Union Budget 2023 is the last full-year Budget before General Elections in 2024, and hence it is expected to be a growth-oriented one with primary focus on job creation, investment-driven growth, and infrastructure development. IIFL Securities believes that 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. Power sector may also be benefited, and the government is expected to increase on cigarettes, which make NTPC and ITC stocks attractive from 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 use of technology in agri sector, and it is expected to announce subsidy and planning on technology usage like usage of drones, usage of machinery to increase agri production, which may boost Godrej agrovet stock.
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