The domestic indices BSE Sensex and NSE Nifty opened mildly in the green. The NSE Nifty gained 0.25% to trade at 18,625, and the BSE Sensex was up 177 points at 62,743.
As the markets continue to rise, here are 3 fundamentally strong under Rs 500 for an upside of up to 43% :
Indraprastha Gas Limited
The shares of Indraprastha Gas gained 1.4 per cent on Wednesday morning and were trading at Rs 439 levels. In the past five days, the stock has gained 5 per cent. On a Year to Date (YTD) basis, the stock has shed approximately 10 per cent.
Indraprastha Gas Limited is an Indian natural gas distribution company that supplies natural gas as cooking and vehicular fuel.
ICICI Securities has a ‘Buy’ call on Indraprastha Gas with a target price of Rs 526 per share which represents an upside of 20% from the current levels.
In Q2FY23, the revenue of the company stood at Rs 3,922 crore and its net profit was at Rs 357 crore. The company’s promoters hold a 45 per cent stake with zero shares pledged and the Foreign Institutional Investors (FIIs) hold 20.99 per cent. The company has zero debt on its balance sheet. As of November 30th, the market capitalization of Indraprastha Gas is Rs 30,765 crore and the dividend yield is 1.25%.
Sumitomo Chemical India Limited
The shares of the chemical company gained marginally in the early hours on Wednesday and were trading at Rs 468 levels. On a Year to Date (YTD) basis, the stock has gained more than 20 per cent.
Sumitomo Chemical India is one of the leading players in the industry which has a balanced portfolio of technical as well as formulation products along with backward integration for some products.
Sharekhan has a ‘Buy’ call on Sumitomo Chemical Indias with a target price of Rs 570 per share which represents an upside of 22% from the current levels.
The company reported a total revenue of Rs 1,121 crore and a net profit of Rs 201 crore in Q2FY23. The company’s promoters hold a 75 per cent stake with zero shares pledged and the Foreign Institutional Investors (FIIs) hold 2.05 per cent. The market capitalization of the company stood at Rs 23,350 crore and a dividend yield is 0.21% as of November 30th. In addition to that, it has zero debt on its balance sheet.
Sona Blw Precision Forgings Limited
The shares of the automotive technology company gained marginally on Wednesday to trade at Rs 454 levels in the morning. On a Year to Date (YTD) basis, the stock has shed more than 39 percent.
Sona BLW Precision Forgings is an India-based automotive technology company engaged in designing, manufacturing, and supplying engineered automotive systems and components.
ICICI Securities has a ‘Buy’ call on the company with a target price of Rs 645 per share which represents an upside of 43% from the current levels.
The company reported a total revenue of Rs 603 crore and a net profit of Rs 83 crore in Q2FY23. The company’s promoters hold a 53.59 per cent stake with zero shares pledged and the Foreign Institutional Investors (FIIs) hold 11.56 per cent. The market capitalization of the company stood at Rs 26,556 crore and a dividend yield is 0.34% as on November 30th. In addition to that, it has low debt on its balance sheet.
Written by Anoushka Roy
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