In September 2023, 14 out of the 50 Nifty stocks reached their all-time high levels, while some others were close to achieving their record highs. Despite the NSE barometer’s 1.5 percent increase during the month, several of these stocks face capped upside potential, as indicated by average price targets.

L&T (Larsen & Toubro Ltd)

L&T’s shares surged by 12 percent in September, reaching a new all-time high of INR 3,058.35 on NSE. This growth followed the company’s securing of a mega order worth at least INR 7,000 crore. Brokerage firm Prabhudas Lilladher set a target of INR 3,302 for the stock, while ICICI Securities valued it at INR 3,141. However, the average stock price, at INR 2,893 according to Trendlyne, suggests a potential 5 percent downside ahead for L&T.

Tata Consumer Products Ltd (TCPL)

Tata Consumer Products Ltd (TCPL) achieved a record high of INR 909.90 on September 26. Nirmal Bang Institutional Equities expressed a positive view on TCPL, noting improved demand trends in its core tea and salt categories. Motilal Oswal projected revenue, EBITDA, and PAT CAGR of 11 percent, 17 percent, and 28 percent, respectively, over FY23-25, with a target price of INR 1,035. The stock was trading at INR 880.50 in Friday’s session.

Maruti Suzuki

Maruti Suzuki reached an all-time high of INR 10,720 on September 25. Antique Stock Broking, with a target of INR 11,555 for the automaker, expected strong data driven by SUV sales but anticipated continued pressure on small car demand. The average target price for Maruti is INR 10,919, suggesting limited upside potential.

Axis Bank

Axis Bank achieved a record high of INR 1,047.50 on September 20. Its average target price indicates a potential 10 percent upside.

NTPC

NTPC hit an all-time high of INR 246 on September 20. ICICIdirect highlighted the company’s aggressive renewable capacity addition plan of 16,000 MW over FY24-FY26, which is expected to lead to a rerating of the stock. The brokerage firm set a target of INR 300 for NTPC, while the average target price stands at INR 248, suggesting no upside.

Power Grid Corporation of India Ltd

Power Grid Corporation of India Ltd achieved a record high of INR 205.95 on September 20. Jefferies set a base case target of INR 212 for the stock and has an upside scenario target of INR 240 and a downside scenario target of INR 170.

Bajaj Auto

Bajaj Auto reached a high of INR 5,274.90 on September 18. While domestic volumes are expected to improve year-on-year, exports are anticipated to be weaker. The average target for the stock suggests no upside.

Several other stocks also hit record highs in September, with varying upside potential and downside risks.