InCred high-conviction picks: Top 10 stocks to buy with up to 192% upside; check list

InCred high-conviction picks: The Nifty 50 Index climbed to a fresh record high in November, breaking out of a 14-month consolidation phase and defying a series of macroeconomic challenges. Despite persistent FII selling, pressure on the rupee, and concerns surrounding import tariffs, Indian markets remained remarkably resilient. Strong domestic participation, robust Q2 earnings, and improving expectations for Q3 and Q4 helped push benchmark indices higher even as global uncertainty lingered. India’s better-than-expected earnings season provided a solid cushion for equity markets. The Nifty and Sensex finally broke out to new peaks on November 27 marking their first new high in over a year. This breakout has strengthened optimism around India’s structural growth story and reinforced confidence among institutional and retail investors alike. The index also hit a new high in the previous session, December 1. Benchmark Indices Rise Over 1% in November Indian equities closed November on a positive note, with the broader market showing a mixed performance. The Sensex gained 1,078 points, while the Nifty added 265 points, translating into gains of a little over 1% for the month. Both benchmarks touched new all-time highs in the final week before witnessing mild profit booking at elevated levels. The broader market exhibited more divergence. The Nifty Midcap index rose more than 2%, benefitting from selective accumulation, while the Nifty Smallcap index dropped 3%, pressured by valuation concerns, profit booking and liquidity constraints. InCred Equities Releases High-Conviction Stock Picks Against this backdrop, InCred Equities has released its latest list of high-conviction stock ideas. The brokerage has highlighted 10 stocks across diverse sectors, each offering strong upside potential based on earnings visibility, sector tailwinds and valuation comfort. Top 10 High-Conviction Picks by InCred Equities Camlin Fine Sciences | Target Price: ₹474 InCred has assigned an ‘ADD’ rating to Camlin Fine Sciences with a target of ₹474, translating into an impressive 192% upside, the highest among the picks. The stock has climbed over 35% in the last 1 year, but has corrected 30% in 6 months, 19% in 3 months, and 17% in the past month. Globus Spirits | Target Price: ₹1,850 The brokerage sees almost 76% upside in Globus Spirits, which also carries an ‘ADD’ rating. The stock is up more than 20% over the last 1 year and 11% in 6 months, though it has slipped 13% in 3 months and 9% in 1 month. Container Corporation of India | Target Price: ₹776 For Concor, InCred estimates over 53% upside, supported by steady operational trends and easing logistics pressures. The stock has declined over 24% in the last 1 year, 19% in 6 months, 6% in 3 months, and 7% in the most recent month. GE Vernova T&D | Target Price: ₹4,250 With a target price of ₹4,250, InCred expects almost 52% upside, citing rising investment in grid modernisation and power infrastructure. The stock has surged over 60% in the last 1 year and 25% in 6 months, remained nearly flat over 3 months (up 0.2%), but fell 8% in 1 month. Deepak Fertilisers & Petrochemicals | Target Price: ₹2,051 Rated ‘ADD’, the stock has an estimated 51% upside, driven by supportive sector dynamics. It has dropped over 1% in the last 1 year, 8.5% in 6 months, 3.5% in 3 months, and 9% in the past month. Tata Steel | Target Price: ₹224 Tata Steel comes with a target of ₹224 and an upside potential of 33%. The stock is up more than 16% in the last 1 year, 5% in 6 months, and 8% in 3 months, though it declined 8% in the past month. TCPL Packaging | Target Price: ₹4,100 InCred expects nearly 30% upside backed by strong sector demand. The stock is up just over 1% in the last 1 year, but has corrected 23% in 6 months, 7.5% in 3 months, and 4.5% over the last month. Bajaj Finance | Target Price: ₹1,250 Carrying an ‘ADD’ rating, Bajaj Finance is projected to see 22% upside. The stock has rallied over 55% in the last 1 year, 11% in 6 months, and 15% in 3 months, but eased 2% in the past month. Ajanta Pharma | Target Price: ₹3,100 With a target suggesting 21% upside, Ajanta Pharma benefits from strong specialty portfolio traction. The stock is down more than 15% in the last 1 year, but has gained 2% in 6 months, 4.5% in 3 months, and 4% in 1 month. VRL Logistics | Target Price: ₹325 Rated ‘ADD’, VRL Logistics offers 19% potential upside, supported by industry recovery and cost efficiencies. The stock is up 0.5% over 1 year, has fallen 4% in 6 months, risen 1.5% in 3 months, and slipped 2.5% in the last month. Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before making any investment decisions.