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Investment Call: ICICI Direct Picks 2 IT, 2 Bank Stocks To Buy Offering Good Return
ICICI Direct has picked 4 stocks to buy for investment. These stocks are Cyient, HDFC Bank, Axis Bank and Wipro Ltd. If you buy these stocks now, you will get good returns soon. Check key details below:
1. Buy Cyient Ltd
The current market price of the stock is Rs 888.00 on BSE. The stock's 52-week high is Rs 1046.35 apiece and 52-week low is Rs 724.00. It has a market capitalisation of Rs 9814 crore.
The stock has given 17% return in last 3-months and declined 13% in last 1-year. In last 1-week, the stock surged 7%. The mid cap stock operates in IT Software sector and came into existence in 1991.
ICICI Direct has given buy call to the stock with a target price of Rs 1020 apiece. If you buy Cyient now, you will get 15% return soon.
2. Buy Wipro Ltd
The current market price of Wipro is Rs 399.60 apiece with intraday gain of 1.51%. The stock's 52-week high is Rs 651.75 apiece and 52-week low is Rs 372.40 apiece, respectively. It has a market capitalisation of Rs 2,19,258.58.
The large cap IT Software stock has given 5% return in last 1-month, and declined 37% in last 1-year. It has surged 59% in last 3-years. ICICI Direct has assigned a target price of Rs 455 apiece. if you buy it now, you will get 14% return.
According to the analyst, "Wipro's share price has grown by ~1.6x over the past five years (from ~Rs 245 in January 2018 to ~Rs 393 levels in January 2023). We change our rating on the stock from HOLD to BUY. We value Wipro at Rs 455 i.e., 16x P/E on FY25E EPS."
3. Buy HDFC Bank
The current market price of HDFC Bank is Rs 1594.15 apiece with intraday fall of 0.42%. The stock's 52-week high is Rs 1721.85 apiece and 52-week low is Rs 1271.75 apiece on BSE. The company has a market capitalisation of Rs 8,89,018.46 crore. The bank stock has surged 10% in last 3-months and 3% in last 1-year. It has surged 24% in last 3-years.
ICICI Direct has given buy call to HDFC Bank with a target price of Rs 1920 apiece. If you buy HDFC Bank now, you will get 20% upside soon. The analyst has given a time period of 12 months, when the stock will reach the target price.
According to the analyst, "HDFC Bank is expected to deliver higher than industry growth along with RoA of ~2% in FY25E. Rolling to FY25E, we value HDFC Bank at ~2.8x FY25E ABV & | 50 for subsidiaries and revise our target price from Rs 1750 to Rs 1920/share."
4. Buy Axis Bank
The current market price of Axis Bank is Rs 920.90 apiece on BSE with an intraday fall of 1.42%. The stock's 52-week high is Rs 970.45 apiece and 52-week low is Rs 618.10 apiece, respectively. It has a market capitalisation of Rs 2,83,357.28 crore.
The bank has given 14% return in last 3-months, and 27% return in last 1-year. It has declined 4% in last 1-month. ICICI Direct has given a target price of Rs 1000 apiece to buy Axis Bank stock. If you buy Axis Bank now, you will get 9% return.
According to ICICI Direct, "Apart from HDFC Bank, we also like Axis Bank. Strong liabilities franchise, adequate capitalisation and healthy provision buffer to aid business growth as well as earnings trajectory. BUY with a target price of Rs 1000."
Disclaimer
The stocks have been picked from the brokerage report of ICICI Direct. Greynium Information Technologies, the Author, and the respective Brokerage House are not liable for any losses caused as a result of decisions based on the article. Goodreturns.in advises users to check with certified experts before taking any investment decision.
