Indian brokerage ICICI Securities gave Venus Pipes and Tubes the highest implied percentage upside among 10 Samvat 2083 picks, a 34% gap from its listed price to target.
The brokerage’s Nov. 2 report lists Venus Pipes at ₹1,750, with a ₹2,340 target and a buying range of ₹1,660 to ₹1,800. Neogen Chemicals follows with 32% implied upside, then Info Edge at 28%. The report does not specify a time horizon for any individual target. It also gives no time of day or time zone for its reference prices.
| Company | Buying range (₹) | Report price (₹) | Target (₹) | Implied upside |
|---|---|---|---|---|
| Venus Pipes and Tubes | 1,660–1,800 | 1,750 | 2,340 | 34% |
| Kotak Mahindra Bank | 445–465 | 460 | 540 | 17% |
| Zydus Lifesciences | 1,200–1,265 | 1,240 | 1,480 | 19% |
| Info Edge | 1,140–1,205 | 1,192 | 1,530 | 28% |
| Adani Ports and SEZ | 1,785–1,865 | 1,850 | 2,210 | 19% |
| Apollo Micro Systems | 380–415 | 400 | 485 | 21% |
| Neogen Chemicals | 2,020–2,160 | 2,100 | 2,765 | 32% |
| Indian Hotels | 790–840 | 825 | 990 | 20% |
| Saregama India | 520–560 | 545 | 650 | 19% |
| Ethos | 2,470–2,650 | 2,585 | 3,180 | 23% |
Neogen’s target is ₹665 above its report price, compared with a ₹590 difference for Venus Pipes. Venus leads on percentage upside because the targets are measured against different reference prices.
ICICI Securities framed the picks around earnings growth amid elevated crude prices, higher domestic and global bond yields, and geopolitical uncertainty. It said Q2 FY27 results reported so far showed revenue and profit after tax growth above 20% year over year across the listed universe, with profit growth above 30% for mid- and small-cap companies.
The report values the Nifty 50 at 16.6 times projected earnings two years ahead, compared with a 10-year average of 18.2 times. It forecast double-digit returns for Indian markets over the next 12 months and 16% annualized Nifty earnings growth over FY26–FY28E. Those are brokerage projections. “We therefore retain a constructive stance on equities,” ICICI Securities’ Retail Equity Research team wrote.
For Venus Pipes, the report cited expansion into data centers, semiconductors and nuclear power. It also listed slower capital spending by end-user industries and geopolitical unrest as risks. For Neogen Chemicals, the brokerage pointed to investment in lithium-battery materials and flagged delayed business offtake and changes in bromine or lithium prices.
The National Stock Exchange lists Sunday, Nov. 8, as Diwali Laxmi Pujan and schedules Muhurat trading for that date.
