Best Stocks To Buy Right Now – Indian Stocks With 20%-30% Upside

After a turbulent start to 2023, Indian stocks have been on fire for the past few months. In fact, India is among the few countries where the benchmark indices (NIFTY 50 and BSE Sensex) have soared to all-time highs this year. Considering the bullish sentiment in Indian equities, we’ll discuss the best stock to buy right now.

There are several reasons why you might want to consider investing in Indian equities. First, the Indian economy is expected to grow at a healthy pace in 2023. This will provide a boost to corporate earnings, which should lead to higher stock prices. Second, foreign investors have been net buyers of Indian equities in recent months. This is a sign of confidence in the market. Before looking at the top stock to invest, let’s discuss a key event in the Indian share market.

Adani Shares Controversy

In January 2023, short-seller research firm Hindenburg Research published a report. The report alleged that the Adani Group, a multinational conglomerate based in India, was engaged in a number of fraudulent activities, including stock price manipulation, money laundering, and tax evasion. The report also alleged that the Adani Group had close ties to the Indian government.

Which Stocks to Buy Today?

The controversy not only triggered a sell-off in Adani shares, but it also changed the liquidity dynamic of the Indian stock market. Many intelligent investors considered it to be an excellent opportunity to scoop up Indian shares, which were available at very attractive discounts during the January 2023 crash. According to the leading brokers, following are the best stocks to buy in India.

Fino Payments Bank (NSE: FINOPB)

Fino Payments Bank is one of the leading payments banks in India, and it has a strong growth potential. The company has an extensive network of agents and branches, and it is well-positioned to benefit from the growth of the digital payments market in India. In FY23, the net profit of Fino Bank grew by 52.4%. There was also a huge increase of 18.1 in return on equity (ROE), making it one of the best shares to buy and hold.

Piramal Enterprises Ltd. (NSE: PEL)

Piramal Enterprises has a robust growth trajectory, and it is expected to benefit from the growth of the Indian economy. The company's core financial services business is growing rapidly, and its new businesses, such as Piramal Capital and Piramal Health, are also showing promise.

The company has been consistently profitable, and its financial performance has improved over the past few years. It appears to be one of the best Indian stocks, as the company's net profit grew by 27.7% in FY23, and its return on equity (ROE) remained at 22.7%.

Gail (India) Ltd (NSE: GAIL)

GAIL (India) is a leading natural gas company in India, with a strong growth potential. The company's gas transmission and distribution network is the largest in India, and it is well-positioned to benefit from the growth of the Indian gas market.

The financial reports show that the company is very profitable, and its performance has improved over the past few years. The company's net profit grew by 13.5% in FY23, and its return on equity (ROE) was 16.2%. This makes it one of the best stocks to buy in 2023.

PSP Projects Ltd. (NSE: PSPPROJECT)

PSP Projects is a leading construction company in India with a promising future. The company is well-positioned to benefit from the growth of the Indian infrastructure sector. PSP Projects is currently trading at a relatively attractive valuation. The company's price-to-earnings (P/E) ratio is 11.8, which is lower than the P/E ratio of other construction companies in India.