Jyoti Gupta, Senior Research Analyst at Nirmal Bang Institutional Equities, remains positive on defence, citing strong order books and execution visibility despite rich valuations, with picks like HAL and BEL. On cement, she sees limited gas impact but rising pet coke and coal costs may pressure margins. Demand may moderate, though she prefers large caps like Ambuja and UltraTech while staying cautious on weaker regional players.
