Markets Rebound; Nifty Above 24,600, Sensex Gains 200+ Points—PL Capital Highlights Top Stock Picks

Mumbai | June 4 – Indian equities edged higher on Tuesday, June 4, snapping a three-day losing streak as gains in auto, IT, and PSU banking stocks lifted market sentiment. Broader indices outperformed the benchmarks, while a more than 4% drop in the India VIX signalled easing market anxiety.

As of noon, the Sensex was up 206.67 points or 0.26% at 80,944.18, while the Nifty 50 rose 60.90 points or 0.25% to 24,603.40. Market breadth favoured the bulls, with 1,826 stocks advancing, 1,586 declining, and 118 unchanged.

Despite recent volatility, analysts at PL Capital remain constructive on select fundamentally strong stocks that offer growth visibility and attractive valuations. Here are PL Capital’s top 5 stock picks for investors navigating current market conditions:

1. Kirloskar Pneumatic Company (KKPC)

Rating: Buy | CMP: ₹1,340 | Target Price: ₹1,636

Kirloskar Pneumatic reported a strong Q4 with 20.7% YoY revenue growth and stable EBITDA margin of 18.5%. Gains in the Air and Refrigeration Compression segments, along with an expanding order book of ₹16.2 billion, support visibility for FY26 revenue targets. Key growth drivers include new product launches, backward integration, and leadership in the oil & gas compression space. The stock trades at a reasonable valuation of 26.3x FY27E earnings, and PL Capital maintains a bullish outlook.

2. Triveni Turbine

Rating: Buy | CMP: ₹590 | Target Price: ₹772

Triveni delivered a solid performance in Q4FY25, posting a 17.5% rise in revenue and 277 bps margin expansion to 22.4%. While some order finalizations have been delayed, the inquiry pipeline remains strong—up 120% in India and 30% globally. PL Capital sees further upside driven by high-margin aftermarket business, growing exports, and leadership in API turbines. The target price of ₹772 implies upside potential of over 30%.

3. Mahindra & Mahindra (M&M)

Rating: Buy | CMP: ₹3,080 | Target Price: ₹3,539

M&M posted a strong Q4 with 24.5% YoY revenue growth, outperforming expectations in both Auto and Farm divisions. Automotive EBIT margins improved thanks to better product mix and strong SUV sales. Its EV arm, MEAL, also reported traction with over ₹22 billion in revenue. With plans to launch seven new SUV models by CY26 and strong growth outlook across verticals, PL Capital sees M&M as a compelling auto play.

4. Lupin

Rating: Buy | CMP: ₹1,938 | Target Price: ₹2,400

Lupin reported a 30% YoY jump in Q4 EBITDA, led by higher US sales and better product mix. The company’s focus on niche launches and consistent regulatory clearance from the USFDA has supported its margin expansion. With gTolvaptan ramp-up and steady India/EMEA growth, PL Capital has raised its FY26E estimates and sees the stock re-rating on the back of strong execution and earnings visibility.

5. ICICI Bank

Rating: Buy | CMP: ₹1,431 | Target Price: ₹1,700

ICICI Bank continues to deliver on all operating fronts. Despite moderate loan growth, the bank beat PAT estimates with better asset quality and cost controls. NIMs improved sequentially to 4.4%, and gross NPAs declined to 1.67%. With a healthy balance sheet, well-diversified loan book, and attractive RoE profile, the bank is expected to maintain its earnings momentum. PL Capital values it at 2.9x Mar’27E core ABV.

Market View

With Nifty holding above the 24,600 mark and the VIX cooling off, market participants are advised to focus on stock-specific opportunities. PL Capital believes companies with solid fundamentals, strong order books, and sector leadership are best placed to outperform amid ongoing global uncertainties.

Disclaimer:

This article is intended for informational purposes only and does not constitute investment advice. Investors should consult their financial advisors before making any investment decisions. PL Capital or its associates may hold positions in the mentioned stocks.