360 ONE retains BUY ratings on 21 stocks, flags Jindal SAW upside of 52%

Despite the sell-off, 360 ONE Capital Research noted that the domestic demand environment remains resilient, though near-term growth faces risks from prolonged high oil prices, adverse monsoon conditions, or persistently high global interest rates.

The brokerage also highlighted elevated geopolitical uncertainty, higher global yields, and a firmer dollar as factors making the external liquidity environment less supportive.

It continues to favour a bottom-up, market-cap-agnostic approach, remaining overweight on Healthcare and power/energy-related themes, neutral on Industrials due to elevated valuations, and neutral on Financials where valuations are reasonable but regulatory uncertainty persists.

Broader market returns are expected to increasingly track earnings growth, with bottom-up stock selection offering opportunities for alpha generation.

Against this backdrop, 360 ONE has retained a focused list of 21 top multicap picks, with several stocks offering substantial potential upside from current levels.

Among large-cap stocks (market cap above ₹800 bn), the picks include ICICI Bank, ITC, NTPC, Coal India, SBI Life Insurance Company, and Aurobindo Pharma.

In the mid-cap range (₹300 bn to ₹800 bn), the list features National Aluminium Company, GlaxoSmithKline Pharma, The Supreme Industries, and Navin Fluorine International.

For small and mid-cap stocks (₹100 bn to ₹300 bn), the selections are Neuland Laboratories, The Ramco Cements, Leela Palaces Hotels Resorts, Jindal SAW, Usha Martin, Graphite India, CarTrade Tech, Shaily Engineering Plastics, Home First Finance Company India, and BlackBuck.

On Jindal SAW, 360 ONE maintains a BUY rating with a target price of ₹423, implying 52.2% upside from current levels, citing strong order visibility, overseas growth opportunities, and planned capex to support earnings and return on capital.

The company has a consolidated order backlog of around 2 million MT, providing roughly 12 months of earnings visibility, with expectations of normalisation in MENA shipments and domestic water infrastructure execution.

SBI Life Insurance Company retains a BUY rating with a target price of ₹2,380, indicating 40% upside from ₹1,696, backed by its distribution strength via State Bank of India and a productive agency network.

ICICI Bank also holds a BUY rating with a target price of ₹1,800, translating to 36.2% upside from ₹1,322, driven by its robust retail/SME franchise, stable operating metrics, strong underwriting, and execution.

Other notable targets include ITC at ₹440 (67.3% upside), NTPC at ₹455 (40.9% upside), Coal India at ₹516 (21.4% upside), and Aurobindo Pharma at ₹1,840 (8.4% upside).

The brokerage advises investors to consult certified experts before making investment decisions, as the views are those of individual analysts and not of Mint.