A ‘Blue Chip’ company is generally referred to the one that is well established, is financially sound, and has a presence within as well as outside India.
Blue Chip companies have reputable brands that are built and maintained over many years. In addition, resistance to multiple downturns in the economy makes them stable companies to have in a portfolio.
Listed below are four such Blue Chip stocks that received stock targets from Sharekhan, one of the well-known brokers based in India, exhibiting a potential upside of up to 25 percent:
Sun Pharmaceutical Industries Limited
With a market capitalization of Rs 3.73 lakh crores, the stocks of Sun Pharmaceutical Industries Limited, manufacturing and marketing a wide range of branded and generic formulations and APIs, started their trading session on Wednesday at Rs 1,555.75 and currently trades at Rs 1,553.65, gaining 0.20 percent as compared to the previous closing levels of Rs 1,551.15 apiece.
Sharekhan gave a ‘Buy’ recommendation on the stocks of Sun Pharmaceutical Industries Limited with a target price of Rs 1,727 indicating a potential upside of around 11 percent compared to the prevailing share price level.
During the recent financial quarters, the company’s basic business parameters, i.e., its operating revenues as well as after-tax profits, showed an increase in numbers with the former shifting up from Rs 12,192 crores during Q2FY24 to Rs 12,381 crores during Q3FY24 and the latter, during the same period, rising from Rs 2,385 crores to Rs 2,561 crores.
Tata Consultancy Services Limited
With a market capitalization of Rs 14.42 lakh crores, the stocks of Tata Consultancy Services Limited, an IT services, consulting, and business solutions organization under the Tata Group, started their trading session on Wednesday at Rs 3,986 and currently trades at Rs 3,984.85, gaining 0.20 percent as compared to the previous closing levels of Rs 3,977.55 apiece.
Sharekhan gave a ‘Buy’ recommendation on the stocks of Tata Consultancy Services Limited with a target price of Rs 4,750 indicating a potential upside of around 19 percent compared to the prevailing share price level.
During the recent financial quarters, the company’s basic business parameters, i.e., its operating revenues as well as after-tax profits, showed movements in opposing directions with the former, on one end, shifting up from Rs 59,692 crores during Q2FY24 to Rs 60,583 crores during Q3FY24 and the latter, on the other end, slipping from Rs 11,380 crores to Rs 11,097 crores.
ICICI Bank Limited
With a market capitalization of Rs 7.60 lakh crores, the stocks of ICICI Bank Limited, a large private sector bank in India, started their trading session on Wednesday at Rs 1,079 and currently trades at Rs 1,081.05, slipping 0.30 percent as compared to the previous closing levels of Rs 1,084.05 apiece.
Sharekhan gave a ‘Buy’ recommendation on the stocks of ICICI Bank Limited with a target price of Rs 1,300 indicating a potential upside of around 20 percent compared to the prevailing share price level.
During the recent financial quarters, the Bank’s basic business parameters, i.e., its total revenues as well as after-tax profits, showed an increase in numbers with the former shifting up from Rs 38,938 crores during Q2FY24 to Rs 40,865 crores during Q3FY24 and the latter, during the same period, rising from Rs 11,351 crores to Rs 11,515 crores.
ITC Limited
With a market capitalization of Rs 5.17 lakh crores, the stocks of ITC Limited, one of the leading FMCG players based in India, started their trading session on Wednesday at Rs 409.55 and currently trades at Rs 414.50, gaining 1.20 percent as compared to the previous closing levels of Rs 409.50 apiece.
Sharekhan gave a ‘Buy’ recommendation on the stocks of ITC Limited with a target price of Rs 515 indicating a potential upside of around 25 percent compared to the prevailing share price level.
During the recent financial quarters, the company’s basic business parameters, i.e., its operating revenues as well as after-tax profits, showed an increase in numbers with the former shifting up from Rs 17,774 crores during Q2FY24 to Rs 18,019 crores during Q3FY24 and the latter, during the same period, rising from Rs 4,965 crores to Rs 5,407 crores.
Written by Amit Madnani
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