Diwali 2023 Stock Picks: Tata Power, Kajaria, Macrotech among top 6 buys from IDBI Capital
Tata Motors Ltd and Larsen & Toubro Ltd have been largest gainers have seen their share prices rise 55-61% during last on-year As the Markets have turned volatile in the recent past, picking the right stocks holds key for future upside. IDBI Capital Markets & Securities Ltd has come out with its stock picks for this Diwali IDBI Capital Markets & Securities Ltd Diwali 2023 stock pricks Birla soft Ltd, Kajaria Ceramics Ltd, Macrotech Developers Ltd, Narayana Hrudayalaya Ltd. Tata Power Company Ltd and Union Bank of India are amongst top six Diwali 2023 stock picks of IDBI Capital Markets & Securities Ltd.
The Brokerage expects 24-43% upside potential in share prices of these 6 companies with Tata Power likely to give maximum returns. Tata Power together with its subsidiaries & joint entities, has a generation capacity of 14,384 MW of which 38% comes from clean energy sources. Tata Power is working to increase capacity to 17990MW and in this Clean & Green to account for 51% capacity.
Key triggers for upside in Tata Power’s share price as per IDBI Capital include strong Power Demand in the country and planned capacity additions by Tata powerwith focus on renewable power expansions. CGPL Mundra turning profitable is another ket=y trigger. In Mundra, losses are restricted due to cost pass-through benefits under Section-11 and thus need to watch for signing of long-term Power purchase agreement, which will resolve long pending concern for Tata Power.
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