Jefferies is optimistic about India’s stock market, predicting it will exceed $10 trillion in value by 2030. They have identified 11 stocks that could deliver strong returns over the next five years. Here’s a look at these picks and their recent performance:
Amber Enterprises: This company makes heating and ventilation equipment. With AC penetration in India still low, Amber is set to grow. Jefferies expects its share price to rise from ₹4,483 to ₹9,740 by March 2029. The stock has already increased by 34% since the report.
Ambuja Cement: India’s second-largest cement producer. Jefferies has a five-year target price of ₹1,250, up from the current ₹617.90. The stock is up 5.8% since the report.
Axis Bank: Jefferies forecasts an 18% annual growth in earnings. They have set a five-year price target of ₹2,810, compared to the current ₹1,181. The stock has risen 11% since the report.
Bharti Airtel: Expected to grow revenue and EBITDA by 12-13% annually. Jefferies has a target price of ₹2,530, up from ₹1,560. The stock has gained 27% since March.
JSW Energy: With a focus on renewable energy, Jefferies’ five-year target is ₹1,100, up from ₹697. The stock has surged 43% since March.
Larsen & Toubro (L&T): Benefiting from India’s capex boom, Jefferies expects L&T to grow at 20% annually between FY23 and FY26. The stock has gained less than 5% since the report.
Macrotech Ltd (Lodha): Key player in the housing market with a five-year target of ₹3,000, up from ₹1,251. The stock has increased less than 20% since March.
Max Healthcare: Expected to grow EBITDA at 20% annually. Jefferies has a target price of ₹1,925, up from ₹882.70. The stock has risen over 20% since March.
State Bank of India (SBI): India’s largest lender with a five-year target price of ₹1,860, compared to ₹818.95. The stock has risen more than 10% since March.
TVS Motor Company: Forecasted to see a 26% annual growth in earnings per share. Jefferies’ target price is ₹5,000, up from ₹2,788. The stock has gained over 35% since March.
Zomato: The food delivery giant has a five-year target price of ₹400, up from ₹248.60. The stock has nearly doubled in 2024 and is up 57% since March.
These stocks include major companies with strong fundamentals and competitive advantages. However, keep in mind that stock prices can change based on market conditions.
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