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Informist, Friday, Nov. 21, 2025

 

MUMBAI – Analysts have a cautious outlook on capital goods companies as capital expenditure of private players is yet to pick up and that of the government is likely to decline in the coming quarters. However, shares of companies in the power transmission and distribution sector are likely to keep gaining on strong demand from several ongoing projects.

 

"...we remain directionally positive but selective to few growth pockets until secular private factory capex picks up. We remain cautious on ABB, Siemens, Thermax and Honeywell, given tepid private capex growth and limited margin visibility," Nuvama Wealth Management said in a strategy report.

 

There is a big concern that the government's capital expenditure will most likely come down in the remaining quarters of this financial year. "...40% increase in 1H capex and high base of 2H25 can result in a drag (around 10?cline YoY) in 2H26, unless GOI (government) overshoots its capex allocation," brokerage firm Prabhudas Lilladher said in a report.

 

Slowdown in capital expenditure is largely visible in muted road contracts so far this year. "As of mid Nov, only 504km was awarded against the annual target of 6,376km. The slow start is attributed to a combination of factors, including a higher focus on land acquisition before awarding, procedural delays, and a temporary shift in focus towards project execution rather than new awards," Motilal Oswal Financial Services said in a report Thursday. This has even hit order inflows for several road constructions companies, it said.

 

TOP HEADLINES

* Electrosteel Castings to get compensation of INR 2.53 bln from coal ministry
* HG Infra sets up wholly-owned subsidiary for green energy operations
* Reliance Infra gets notice from Serious Fraud Investigation Office on Tue
* L&T, UK's BAE Systems to supply BvS10 Sindhu vehicles to Indian Army
* KEC Intl confident of achieving order intake aim despite Power Grid action
* KEC Intl may move court against Power Grid Corp for blacklisting for 9 mos
* RITES signs MoU with Andhra Pradesh govt to provide consultancy services
* KEC Intl secures INR-10-billion orders across various businesses
* Maharashtra Seamless' jack-up rig commences operations with ONGC
* AESL Projects takes over BHEL-Hitachi Energy project from Rajasthan agency
* SKF India Jul-Sep PAT rises 12% YoY to INR 1.06 billion
* Ashoka Buildcon Jul-Sep PAT rises nearly fourfold YoY to INR 1.4 billion
* BEML inks MoU with Andhra govt body, Delhi Metro Rail, Umeandus Tech
* Analyst Concall: Voltas sees demand rebound in Oct-Mar after subdued H1
* Earnings Review:Siemens consol PAT for Jul-Sept slumps YoY though sales rise
* Engineers India Jul-Sep PAT rises over 45% YoY to INR 1.15 billion

 

Following are the resistance and support levels for the stocks for next week as per calculations by Informist based on their prices on the National Stock Exchange:

 

Company	Price	Week-on-week change in %	Resistance	Support
Bharat Heavy Electricals	282.50	0.30	287.00	279.10
CG Power and Industrial Solutions	710.20	(-)4.50	731.70	696.70
Larsen & Toubro	4024.90	0.50	4074.20	3990.60
Siemens	3173.50	2.90	3247.00	3109.20
Thermax	2886.70	(-)4.00	2999.30	2823.70
Bharat Electronics	416.35	(-)2.50	426.30	410.60
S&P BSE Capital Goods	69364.01	(-)2.00	70896.30	68546.80
Nifty 50	26068.15	0.60	26226.90	25972.90
S&P BSE Sensex	85231.92	0.80	85764.60	84921.50

 

End

 

Reported by Anshul Choudhary

Edited by Ashish Shirke

 

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