Tue, Jul 2, 2024 10:28 AM
Top IT Picks: Four brokerage firms highlight stocks you should bet on
A Flip by Riya Sharma
Mazagon Dock Shipbuilders Ltd.'s shares surged 6% on Thursday, extending its 2024 gains to 115%. The stock has gained in seven out of the last nine trading sessions, with a recent record high of ₹4,989.95. Ravi Singh, SVP at Religare Broking, set a one-year target of ₹6,500, expecting the stock to continue rising. The company has crossed ₹1 lakh crore in market capitalisation.
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Foreign institutional investors (FII) pumped in Rs 5,483.63 crore by buying shares, whereas domestic institutional investors (DII) sold shares worth Rs 924.43 crore, resulting in a net inflow of Rs 4,559.20 crore in the Indian equity market. In the ongoing trading session, Benchmark indices are trading on a positive note with Sensex trading higher by 0.24%.
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Arvind's share price surged 4% to a 52-week high of ₹398.80 after Phillip Capital initiated coverage with a 'Buy' rating and a target price of ₹514, implying a 35% upside. The brokerage firm forecasts healthy growth for Arvind, driven by its technical textiles and garmenting businesses, with revenue, EBITDA, and PAT expected to grow at CAGRs of 11%, 18%, and 30%, respectively, over FY24-FY26E.
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