L&T, Maruti, Axis Bank, NTPC among 14 Nifty shares hitting new highs in September

A total 14 of the 50 Nifty stocks hit their record high levels in September while a few others were on the verge of hitting their all-time high levels in the month that saw the NSE barometer rising 1.5 per cent. Upside looks capped for many of these stocks, as suggested by average price targets. 

Up 12 per cent in September, shares of Larsen & Toubro Ltd (L&T) hit a fresh all-time high of 3,058.35 on NSE after the engineering company secured a mega order worth at least Rs 7,000 crore. Earlier this month, brokerage Prabhudas Lilladher suggested a target of Rs 3,302 on the stock. ICICI Securities found the stock worth Rs 3,141. The average stock price on the stock at Rs 2,893, as per Trendlyne, however, suggests a 5 per cent potential downside ahead of L&T.

Tata group firm Tata Consumer Products Ltd (TCPL) hit a record high of Rs 909.90 on September 26. Nirmal Bang Institutional Equities said it is structurally positive on TCPL. Motilal Oswal said Tata Consumer is seeing improved demand trends for its core tea and salt categories and remains cautiously optimistic.

"It is following a two-pronged growth approach by focusing on new growth engines and rapidly scaling up its distribution network along with digitisation. We expect a revenue, Ebitda and PAT CAGR of 11 per cent, 17 per cent and 28 per cent, respectively, over FY23-25," it said while suggesting a target of Rs 1,035. The stock traded at Rs 880.50 in Friday's trade. 

Maruti Suzuki hit an all-time high of 10,720 on September 25. Ahead of September sales data, Antique Stock Broking, which has a target of Rs 11,555 on the car maker, said it expects Maruti to deliver a good set of data driven by healthy traction in the SUV space. It however expected small car demand to stay under pressure. Maruti's average target price at Rs 10,919, however, suggests upside capped for the stock. 

Axis Bank also hit a record high of Rs 1,047.50 on September 20. Its average price suggests 10 per cent potential upside.

NTPC is another Nifty stock hitting an all-time high (Rs 246) on September 20. ICICIdirect said NTPC has set out an aggressive renewable capacity addition plan to the tune of 16,000 MW over FY24-FY26, which it said would scale up the green portfolio of the company and lead to rerating of the stock.

"Per year addition of 4,000-5,000 MW of renewable capacity and strong growth in regulated equity in the conventional thermal portfolio We estimate Ebitda and PAT to grow at 16.1 per cent, and 16 per cent CAGR respectively over FY23-25E," it said while suggesting a target of Rs 300 on the stock. The average target price on the stock at Rs 248, however, suggests no upside. 

Power Grid Corporation of India Ltd too hit a record high of Rs 205.95 on September 20. Jefferies has a base case target of Rs 212 on the stock. It has a target of Rs 240 on NTPC in its upside scenario and Rs 170 in its downside scenario.

Bajaj Auto hit a high of Rs 5,274.90 on September 18. Antique Stock Broking said domestic volumes for this two-wheeler maker are expected to be better on YoY but exports are expected to be weaker. The average target for the stock suggests no upside ahead. 

Other stocks hitting record highs in September included Grasim Industries (upside potential: 3 per cent), Mahindra & Mahindra (9 per cent), SBI Life Insurance Company Ltd (21 per cent), Titan Company Ltd (1 per cent), Bharti Airtel Ltd (5 per cent), Ultratech Cement Ltd (7 per cent), JSW Steel Ltd (5 per cent potential downside.

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