In the thrilling world of Nifty stocks, seven remarkable contenders have stolen the spotlight in 2024, showcasing dazzling performances. Bharat Petroleum Corporation Ltd (BPCL), Oil & Natural Gas Corporation Ltd (ONGC), Adani Ports and Special Economic Zone Ltd (Adani Ports), Bajaj Auto Ltd, Sun Pharmaceutical Industries Ltd, Power Grid Corporation of India Ltd, and Tata Motors Ltd are the undisputed stars of this financial show, turning heads with their robust gains and captivating investor attention.
BPCL takes center stage, boasting a stellar surge of 39% in 2024. Today, trading at Rs 625.60, compared to Rs 450.65 at the close of 2023, the stock is a market dynamo. Emkay Global adds a layer of anticipation, hinting at a potential re-rating fueled by post-election optimism and strategic moves like frequent retail price adjustments and the ambitious disinvestment agenda. BPCL leads the pack among Oil Marketing Companies (OMCs), with Emkay’s nod followed by HPCL and IOC.
ONGC adds its own flair to the narrative, ascending by a formidable 30.40% to Rs 267.40 from Rs 205.05. Motilal Oswal throws in a twist, suggesting there’s more to come – a ‘value upside’ of 15-20% that awaits investors. But here’s the catch: sustained re-rating hinges on the unfolding growth story.
In the bustling arena, Adani Ports emerges as the undisputed powerhouse, witnessing a spectacular 30.27% leap to Rs 1,332.35. Analysts play their cards right, setting target prices in the exciting range of Rs 1,280-1,470. Kotak’s insider scoop, post a tête-à-tête with Adani Ports management, reveals a company undeterred by the Red Sea issue, foreseeing an expanding market share and minimal cargo disruption.
Bajaj Auto and Sun Pharma add their unique rhythms to the market melody, orchestrating a delightful 24% uptick each year-to-date. A harmony of growth that resonates with investors seeking the perfect tune in their portfolios.
In this financial narrative, Tata Motors takes center stage with a commendable 20-21% gain. But, Julius Baer plays the storyteller’s role, injecting a note of caution – a downgrade to Hold and a suggestion to wait for a better entry point after the recent sharp run-up. A BNP Paribas cameo recommends a target of Rs 1,035 for this intriguing Tata group stock.
Sun Pharma, the healthiest contender in the mix, receives a prescription for success from KRChoksey Research. In a February picks note, they prescribe a Buy, expecting robust revenue and net income growth. A Target Price of Rs 1,627 is the remedy, administered with a PE multiple of 29 times on FY26E EPS.
Post Power Grid’s electrifying Q3 results, Sharekhan holds the spotlight with a Buy recommendation and a revised target of Rs 320. The valuation is deemed reasonable, with expectations of earnings growth, a robust RoE, and a dividend yield of 4%.
In this financial saga, the Nifty stocks take center stage, weaving a tale of gains, aspirations, and the anticipation of more financial adventures to come.
