Top 3 Stocks To Buy, Gain Upto 23% Return, Strong Order Pipeline & New Launches: ICICI Direct Recommends

Indian stock markets have been marginally bearish today. Nifty stood at 17,941.40 points till last traded, today on August 18. Here, 3 stocks have been discussed to buy for investors to gain returns, as suggested by ICICI Direct. We like Hindustan Aeronautics (HAL) in the defence space. Healthy order book position with strong orders pipeline, expected timely execution to drive profitability and return ratios over FY23-24E. Buy with a target price of Rs. 2860/share, commented ICICI Direct. In the past 1 year, Hindustan Aeronautics (HAL)s stock price has surged by 106.85%, and in the past 6 months, the stock price has gained by 72.15%. In the past 1 month, the share price has gained by 27.02%. It is a top multibagger PSU stock.Advertisement We like M&M. Focused on prudent capital allocation, UV differentiation & EV proactiveness. Buy with a target price of Rs. 1,550, ICICI Direct said. In the past 1 year, M&Ms stock price has surged by 59.10%, and in the past 6 months, the stock price has gained by 47.77%. In the past 1 month, the share price has gained by 6.13%. According to recent reports, the company is going to launch 5e new electric Sports Utility Vehicles (SUVs) for both domestic and international markets. The first 4 SUVs are expected to hit the road in between 2024 and 2026. According to ICICI Direct, We like Supreme Industries in our coverage universe. Supreme is the market leader in the plastic piping segment with ~15% market share. Robust b/s with average RoE, RoCE of 24%, 27%, respectively. Buy with a target price of Rs. 2175. In the past 1 year, Supreme Industries stock price fell by 2.48%, and in the past 1 month, the stock price has gained by 2.40%. In the past 5 days, the share price has gained by 2.28%. In this table, the Current Market Price (CMP) and the Target Price (TP) of the recommended stocks have been mentioned.CompanyCMPTarget Price1 Year Potential ReturnHindustan Aeronautics (HAL)Rs. 2,317Rs. 286023.43%Supreme IndustriesRs. 1,938.25Rs. 217512.22%M&MRs. 1,259Rs. 155023.11% The above stocks were picked from the brokerage report of ICICI Direct. Investing in equities poses a risk of financial losses. Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the Investors must therefore exercise due caution. Greynium Information Technologies, the author, and the brokerage house are not liable for any losses caused as a result of decisions based on the article.