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ICICI Direct Report
Here are the top picks for this Diwali 2024
Tata Power
We believe Tata Power as attractive opportunity to play the entire power value chain in India and coupled with the strong renewable capacity addition targets.
We value it on SoTP basis and arrive at a fair value of Rs 530 per share. Key Risks:
Slower capacity renewables addition.
Change in regulations.
Tech Mahindra
We believe, Tech Mahindra Ltd.'s U.S.$ revenue will grow at CAGR of 6.7% between FY24-27E, but operating profit growth is likely to outpace with Ebit margin improving from 6.1% in FY24 to 14.5% in FY27E, implying a CAGR of 43.6% over FY24-27E.
We have valued the company at 25 times P/E on FY27E EPS to assign a target price of Rs 2,000.
Key Risks:
Continued weakness in Top five telecom heavy clients;
Lower than expected margin expansion under Project Fortius.
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