Ashok Leyland, HDFC Bank, Stove Kraft, and Other Stock Picks for Today

In the opening hours of trading on Tuesday, the BSE Sensex was down 259.29 points at 60,347.27 due to a sell-off in the stock market. It started 174 points higher at 60,786.07 but quickly gave up gains and dropped into the red, dropping to 60,347.27 points. The NSE Nifty was also down to 17,995.95 points, or roughly 57 notches. According to brokerage Angel One, the following stocks are those that investors should be on the lookout for:

Ashok Leyland

Rating: Buy

CMP: Rs 121 | Target: Rs 164 | Upside: 36%

With a 32% market share in the MHCV segment, Ashok Leyland Ltd (ALL) is one of the top companies in the Indian CV market. The business is also well-represented in the quickly expanding LCV market. We recommend the stock a buy because the company is well positioned to benefit from the government's voluntary scrappage program and the growing resurgence in the CV segment.

Federal Bank

Rating: Buy

CMP: Rs 103 | Target: Rs 135 | Upside: 32%

With total assets of Rs 1.9 lakh crore, deposits of Rs 1.56 lakh crore, and a loan book of Rs 1.2 lakh crore in FY21, Federal Bank is one of India's largest old-generation private sector banks. After Q3FY21, the PCR was roughly 67%, which is sufficient. The projected size of the restructuring book is Rs 1,500–1,600 crore, of which Rs 1,067 crore has already been restructured. Contrary to earlier predictions, these restructure cost less than the estimated Rs 3,500-3,500 crore.

Suprajit Enggineering Ltd

Rating: Buy

CMP: Rs 373 | Target: Rs 485 | Upside: 30%

It serves both 2Ws and passenger vehicles and is the top supplier of automotive cables to domestic OEMs (PVs). In recent years, SEL has outpaced the Indian auto sector (posting positive growth vs low double-digit declines for the domestic 2W and PV industry in FY21). SEL is a major winner from an increase in production by OEMs worldwide and is well protected from the danger of EVs (is developing new products). Its excellent future and exceptional earnings quality support its premium prices.

Stove Kraft

Rating: Buy

CMP: Rs 658 | Target: Rs 1,050 | Upside: 60%

Under the brand names "Pigeon" and "Gilma," the company manufactures and sells kitchen and home appliances including pressure cookers, LPG burners, and non-stick cookware. Over the last two years, the company has outpaced the industry and its competitors in the pressure cookers and cookware segment. On the strength of recent product releases, a well-known brand name, and a vast distribution network, SKL is anticipated to post further solid revenue and profit growth in the future.

AU Small Finance

Rating: Buy

CMP: Rs 1,309 | Target: Rs 1,520 | Upside: 16%

With around Rs 34,688 crore in assets under management at the end of Q1FY22, it is one of the top small financing banks. The geographical reach of AU SFB extends over northern, central, and western India. Loan growth is anticipated to increase in Q2FY22 due to the bank's solid asset quality, which should result in a re-rating.


CMP: Rs 1,656 | Target: Rs 1,859 | Upside: 12%

Rating: Accumulate

With an FY21 asset book of Rs 11.3 lakh crore and a deposit base of Rs 13.4 lakh crore, it is India's largest private sector bank. The bank's loan book is evenly distributed, with retail making up 46% of the loan book and wholesale making up around 54% of the asset book. Given fair prices at 3.0xFY23 adjusted book, which is below historical averages, and best-in-class asset quality, as well as the anticipated recovery in growth from Q2FY22, it is a wise choice. Following the news of the merger, the share price of HDFC soared by 10%.

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