Budget 2024 expectations: 4 sectors, 19 stocks to focus on as investors prepare for Budget announcements tomorrow

Finance Minister Nirmala Sitharaman is going to present the full Budget of the Narendra Modi 3.0 government for the fiscal year 2024-25 on July 23.

In the Budget, the Finance Minister is expected to take steps to provide economic boost to sustain India’s growth momentum. In first Union Budget post Lok Sabha elections, there is expectation that Finance Minister will provide relief on the income tax front to put more money in the hands of the common man and even the middle class. The Modi government is expected to continue its focus on capital expenditure to drive GDP growth, with special emphasis on infrastructure development.

Ahead of the 2024 Budget in India, several sectors and stocks are expected to benefit:

Infrastructure: Companies like Ahluwalia Contracts, KNR Constructions, PNC Infratech, RITES, and KEC International are likely to benefit from increased capital expenditures on infrastructure projects including roads, railways, and urban development. 

Utilities and Power: Stocks like Tata Power, KPI Green, Borosil Renewables, Adani Green, NTPC, and NHPC may benefit from policies promoting renewable energy and solar power projects.

Capital Goods and Consumer Durables: Companies such as Polycab India, Dixon Technologies and Amber Enterprises could gain from government incentives for manufacturing and electronics production. 

Pharma and Healthcare: Increased budgetary allocation for research and innovation may benefit pharmaceutical companies like Lupin, Cipla, Sun Pharma, Healthcare Global Enterprises, and KIMS.

Disclaimer: M/s. Bonanza Portfolio Ltd here by declares that views expressed in this report accurately reflect view point with subject to companies/securities. M/s. Bonanza Portfolio Ltd has taken reasonable care to achieve and maintain independence and objectivity in making any recommendations.

The author, Rajesh Sinha, is Senior Research Analyst at Bonanza Portfolio

Disclaimer: The views and recommendations provided in this analysis are those of individual analysts or broking companies, not Mint. We strongly advise investors to consult with certified experts before making any investment decisions, as market conditions can change rapidly and individual circumstances may vary.