Top Picks: Larsen, PNC, Ashoka, KNR & HG. Top Picks Buildings: Capacite, Ahluwalia. Union budget retained Infra spends: Union budget was not very different from the Interim budget and largely all FY20E spending estimates on Roads, Railways, MRTS etc were retained. We do remain concerned w.r.t the funding scenario at NHAI as a Rs 1/litre increase in fuel cess (~Rs 120bn annually) is precious too little to assuage the shortfall. States infra spending may supplement the shortfall at NHAI/MORTH.