Top Diwali Stock Picks for 2023: RIL, SBI, L&T, and More Offer Up to 21% Gains, According to JM Financial Services

JM Financial Services has identified twelve stocks as attractive investment opportunities for Diwali 2023. These stocks are expected to provide potential gains, and here’s the list:

Reliance Industries (RIL): JM Financial Services predicts a 16.76% upside for RIL, with a target price of Rs 2,700. This positive outlook is driven by expected strong earnings growth, primarily attributed to an anticipated 10% increase in average revenue per user (ARPU) from Jio and robust performance in the retail business.

State Bank of India (SBI): The analyst report sees a 17.66% upside for SBI, with a target price of Rs 665. The stable core fundamentals, strong CASA franchise, and digital banking platform make SBI an attractive investment.

Larsen & Toubro (L&T): JM Financial Services has set a target price of Rs 3,430, up 17.21% from the current market price for L&T. The positive earnings outlook is driven by strong order intake, improved execution, and reduced asset intensity.

Titan Company: JMFS indicates a 17.12% upside for Titan, with a target price of Rs 3,650. The company is expected to achieve significant growth in the jewellery segment and consumer spending on watches and wearables.

Hindustan Aeronautics (HAL): Analysts predict a 21.55% upside in HAL’s stock, with a target price of Rs 2,230. HAL’s dominant position in India’s defence aerospace sector and strong technological capabilities contribute to its positive outlook.

Sun Pharmaceuticals: JM Financial Services has set a target price of Rs 1,300 for Sun Pharmaceuticals, reflecting a 16.57% increase. The company’s strong growth in its specialty business and strengthening balance sheet contribute to the positive outlook.

Ashok Leyland: The target price for Ashok Leyland is Rs 200, representing a 19.08% upside. The company is poised for substantial expansion in the domestic commercial vehicle sector.

SJVN: One of India’s largest hydropower utilities, SJVN, is expected to reach a target price of Rs 80, up 14.86%. The company’s total generation is set to grow significantly due to its installed hydro capacity and under-construction projects.

Coforge: JM Financial Services has set a target price of Rs 5,920 for Coforge, an 18.67% upside. The company’s focus on risk and compliance in the BFS sector has led to significant success.

Go Fashion India: JMFS sees a 23.24% upside in Go Fashion (India) stock, with a target price of Rs 1,540. The company’s remarkable growth and durability make it a leading player in the bottom-wear market.

Sapphire Foods India: Analysts have predicted a target price of Rs 1,560, up 21.54%, for the Sapphire Foods India stock. The company operates in the QSR space with subsegments like KFC and Pizza Hut.

Stylam Industries: Stylam Industries is expected to reach a target price of Rs 2,070, up 21.55%. The company stands out in the decorative laminate market due to its innovative high-value products and strong market performance.

These stocks offer potential gains for investors during the Diwali season, as per JM Financial Services.