Stocks to buy: Invest in companies that have reduced debt; 5 stocks with up to 29% upside potential

ET Wealth tried to identify companies that have reduced their consolidated total debt in 2023-24 compared to 2022-23. There are 530 non-financial companies (with market cap of more than Rs.100 crore) that reduced their total debt by more than 20% in the last financial year. The group of these 530 companies delivered an average return of 109.4%. Out of the 530 stocks, over 58.4%, or 310 stocks, delivered returns higher than the Nifty 500 index in the past year. The data is based on 9 September 2024 closing values. The following are five such stocks that have been covered by a decent number of analysts and are currently offering a double-digit share price potential.