Ajay Bodke positive on Cummins, Thermax, Ashoka Buildcon

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26 Aug, 2025 12:21

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Ajay Bodke of Prabhudas Lilladher told CNBC-TV18, "On the public sector undertaking (PSU) banking in general my worry essentially stemmed from the fact that till the economy recovery picks up the dead asset problems will continue to be of concern for investors and the finance minister himself had gone on record to say that the banks, PSU banks in general midcaps as well as the largecaps need to look at raising USD 40 billion over the medium-term and some of the other agencies expect that that number is highly underestimated, we couldn’t look at upwards of USD 80 billion. So till such time the economy gets going, I would hold my horses in so far as PSU banks are concerned with the sole exception of State Bank of India (SBI) which we believe is the best placed among the PSU banking space."

"On the midcap banking side our analyst is positive on Federal Bank and in case of engineering companies Cummins and Thermax continue to remain our favourites with a medium-term perspective. Aurobindo Pharma in the pharmaceutical space and in case of construction companies Ashoka Buildcon is what our analyst is very positive on because we are expecting a large amount of orders on the road sector to be tendered out on the engineering, procurement and construction (EPC) basis and the company’s current order book of Rs 2,000 crore, we are expecting it to double over the next 18-24 months. So that remains our favourite on the construction space," he added.