ICICI Bank, SBI, Maruti among top 16 picks by Axis Securities. Rolls over base case Nifty target to Dec’24 at 23000.

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Maruti Suzuki India, State Bank of India, Lupin ltd, Federal Bank, Varun Beverages, TVS Motors, Bharti Airtel, PNC infra, ITC, Relaxo Footwears, CIE Automotive India, Bank of Baroda, Westlife Foodworld, CreditAccess Grameen, JTL Industries are among top stock picks of Axis Securities Axis Securities has rolled over its Nifty Base case December’24 target at 23000. In their base case, they assume the continuation of the political stability and consequent visibility on the policy continuity after the 2024 general elections.

Also Read- Bharti Airtel shares drop over 2% following news of Warburg Pincus stake sale 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. Amongst 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 ₹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%