Brokerage house ICICI Direct has picked Larsen & Toubro shares as its number one pick in a list of 10 stocks ahead of the Union Budget FY22, to be tabled in the Parliament on February 1.
Brokerage house picked the engineering and construction entity as its top pick on the back of the company's strong order book and good revenue outlook.
"We expect the stock to regain upward momentum, challenge all-time high and gradually head towards Rs 2,168 as it is the upper band of rising channel," the brokerage said in its report titled 'Techno Funda: Budget Top Picks'.
The brokerage also expects Axis Bank shares to move towards Rs 870 level -- its all-time high, as against its current price of Rs 777.
For Tata Motors, the brokerage house expects the shares to head towards Rs 555 against the current Rs 496.
"It stays committed to its long-term vision of healthy profitability at JLR, positive free cash flow generation and consequent de-leveraging of the balance sheet starting FY23E.," it said.
(With inputs from IANS)
