Stock Market: Samvat 2080: 10 mid-cap stocks that investors can bet on – check Diwali 2023 stock picks for the coming year

By Carolyne Adalla On Nov 12, 2023

As Samvat 2079 concludes, marked by notable volatility, the Nifty reached an all-time high of 20,222.45 this year, yielding substantial gains. Interestingly, the Nifty MidCap 100 outperformed, delivering a remarkable 30% return over the past year, surpassing the headline index.
As we step into Samvat 2080, we take a look at 10 mid-cap stocks poised to offer potential returns based on sector outlooks and individual company strength, as listed by ET Markets.
APL Apollo Tubes | Target: Rs 1,950 | Upside: 24%

APL Apollo Tubes is anticipated to benefit from incremental production at the Raipur plant, resulting in higher EBITDA/t. With a buy rating, the stock is valued at 33x PE of September 2025 EPS. This recommendation is from Axis Securities.

Bharat Dynamics | Target: Rs 1,260 | Upside: 26%

Engaged in a wide range of missile manufacturing, the government PSU Bharat Dynamics stands to gain from the government’s emphasis on defense platform indigenization, leading to a potential for substantial order inflows.

Polycab India | Target: Rs 5,877 | Upside: 19%

As India’s largest cable and wire manufacturer, Polycab also excels in producing FMEG (Fast Moving Electrical Goods) products. This recommendation is from SBI Securities.

Astral | Target: Rs 2,150 | Upside: 17%

Astral, foreseeing strong demand continuation, enjoys an optimistic outlook with increased FY24 volume guidance, according to Axis Securities.

KPIT Technologies | Target: Rs 1,500 | Upside: 23%

Positioned with a resilient business model and robust earnings visibility, KPIT Technologies is well-placed to capture growth opportunities in the industry. This recommendation is from Axis Securities.

Navin Fluorine International | Target: Rs 4,007 | Upside: 13%

Navin Fluorine’s completion of a dedicated agrochem intermediate project and the launch of a fifth molecule from its MPP project are factors contributing to its positive earnings outlook. This recommendation is from Prabhudas Lilladher.

Zee Entertainment Enterprises (ZEEL) | Target: Rs 314 | Upside: 14%

The recent NCLT order regarding the ZEEL-Sony merger resolves uncertainty, offering a win-win situation with potential synergies and growth. This recommendation is from Prabhudas Lilladher.

Coforge | Target: Rs 5,920 | Upside: 15%

Coforge aims to become a leading player in the sector, evident in its consistent growth and smaller deal wins, making it a credible challenger. This recommendation is from JM Financial.

Kaynes Technologies | Target: Rs 2,765 | Upside: 27%

Operating in the Indian Electronics System Design and Manufacturing market, Kaynes is strategically positioned for growth, driven by favorable policies and market dynamics. This recommendation is from IIFL.

Godrej Industries | Target: Rs 783 | Upside: 27%

The main value driver for Godrej Industries originates from its publicly listed subsidiaries and affiliated companies, such as Godrej Consumer, Godrej Properties, and Godrej Agrovet. Beyond these entities, GIL runs an independent oleochemical business, with its palm oil trading operations overseen by its wholly-owned subsidiary, Godrej International. Moreover, the company has ventured into housing finance with the establishment of Godrej Capital. This recommendation is from IIFL.

These mid-cap stocks offer investors diverse opportunities based on sectoral strengths and individual company performance as we embark on Samvat 2080.

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