Company Recommendation Buy (Rs) Target (Rs) Upside (%) Time Horizon
Eicher Motors Buy 2950 3215.5 9% 1 Month
ICICI  Bank Buy 860 980 14% 1 Month
ITC Buy 375 400 7% 1 Month
Maruti Suzuki Buy 8292 8694 5% 1 Month
NCC Buy 106 121 14% 1 Month
Reliance Buy 2355 2600 10% 1 Month
SBI Buy 550 630 15% 1 Month
UPL Buy 718 791 10% 1 Month
Ultratech Cement Buy 7622 8270 8.5% 1 Month
Varun Beverages Buy 1387 1629 17% 1 Month
*Note: We are continuing ITC, ICICI Bank, Reliance and SBI from last month i.e. March 2023.
*Consider the prices as on 03rd  April, 2023 at 10 am.
Weightage of Investment (Rs.10 Lakh)
Company Amount (Rs) Weightage (%)
Eicher Motors 1,00,000 10%
ICICI  Bank 1,10,000 11%
ITC 80,000 8%
Maruti Suzuki 90,000 9%
NCC 80,000 8%
Reliance 1,10,000 11%
SBI 1,00,000 10%
UPL 1,10,000 11%
Ultratech Cement 1,20,000 12%
Varun Beverages 1,00,000 10%
Total 10,00,000 100%

Eicher Motors Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
2950 EICHERMOT/505200 80,681 Automobile 27.35 1.00 485.48 0.91

Eicher Motors (EML) is a company that produces premium motorcycles and commercial vehicles. In the premium motorcycle segment, EML is the market leader with a market share of around 85%, which is a significant portion of the market. EML’s premium motorcycle brand is Royal Enfield (RE), which includes popular models such as Bullet, Classic, and Interceptor. EML also has a presence in the commercial vehicle space through its joint venture with Volvo, VECV, in which EML has a 54.4% stake. In this segment, EML has a 6.6% market share. EML has a strong financial position, with a net cash positive balance sheet and healthy return ratios. Management expects stable demand in the domestic market and plans to grow through the ramp-up of Hunter in tier-3 and smaller cities. Hunter is a new motorcycle model that EML plans to introduce in these smaller cities to increase its market presence. While EML is experiencing a seasonal decline in export markets, it anticipates growth from the expansion of its portfolio and reach in international markets. EML plans to continue launching new products to meet demand in international markets and provide upgrade options to RE owners in India. Although the company prioritizes profit growth over profitability, margin improvement is still possible in the near future.

ICICI Bank Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
864 ICICIBANK/532174 6,12,532 Banks 1396.56 2.00 287.46 1.00

ICICI Bank is the second largest private bank of India and has a leading position in other financial services businesses through its subsidiaries. The bank offers a wide range of banking and financial services including commercial banking and treasury operations to large set of customers viz. large and mid-corporates, MSME, agriculture and retail businesses. The bank is working with a widespread network of over 5,718 branches and 13,186 ATMs across country. The bank delivered strong performance in December quarter of FY23. On consolidated front, the bank has reported 34.5% YoY growth in the Net Profit to Rs 8,792 crore and 9.8% growth on QoQ basis. Net Interest Income increased 33.7% yearly and 10.6% quarterly to Rs 18,641 crore. Net Interest Margin grew to 4.65% in Q3FY23 from 4.31% in Q2FY23. Asset quality of the bank further improved in the quarter with Gross NPA to 3.07% and Net NPA to 0.55%.

ITC Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
375 ITC/500875 4,76,552 Cigarettes 1242.80 1.00 52.81 0.54

ITC Ltd. is one of India’s foremost multi-business enterprise with diversified portfolio of businesses spanning in FMCG, Paperboards & Packaging, Agri Business, Hotels and Information Technology. It has been the top player in the cigarettes market and one of the leading FMCG brand in India. The company delivered strong performance across all segments in the December 2022 quarter despite significant rise in the inflation. Revenue of the company increased ~4% YoY to Rs 17,586 crore in the Q3FY23 and Net profit rose to 23.4% YoY to Rs 5,007 crore. Operating profit margin of the company is at highest level of previous four quarters at 41.5%. ITC reported a strong growth in its core business, urban and rural markets also clocked strong growth. The stable tax environment for cigarettes in recent years has allowed the company to regulate price increases to avoid a disruption in demand. This trend will continue, aiding volumes and earnings visibility in the mid-term.

Maruti Suzuki Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
8292 MARUTI/532500 2,50,504 Automobile 151.04 5.00 1892.91 0.70

Maruti Suzuki (MSIL) is the market leader in the domestic passenger vehicle (PV) space, with a market share of around 43.4%. They have popular models such as Alto, WagonR, Swift, Brezza, Baleno, and Ertiga, among others. They are the market leader in each sub-segment – cars (63.6%), UV (19.5%), and vans (95.7%). MSIL has a strong balance sheet with around 42,000 crore cash and investments as of FY22. Despite the chip shortage continuing to impact production activity, MSIL reported its highest-ever sales in a financial year, with wholesales of 19,66,164 units in 2022-23, up 19% from 16,52,653 units in the previous year. Domestic dispatches also rose to 17,06,831 units in 2022-23, up 21% from 14,14,277 units in the previous year. Shashank Srivastava, MSIL’s Senior Executive Officer for Marketing and Sales, stated that the overall industry sales last fiscal year rose to 38.89 lakh units, an increase of 27% from 30.69 lakh units in the previous year.

NCC Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
 106 NCC/500294 6,674 Construction 125.57 2.00 92.72 0.96

NCC Ltd (NJCC) is one of the largest infrastructure conglomerates in India, with a presence in all major construction segments such as building and housing, roads, water and environment, irrigation, metals, mining, and railways. They have a strong geographical footprint across India, with offices in 13 cities in states such as Maharashtra, Andhra Pradesh, Telangana, Karnataka, Gujarat, and Uttar Pradesh, and around 140 active sites as of September 2022. NCC has executed key projects such as the Agra Lucknow Expressway, ESI Hospital and Medical College in Karnataka, Outer ring road – Hyderabad growth corridor, and Water supply project in Gujarat. They have a strong clientele base in the public and private sectors, and their execution prowess is well-proven. NJCC, with its pedigree of executing infrastructure projects, is expected to see an upcycle in its order inflow in FY23E, given the government’s continued push for infra spend.

Reliance Industries Ltd.:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
2355 RELIANCE/500325 15,12,278 Refineries 6,765.59 10.00 1167.75 1.08

Reliance Industries Limited (RIL) is India’s largest private sector conglomerate with diversified businesses including energy, petrochemicals, natural gas, telecommunication and retail. The company has evolved from the textile and polyester company to an integrated player across energy, metals, petrochemical, retail, telecommunication and entertainment. It majorly operates through following segments: Oil to Chemicals (O2C), Oil & Gas, Retail, Digital Services, Financial Services, and Others. The company has shown robust O2C performance and healthy consumer business in the December 2022 quarter. Its Jio business will further drive growth with rapid 5G rollout plans across country. The retail segment is strengthening; acquisition of several FMCG players by the company will help to gain the market share. Re-opening of China would further support Reliance’s Energy business going forward.

State Bank of India Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
550 SBIN/500112 4,67,382 Banks 892.46 1.00 367.07 1.10

State Bank of India Ltd. is India’s largest public sector bank operating from the last 40+ years with an extensive network of more than 21,000 branches, 55,000 ATMs in India and 232 international offices across 32 countries. It is a banking and financial services statutory body engaged in providing a wide range of products and services to individuals, commercial enterprises, large corporates, public bodies, and institutional customers. SBI has shown robust performance in the December 2022 quarter results. Net Interest Income of the bank rose by 24% YoY to Rs.84,463 Cr. while Net Profits of the bank increased hugely by 69% YoY at  Rs.14,205 Cr. Asset quality of the bank has also improved in Q3FY23 with GNPA ratio of 3.14% down by 38 bps QoQ and Net NPA of 0.77 compared to 0.80% in September quarter. Healthy loan growth momentum of the bank is expected to sustain led by retail and corporate loan growth.

UPL Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
718 UPL/512070 53,852 Agro-Chemicals 150.12 2.00 332.51 1.04


UPL Ltd. is a global provider of sustainable agriculture products and solutions, with annual revenue exceeding $6 billion. Through OpenAg, UPL is focused on facilitating progress for the entire agricultural value chain, building a network that redefines the way an entire industry thinks and works. Their portfolio consists of biologicals and traditional crop protection solutions with more than 14,000 registrations, and they are present in more than 138 countries, represented by more than 13,000 colleagues globally. In Q3 FY23, UPL continued to see solid traction following strong first-half performance, with firm product prices leading to a healthy uptick in realizations and strong grower margins due to elevated agricultural commodity prices.

Ultratech Cement Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
7622 ULTRACEMCO/532538 2,19,978.98 Cement 288.69 10.00 1783.45 0.79

UltraTech Cement Limited is the cement flagship company of the Aditya Birla Group and is the largest manufacturer of grey cement, ready mix concrete (RMC), and white cement in India. It is the third largest cement producer in the world, excluding China, and is the only cement company globally (outside of China) to have 100+ MTPA of cement manufacturing capacity in a single country. The company’s business operations span UAE, Bahrain, Sri Lanka, and India, and it reaches out to more than 1.6 million beneficiaries in over 500 villages in 16 states across India. In FY2022-23, UltraTech’s consolidated sales rose by 12.4% to 105.7 million tonnes, and its total sales volume in the domestic market crossed 100 MT for the financial year that ended on March 31, 2023.

Varun Beverages Ltd:

CMP NSE/BSE Symbol MCAP (Cr) Sector Equity (Cr) Face Value Book Value Beta-Sensex
1387 VBL/540180 90,109.94 FMCG 649.56 10.00 78.55 0.61

VBL, the second-largest PepsiCo franchisee globally (excluding the USA), produces a range of beverages, including carbonated soft drinks like Pepsi, Mountain Dew, Seven Up, and Mirinda, non-carbonated drinks such as Tropicana Slice and Tropicana Frutz, and bottled water under the Aquafina brand. The company’s presence in 27 states and 7 UT and its exclusive bottling rights for PepsiCo in Nepal, Sri Lanka, Morocco, Zambia, and Zimbabwe make it a significant contributor to PepsiCo’s beverage sales volume in India, accounting for nearly 90%. VBL’s performance in Q4CY22 was strong, with growth in volume and realization across regions and markets. This was due to the company’s distribution expansion, success in newly acquired territories, and the scaling up of the Sting energy drink. Despite inflation in raw materials, VBL was able to improve gross margins through early stockpiling of essential raw materials, selective price adjustments, discount rationalization, and improved realization, led by the higher visibility of the high-margin Sting product. Operating leverage benefits contributed to an improvement in EBITDA margins. VBL is well-positioned to benefit from the early onset of the summer season, which is expected to drive overall beverage sales across regions.


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