Dr Reddy’s Labs, Bandhan Bank, MapmyIndia, Shivalik Bimetal and other JM Financial stocks maintain gains; check targets

As the July session of Dalal Street 2024 approaches, domestic stock indices Sensex and Nifty50 closed lower in the last trading session of June. Sensex fell 210 points to 79,032.73, while the 50-share index settled at 24,010. The fall was largely due to declines in financial, telecom and information technology (IT) stocks, including ICICI Bank (ICICIBANK), HDFC Bank (HDFCBANK), Bharti Airtel (BHARTIARTL), Tata Consultancy Services (TCS) and Infosys (INFY). Despite this decline, the indices hit intraday highs, with Sensex reaching 79,671 and Nifty rising to 24,174.

In turn, the largest gains were made in the oil and gas, consumer fuels and healthcare sectors. Shares of companies like Tata Motors (TATAMOTORS), Oil and Natural Gas Corporation (ONGC), Mahanagar Gas Ltd (MGL), Indraprastha Gas Limited (IGL) and Dr Reddy’s Laboratories (DRREDDY) witnessed significant gains.

These mixed results across sectors underscore the prevailing market volatility and cautious optimism among investors looking for profits or growth opportunities.

Amid these fluctuations, national brokerage firm JM Financial has carefully selected a number of stocks from healthcare, IT, finance and public sector (PSU) sectors.

SBCL

JM Financial recommends buying Shivalik Bimetal Controls Ltd (SBCL) shares at a target price of Rs 730 in the next 12 months.

SRF

The brokerage has maintained a buy call on SRF shares with a price target of Rs 2,795 for the next 12 months.

Dr. Reddy’s labs

They reiterated their ‘buy’ rating on shares of pharma major Dr Reddy’s Laboratories with a price target of Rs 7,390 over the same time horizon.

MapmyIndia

The domestic brokerage is bullish on CE Info Systems (MapmyIndia) stock with a one-year target of Rs 2,900.

Coal India

JM Financial has maintained a buy call on Coal India Ltd (CIL) shares with a target price of Rs 540.

Bank Bandhan

In the financial sector, JM Financial has issued a buy rating on Bandhan Bank shares with a target price of Rs 260 per share.