7 Automobile Stocks Poised to Thrive Based On BJP’s 2024 Lok Sabha Election Manifesto (image source: Canva)
Stocks To Buy: As India is gearing up for the 2024 Lok Sabha Elections recently, Prime Minister Modi unveiled the Bharatiya Janata Party’s (BJP) manifesto for the forthcoming five years, pledging a continuation and enhancement of existing policies alongside new initiatives to propel India’s economic growth. PM Modi outlined the next-term strategy, focusing on expanding infrastructure, manufacturing, exports, MSMEs, employment, rural incomes, and empowering youth and women. The manifesto underscores the importance of sustainable, technological, regionally balanced, and globally unified development as the cornerstone of future policies.
Policy Continuity with Enhanced Scale and Clarity
While the BJP’s manifesto signals continuity in policy, it exudes greater scale, clarity, confidence, and rigor. Anticipating the party’s third term, Stock Brokerage Phillip Capital predicts a positive outlook across various sectors in light of BJP’s manifesto commitments. Automobiles stand to benefit significantly, driven by the emphasis on electric vehicles (EVs), income growth, and market penetration. Additionally, sectors such as cement, metals (including pipes), real estate, alternative fuels (solar, ethanol, hydrogen), financials (Power Finance Corporations, Non-Banking Financial Companies, Public Sector Banks), pharmaceuticals (Contract Development and Manufacturing Organizations), Fast-Moving Consumer Goods (FMCG), Electronics Manufacturing Services (EMS), hotels, and airlines are poised for growth.
Key Announcements in BJP’s Manifesto
The BJP manifesto highlights several key initiatives, notably in the electric vehicle (EV) sector. the PM-eBus initiative is set to provide opportunities for companies, the brokerage is also optimistic that the government promoting electric mobility will benefit the following company stocks
Phillip Capital Identifies Stocks Poised To Gain from PM-eBus Scheme
The government launched a scheme PM-eBus Seva to introduce a fleet of e-Buss across cities to provide affordable and safe transport to citizens. BJP will further extend it to other eligible cities. Positive for e-Bus players like
1. Ashok Leyland
2. Tata Motors
3. JBM Auto
4. Olectra Greentech
Other Stocks Poised To Gain From BJP Manifesto
According to Phillip Capital BJP will support the growth of the automobile industry and its transition to EV manufacturing. It will invest in establishing a nationwide EV charger infrastructure to encourage EV adoption. Positive for players with reasonable exposure in the EV space like
1. Tata Motors
2. TVS Motor
3. Escorts Kubota
4. Mahindra And Mahindra (M&M)
(Disclaimer: The above article is meant for informational purposes only, and should not be considered as any investment advice. Today Technology Market ResearchDigital suggests its readers/audience to consult their financial advisors before making any money related decisions.)
