Budget 2023 may benefit power, infra and pharma shares; check IIFL Securities’ top 10 stock picks

Budget 2023 may benefit power, infra and pharma shares; check IIFL Securities’ top 10 stock picks

Union Budget 2023 is just over a week away, and since this is the last full-year Budget before General Elections in 2024, it is expected to be a growth-oriented one with a primary focus on job creation, investment-driven growth, and infrastructure development. According to analysts at IIFL Securities, Finance Minister Sitharaman may announce more subsidies to customers to boost EV production which may lead to an increase in demand for batteries. Hence, Exide Industries is among top picks. The power sector may also be benefited from Budget announcements, and the government is expected to increase the tax on cigarettes, which make NTPC and ITC stocks attractive from a near-term perspective.

Duty on luxury watches, ornaments, jewellery is likely to benefit Titan, while subsidy and development of the agri sector may directly impact Chambal Fertilizers stock. The central government has been pushing the use of technology in the agri sector, and in the upcoming Budget, it is expected to announce subsidies and planning on technology usage like usage of drones, usage of machinery to increase agri production, which may boost Godrej agrovet stock.

IIFL Securities’ top stocks picks ahead of Budget 2023

Exide industriesTarget price: Rs 210 – 200 | Stop loss: Rs 170

NTPCTarget price: Rs 1900 – 200 | Stop loss: Rs 143

ITCTarget price: Rs 360 – 380 | Stop loss: Rs 310

TitanTarget price: Rs 2450 – 2500 | Stop loss: Rs 2280

Chambal FertilizersTarget price: Rs 350 – 380 | Stop loss: Rs 275

Godrej agrovetTarget price: Rs 530 – 550 | Stop loss: Rs 390

RVNLTarget price: Rs 100 – 120 | Stop loss: Rs 58

National AluminiumTarget price: Rs 100 – 120

DLFTarget price: Rs 430 – 450 | Stop loss: Rs 330

CiplaTarget price: Rs 1150 – 1200 | Stop loss: Rs 990

(The stock recommendations in this story are by the respective research analysts and brokerage firms. FinancialExpress.com does not bear any responsibility for their investment advice. Capital markets investments are subject to rules and regulations. Please consult your investment advisor before investing.)