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Timing for Muhurat trading this Diwali and some stock recommendations
New Delhi: On the occasion of Diwali, the Indian stock exchanges will be open for an hour in what is called Muhurat trading. The exchange platforms will be open for trading today evening from 6.15 pm to 7.15 pm.
During this 1-hour window, investors place orders for stocks according to their wishes which they believe to be auspicious and bring in good returns. After studying the special reports that brokerages came out with for the Muhurat trading, here are some of the stocks which could be worth investing in.
Bank of Baroda
The second largest public sector bank in terms of business has a strong consumer franchise post its merger with Dena Bank & Vijaya Bank and has been posting consistent profits for many quarters, according to LKP Securities.
Federal Bank having posted its highest-ever net profit this quarter has seen its stock price rise 40% in the last year and LKP Securities expects the Bank to continue that trajectory during the next one year as well.
LKP Securities says its strong presence in infrastructure, power, building, industry and IT segments and its ability to offer services cutting across these segments provides a distinctive advantage to serve its customers.
According to Religare, Asian Paints has posted strong financials in the last 5 years wherein its revenue/profit after tax (PAT) has grown by 14 per cent/9.6 per cent over FY17-22. Further, the brokerage said it is estimated that its revenue/Ebitda/PAT to grow at 19.9 per cent/22.9 per cent/27.8 per cent CAGR over FY22-24E, driven by strong demand from housing and real-estate sectors, new product launches as well as focus on premium products and growing across segments.
Maruti Suzuki India
After two years of consecutive decline (FY19-22 volume CAGR of -3.1%), the domestic PV industry witnessed a healthy rebound in FY22 led by easing lockdown restrictions and strong pent up demand. Further, In FY23 the passenger vehicle industry is expected to grow by 12-15 per cent on the back of economic activities picking up pace. Religare estimates Maruti Suzuki (MSIL)'s revenue/ Earnings before interest, taxes, depreciation, and amortization (Ebitda)/ profit after tax (PAT) to grow at 19.5 per cent/56 per cent/62.7 per cent CAGR over FY22-24E. It also recommends a Buy rating on the stock with a target price of Rs 9,898 valuing the company at 30x (10yr Average) FY24E EPS.
The demand for cement sector is expected to grow by a compound annual growth rate (CAGR) of 8-9 per cent from 345-350 mt to 500-550 mt over FY22-27. Religare believes the growth will be driven by government spending on infrastructure development as in the Union Budget 2022-23, the government has provided higher allocation for infrastructure, affordable housing and road projects. Besides, pickup in rural and urban housing as well as growth in industrial and commercialisation will further aid demand for the cement sector. (ANI)