Motilal Oswal Securitie’s recent note suggests that the BJP might secure a third consecutive term with a full majority, citing opinion polls. They noted that BJP’s manifesto, “Modi ki Guarantee 2024”, shows the party’s confidence in returning to power, avoiding costly freebies that would strain the budget.
The 2024 BJP manifesto emphasises broad-based development through government initiatives with socio-economic impacts. Key priorities include infrastructure development, making India a global manufacturing hub, and focusing on Capex. The BJP aims to strengthen digital and physical infrastructure, empower MSMEs, and provide piped natural gas connections to major cities and towns.
The broker mentioned that the BJP plans to build India as a key manufacturing hub (Electronics, Defense, Aviation, Railways, and Renewable Energy), strengthening digital and physical infrastructure, and empowering MSMEs. Providing piped natural gas connections to all major cities and towns is outlined as another priority.
The manifesto highlighted policy consistency, improved implementation, and expanded focus on existing priorities like Housing, Ayushman Bharat, and Infrastructure.
Brokerage highlighted key economic proposals, including making India a manufacturing hub in sectors like electronics, defense, aviation, railways, and renewable energy, strengthening infrastructure, empowering MSMEs, and ensuring piped natural gas connections to major cities and towns.
The Nifty is trading around its long-term average P/E of ~20x FY25E EPS. Motilal is bullish on domestic cyclicals like BFSI, Industrials, Real Estate, and Consumer Discretionary, while remaining neutral on IT. They also suggest an equal weight for Healthcare, Automobile, Metals, O&G, and Telecom sectors.
Motilal’s top large-cap stock picks.
| Company Name | Share Price |
| Hindalco Industries Ltd | ₹611 |
| ICICI Bank Ltd | ₹1,065 |
| State Bank of India | ₹750 |
| Larsen & Toubro Ltd | ₹3,528 |
| Titan Company Ltd | ₹3,558 |
| HCL Technologies Ltd | ₹ 1,446 |
| ITC Ltd | ₹426 |
| Coal India Ltd | ₹435 |
| Mahindra & Mahindra Ltd | ₹2,082 |
| Zomato Ltd | ₹188 |
Motilal’s top Mid-cap stock picks.
| Company Name | Share Price |
| Indian Hotels Co Ltd | ₹597 |
| Godrej Properties Ltd | ₹2,498 |
| Global Health Ltd | ₹1,400 |
| PNB Housing Finance Ltd | ₹774 |
| Kirloskar Oil Engines Ltd | ₹885 |
| Cello World Ltd | ₹ 847 |
| Sobha Ltd | ₹1,582 |
| Lemon Tree Hotels Ltd | ₹134 |
| KEI Industries Ltd | ₹3,769 |
| J K Cements Ltd | ₹4,167 |
Written by Omkar Chitnis
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