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Piramal Pharma To M&M: ICICI Securities Shares Top Stock Picks For 2025

ICICI Securities expects NSE Nifty 50 to scale the 28,300-mark in 2025, whereas the target for BSE Sensex is 94,300.

<div class="paragraphs"><p>ICICI Securities sees healthy double-digit upside in broader markets in calendar year 2025. (Photo source:  NDTV Profit)</p></div>
ICICI Securities sees healthy double-digit upside in broader markets in calendar year 2025. (Photo source: NDTV Profit)

Piramal Pharma Ltd., Mahindra and Mahindra Ltd., KNR Construction Ltd. and Narayana Hrudalaya Ltd. are among ICICI Securities' top stock picks for 2025.

"We are constructive on markets and believe the recent correction offers good entry point to start accumulation for long term wealth generation," it said in a note released on Monday.

The brokerage expects Nifty 50, the benchmark index of NSE, to scale the 28,300-mark in calendar year 2025. "Our fair value for Nifty is pegged at 28,300", whereas the target for BSE Sensex is 94,300, ICICI Securities said. "We see healthy double-digit upside in broader markets in CY25," it added.

Despite a modest 7% growth projected in Nifty earnings for the current fiscal, ICICI Securities expects Nifty to resume its double-digit earnings growth trajectory, with earnings over fiscal 2025-27 expected to grow at a compounded annual growth rate of 15%.

A pick-up in domestic GDP growth rate, the decline in interest rates and a continued growth-supportive policy framework will be the earnings growth enablers, the brokerage said in its note.

"However, the focus going forward should be to invest in companies with certainty of growth longevity, healthy balance sheets, less susceptible to foreign shocks, (and) capital efficient business models, it added.

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Piramal Pharma

  • The brokerage has a 'buy' rating for Piramal Pharma with a target price of Rs 320 apiece, a potential upside of 26% from the previous close.

  • CRDMO segment is witnessing signs of improvement in biotech funding, besides good demand for differentiated offerings, it said.

  • No growth-related issues despite likely delay in the enactment of US Biosecure Act for want of passage in the US Senate, the note added.

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KNR Construction

  • The brokerage has a 'buy' rating with a target price of Rs 390 apiece, a potential upside of 24% from the previous close.

  • The company enjoys a strong execution track record, healthy balance sheet and strong return ratio, it said.

  • ICICI Securities believes that KNR Construction could capitalise on the accelerated ordering process during second half of the year, which could drive order inflows and sharply improve growth visibility.

Narayana Hrudayalaya

  • ICICI Securities has issues 'buy' rating with a target price of Rs 1,600 apiece, a potential upside of 23% from the previous close.

  • The company is far better poised to fathom the impact on the balance sheet as the margins and the return ratios are in good shape, it said.

  • The management has reiterated focus on margins by way of judicious specialty and payor mix.

Techno Electric and Engineering

  • The brokerage has a 'buy' rating with a target price of Rs 1,920 apiece, a potential upside of 23% from the previous close.

  • The base EPC business is in a "sweet spot" for next couple of years, it said.

  • The data center capex if executed efficiently and scaled up can create huge value for the company, the note added.

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Ramco Cements

  • ICICI Securities also has a buy rating for Ramco Cements, with a target price of Rs 1,180 apiece, a potential upside of 22% from the previous close.

  • The brokerage expects Ebitda per tonne to improve in the second half of this fiscal, driven by improvement in realisations, and cost optimisation.

  • The company remains focused on debt reduction, monetisation of non-core assets and incurring lower capex for upcoming expansion, it said.

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