Mumbai: With several stocks nearing their all-time highs, investors are combing through the market for the next winners. Though the valuations of many stocks are at lofty levels, there is scope for some of them to extend gains in 2024.
According to analyst consensus estimates available on Bloomberg, 15 stocks, tracked by over 10 brokerage houses, could return between 17% and 34% in 2024.
Some of them are HG Infra, Data Pattern, Fusion Micro, Ashoka Buildcon, PNC Infra, Gokaldas Exports, Sunteck Realty and EPL. Analysts said many of these stocks are in the infrastructure and construction sectors, which are expected to benefit from the continued government spending on roads and rails.
Shares of HG Infra, an infrastructure company based in Jaipur, are anticipated to generate a return of approximately 34% this year, according to consensus estimates from around 15 analysts. As of September 30, 2023, the company had a robust order book totalling ₹10,678 crore. The central government’s orders constitute about 70% of the company’s total projects.
Data Pattern, a company benefiting from the ministry of defense doubling its procurement from local vendors, is anticipated to yield a return of 29% this year. The stock witnessed a robust rally of 68% in 2023. As of September 30, the company boasted an order book of ₹1,003 crore, which stands at 2.2 times its FY23 sales.Fusion MicroFinance is anticipated to yield a return of 28%, as per recommendations from 12 analysts. The optimistic outlook is driven by improving collection trends and reduced stress, which are expected to contribute to further enhancements in the asset quality of the microfinance firm in the coming quarters.
Likewise, Ashoka Buildcon, PNC Infratech, and Gokaldas Exports are anticipated to deliver returns of 25% in 2024.
