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ICICI Bank, Tata Power: Here's what Gaurang Shah of Geojit Financial says on these two stocks

ICICI Bank, Tata Power: Here's what Gaurang Shah of Geojit Financial says on these two stocks

Top stock picks for today: For ICICI Bank, Shah on Wednesday told BT TV that the lender's credit demand would get better with net non-performing asset (NPA) coming down. During the ongoing financial year 2023-24 (FY24), banking and finance sectors (including non-bank or shadow lenders) would continue to perform, he mentioned.

Prashun Talukdar
Prashun Talukdar
  • Updated Aug 2, 2023 11:31 AM IST
ICICI Bank, Tata Power: Here's what Gaurang Shah of Geojit Financial says on these two stocksTop stock picks for today: Tata Power is decently valued on the back of smart meter and solar order wins, Shah said.
SUMMARY
  • During FY24, banking and finance sectors (including NBFC) would continue to perform, Shah mentioned.
  • ICICI Bank last seen trading 0.23 per cent lower at Rs 992.80.
  • Tata Power was seen trading 0.74 per cent lower at Rs 242.60 today.

Gaurang Shah, Senior VP, Geojit Financial, said private lender ICICI Bank Ltd and power generation firm Tata Power Ltd could be two long-term fundamental bets. For ICICI Bank, Shah on Wednesday told BT TV that the lender's credit demand would get better with net non-performing asset (NPA) coming down further. During the ongoing financial year 2023-24 (FY24), banking and finance sectors (including non-bank or shadow lenders) would continue to perform, he mentioned. The counter was last seen trading 0.23 per cent lower at Rs 992.80.

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In case of Tata Power, the stock was seen consolidating near its record high. Tata Power is decently valued on the back of smart meter and solar order wins, Shah said. Also, the financial health of state power boards is improving, he added. The scrip was seen trading 0.74 per cent lower at Rs 242.60 today.

On the other hand, Milind Vasudev of Arihant Capital Markets, picked Expleo Solutions and HEG as two short-term bets. For Expleo, he suggested to keep a stop loss placed at Rs 1,690 for a target of Rs 1,860-1,920 in a couple of days.

HEG shares could also be picked at current levels, keeping a stop loss at Rs 320 for a potential upside of Rs 380-400.

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Meanwhile, Indian equity benchmarks started on a weak note today, taking cues from the global markets. Asian markets edged lower, mirroring overnight losses in Wall Street losses, as data indicated tightness in the labour market despite the US Federal Reserve's rate hikes.

Also read: Hot stocks on August 2, 2023: IRFC, Hawkins Cookers, Reliance Power, Sula Vineyards and more

The data provided room for the US central bank to hike rates in September, dampening sentiment as most investors saw the Fed rate hike in its July meeting as the last in the current tightening cycle.

Ratings agency Fitch downgraded the US long-term debt rating to AA+ from AAA, citing potential fiscal deterioration over the next three years.

Back home, foreign institutional investors (FIIs) sold Rs 92.85 crore of Indian equities on a net basis during the previous session, while domestic investors purchased Rs 1,036 crore of shares, as per provisional NSE data.

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14 out of the 15 sector gauges -- compiled by the National Stock Exchange -- were trading in the red. Sub-indexes Nifty Bank, Nifty Financial Services, Nifty Metal, Nifty FMCG and Nifty Consumer Durables were underperforming the NSE platform by falling as much as 0.57 per cent, 0.55 per cent, 1.03 per cent, 0.52 per cent and 0.48 per cent, respectively.

Also read: Adani Wilmar Q1 results: Adani firm may report single-digit rise in profit, says Nuvama

Also read: Larsen & Toubro shares to turn ex-dividend today. Key details

Disclaimer: Business Today provides stock market news for informational purposes only and should not be construed as investment advice. Readers are encouraged to consult with a qualified financial advisor before making any investment decisions.
Published on: Aug 2, 2023 9:52 AM IST
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