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Slightly positive impact of the budget announcements on the auto sector

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Neutral impact of the budget announcements on the agriculture sector

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Recommendation: BUY; Target Price: Rs 915

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Volvo truck and bus sales increased by 73.4% to 189 units in January 2023.

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This is the 8th consecutive interest rate hike by the US Central Bank since the beginning of 2022.

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Recommendation: Reduce; Target Price: Rs 450

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Domestic sales (M&HCV and LCV) were 16,198 units in the reporting month, a 27% increase from 12,709 units in January 2022.

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The central government’s FY24 Budget was growth supportive whilst sticking with a modest glide path for consolidation.

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The new KYC PAN norms declared by the Finance Minister will be a win-win situation for both the government and the customers.

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The proposed policy reforms and increased capital infusion will provide an impetus to MSMEs and the start-up ecosystem.

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