Positives
1. L&T - Sector leader L&T would benefit from the higher government spending on infrastructure projects spanning roads, power, ports and plug and play mode.
2. Axis Bank : Axis bank will benefit from the composite cap for FII and FDI. This can indirectly increase the limit for FIIs.
3. HDFC Bank : Strong retail portfolio will help the bank to take advantage of the New “Gold Monetisation schemes” and measures to promote banking transactions through credit card and debit card.
Negatives/ Neutral
ITC : Hike in excise duty by 25% on 65mm cigarettes and 15% on others.
DLF/ Unitech: Neutral as lack of clarity in applicability of Dividend Distribution Tax for REITs.
*Budget picks are influenced by budget outcomes and may differ from our current rating.
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