The brokerage suggested the likes of Larsen & Toubro, NTPC,
BHEL, KEC International, JSPL, Jindal Stainless, Bharti Airtel, HPCL, IGL,
Greenpanel Industries, Century Ply, BEL, Gujarat Fluoro, Archean Chemicals and
JK Cement from the industrial space.
It has picked
InterGlobe Aviation, M&M, Jubilant FoodWorks, Kalyan Jewellers, United
Spirit, PVR Inox, Lemon Tree and Wonderla from the discretionary consumption
space. It also believes that Axis Bank and State Bank of India (SBI) may
benefit from credit growth in the country.
Post-pandemic economic
recovery was largely driven by growth in gross fixed capital formation (GFCF),
which grew 25.6 per cent YoY during FY22 to reach Rs 67.9 lakh crore in nominal
terms. GFCF growth in FY22 was largely driven by household investments into
real estate and the central government’s push towards infrastructure capex
while state governments and corporates lagged in terms of capex growth.
GFCF is a measure of
investment in fixed capital assets by enterprises, government and households
within the domestic economy.
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