With allocation of Rs 6000 crore for the BharatNet programme in FY2020-21 and a strong policy for private sector to build Data Centre Parks throughout the country, we believe digital connectivity would increase in smaller towns and rural areas. Being a leading adtech player in India, Affle India would be a key beneficiary from government’s focus on digital literacy. Recommendation: POSITIVE

The government in the Budget 2020 has not announced any scrappage scheme/any incentives for scrapping commercial vehicles. Absence of any such announcement would lead to continued weakness in volumes in the near term. Recommendation: HOLD

Higher investment outlay for housing, irrigation and infrastructure sectors will help to increase the demand off-take for the company’s products. Recommendation: POSITIVE

Personal tax cuts were announced in range of 5-10% for income tax slabs between Rs 5 lakh to Rs 15 lakh (if tax payer does not claim exemptions). No savings are expected under the new regime as most exemptions have to be foregone and we do not expect any boost for the consumer discretionary such as automobiles. Recommendation: BUY