Paint has demonstrated resilient performance, consistently surpassing industry growth rates and achieving the highest market share among listed competitors. Further, management remains positive on the growth prospects which would be driven by double digit volume growth for decorative segment, steady demand, innovations and expansion in distribution along with catch up in rural areas will help in aiding growth. On the financial front, we estimate its revenue/EBITDA to grow at 13%/15.9%/ 16.3% CAGR over FY24-26E and maintain a 'Buy' rating with target price of Rs 655.
Sector: Paints
Market cap: Rs 62,702 crore
*Recommended price: Rs 537
Target price: Rs 655
Upside: 22%
Religare Broking: Bajaj Paint has demonstrated resilient performance, consistently surpassing industry growth rates and achieving the highest market share among listed competitors. Further, management remains positive on the growth prospects which would be driven by double digit volume growth for decorative segment, steady demand, innovations and expansion in distribution along with catch up in rural areas will help in aiding growth. On the financial front, we estimate its revenue/EBITDA to grow at 13%/15.9%/ 16.3% CAGR over FY24-26E and maintain a 'Buy' rating with target price of Rs 655.
5/5
Stock tips for Muhurat trading 2024
Stock: Jyothy Labs
Sector: FMCG
Market cap: Rs 17,916 crore
*Recommended price: Rs 487
Target price: Rs 624
Upside: 28.1%
Religare Broking: We believe Jyothy labs has come a long way by innovating products across categories, investing on advertisements & promotional activities and gaining market share. Going ahead, the management aims for volume led growth and at the same time maintain margins. Additionally, they want to invest behind brand building initiatives, manufacturing and strengthen distribution reach in rural areas as well as grow digitally. We are optimistic on the growth prospect of the company and estimate its Revenue/EBITDA to grow at 15.7%/17.3% CAGR over FY24-26E. Hence, we have 'Buy' rating on the stock by to arrive at a target price to Rs 624.
*Reco price as on 25th October, 2024
Sector: FMCG
Market cap: Rs 17,916 crore
*Recommended price: Rs 487
Target price: Rs 624
Upside: 28.1%
Religare Broking: We believe Jyothy labs has come a long way by innovating products across categories, investing on advertisements & promotional activities and gaining market share. Going ahead, the management aims for volume led growth and at the same time maintain margins. Additionally, they want to invest behind brand building initiatives, manufacturing and strengthen distribution reach in rural areas as well as grow digitally. We are optimistic on the growth prospect of the company and estimate its Revenue/EBITDA to grow at 15.7%/17.3% CAGR over FY24-26E. Hence, we have 'Buy' rating on the stock by to arrive at a target price to Rs 624.
*Reco price as on 25th October, 2024