Overall, there were two big changes in the Union Budget 2025-26. For the first time in almost a decade, the Government of India focused more on consumption and savings, rather than capex. We need to keep a keen eye on whether this change is a one off or if it suggests a change in the paradigm. Secondly, after many years, the receipt projections look aggressive.
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Motilal Oswal Report
The Budget brings some positive measures for the auto sector, particularly with the extension of the nil tax slab for income of up to Rs 12.70 lakh. Needless to say, this will increase the disposable income in the hands of the consumer and help drive discretionary consumption.
Given that this is a much-needed booster provided to the middle class, we expect this to help drive demand, especially for the entry segment in both two-wheelers and cars, which have been seeing significant demand weakness over the last several years.
In this context, Maruti Suzuki and Hero MotoCorp are likely to emerge as the key beneficiaries of a revival in entry-level demand in their respective segments.
Top Ideas:
Largecaps – Trent, HUL, Titan Company, M&M, Maruti, ICICI Bank, SBI, HCL Tech, Bharti Airtel, L&T, Sun Pharma, and Dixon Tech.
Midcaps and Smallcaps – Indian Hotels, Page, Cummins India, BSE, Godrej Properties, Coforge, Metro Brands, Ipca Labs, Angel One, Vinati Organics, and JSW Infrastructure.
Click on the attachment to read the full report:
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This report is authored by an external party. NDTV Profit does not vouch for the accuracy of its contents nor is responsible for them in any way. The contents of this section do not constitute investment advice. For that you must always consult an expert based on your individual needs. The views expressed in the report are that of the author entity and do not represent the views of NDTV Profit.
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