Reliance Industries Ltd, Larsen & Toubro Ltd (L&T), Power Grid Corporation of India Ltd, NTPC Ltd, Adani Ports & SEZ and Eicher Motors Ltd are reportedly among 20 stocks that Goldman Sachs has buy ratings on. Others included Havells India, Polycab, Ashok Leyland, Mahindra & Mahindra Ltd, Phoenix Mills, Uno Minda and Blue Dart Ltd.
In its India strategy note, Goldman Sachs reportedly said that India's earnings growth has stabilised in recent years, after a decade-long downcycle and that it is likely to be among the fastest growing economies in the medium term. UltraTech Cement Ltd, InterGlobal Aviation Ltd, Hitachi Energy Ltd, Astral, Embassy REIT, Kajaria Ceramics and Amber Enterprises are other stocks with 'Buy' ratings.
Goldman Sachs expects India's profit pool is likely to shift towards investment cyclicals, as it expects mid-teen profit growth momentum to sustain towards 2030. Investment cyclicals include auto, real estate, chemicals and industrials. Consumer cyclicals could see highest absolute growth, ET NOW quoting the Goldman Sachs' report suggested in a post on X. As per the report, Goldman Sachs expects some rotation in growth leadership towards power and new energy.
Goldman Sachs estimated MSCI India's profits to grow at 14 per cent compounded annually over the next six years.
(More to come)