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Axis Securities Report
Our honourable Finance Minister Nirmala Sitaraman presented the Interim Budget 2024-25 yesterday. Being the 'vote of account' budget before the Union Election 2024, the expectations of the budget were naturally low.
The finance minister delivered along the expected lines with an emphasis on the continuation of higher capital expenditure on top of the medium-term flavor of populism.
We believe that the Budget has proactively set the tone for economic development in the upcoming years. It envisions a 'Viksit Bharat' by 2047, following a transformation similar to the one witnessed in the last decade.
The market borrowing is projected to be ~11.75 lakh crore for FY25, and the bond market responded positively to this budgeted figure.
However, there were no major announcements related to the market, making it a relatively muted event from a market perspective. Investors will need to adopt a waitand-watch approach until July 2024 when the full-fledged budget will be presented after the formation of the new government.
Our Positive Budget Plays
(Coverage): SBI, Bank of Baroda, Ultratech cement, Nestle, Britannia, Amber Enterprises, Praj Industries, PNC Infra, Ahluwalia Contracts
(Non Coverage): Jindal Stainless, Tata Power, Waaree Renewables, Coromandel International
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