1. Bharat Electronics Ltd. (BEL)
BEL is India’s largest defense electronics equipment manufacturer, with ~60% share in defense electronics. The company is a key beneficiary of the Indian government’s increasing thrust on the replacement and modernization of military hardware in the country. The government’s push to source defense equipment from the home country provides a tailwind for further growth.
2. Cipla Ltd.
Cipla is the leader in generic respiratory drugs and inhalers. Covid has increased the target market for Cipla as many people may face respiratory problems even after fighting Covid-19. Together with new launches in the US and volume growth in India Cipla can have very good growth over the next 2 years.
3. Sequent Scientific Ltd.
Sequent Scientific is a pure-play animal health business carved out after selling human API and specialty business. It is the largest animal health company in India and the 20th largest animal health company across the globe.
4. Persistent Systems Ltd.
Persistent Systems is a diversified IT services provider. Persistent Systems operates in various segments of IT services for large to mid-sized corporates in the US and Europe. Indian IT services continue to remain very cost-efficient for global outsourcing. Persistent Systems has been able to see sustained growth in Enterprise due to new annuity deals, fixed-price contracts, and alliances with large IT players eg. IBM & Salesforce
5. Mahindra & Mahindra Ltd.
Mahindra & Mahindra is involved in the manufacturing and marketing of tractors, utility vehicles, and light commercial vehicles including three-wheelers. Mahindra & Mahindra has three large segments -Tractors (35%), passenger vehicles (30%), and commercial vehicles including rickshaws (35%). The key brands include Scorpio, Bolero, Champion, and many more. Mahindra has a 40%+ market share in the tractor segment.
6. HCL Technologies Ltd.
HCL is a diversified IT/BPO services provider, primarily focused on ‘transformational outsourcing’. HCL Operates in various segments of IT services for large to mid-sized corporates in the US and Europe. Indian IT services continue to remain very cost-efficient for global outsourcing. HCL has been able to see sustained growth in Enterprise due to Success in large deal wins and acquisitions to increase scale or adding more clients to the portfolio.
7. Gujarat Gas Company Ltd.
Gujarat Gas is into the distribution of CNG and LNG. Gujarat Government’s focus to increase usage of Gas as the primary fuel for vehicles and industries has improved prospects of Gujarat Gas.
8. EPL Ltd.
EPL (erstwhile Essel Propack) is owned by the Blackstone group. It is one of the leaders of packing for oral and personal care. EPL provides experience and manufacturing facilities to provide packaging material to India and abroad
9. Coromandel International Ltd.
Coromandel, part of the Murugappa group, is the second-largest player in the phosphatic-fertilizer industry in India with a market share of around 17%. It is the market leader in Andhra Pradesh and Telangana – India’s largest complex-fertilizer market. Recently the company is increasing the sale of non-subsidy-based products, including crop protection, specialty nutrients (secondary and micro-nutrients).
10. Dixon Technologies (India) Ltd.
Dixon Technologies is a key player in the Indian EMS industry. It is expected to grow exponentially led by a focus on “Atmanirbhar Bharat”, government initiatives, and China+1. The company has a presence in several segments such as LED TVs, Washing Machines, Lighting Products, Mobile Phones, and Security Systems, Laptops, Medical Electronics, and STBs are in the pipeline.
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