India is on the verge of a significant growth trajectory, establishing itself as one of the fastest-growing economies in the medium term, according to a recent report by international brokerage firm Goldman Sachs.
In its comprehensive analysis, the brokerage noted that after a decade-long downturn, India’s economic and earnings landscape has begun to stabilize, indicating strong potential for robust growth in the coming years.
With a positive outlook, Goldman Sachs has assigned a ‘buy’ rating to 20 stocks that it anticipates will play a key role in India’s growth narrative. These stocks span various sectors, providing investors with diverse exposure to different aspects of the economy.
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The stocks recommended by Goldman Sachs as top buys include:
| Company Name CMP | (Current Market Price) |
| Reliance Industries (RIL) | Rs.3,008.00 |
| Larsen & Toubro (L&T) | Rs.3,760.00 |
| NTPC | Rs.433.50 |
| Mahindra & Mahindra (M&M) | Rs.3,169.00 |
| UltraTech Cement | Rs.12,060.00 |
| Power Grid Corporation | Rs.364.90 |
| Adani Ports & Special Economic Zone | Rs.1,474.10 |
| InterGlobe Aviation (IndiGo) | Rs.4,865.00 |
| Eicher Motors | Rs.4,990.00 |
| Havells India | Rs.2,027.90 |
| Polycab India | Rs.6,730.00 |
| Ashok Leyland | Rs.240.60 |
| Phoenix Mills | Rs.1,824.00 |
| Uno Minda | Rs.1,151.00 |
| Hitachi Energy | Rs.13,500.00 |
| Astral Ltd R | s.2,007.95 |
| Embassy REIT | Rs.396.69 |
| Kajaria Ceramics | Rs.1,495.20 |
| Blue Dart Express | Rs.8,214.95 |
| Amber Enterprises. | Rs.4,693.05 |
These 20 stocks collectively reflect India’s growth potential, featuring major players across sectors such as energy, construction, automotive, aviation, infrastructure, real estate, consumer goods, and logistics, all poised to benefit from the country’s economic expansion.
Future Growth
Goldman Sachs observed that India’s earnings have been steadily stabilising in recent years, with mid-teen profit growth momentum emerging after a prolonged downcycle, expected to continue through 2030. This positive outlook suggests a more stable earnings environment, which is essential for attracting domestic and international investors.
The earnings momentum indicates that India is transitioning to a more mature economic phase, driven by profitability and consistency. Structural reforms, policy initiatives, and an evolving business landscape are supporting this growth.
Additionally, Goldman Sachs noted that the Nifty index has demonstrated impressive performance, achieving an 18 percent Compound Annual Growth Rate (CAGR) in total earnings growth and market capitalization over the past five years, reflecting an upward trend in the Indian stock market.
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Written by – Siddesh S Raskar
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