Modi 3.0: Budget 2024 stocks to BUY - LIST

Authored by : Abhinav Ranjan Updated Jun 22, 2024 | 01:53 PM IST Modi 3.0 Budget 2024 stocks to BUY - LIST (Pic: ET NOW)

Budget 2024 Stocks to BUY : Domestic brokerage firm Chola Securities has recommended stocks to BUY ahead the Budget 2024. It said that with the BJP-NDA government returning to power, the Street is comfortable about the continuity of policies and structural reform framework. It said that the below stocks have potential to deliver handsome returns. Let's take a look at the list of stocks:

RVNL Stock

Chola Securities has recommended buying Rail Vikas Nigam Limited (RVNL) shares. It said that RVNL is one of the beneficiaries of the increasing budgetary allocation to railway sector. Laying of bullet train tracks, 4-lane railway tracks and overhauling of existing bridges will drive the stock to higher levels.

Ircon International Share

The brokerage said that the surge in infrastructure investment is part of a long-term strategy. It has recommended buying Ircon shares for long-term, saying the company will benefit from the infrastructure outlay.

Hindustan Aeronautics Share

The domestic brokerage said that Hindustan Aeronautics (HAL) will benefit from the from the government's focus on boosting the defence manufacturing in the country. HAL, it said, is sitting on a strong order book of around Rs 94,000 crore.

DCX Systems Share

Chola Securities has also recommended DCX Systems shares. The company is engaged in system integration and manufacturing of cables and wire harnesses assemblies. The brokerage said tha DCX will benefit from policies prioritizing indigenous production and increased defense budget allocations.

General Insurance Corporation of India Share

The brokerage said that General Insurance Corporation will benefit from the increasing insurane penetration. The brokerage said that India’s general insurance market is projected to grow at a compound annual growth rate (CAGR) of 9.9% during 2021-2026 while the reinsurance premiums in India are expected to reach $12 billion by 2025, presenting significant growth opportunities for GICRE.

LIC Share

It said that LIC is the largest institutional investor in India, with total assets under management (AUM) worth Rs 43.97 lakh crore as of March 2023, which is 14.31 times of 2nd largest life insurer. Apart from this, LIC also has a strong distribution network of 13.47 lakh agents and a market share of more than 50 per cent as of March 2023.

Gujarat Mineral Development Corporation

Chola Securities has also recommended Gujarat Mineral Development Corporation. Notabky, heavy investments in global infrastructure and increased defence budgets are driving up demand for metals. Alongside rising demand for metals like copper, zinc, and steel, there’s a decrease in their supply, leading to price hikes.

Texmaco Rail Share

Texmaco Rail & Engineering could be also one of the bigest beneficiaries of government’s increased budgetary allocation for railway infrastructure development.

SBI Share

According to the brokerage, SBI holds a leading market share in several areas including deposits, advances, debit card spends, ATMs and mobile banking transactions. This dominance underpins its strong competitive position.

ICICI Bank Share

The brokerage said that it is bullish on ICICI Bank. The private bank's strong market presence and extensive branch and ATM network make it a prominent player in the banking sector, ensuring accessibility and convenience for its customers.

(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. ET NOW DIGITAL suggests its readers/audience to consult their financial advisors before making any money related decisions.)