Motilal Oswal downgrades Siemens, Hitachi Energy, and other capex stocks as Budget dampens growth outlook

Motilal Oswal: Capital expenditure-linked stocks extended losses on Monday after Saturdays sharp decline. Larsen & Toubro fell 4.6% to ₹3,287.25, IRB Infra dropped over 4.6%, and Siemens slid 9%. Motilal Oswal attributed the decline to the governments FY25 capex cut to Rs 10.2 lakh crore and a modest 10% growth forecast for FY26, down from 30% annually in FY21-FY24.