Stock Market Budget 2024 Expectations: Top Stocks To Watch
Today Finance Minister Nirmala Sitharaman will present an ¡®interim¡¯ budget as the government faces a general election this year, in April-May. There are the top stocks to watch before the interim budget to watch for.
As the interim budget approaches, traders and investors express optimism, anticipating populist announcements with the 2024 parliamentary elections on the horizon. On February 1, Union Finance Minister Nirmala Sitharaman is set to present the budget for the sixth consecutive time.
Today Finance Minister Nirmala Sitharaman will present an ¡®interim¡¯ budget as the government faces a general election this year, in April-May. There are the top stocks to watch before the interim budget to watch for.
Top Stocks To Watch
HAL - Current Market Price: Rs 3009.8
In the fiscal year 2024, the defense sector witnessed an allocation of Rs 5.94 lakh crore, up from Rs 5.25 lakh crore in FY23. Axis Securities predicts that the emphasis on indigenization (Make in India) of defense and defense exports will persist in FY25. HAL is expected to be a major beneficiary of this trend. Despite its dependence on a single customer and a remarkable 130 percent rally in the past year, analysts express confidence in the stock's continued potential.
RVNL - Current Market Price: Rs 309.25
Rail Vikas Nigam Limited, a central public sector enterprise in India, serves as the construction arm of the Ministry of Railways for project implementation and transportation infrastructure development.
IRCON - Current Market Price: Rs 237.9
Ircon International, also known as Indian Railway Construction International Limited, is an Indian engineering and construction corporation specializing in transport infrastructure. Established in 1976 by the Indian Railways under the Indian Companies Act 1956, it operates as a public sector undertaking.
IRFC - Current Market Price: Rs 176.5
Indian Railway Finance Corporation, a public sector undertaking in India, is engaged in raising financial resources for expansion and operations through capital markets and other borrowings. The majority stake in the company is owned by the Government of India, with administrative control under the Ministry of Railways.
BHEL - Current Market Price: Rs 230.5
Bharat Heavy Electricals Limited, a central public sector undertaking, is the largest government-owned power generation equipment manufacturer in India. It is owned by the Government of India, with administrative control held by the Ministry of Heavy Industries.
L&T: Current Market Price Rs 3,481
As India's largest engineering, procurement, and construction company, L&T stands to benefit from a potential big capex spend announcement for FY25. The company has been securing increasing overseas orders, particularly from the Middle East, while experiencing a slowdown in domestic orders. In the December quarter, L&T's domestic order flow witnessed a 44 percent YoY decline.
KEC International: Current Market Price: Rs 656.45
KEC International, another EPC company and the flagship firm of the RPG Group, will be in focus following government capex announcements. The company recently won orders worth Rs 1300 crore in India and other countries, operating in power transmission & distribution, civil, and railways sectors, among others. Its current order book stands at Rs 38,000 crore.
NTPC - Current Market Price: Rs 318
As per the Central Electricity Authority, India is expected to witness a peak power demand exceeding 260 GW in the fiscal year 2025-26, further escalating to 277 GW by 2026-27. With the imperative need for additional capacity to meet this burgeoning demand, NTPC stands to emerge as the foremost beneficiary. Currently, NTPC holds the position of being India's largest integrated power utility company, contributing 25 percent to the nation's existing power requirements.
Siemens - Current Market Price: Rs 4,142
Despite past corporate governance issues, analysts maintain a bullish outlook on Siemens due to its involvement in multiple segments such as energy, smart infrastructure, mobility, and digital industry, with energy being the largest revenue contributor. The stock is expected to respond to announcements related to smart cities and KAVACH safety systems.
NTPC Current Market Price: Rs 318
As per the Central Electricity Authority, India's peak power demand is projected to surpass the 260 GW mark in 2025-26 and reach 277 GW by 2026-27. NTPC, India's largest integrated power utility company contributing 25 percent of the country's power requirement, is poised to be the biggest beneficiary as additional capacity is added to meet this demand.
REC Current Market Price: Rs 498
Investors will be attentive to additional details on the Pradhan Mantri Suryodaya Yojana, for which REC is the nodal agency. Committed to providing a line of credit of Rs 1.2 lakh crore for this rooftop solar project, REC aims to achieve 40 GW of rooftop solar capacity by March 2026.
Disclaimer: I am not a financial advisor and this is not financial advice. It is important to note that this is not an exhaustive list, and investors should do their own research before making any investment decisions.
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Anuj Tiwari writes stories for SEO and is a Youtube wizard. An engineer turned social media champ, he keeps a track of all that goes around the world. His interest areas include historic events, political and social-sciences.
