The financial market of India can have many twists and turns. If you are an investor in the market, this journey can transform your life. However, it does not come without its set of risks as well. Thus, it becomes important to constantly research the market, monitor market conditions, and gain insights into companies that can be profitable. It is with the same goal that we have compiled a few top stocks to look out for in 2024, chosen based on their strong industry standing and metrics like the price-to-equity ratio, return on equity, and 5-year stock price CAGR.
 

Read on to learn more about the stocks to look out for in 2024.

• Top stocks such as Adani Ports and Shriram Finance have a history of consistent and attractive dividend payouts.
  

• Companies like Mahindra & Mahindra and Shriram Finance show robust 5-year stock price CAGRs, indicating potential for future growth.

• Stocks like SBI Life Insurance are almost debt-free, reflecting strong financial stability and lower risk.

Here are some of the stocks that investors can explore as worthy additions to their portfolio in 2024. We have illustrated a few metrics in the table below and will discuss the stocks in more detail in the next section.

Please note that the data is updated until 8th September. The chosen stocks are listed for educational purposes and do not constitute trading advice.

Now that you know which are the stocks to look out for in 2024, let us learn a bit more about the companies and their solid position in the market.
 

Adani Ports & Special Economic Zone Limited

They are primarily concerned with developing, operating, and maintaining port services and related development in India. Adani Ports also manages a multi-product SEZ (Special Economic Zone) connected to the Mundra Port.

In 2024, the company’s dividend payouts have been consistent and robust at 19.3%, while its sales growth has also solidified at 18.7% over the past decade.
 

Mahindra & Mahindra

This is one of the leading automobile companies in the country. Its diverse product offering spans multiple segments, such as 2- and 3-wheelers, EVs, PVs, and tractors. Established in 1945, this business has now also diversified into industries like auto components, infrastructure, financial services, logistics, steel trading, hospitality, agri, IT, consulting, aerospace, defence, industrial equipment, and energy.

In 2024, in addition to having a strong P/E ratio of 30.4, the company has also been trusted for paying out healthy and timely dividends. Moreover, they have maintained a strong 5-year stock price CAGR of 38%, retaining investor trust.
 

Axis Bank

A stalwart of the private banking sector of India, Axis Bank was established in 1993. Since then, it has not only spread its branches and presence across India but also internationally in places like Singapore, Dubai, Sharjah, Abu Dhabi, and Dhaka.

In 2024, the stock remains a solid pick for investors as it is pegged for consistency and growth over time. One key factor behind this is the firm’s solid profit growth CAGR over the last five years, which was 39.2%.
 

SBI Life Insurance

This company operates in the life insurance sector in India. It was first set up as a joint venture between BNP Paribas Cardif and the State Bank of India.

A primary reason this is a popular pick among investors is that it is almost free of debt. In addition to strong fundamentals and an outstanding P/E ratio over 90, the firm is set to post good quarterly returns.
 

Shriram Finance

This firm is a member of the larger Shriram Group conglomerate, which is almost 50 years old. It is primarily a non-banking financial company that offers financing for commercial vehicles, car loans, gold loans, home loans, small business and personal loans, and two-wheeler loans.

This is also a popular pick among investors, as evidenced by strong profit and share price 5-year CAGRs of 23.4% and 26%, respectively. What’s more, they have been diligently maintaining a dividend payout of 21.6%, enticing more investors.

In 2024, the Indian stock market presents promising opportunities for investors who make informed decisions. By focusing on these stocks in 2024, investors can position themselves for success in the dynamic financial landscape.