Jefferies has identified 11 stocks set to benefit from long-term macro trends like capital expenditures, government manufacturing initiatives, and financialisation.
The brokerage expects these equities to more than double by 2029.
“The capex cycle theme drives several of our top picks (Ambuja, Axis, JSW Energy, L&T, Macrotech). Other themes to play include government manufacturing push (Amber), PSU reforms (SBI), penetration stories (Max Health, Zomato), financialisation of savings (Axis, SBI) and key consumer/ bottom-of-pyramid ideas (Bharti, TVS Motors),” said strategist at Jeferries led by Mahesh Nandurkar.
Amber Enterprises, specialising in ACs and components, expects earnings to grow over 36 per cent CAGR from FY24-30 due to the PLI scheme.
Jefferies believes strong cement demand from capex upcycle will drive 19 per cent Ebitda CAGR for Ambuja Cement, strengthened by capacity expansion, cuts costs and investments in green power.
Jefferies is bullish on Zomato’s growth potential due to low penetration levels in core segments.
It also anticipates TVS Motors to benefit from a revival in two-wheeler (2W) demand and transition to e-2W.
