INSUBCONTINENT EXCLUSIVE:
Finance minister Nirmala Sitharaman presented a budget that calls for a bigger spend.Prime Minister Narendra Modi's government laid out
India's budget for the financial year starting April 1, months after a devastating second Covid-19 wave that crippled small businesses and
deepened the country's already vast inequalities.With five states, including the politically significant Uttar Pradesh, heading to the polls
later this month, there were expectations that the budget would address issues of high unemployment
The state elections will be a mid-term assessment of Modi's popularity ahead of national elections in 2024
economy, as it stages a world-beating recovery from the pandemic.Sitharaman proposed increasing the size of the economy's annual spending to
Rs 39.5 lakh crore ($529 billion) to support growth plans.Here's a list of winners and losers from the budget announcements:WinnersEV
Battery MakersCrucial for plans to expand India's ambitions to promote clean transport technology, battery makers will gain from a new
swapping policy for electric vehicles announced by Sitharaman
Beneficiaries will include Exide Industries Ltd
Constructions Ltd., IRB Infra Ltd., Container Corporation of India Ltd., Allcargo Logistics Ltd
spending on logistics will benefit India's metals producers, including Vedanta Ltd., Tata Steel Ltd
and JSW Steel Ltd.Jindal Stainless Ltd
Pipemakers Jain Irrigation Systems Ltd., KSB Ltd., Kirloskar Brothers Ltd
and Reliance Industries Ltd.Cement, ConstructionThe government's plan to build more homes for low-income earners across cities will mean
more contracts for cement and construction majors UltraTech Cement Ltd., Ambuja Cements Ltd, Birla Corp
and ACC Ltd..Telcos, Data CentersThe launch of 5G auctions in 2022 will help boost telco sector and the classification of data storage as
infrastructure spending will benefit companies including Bharti Airtel Ltd., Reliance Industries Ltd., Vodafone Idea Ltd., Mahanagar
India are set to gain after Tuesday's budget focused on expanding such services
These include PB Fintech Ltd., the parent of PolicyBazaar, newly listed Paytm's owner One 97 Communications Ltd., eClerx Services Ltd
and Paisalo Digital Ltd., which provides smaller loans through its app.Defence ManufacturersCompanies manufacturing defense equipment look
to benefit from Sitharaman's plan to earmark 68% of the sector capex for local companies in the annual budget
Gainers include Larsen - Toubro Ltd., Bharat Forge Ltd
and Paras Defence and Space Technologies Ltd
The drone start ups that could benefit include Zeus Numerix, New Space India Ltd, and BotLab Dynamics.LosersState-Run BanksIndia plans to
start a digital currency, shifting the rules for traditional banking in the country as it tries to keep pace with the global move toward
virtual financial instruments
The move will affect India's archaic lenders State Bank of India Ltd., Bank of Baroda, Canara Bank, Union Bank of India, Bank of India and
Punjab National Bank.Crypto PlayersThe decision to levy 30% tax on profits from digital asset transactions, including cryptocurrencies and
non-fungible tokens, may rule out a blanket ban on such tokens for now but it will make trading in them less profitable
This will also affect crypto exchanges
for solar power and plans to use biomass pellets in thermal power plants in a bid to rely less on coal include Coal India Ltd
Singareni Collieries Co., Adani Enterprises Ltd
These companies are suppliers of imported coal.Stainless SteelIndia has made plans to revoke some anti-dumping and countervailing duties on
stainless steel, coated steel flat products, bars of alloy steel and high-speed steel, given the rise in metal prices
This is expected to affect the biggest producer Jindal Stainless Ltd
and Tata Metaliks Ltd.Automobile MakersCar manufacturers, which received little attention from the finance minister, continue to reel under
a global semiconductor crunch
The S-P BSE Auto Index was the worst performer among 19 sectoral gauges after Tuesday's budget announcement
Companies to watch include Maruti Suzuki India Ltd., Tata Motors Ltd, Mahindra - Mahindra Ltd.
