Budget 2024: Adani Power to Tata Power — experts recommend these stocks to buy today
Stock market today: Following the Government of India (GoI) special focus on the greeen energy segment, stock market experts are highly bullish on quality energy stocks. They believe that energy companies investing in the solar, and other renewable energy segment are expected to deliver whopping return to its shareholders in long term. They said that both Reliance Industries Ltd and Adani Enterprises Ltd are aggressively investing in the alternative sources of energy as the Indian government is looking determined to replace crude oil as a source of energy in a cascading manner.
Triggers for alternatice energy stocks
Taking cue from the Budget 2024, Sandeep pandey, Founder & Director at Basav Capital said, “The finance minister has re-iterated the GoI’s commitment to replace crude oil as major souce of energy. That’s why it has commissioned most of its coal mines at maximum efficiency. Now, both Reliance Industries Ltd and Adani Enterprises Ltd are investing in alternative sources of energies. In the budget 2024, FM has declared to strengthen the e-vehicle ecosystem, which is also a good sign for auto companies working on the EV theme.”
Stocks to buy after Budget 2024
On energy stocks to buy after the Budget 2024, Sandeep Pandey said, “As a longterm investor, one need to replicate the investment model of Mukesh Ambani and Gautam Adani. Both the captains of the Indian economy are heavily investing in power sectore, especially solar and other renewable source of power. So I am bullish on Adani Power shares and Tata Power shares. However, to take advantage of the EV theme, I would suggest investors to look at Tata Motors as the auto major is investing heavily in the EV theme.”
Also Read: Budget may accelerate share of EVs in 2024
Pandey went on to add that Coal India shares are also attractive as it has recently went through re-rating and the stock is looking highly promising after GoI’s focus on alternative source of energy.
On suggestion to marginal investors, Sumeet Bagadia, Executive Director at Choice Broking said, “On chart pattern, Coal India and Tata Power is looking highly attracticve. Tata Power shares are expected to go up to ₹410 and ₹425 per share levels respectively in near term. So, Tata Power shareholders can hold the scrip maintaining stop loss at ₹375. A fresh investor can maintain buy on dips strategy for the target of ₹410 and ₹425. However, fresh investors are advised to maintain strict stop loss at ₹375 apice level.”
Bagadia said that Coal India shares may go upm to ₹430 per share level in short term. So, Coal India shareholders should maintain a trailing stop loss at ₹395 and wait for ₹430 per share target.
Cue from Budget 2024
In the Bueget 2024, FM Nirmala Sitharaman said, “Our Government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure. Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism.”
“For promoting green growth, a new scheme of bio-manufacturing and bio-foundry will be launched. This will provide environment friendly alternatives such as biodegradable polymers, bio-plastics, bio-pharmaceuticals and bio-agri-inputs. This scheme will also help in transforming today’s consumptive manufacturing paradigm to the one based on regenerative principles,” Sitharaman added.
Disclaimer: The views and recommendations above are those of individual analysts, experts, and broking companies, not of Mint. We advise investors to check with certified experts before making any investment decisions.
Here’s your comprehensive 3-minute summary of all the things Finance Minister Nirmala Sitharaman said in her Budget speech: Click to download!
Download Finplay News App to get Daily Market Updates.
More
Less
Published: 01 Feb 2024, 06:02 PM IST
Ganesh
http://ganesh@finplay.inFinance enthusiast, Mutual fund expert.