Godrej, Titan, Adani Wilmar among top five key stocks expected to benefit from the Budget 2024 announcements

Godrej Agrovet, Titan Company, Teamlease Services, Adani Wilmar, and Borosil Renewables are among the stocks expected to gain from the recent budgetary measures.

Finance Minister Nirmala Sitharaman introduced several initiatives targeting agriculture, employment, and reductions in import duties on gold and silver, among other sectors. Here’s how these stocks stand to benefit:

Godrej Agrovet

The budget allocated Rs 1.52 lakh crore for agriculture and allied sectors, up from the previous Rs 1.27 lakh crore. Additionally, financial support was announced for setting up Nucleus Breeding Centers for Shrimp Broodstocks, and customs duties on various inputs for shrimp and fish feed were reduced to 5 percent. These measures are likely to benefit agriculture-focused companies like Godrej Agrovet, which deals in animal feed, vegetable oil, crop protection, dairy, and poultry. The company’s outlook is promising due to favorable policies like the National Mission on Edible Oils – Oil Palms (NMEO-OP) and Pradhan Mantri Matsya Sampada Yojana.

Titan Company

The customs duty on gold and silver has been reduced from 15 percent to 6 percent to boost domestic value addition in precious metal jewelry. Titan Company, with a significant portion of its products in jewelry, stands to gain from this reduction. The company’s new formats, such as Caratlane, Mia, and Zoya, position it well to sustain growth despite high competition in the jewelry market.

Teamlease Services

The budget has introduced a plan to provide internships to one crore youths across leading Indian companies over the next five years. This initiative is expected to benefit Teamlease Services, an HR consultancy specializing in recruitment and onboarding.

Borosil Renewables

The government has increased the customs duty on solar glass to protect domestic manufacturers while waiving duties on certain capital goods for solar cell and module production. Borosil Renewables, which manufactures solar glass, is expected to benefit from these measures.

Adani Wilmar

To bolster self-sufficiency in pulses and oilseeds, the budget outlines a strategy to enhance production, storage, and marketing of these commodities. Adani Wilmar, a major player in the oilseeds sector, including soybean, palm, sunflower, and groundnut oils, is anticipated to benefit from these initiatives.

Disclaimer: The investment insights provided by experts are their own and not necessarily those of the publication. Investors should seek advice from certified professionals before making any financial decisions.