Ambuja, Bharti Airtel, SBI, L&T, Zomato among top 11 picks by Jefferies for next 5 years

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Ambuja Cements, Axis Bank, Bharti Airtel, JSW Energy, Larsen & Toubro (L&T), Macrotech Developers , Max Healthcare, State Bank of India, TVS Motor Company and Zomato are the top 11 picks by Jefferies India Pvt Ltd for next five years. These stock ideas as per Jefferies are likely to deliver 15-25% cagr returns over the next 5 years. The analysts team has identified the ideas that fit in to major themes.

India is the fifth largest market and by 2030, India's market capitalization is projected value is projected to touch $10 trillion as per Jefferies. India GDP is likely to cross $5 trillion, ranking third in the world economy over next four years. Also Read- RailTel Corporation stock extends winning streak for 3rd straight day, gains 8% on ₹352 crore order win The themes as housing and corporate capex cycle should play out as India's capex cycle has turned around from its FY20 bottom and is expected to continue for at least five years more.

Ambuja Cements , Axis Bank, JSW Energy, Larsen & Toubro (L&T) , Macrotech Developers are themes on Capex cycle. Among other themes, government's manufacturing push should help Amber Enterprises, SOE reforms should help State Bank Of India as financialisation of savings should help Axis Bank and State Bank of India. The themes that should benefit from rising penetration include Max Healthcare and Zomato, while key consumer and bottom-of-pyramid ideas as per Jefferies include Bharti Airtel and TVS Motor.

For Amber Enterprises having core competency in Air Conditioning and diversification into components. the support from the PLI scheme should help Amber see earnings grow at compounding rate of 36% over FY24-30. For Ambuja Cements, Jefferies expects the capex upcycle driving cement demand