Zee Business Muhurat Picks: Market expert Sandeep Jain is bullish on shares of Mazagon Dock Shipbuilders and Zomato Limited for strong returns this Diwali. The director of TradeSwift recommended investing in these two stocks on broader markets.
Indian markets are closed on Monday due to Diwali festival, however, as a ritual, the national stock market is open for a special one-hour session – Muhurat Trading, where investors buy/invest in stocks seeing it as good augurs on the day of Laxmi Pujan.
This year, the Muhurat Trading will take place between 6:15 p.m. and 7:15 p.m. on Monday.
According to Jain, both stocks have the potential to generate good long-term returns, being mostly strong on the fundamental and technical fronts.
Mazagon Dock Shipbuilders
According to market analyst, defence-related Mazagon Dock Shipbuilders has built 799 ships, 26 warships and 6 submarines. The company has no debt and has a dividend of 37.9%.
Mazagon Dock shares have performed multibagger over the past year, as they jumped nearly 144% and are up nearly 125% year-to-date. On Friday, shares closed nearly 2% lower at Rs 640 per share.
The initiative of the government to be indigenous in the defense system and to equip the defense safeties with updated locally made equipment has also brought this stock into prominence.
Sandeep Jain also said that the next-generation company debuted on the stock market in July 2021 at Rs 116, delivering 50% listing gains. In July 2022, the stock slipped to Rs 40 each.
The stock has underperformed over the past year as it has slid over 53% and roughly the same decline has been seen since the start of the year.
The company announced in June the acquisition of grocery delivery startup Blinkit. In this regard, global brokerage HSBC said investors are widely divided on Zomato’s strategy to acquire Blinkit, with some even questioning the merits of a foray into (hyperlocal) grocery stores.
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