Budget Stock: Anil Singhvi suggests buying this AMC scrip for up to 70% return; check out target price

Equity benchmark indexes fell shortly after reaching fresh record highs in turbulent trading on Thursday, July 18.

The 30-share BSE Sensex began weakly, but rallied later, rising 193.9 points to a new record high of 80,910.45. 

Similarly, the NSE Nifty recovered its early losses and surged 65.9 points to a new lifetime high of 24,678.90. 

Meanwhile, market wizard and Zee Business managing editor Anil Singhvi has chosen a budget stock for investors. He recommends buying Aditya Birla Sunlife Ltd AMC (ABSL AMC) from 1-2 years perspective.

Share price target of ABSL AMC

Anil Singhvi has advised buying ABSL AMC. This share has to be bought for 1-2 years. Its targets are Rs 850, Rs 1,000, and Rs 1,200. According to him, buy this stock whenever it falls. There has been a good rise in this stock in the last 1-1.5 months. In such a situation, it would be better if there was a chance to enter a little lower. Try to buy it later in the budget.

On July 16, ABSL AMC shares closed at Rs 708.7 each. This means, the share has a potential upside of up to 70 per cent from its last closing price.

At 1.52 PM IST today, the stocks was 0.32 per cent or 2.30 points up at Rs 711 each on BSE.

Why Singhvi is bullish on this stock

Anil Singhvi says this stock is a proxy player for the rise in the Indian stock market. This company will directly benefit from the rise in shares and increase in the number of investors. There are strong Indian promoters. There is continuous large and regular investment in SIP. The company will benefit from this. In this stock, 18 per cent growth is expected annually. The company's income can double in the next three years. Relief is expected in Section 80C of the budget. The share valuations are attractive. Mutual fund shares are looking good.

Disclaimer: The views/suggestions/advices expressed here in this article are solely by investment experts. Zee Business suggests its readers consult their investment advisers before making any financial decision.