Stock market today: Domestic equity benchmarks Sensex and Nifty 50 settled higher on Thursday, June 20 driven by private banks, after struggling through some volatility during the trade in the absence of fresh triggers. Metals, real estate, fertiliser stocks drove indices, despite a lack of strong global indications.
The 30-share BSE Sensex ended higher by 141.34 points or 0.18 per cent at 77,478.93 level while the Nifty 50 closed at 23,567.00 level, up 51.00 points or 0.22 per cent. The Nifty has logged record closing highs in five out of six sessions, while the Sensex has ended at all-time highs for five consecutive sessions.
The Nifty Midcap 100 closed 0.95 per cent higher, while the Nifty SmallCap 100 ended up 0.61 per cent, both outperforming the benchmark indices. The fear gauge index, the India VIX closed 2.68 per cent lower today. Sector rotation towards large-cap banking stocks will likely continue due to their valuation comfort, keeping the benchmarks buoyant, according to analysts.
In the current market scenario, domestic brokerage firm SMC Global Securities has released its top four stock picks for this week. The brokerage has selected the quality stocks on technical as well as fundamental parameters. The stocks have robust fundamentals and are well-placed to yield good returns for investors in the next one-year time frame, according to the brokerage.
Weekly Stock Picks by SMC Global Securities
Let’s take a look at the top four technical and fundamental stocks for this week by brokerage SMC Global Securities:
1.GR Infraprojects Ltd: Current Market Price (CMP): ₹1,751.15; Target Price: ₹2,090; Upside: 25 per cent
The company has robust order pipeline worth Rs. 250,000 crore from various business indicating future growth visibility. Recently, the company has entered into new business, which would drive future growth. With healthy order book, the company is expected to report steady growth in the near term.
In Q4FY24, revenue came in at ₹2485.12 crore with EBITDA margin at 21.74 per cent. EBITDA grew by 6.44 per cent to Rs. 540.29 crore and net profit including exceptional item grew by 127.72 per cent to Rs. 553.09 crore.
GR Infraprojects is targeting order pipeline worth 250,000 crore in various sectors such as highway, road tunnels, metro, power, railways, and others. It is confident of adding decent share to its order book in FY-2025 to take the company back to double-digit growth in FY-2026.
The brokerage expects that the stock will see a price target of Rs. 2,090 in the next 8-10 months time frame on a three year average P/BVx of 2.57x and FY25 BVPS of Rs. 813.18. Economic slowdown and high commodity prices are among the key risks.
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Published: 20 Jun 2024, 06:51 PM IST
