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Business News/ Markets / Stock Markets/  Budget 2023: Ex Deputy VP of HDFC Bank recommends these 4 stocks to buy today
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Budget 2023: Ex Deputy VP of HDFC Bank recommends these 4 stocks to buy today

Budget 2023 stocks to buy: Former Deputy Vice President at HDFC Bank believes that FM Nirmala Sitharaman may announce road map for adoption of EV vehicles in India

Budget 2023 stocks: Market expert believes that steel may give big upside in the wake on reopening theme in China and GoI's focus on infrastructure sector to showcase achievements on development and job creation fronts. (iStock)Premium
Budget 2023 stocks: Market expert believes that steel may give big upside in the wake on reopening theme in China and GoI's focus on infrastructure sector to showcase achievements on development and job creation fronts. (iStock)

Budget 2023: As Finance Minister Nirmala Sitharaman is getting ready for her Union Budget speech on 1st February 2023, stock market experts are busy scanning possible stocks to buy ahead of the big date. While talking to live Mint, former Deputy Vice President at HDFC Bank Sandeep Pandey said that budget may give a road map for adoption of the EV vehicles in India. In this regard, auto companies running early bird projects in EV segment are expected to benefit in long term. Apart from this, government is going to present its last full fledged budget ahead of the Lok Sabha elections 2024, which may push them to look at job creation and development aspect.

Sandeep Pandey advised positional investors to look at steel stocks, which is an integral part of infrastructure sector. He said that steel prices have corrected much as well and they are expected to surge in the wake of reopening theme in China. The market expert who is currently director at Basav Capital recommended four budget 2023 stocks to buy and those four budget stocks are Tata Motors, Mahindra & Mahindra (M&M), Maruti Suzuki India Ltd (MSIL) and Tata Steel.

Expecting EV theme to be in the focus of budget 2023, Sandeep Pandey said, "Ever since Narendra Modi government took over from the UPA government in New Delhi, they have been focussing on containing the pollution and an alternative to the petrol and diesel fuel. In this regard, they hace been focussing on EV vehicles quite aggressively. As this would be their last full budget, I am expecting FM Nirmala Sitharaman to unveil road map for adoption of EV vehicles in India. If that happens, then auto companies who have invested heavily in research and development of EV vehicles may witness sharp upside movement post-budget speech of Nirmala Sitharaman."

On budget 2023 stocks to buy from the auto segment, former Deputy Vice President at HDFC Bank Ltd said, "One can buy Tata Motors, M&M (Mahindra & Mahindra) and Maruti Suzuki India Ltd or MSIL. As auto companies have given strong quarterly numbers in recently ended December 2022 quarter and they have been witnessing continuous jump in their sales, I am expecting them to shift in EV segment with more ease as they have been running early bird projects to cash-in EV segment."

Asking positional investors to buy steel stock ahead of budget 2023, Sandeep Pandey said, "The Government of India (GoI) will have an extra focus on development and job creation as they are going to face Lok Sabha elections next year. So, rather looking at infrastructure stocks, one should look at steel stocks to buy as the metal price has corrected much in recent quarters and it is expected to bounce back on reopening theme in China. So, one can add Tata Steel shares in one's stock portfolio ahead of Nirmala Sitharaman begins her speech on 1st February 2023."

Disclaimer: The views and recommendations made above are those of individual analysts or broking companies, and not of Mint. We advise investors to check with certified experts before taking any investment decisions.

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ABOUT THE AUTHOR
Asit Manohar
Chief Content Producer at Live Mint Digital Team
Catch all the Business News, Market News, Breaking News Events and Latest News Updates on Live Mint. Download The Mint News App to get Daily Market Updates.
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Published: 30 Jan 2023, 01:31 PM IST
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