Citi Research Starts Coverage on Six Industrials, Favors Leaders

Citi initiated Buy ratings on Cummins India and Bharat Electronics, highlighting strong execution capabilities, stable order visibility, and robust positioning amid India’s evolving capex cycle. Sustained government spending, defense orders, and industrial demand were cited as key growth drivers. Analysts expect earnings momentum to remain resilient, favoring companies with quality execution and strategic positioning. Investors are showing preference for leading industrial players likely to benefit from ongoing infrastructure and manufacturing expansion.