ICICI Securities picked 10 Indian equities for its Diwali Muhurat trading report, pairing stock-specific targets with an upbeat 12-month market view built around earnings growth and Nifty 50 valuations.
Its Nov. 2 report put the target-price upside at 17% to 34%, based on the prices listed in the document. ICICI Securities forecast double-digit returns for Indian equities over the next 12 months, while saying its research recommendations do not guarantee returns. The report did not give an individual target horizon.
The targets were ₹2,340 for Venus Pipes and Tubes, ₹540 for Kotak Mahindra Bank, ₹1,480 for Zydus Lifesciences, ₹1,530 for Info Edge and ₹2,210 for Adani Ports and SEZ. The other picks were Apollo Micro Systems at ₹485, Neogen Chemicals at ₹2,765, Indian Hotels at ₹990, Saregama India at ₹650 and Ethos at ₹3,180.
The brokerage said companies that had reported so far in the Q2 FY27 earnings season posted year-on-year growth of more than 20% in both revenue and profit after tax. It put profit growth among mid- and small-cap companies above 30%. The Nifty 50’s two-year forward price-to-earnings ratio stood at 16.6 times, below its 10-year average of 18.2 times, and ICICI Securities forecast 16% compound annual growth in Nifty earnings over FY26–FY28.
The brokerage linked the recent market decline to elevated crude prices, rising domestic and global bond yields, and geopolitical uncertainty. It maintained that its outlook for the domestic earnings cycle had not materially changed.
Company-level estimates included advances growth of about 20% to 22% at Kotak Mahindra Bank and a 14.8% revenue compound annual growth rate for Info Edge over FY26–FY28. For Adani Ports, the report cited FY27 capital expenditure guidance of ₹15,000 crore to ₹17,000 crore and the company’s goal of raising cargo capacity to 1 billion metric tonnes by 2031, from 500 million in FY26.
ICICI Securities flagged slower hiring recovery at Info Edge, delays to Neogen Chemicals’ battery-chemicals ramp-up or customer offtake, and geopolitical tensions or approval delays for Adani Ports. For Ethos, it cited a weaker rupee against the Swiss franc and increased competition. EconoTimes has also covered SBI Securities’ Diwali stock picks.
The National Stock Exchange of India Limited (NSE) scheduled the Muhurat session for Sunday, Nov. 8. Continuous trading is scheduled to begin at 3:50 a.m. ET (8:50 a.m. UTC) and end at 4:45 a.m. ET (9:45 a.m. UTC) for securities that then enter the Closing Auction Session, and at 5 a.m. ET (10 a.m. UTC) for other securities.
