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Stocks to buy: Federal Bank, Neogen Chemicals among top four stock picks by


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The Indian stock market indices hit record highs on Monday, with the benchmark Sensex surging above the 77,000-mark and the Nifty 50 scaling above 23,400 level, amid upbeat sentiment.

In the month of June, the equity market will continue to track inflation data, actions and commentaries of key central banks, bond yields, crude price movement and geopolitical developments. The market focus will move beyond elections and the factors that would be relevant for the market would include the economic agenda of the new government and the FY25 union budget. 

“Robust FY24 GDP growth, healthy earnings growth, strong domestic flows, stable macro factors, control over inflation and above-normal monsoon expectation would continue to support the domestic equity markets. However, overall valuations remain on the higher side,” said analysts at Kotak Institutional Equities in a report.

Also Read: Stock market today: Sensex, Nifty 50 hit record high after PM Narendra Modi takes oath as PM

The brokerage firm expects earnings of the Nifty-50 Index to grow 10% in FY25E and 14% in FY26E (FY24 growth was 20%). OMCs alone contributed 29% of the incremental profits of FY24. In FY25E, it expects banks, diversified financials, IT services and metals & mining to provide bulk of the incremental profits for the Nifty-50 Index. It expects Nifty 50 index EPS of 1,092 in FY25E and 1,248 in FY26E. 

In its top investment ideas for June 2024, Kotak Equities recommends four stocks to buy in June. These stocks are Federal Bank, Gravita India, India Shelter Finance Corporation and Neogen Chemicals. The brokerage firm has a ‘Buy’ call on these four stocks.

Also Read: Stocks to buy: 9 stocks may rise 6-15% in the next 3-4 weeks, say analysts

Federal Bank | Buy | TP: 190

Federal Bank reported flat earnings, led by higher provisions for staff costs. The lender continues to do well on asset quality, despite a steady increase in higher-yielding loan products. The bank has indicated that it has made substantial progress on its succession planning, Kotak Equities noted.

The…



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