Capital goods, metals, cement beneficiaries of Budget 2022, says Deepak Jasani of HDFC Securities

Broadly the Budget is good, except for the fact that the fiscal deficit for FY23 is a bit on the higher side and high inflation and interest rates remain key monitorables.

Do you think it is a growth-oriented Budget? Has the government done a fine balancing act?

The Budget is growth-oriented. While growth impetus has been provided, the fiscal consolidation process has not got the required importance.

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What are the most surprising announcements made by the Finance Minister in her Budget speech?

No major surprising announcements, other than very few income tax changes and many customs duty changes.

Have you spotted any negative announcements (with respect to equity market, foreign institutional investors, retail investors etc) in the Budget speech?

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As far as capital market participants are concerned, the Budget seems neutral.

Especially after budget, what are the sectors to bet on or sectors that one must have in portfolio, And why?

Capital Goods, metals and cement are the apparent beneficiaries of the Budget. This is due to the large proposed increase in capex and infra spending (especially NHAI).

Are you happy with the government's divestment programme set in the budget 2022?

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The lower divestment target is on the one hand disappointing while on the other hand, the fact that government's stakes are not being sold in a large way saves them for sale in future at a hopefully better price.

As per your reading, what are the missing factors that the government should have done in the budget 2022?

A clear action plan to bring interest rates down on a sustainable basis is missing in the Budget provisions.

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