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Motilal Oswal Report
The brokerage firm Motilal Oswal Financial Services remain positive on transmission, data centre, and defense-led capex beneficiaries.
Sector valuations are presently at the higher end of the valuation band, but the brokerage believes that companies positioned in these buckets can continue to surprise on inflows from these segments as investments scale up over the next few years.
Motilal Oswal prefers companies with a higher earnings compound annual growth rate that can support higher valuations.
Top picks in the sector are L&T, Cummins, and GE Vernova T&D in the large cap space and Kalpataru Projects International in the mid cap space.
In defense, Bharat Electronics remains Motilal Oswal's preferred pick and continues to like Dixon in the EMS space.
Key future monitorables
Key future monitorables include:
- resolution of the West Asia crisis, which can ease out commodity and logistic cost inflation,
- traction in base orders,
- finalisation of large tenders in T&D, data centre, and defense,
- finalisation of PLI 2.0 for smartphone manufacturers and trend in memory prices, and
- movement in commodity prices.
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