Finance Minister Nirmala Sitharaman on February 1 presented the government's last Budget ahead of the general elections in May this year. Since it is an election year, this was a vote on account budget and no major announcements were made.
However, some sector specific schemes were announced, which were welcomed by market participants.
Here are the major gainers and losers in the Nifty50 pack on Budget day:
Catch all the Budget updates here
Gainers
Auto stocks – Maruti Suzuki, Eicher, Tata Motors
Maruti Suzuki was the biggest Nifty gainer, zooming over 4 percent after India’s largest carmaker reported a net profit of Rs 3,130 crore, a 33 percent increase from the previous year. The company's revenue rose by 15 percent to Rs 33,309.7 crore, while EBITDA increased by 38 percent on-year to Rs 3,909 crore.
Eicher Motors, Bajaj Auto, M&M and Tata Motors climbed up to 1.80 percent after the Budget said the government will expand and strengthen the e-vehicle ecosystem by supporting manufacturing and charging infrastructure.
“Greater adoption of e-buses for public transport networks will be encouraged through payment security mechanism,” Sitharaman said in her speech.
Tata Motors commands more than 70 percent of the EV car market in India. It sold 50,000 electric vehicles in FY 2022-23, is also looking to widen its EV portfolio, which contributes 12 to 15 percent in terms of volumes and 17 to 20 percent in terms of turnover.
Tata Motors and Eicher Motors are also prominent bus manufacturers and offer e-buses.
Shares of the PSU power major spurted over 2.7 percent after the finance minister said one crore households will be enabled to obtain up to 300 units free electricity every month through rooftop solarisation.
PowerGrid is overseeing the implementation of rooftop solar systems in small households in eight states, including Rajasthan, Gujarat and Tamil Nadu, operating under the Renewable Energy Service Company (RESCO) mode.
India’s largest private sector lender rose 0.13 percent after Sitharaman said the government will launch a scheme to help deserving sections of the middle class “living in rented houses, or slums, or chawls and unauthorized colonies” to buy or build their own houses.
Catch all the LIVE Market updates here
Losers
Engineering major L&T, considered a proxy for the country’s infrastructure development expenditure, was the top Nifty loser, down over 2 percent, after the Budget raised the FY25 capital expenditure allocation by 11.1 per cent to Rs 11.11 lakh crore, which was below market expectations.
On similar lines, UltraTech Cement, JSW Steel and Hindalco shed as much as 1.7 percent.
FMCG
Shares of FMCG firms like Nestle India and Britannia were trading marginally in the red after the Budget did not announce any major schemes for the rural sector as many had anticipated.
FMCG firms are seeing anaemic volume growth in rural markets, which are still reeling under the impact of inflation and Covid-related stress.
HUL was trading flat while ITC inched up 0.39 percent as the Budget did not announce additional taxes on cigarettes.
Disclaimer: The views and investment tips expressed by investment experts on Moneycontrol.com are their own and not those of the website or its management. Moneycontrol.com advises users to check with certified experts before taking any investment decisions.
Discover the latest Business News, Sensex, and Nifty updates. Obtain Personal Finance insights, tax queries, and expert opinions on Moneycontrol or download the Moneycontrol App to stay updated!
