Best Stocks Under INR 500 You Can Target In 2023

Investing in stocks is a good way to grow your wealth over time. However, finding the right stocks to invest in can be challenging, especially when working with a limited budget. Fortunately, to get started, there are several stocks under INR 500 that you can aim for.

This article will look closer at the best stocks under INR 500  that you can consider adding to your portfolio in 2023.

Tata Power Company Limited (TATAPOWER)

Tata Power Company Limited is a leading player in the Indian power sector. The company operates in power generation, transmission, distribution, and trading. TATA POWER stock  trades at around INR 130, making it among the best stocks under INR 500 to aim for 2023.

The company's business is highly diversified, which makes it resilient to economic shocks. Moreover, TATA POWER has a robust balance sheet with low debt levels, which reduces its financial risk. The company also has a strong track record of dividend payments, which makes it an attractive investment option for income investors.

Bharti Airtel Limited (BHARTIARTL)

Bharti Airtel Limited is one of the leading telecommunications companies in India. The company provides various mobile, fixed-line, broadband and enterprise services. BHARTIARTL stock is currently trading at around INR 500, making it another one of the best stocks under INR 500 rupees to aim for in 2023.

The company's strong market position in the highly competitive telecommunications industry provides a significant advantage. Plus, it has a strong balance sheet, which reduces its financial risk. The company also has a robust dividend policy, so it is an attractive investment option for income investors.

Tata Motors Limited (TATAMOTORS)

Tata Motors Limited is a leading automobile manufacturer in India. The company manufactures a range of vehicles, including cars, trucks and buses. TATA MOTORS is trading at around INR 300, making it a great  stock option under INR 500 in 2023.

The company has a strong market position in the highly competitive automobile industry. Its balance sheet has low debt levels, reducing financial risk. It has  a strong track record of dividend payments, once again proving to be an attractive investment option for income investors.

Steel Authority of India Limited (SAIL)

Steel Authority of India Limited is one of the largest steel producers in India. The company operates several steel plants nationwide, manufacturing a range of steel products. SAIL stock is currently trading at around INR 125, making it a go stock under INR 500 to invest in 2023.

The company's business is highly diversified, which makes it resilient to economic shocks. SAIL has a strong market position in the highly competitive steel industry, as well as a  robust dividend policy.

Tata Chemicals Limited (TATACHEM)

Tata Chemicals Limited is a leading player in the Indian chemicals industry. The company manufactures a range of chemicals, including soda ash, sodium bicarbonate, and fertilisers. TATACHEM stock is currently trading at around INR 750, making it one of the best stocks just above INR 500 in 2023.

The company has a strong market position in the highly competitive chemicals industry. It has a diversified business with a presence in several countries, which reduces its dependence on the Indian market. It also has a strong track record of dividend payments.

Power Grid Corporation of India Limited (POWERGRID)

Power Grid Corporation of India Limited is a leading player in the Indian power transmission industry. The company operates a vast network of power transmission lines across the country. POWERGRID stock is currently trading at around INR 200.

The company has a strong market position in the highly regulated power transmission industry, with a strong balance sheet that has low debt levels, reducing financial risk. The company also has a robust dividend policy, like the others on this list.

Indian Oil Corporation Limited (IOC)

Indian Oil Corporation Limited is India's largest oil refining and marketing company. The company operates several refineries across the country, which produce a range of petroleum products. IOC stock is currently trading at around INR 100, which makes it one of the best stocks under INR 500 to invest in  2023.

The company has a good market position in the highly regulated oil and gas industry, providing a significant advantage. Additionally, its robust dividend policy makes it an attractive investment option for income investors. The company is also investing heavily in renewable energy, which could provide it with new growth opportunities in the future.

Conclusion

Investing in the best stocks under INR 500 can be an excellent way to grow your wealth over time. However, it's essential to remember that investing in stocks always comes with risks. Therefore, doing your independent research and then making informed investment decisions is crucial.

The above companies have strong market positions in their respective industries, diversified businesses, robust balance sheets, and a track record of dividend payments, making them attractive investment options.

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Disclaimer

The investment options and stocks mentioned here are not recommendations. Please go through your own due diligence and conduct thorough research before investing. Investment in the securities market is subject to market risks. Please read the Risk Disclosure documents carefully before investing. Past performance of instruments/securities does not indicate their future performance. Due to the price fluctuation risk and the market risk, there is no guarantee that your personal investment objectives will be achieved.