Jefferies picks 4 industrial stocks ahead of Budget 2025

Jefferies has named Siemens, HAL, Thermax, and L&T as top picks ahead of Budget 2025, with potential growth of up to 49%. The FY25 budget may see 10-12% YoY capex growth. The report highlights opportunities in power, defence, and infrastructure sectors. Company-specific triggers include Siemens' power T&D recovery and Thermax's clean energy focus.