ITC to Tata Consumer: These stocks to give big upside on budget 2023 proposals
1 min read . Updated: 01 Feb 2023, 12:56 PM IST
Premium- In budget 2023, FM Nirmala Sitharaman has proposed to raise agriculture credit target by more than 11 per cent in YoY basis
The Finance Minister Nirmala Sitharaman has proposed to increase agriculture credit target by more than 11 per cent (YoY) in the financial year 2023-24. The finance minister made an announcement in this regard while presenting the Union Budget 2023 in the parliament. According to stock market experts, this is going to push stocks like Godrej Agrovet, Britannia and Tata Consumers.
Stock market experts said that commodity-based stocks may benefit from this budget 2023 proposals and advised medium to long term investors to look at ITC, Britannia, Godrej Agrovet and Tata Consumer shares if they plan to add some more stocks in their portfolio.
Speaking on the benefit of this budget proposal, Anuj Gupta, Vice President — Research at IIFL Securities said, "Finance Minister's proposal to increase agriculture credit target from ₹18 lakh crore to ₹20 lakh crore, around 11 per cent higher (YoY) is going to agriculture stocks like ITC, Britannia, Godrej Agrovet and Tata Consumers. So, one should think of adding these agro-stock in one's portfolio after this budget 2023 proposal. But, one should have medium to long term perspective while taking position in these stocks."
On why ITC shares are surging, Sumeet Bagadia, Executive Director at Choice Broking said, "The tobacco company is expected to benefit of this budget proposal to some extent and ITC shares are looking positive on chart pattern and one can add this stock in one's portfolio after the budget 2023 proposal. One should maintain buy on dips strategy in the scrip and keep target of ₹375 to ₹380 in mind. But, one must maintain stop loss at ₹345 apiece while taking position in the scrip.
Suggesting stock market investors to add quality agro stocks in one's portfolio, Anuj Gupta of IIFL Securities said, "One can buy Tata Consumers share at CMP for the target of ₹830 apiece maintaining stop loss at ₹690. Similarly, those interested in Godrej Agrovet shares can buy the stock at current market price for the target of ₹500 levels maintaining stop loss at ₹425 per share. Britannia shares may go up to ₹4500 and one can buy this stock maintaining stop loss at ₹4180."
Disclaimer: .he views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.
