Top Stocks To Buy with Anil Singhvi – Know why Exide is in action mode; how Govt's PLI scheme will help
Top Stocks To Buy with Anil Singhvi: Stock markets today ended the day in the green. While many NSE indices saw good action, Nifty Auto was one which was among those standing out. It ended at 9,164.80 on Wednesday, up by over 1.3 per cent. And, there was one stock which came in the radar of Zee Business Managing Editor Anil Singhvi and this was from an auto ancillary segment. Know why he recommended this stock!
Top Stock To Buy – Exide Industries
Exide Industries today ended the day at Rs 192.50 and was up by 0.60 per cent from the previous close. The Market Guru said that today’s trading session was particularly good for auto sector stocks. He said that the auto ancillary segment is now gradually getting traction. He said that his recommendation is for a stock from battery segment and which is Exide Industries.
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There are two main reasons why investors should buy this stock, Singhvi said. One is the Narendra Modi Government’s Production Linked Incentive (PLI) scheme where there are incentives for increasing production and the company is now ready to do that. The company will benefit from this scheme, he added. Another important reason is that now the Electric Vehicle (EV) Manufacturers are gearing up for the new batteries.
The second important aspect is that this company is also in the insurance business. The valuations of this stock are quite reasonable, he said.
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He said that both these sectors – auto ancillary and insurance are in the limelight, currently.
He said that he expected good action in this stock.
The small target price for this stock is Rs 195. This is for short term trade. The next target price is Rs 199. This is for positional term. These targets are expected to be achieved in 1-2 days he said. The target price for long term is Rs 210. If the markets remain buoyant, the stock is expected to reach the long term targets.
He said that there are few quality stocks that have not had a run in this market run and Exide fits into this category.
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