BJP Sankalp Patra 2024: Antique sees Nifty at 25,000 by March 2025, picks capex as theme
Elections 2024: JM Financial said its FY24 earnings per share (EPS) estimate for Nifty stands at Rs 964; it sees FY25 Nifty EPS at Rs 1,082 and FY26 at Rs 1,245, implying FY25 earnings growth of 12 per cent and FY26 at 15 per cent, respectively.
- Apr 16, 2024,
- Updated Apr 16, 2024 11:29 AM IST
Antique Stock Broking said the ruling party’s manifesto 'BJP Sankalp Patra 2024' vindicates its view of capex cycle revival, as the elections 2024 manifesto aims to develop India as developed nation (Viksit Bharat) by nurturing all three components of capex, namely private capex, sustained government capex and Household capex.
Given its positive view on the capex revival theme, the brokerage is overweight on industrials (including defence and railways), cement, real estate, utilities, infrastructure, and auto. Lok Sabha elections 2024 will kick off on April 19.
JM Financial said its FY24 earnings per share (EPS) estimate for Nifty stands at Rs 964; it sees FY25 Nifty EPS at Rs 1,082 and FY26 at Rs 1,245, implying FY25 earnings growth of 12 per cent and FY26 at 15 per cent, respectively.
"Accordingly, our Mar-25 Nifty 50 target stands unchanged at 25,000 based on 20x FY26 EPS," the brokerage said.
Various opinion polls released recently suggest that there are no signs of anti-incumbency and the current government may be re-elected with an even bigger mandate (likely to win 365-410 seats as per recent opinion polls).
"The incumbent government has a good track record of achieving its past manifesto promises (like abrogation of Article 370, creation of the grand temple in Ayodhya, corruption-free government, focus on infrastructure, etc.). Hence, the manifesto provides a good policy roadmap for the medium to long term," Antique said.
Some of the key manifesto promises are: To establish a price stabilisation fund for vegetables and pulses; expand PM Awas Yojna to ensure every poor household is covered and supporting affordable housing for the middle class; and create employment opportunities by making India a global manufacturing hub.
Besides, the manifesto promises building up of world-class infrastructure (like railway tracks, railway station, metro, airports, access controlled highways, inland water transport system, electric vehicle charging station, expand 5G telecom network, etc.).
Antique Stock Broking said the ruling party’s manifesto 'BJP Sankalp Patra 2024' vindicates its view of capex cycle revival, as the elections 2024 manifesto aims to develop India as developed nation (Viksit Bharat) by nurturing all three components of capex, namely private capex, sustained government capex and Household capex.
Given its positive view on the capex revival theme, the brokerage is overweight on industrials (including defence and railways), cement, real estate, utilities, infrastructure, and auto. Lok Sabha elections 2024 will kick off on April 19.
JM Financial said its FY24 earnings per share (EPS) estimate for Nifty stands at Rs 964; it sees FY25 Nifty EPS at Rs 1,082 and FY26 at Rs 1,245, implying FY25 earnings growth of 12 per cent and FY26 at 15 per cent, respectively.
"Accordingly, our Mar-25 Nifty 50 target stands unchanged at 25,000 based on 20x FY26 EPS," the brokerage said.
Various opinion polls released recently suggest that there are no signs of anti-incumbency and the current government may be re-elected with an even bigger mandate (likely to win 365-410 seats as per recent opinion polls).
"The incumbent government has a good track record of achieving its past manifesto promises (like abrogation of Article 370, creation of the grand temple in Ayodhya, corruption-free government, focus on infrastructure, etc.). Hence, the manifesto provides a good policy roadmap for the medium to long term," Antique said.
Some of the key manifesto promises are: To establish a price stabilisation fund for vegetables and pulses; expand PM Awas Yojna to ensure every poor household is covered and supporting affordable housing for the middle class; and create employment opportunities by making India a global manufacturing hub.
Besides, the manifesto promises building up of world-class infrastructure (like railway tracks, railway station, metro, airports, access controlled highways, inland water transport system, electric vehicle charging station, expand 5G telecom network, etc.).