The global rating agency expects the economy to pick up in the next two financial years.
'India has always been a bottom-up stock-picking market, and as growth recovers with higher liquidity, mid and small-caps always tend to outperform.'
Telecom and petchem businesses will drive growth for RIL.
'Markets could face uncertainty in the short to medium term.' 'It would be prudent to invest in alternative asset classes, especially debt, for about a year.' 'Bank fixed deposits are offering rates as high as 9 per cent per annum and these can be used as a great hedging tool until equity markets stabilise.'
'Investors should hold equity assets for 3 to 5 years.'
Indian CEOS are very innovative, says a PwC report.
OIL, IOC, HPCL, BPCL slipped between 0.1-1.5% each while the oil producing companies such as ONGC (0.1%), RIL (1.5%), GAIL(2.6%) also edged lower.
Nearly 9 out of 10 ultra-high-net-worth individuals in India saw an increase in wealth during in 2022, and the super rich expect their wealth to grow further this year, according to a Knight Frank survey. In its latest 'The Wealth Report: Outlook 2023', real estate consultant Knight Frank has revealed the findings of the global survey. Among Indian respondents, the consultant said 88 per cent saw a rise in UHNWI's (ultra-high-net-worth individuals) wealth in 2022.
Asian Development Bank (ADB) has kept its outlook for India's economic growth unchanged at 7 per cent for the current fiscal year while forecasting a weaker-than-previously expected pace for developing Asia. ADB's 7 per cent growth projection for fiscal 2022-23 (April 2022 to March 2023), unchanged from its September forecast, compares to 8.7 per cent GDP growth in 2021-22. For 2023-24, the GDP growth has been kept unchanged at 7.2 per cent.
Foreign brokerage UBS has raised its end-2008 target for the Sensex from 19,000 to 22,600, saying that domestic economic growth, which is insulated from the global economic slowdown, will help companies to report a strong performance.
The stock market, the Survey felt, had run away from underlying real economy indicators and asked if this indicated rational confidence or irrational exuberance.
The problems of financial markets have started affecting the real economy worldwide. Consensus estimates suggest that 2009 will be worse than 2008.
"We see the Indian economy rebounding from our projected 6.1 per cent growth this fiscal year to something like 7 per cent in the next fiscal year (2020). We see the factors that will support growth, including monetary policy stimulus, working their way through the pipeline," Jonathan Ostry, Deputy Director, Asia Pacific Department at the IMF, told reporters.
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The move draws a line under the Swiss government's rescue of UBS nearly five years after the bank threatened to collapse under the weight of more than $50 billion in losses on mortgage securities.
The partially convertible rupee closed at 61.31/32 per dollar, unchanged from its Tuesday close.
The Reserve Bank of India on Monday said the medium-term outlook remains favourable with economy in 2004-05 set to build upon the robust performance recorded in the previous fiscal though a fuller assessment
Benchmark stock indices Sensex and Nifty tumbled nearly 1 per cent on Wednesday due to profit booking in banking, financial and IT stocks after a recent rally. The 30-share BSE Sensex plunged 537.22 points or 0.94 per cent to end at 56,819.39 as 24 of its stocks declined. During the day, it tanked 772.57 points or 1.34 per cent to touch a low of 56,584.04. The broader NSE Nifty declined by 162.40 points or 0.94 per cent to 17,038.40 with 39 of its constituents ending in the red. Bajaj Finance was the biggest loser among Sensex stocks, dropping by 7.24 per cent.
With economic activity still to reach pre-pandemic levels, the RBI may slow down the pace of rate hikes until next year to quell soaring inflation while supporting growth, the Asian Development Bank (ADB) says in its latest report. The Manila-based multilateral funding agency has raised the inflation forecast for the current fiscal year ending in March 2023 to 6.7 per cent from its earlier projection of 5.8 per cent. For the next fiscal year too, the forecast has been revised upwards to 5.8 per cent from 5 per cent earlier.
Inflation trajectory, domestically as also globally, is what will shape the economy, and therefore the market, over the next couple of quarters.'
The new chief executive officer of the scandal-hit Satyam Computer Services, AS Murty, has asked the company's employees (associates as they are called) to reduce, avoid or defer operational expenses wherever and whenever possible "to keep the company's business running smoothly and competing effectively in the market for new business".
The outlook for India's rating would improve if fiscal, inflation and infrastructure metrics get better, a global report said.
Foreign portfolio investors (FPIs) infused Rs 11,630 crore in the Indian equity markets in April on the reasonable valuation of stocks and appreciation in the rupee. This came after FPIs infused a net sum of Rs 7,936 crore in equities in March, mainly driven by bulk investment in the Adani Group companies by the US-based GQG Partners. However, if one adjusts for the investments of GQG in Adani Group, the net flow was negative.
A new era of Indian equity market outperformance compared to China "appears to be dawning", according to Morgan Stanley. The firm has upgraded India to overweight in its Asia Pacific-excluding Japan (APxJ) list, making it their most preferred market not only in the region but also in the global emerging market (GEM) pack. India now holds the top position in this category, with an overweight of 75 basis points, a significant increase from nil previously.
Government's focus on infrastructure is the biggest positive for the Indian economy, followed by the improvement in tax collections and good consumption recovery.
While the economy seems to be on a firm growth path, the fight against inflation is not over yet. Shaktikanta Das seems to be in no hurry. After playing well through a five-year Test match, he doesn't want to get out hit wicket, observes Tamal Bandyopadhyay.
After sinking 586 points during the day, the 30-share index ended 503.62 points, or 1.29 per cent, lower at 38,593.52. The broader NSE Nifty plunged 148 points, or 1.28 per cent, to 11,440.20.
Many investors want to exit equities now and re-enter when they begin to rise. Such timing is difficult to pull off.
Market players said the sell-off was triggered by pessimism that the government may not be able to balance growth with macro-stability.
A healthy growth in India's services segments has helped the country's total exports and imports of goods and services to cross the $800 billion mark during the first half of 2023, despite a slowdown in global demand, think tank GTRI said in a report on Monday. According to the analysis of the Global Trade Research Initiative (GTRI), exports of goods and services rose by 1.5 per cent to $385.4 billion during January-June this year, as against $379.5 billion in January-June 2022. Imports, however, dipped by 5.9 per cent to $415.5 billion during the six months of this year, as against $441.7 billion in January-June 2022.
'An eerie similarity with 2019 inflation trajectory could now mean that the RBI and market inflation estimates could go awry.'
The Adani group has the maximum number of companies in the trillion club at five, followed by the Tata group (four).
India's services sector activities touched the highest mark since April 2011 amid ongoing improvements in demand conditions, even as cost pressures in the service economy remained stubbornly high, a monthly survey said on Tuesday. The seasonally adjusted S&P Global India Services PMI Business Activity Index rose from 58.9 in May to 59.2 in June -- its highest mark since April 2011. For the eleventh straight month, the services sector witnessed an expansion in output. In Purchasing Managers' Index (PMI) parlance, a print above 50 means expansion while a score below 50 denotes contraction.
Moody's Investors Service on Thursday slashed India's economic growth projection to 8.8 per cent for 2022 from 9.1 per cent earlier, citing high inflation. In its update to Global Macro Outlook 2022-23, Moody's said high-frequency data suggests that the growth momentum from December quarter 2021 carried through into the first four months this year. However, the rise in crude oil, food and fertilizer prices will weigh on household finances and spending in the months ahead.
Markets ended weak tracking the expiry of April derivative contracts.
For the year as a whole the price is expected to average $1,270, which compares with the year-to-date average of $1,289.
The headline for corporate profit growth has been very encouraging in the July-September quarter (Q2) of 2023-24 (FY24), with the combined net profit of listed companies up by 38 per cent year-on-year. However, the earnings distribution has been very lopsided, with most of the growth coming from public-sector oil-marketing companies (OMCs), banks, non-bank lenders, automobile (auto) companies, and cement producers. By comparison, companies from information technology services, fast-moving consumer goods (FMCG), retail, and consumer durables were disappointed, experiencing a sharp slowdown in net sales growth and a relatively muted increase in reported net profit.
India, Asia's third-largest economy, is likely to grow 5.3 per cent in 2013, the OECD said, lower than the November forecast of 5.9 per cent.
It took India's IT-BPO sector just over a decade to grow more than 12 times, from $4 billion in 1998 to a shade under $50 billion in 2009. Admittedly, the target set by the software service providers' body Nasscom was off by a year.
The weak April-June quarter (first quarter, or Q1) results of the largest listed specialty chemical maker, SRF, and multiple global headwinds for the sector are expected to weigh on the prospects of Indian specialty chemical companies in 2023-24 (FY24). Stocks in the sector (down 7-18 per cent) have underperformed the benchmarks (up over 10 per cent) in the past three months, and given the multiple challenges, the trend is likely to continue. Kotak Institutional Equities expects a very weak quarter (Q1FY24) for the sector due to destocking, demand weakness across certain critical end-use industries, and price erosion amid intense competition from Chinese suppliers.
RBI Governor Shaktikanta Das and Finance Secretary Subhash Chandra Garg are also expected to attend the meetings.
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