4 Stocks To Buy In November As Suggested By Top Brokerages

Indian stock markets were down marginally today, on November 2 ahead of the US Federal Reserve FOMC meeting. Sensex closed at 60,906.09 points, falling by 215.26 points. Here, 4 stocks have been discussed as suggested by top brokerages.

Crompton Greaves Consumer Electricals Ltd.

Retaining the buy rating, BOB Capital stated, "Crompton has constantly expanded its leadership position in fans and maintained its industry-leading market share in pumps over the years. The BGAL acquisition should fuel market share gains in kitchen appliances as well. In our view, premiumisation trends and the company's pricing power give it an edge over peers. Muted Q2 margins compel us to trim FY23/FY24 EPS estimates by 5%/2%, though we do expect a better H2FY23 as retail inflation cools, aiding volumes. We continue to value the stock at 35x FY24E EPS, in line with its 5Y average. Estimate revision coupled with valuation rollover to Sep'24E leaves our target price unchanged at Rs. 500."

SBI Cards and Payment Services Ltd

According to BOB Capital, We lower EPS estimates by 6-12% over FY23-FY25 to factor in higher expenses and funding costs leading to a revised TP of Rs 1,139 (vs. Rs 1,227). Our TP reflects an unchanged FY24E P/E of ~36x, 1SD below the long-term mean. The stock is currently trading at an attractive valuation of 27x FY24E P/E. We retain buy for a potential upside of 33%."

Supreme Petrochemicals Ltd.

Brokerage firm KR Choksey said, "SPL reported poor operating performance during Q2FY23 on the back of lower revenue as well as margin pressure. After factoring in poor results, we have revised our FY23E/FY24E estimates downwards. At CMP of INR 687, The stock is currently trading at a P/E multiple of 10.3x/7.9x on its FY23E/24E revised EPS of INR 67.0/87.3 (earlier INR 88.7/102.1) respectively. We continue to value the stock at 10x on its FY24E EPS of INR 87.3, which yields a target price of INR 873/share, an upside of 27.1% over the CMP. Accordingly, we maintain our "BUY" rating on the shares of Supreme Petrochem Ltd."

Bandhan Bank

According to ICICI Securities, "Factoring in higher credit cost and incremental opex, we revise earnings downwards by 13%/7% for FY23E/24E, respectively. Disbursements in EEB segment are normalising post disruption in Q1FY23. Mortgage lending and commercial banking are gaining traction. Franchise, post absorbing the interim EEB stress pool, has potential to deliver >20% RoE. Maintain BUY with a revised target price of Rs. 365, assigning 2.25x FY24E book."

Disclaimer

The above stocks were picked from the brokerage report of by brokerage firms. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.