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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. 

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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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