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Till the afternoon on Tuesday, the Sensex was up 513.66 points or 0.85% at 60628.79, and the Nifty up 150.40 points or 0.84% at 18086.70. Amid the positivity, here are two blue chip stocks that are recommended by analysts for an upside of up to 20%: 

Tata Chemicals Limited 

The shares of Tata Chemicals were trading marginally lower on Wednesday morning at Rs 1,159 after it reached an all-time high of Rs 1,194 in the previous session. In a month, the stock has been volatile and gained approximately 4 per cent. On a YTD basis, the stock has climbed 27 per cent. 

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ICICI Direct is bullish on Tata Chemicals and has recommended a ‘Buy’ rating on the stock with a target price of Rs 1,370 which represents an upside of 19% from the current levels. 

The company reported total revenue of Rs 3,995 crores in Q1FY23 up from Rs 2,977 crores which they reported in Q1FY22. In the quarter under review, their profits jumped multifold to Rs 608 crores as compared to Rs 291 crores which they earned in the same period a year prior. 

Tata Chemicals Limited, part of the Tata group is an Indian global company with interests in chemicals, crop protection, and speciality chemical products. It has operations in India, Europe, North America, and Africa. It is one of the largest chemical companies in India and the world’s third largest Soda Ash producer. 

Mahindra & Mahindra Limited 

The shares of the auto giant were trading marginally higher on Wednesday at Rs 1,308 levels. The shares are trading near their 52-week high of Rs 1,338 which it reached in September this year. So far this year the stock has zoomed by 57 per cent YTD. 

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Sharekhan is bullish on Mahindra and Mahindra and has recommended a buy rating on the stock with a target price of Rs 1,550 which represents an upside of 19% from the current levels. 

In Q1FY23, the company reported total revenue of Rs 28,412 crores up from Rs 19,171 crores which they earned in the same period a year ago. Their net profit stood at Rs 1,918 crores in the quarter under review compared to a loss of Rs 748 crores last year. 

Mahindra & Mahindra Limited (M&M), part of the Mahindra Group, is one of the largest vehicle manufacturers by production in India. Its subsidiary Mahindra Tractors is the largest manufacturer of tractors in the world by volume. 

Written by Anoushka Roy

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