Religare Broking has picked five names, Reliance Industries, HDFC Life, Power Finance Corporation (PFC), M&M Financial, and Nuvoco Vistas as its Diwali stock picks for 2025. The brokerage is projecting a potential upside of up to 30% from current levels for these stocks on average. Here’s a look at these stocks.
1 / 6Religare Broking has picked five names, Reliance Industries, HDFC Life, Power Finance Corporation (PFC), M&M Financial, and Nuvoco Vistas as its Diwali stock picks for 2025. The brokerage is projecting a potential upside of up to 30% from current levels for these stocks on average. Here’s a look at these stocks.
2 / 6Reliance Industries | Religare Broking has a price target of ₹1,600 on Reliance Industries, indicating a potential upside of 16.4%. The company’s ongoing investments in new energy and technology innovation, position it well to capture emerging opportunities across the next growth cycle. The brokerage also said that the new energy business is poised to emerge as the next value creation engine and resilience cash flows from the O2C business will fund a new media powerhouse. The outlook remains robust, driven by sustained momentum in the high-growth consumer businesses (Jio and Retail) and the impending monetization of the New Energy gigacomplex. The brokerage expects a revenue and EBITDA CAGR of 10% and 15.1% respectively over financial year 2025-2027.
3 / 6HDFC Life Insurance | HDFC Life shares can go up to ₹870 apiece, according to Religare, indicating a potential upside of 17%. Its continued focus on digital initiatives and diversified distribution drives consistent long-term growth for the company. The brokerage expects an Embedded Value CAGR of 17% through financial year 2027, reflecting the sustained value creation. While near-term margin pressures are largely priced in, the resilient business model and clear growth drivers support upside.
4 / 6Power Finance Corporation Ltd. | Power Finance Corporation has the highest upside among these stocks for Samvat 2082, with Religare Broking projecting an upside potential of 26.6% and a price target of ₹502 for the next 12 months. A diversified growth engine delivering robust performance, resilient profitability, stable asset quality, are among the key reasons why it is bullish on the stock. It expects a PAT CAGR of 12.3% over financial year 2025-2027 as it is set to capitalize on a healthy disbursement pipeline, stable profitability, and resilient asset quality.
5 / 6M&M Financial Services | M&M Financial shares can rise another 14% from these levels, Religare Broking said with a price target of ₹327 on the stock, led by robust AUM and strong capitalization. M&M Financial’s growth is linked to the strong market positioning of its parent company, Mahindra & Mahindra, and its profitability is boosted by margin expansion and efficiency, according to the brokerage. It is positioned for healthy earnings momentum led by better cost efficiencies and stable asset quality.
6 / 6Nuvoco Vistas Corp | The brokerage has a “buy” rating and sees a 12.4% upside on the stock with a price target of ₹478 apiece. The company’s strong operational performance, coupled with the strategic expansion through the Vadraj acquisition, provides clear visibility for future earnings, Religare said. Management’s dual focus on deleveraging the core business while efficiently managing capex for growth inspires confidence, it added..
