Dharmesh Kant, Head of Equity Research at Chola Securities, shared his top investment themes for 2025, emphasizing defense, infrastructure, and technology sectors. He highlighted Hindustan Aeronautics Limited (HAL) as a key pick, citing its strong order book and improving operating margins, with a target price of ₹6,000+. He also pointed to Tata Motors, mentioning its potential corporate restructuring and strong market prospects driven by international monetary easing policies. Kant identified defense, railway infrastructure, and metals as promising sectors for 2025, with companies like L&T, NCC, and PNC Infratech poised for growth. He further emphasized the engineering research and development (ER&D) tech space, recommending Tata Elxsi, KPIT Technologies, and Tata Technologies. Despite a temporary slowdown due to industry transitions, he expects a strong rebound by late 2025 or early 2026.