MOSL: Morning India (1/January/2020): 1. Infrastructure (Vision 2025 – INR100t investment roadmap); 2. EcoScope (2QFY20 CAD a tad higher than expectation)
MOrning India (1/January/2020): 1. Infrastructure (Vision 2025 – INR100t investment roadmap); 2. EcoScope (2QFY20 CAD a tad higher than expectation)
Today’s top research idea
Infrastructure: Vision 2025 – INR100t investment roadmap
- The government has announced a detailed roadmap for INR100t worth of infrastructure investment over FY20-25
- Around 72% of this investment is expected in sectors like Energy, Urban infrastructure, Railways and Roads; with Urban infrastructure and Railways being the key beneficiaries with increased allocation.
- Budgetary support is expected to witness 19.5% CAGR over FY19-25E, implying increasing budgetary support as a % of GDP on infrastructure spending till FY25.
- Availability of funds may turn out to be a key limiting factor for such an ambitious plan.
- We have a Buy rating on L&T as a preferred large-cap play, with and KNR Constructions and Ashoka Buildcon as key mid-cap plays in the road sector
Piping hot news
FM unveils ₹102 tn infra push to reignite growth
Finance minister Nirmala Sitharaman on Tuesday unveiled a plan to invest ₹102 trillion over five years to develop social and economic infrastructure to boost India’s sagging growth. The projects will be implemented under the National Infrastructure Pipeline (NIP) mechanism. A task force for the purpose, set up under economic affairs secretary Atanu Chakraborty, submitted its first report after consultation with infrastructure-related ministries, lenders, states and companies over the past four months.
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