Cover Story Narayana Murthy’s Second Innings
Outlook US Dollar
Stats Major Global Currencies Recent Movement
Emerging Country South Africa
In Focus Target Gold, Again
This document discusses the impact of an industrial slowdown on credit flow and the quality of small and medium enterprises (SMEs) in India. It analyzes secondary data on credit flow to SMEs from public sector banks in Rajasthan over recent years. The analysis finds that while there was consistent growth in credit to SMEs, the pace increased sharply from 2007-2008. However, the numbers may be inflated due to an expansion in what is included under SMEs in 2006. Despite the global recession, the number of SME beneficiaries in Rajasthan continued growing between late 2008 and early 2009.
Brian Hogan is president of Fidelity Investments' equity division, overseeing $850 billion in assets. He discusses Fidelity's outlook for 2014, seeing earnings growth of around 7-8% resulting in around a 10% return for the S&P 500 before factoring in changes to its price/earnings multiple. Hogan believes active managers will have an advantage in the next 3-4 years as correlations between stocks decrease, making it more of a "stock picker's market." He cites several standout Fidelity portfolio managers who have outperformed benchmarks by wide margins for decades.
We begin a promising new decade on a hopeful note.
To help navigate the road ahead, we present to you our `Investment Outlook 2020’ report. In it, we seek to examine several long-term socio-economic trends alongside our traditional market analysis to showcase important ideas and provide actionable insights. These are complemented, once again this year, by opinions from decision-makers and thought-leaders across different professional arenas.
This document provides an overview and salary ranges for jobs in the banking and finance industry in Indonesia in 2017. It discusses the outlook for the banking industry, which is expected to see continued growth. It also mentions opportunities in the emerging sharia finance and financial technology industries. The main body provides salary ranges for various roles in retail/corporate banking, accounting/finance, and insurance. Salaries range from IDR3.3 million to IDR250 million depending on role, qualifications, and experience.
This article talks about Management strategies for economic and market recovery. It has been co- authored by Dr. Uday Salunkhe, Director of the prestigious Welingkar Institute of Management and Research.
http://pwc.to/RE5u3s
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci, focus sur l’Eurozone, l’inflation et les élections en Inde.
Paper on Emerging Economies by Abhishek PandeAbhishek Pande
1. The document discusses financial reforms in emerging Asian economies. It analyzes policies around fiscal consolidation, sustainable growth, and increased economic cooperation within Asia.
2. Key points include the importance of resolving policy uncertainty in advanced economies to support Asian growth, deeper fiscal and financial integration in Europe, and opportunities for greater trade and financial integration within Asia.
3. The paper recommends setting up financial oversight agencies in emerging Asian nations to coordinate regulation and support sustainable development goals in the region.
This document discusses the impact of an industrial slowdown on credit flow and the quality of small and medium enterprises (SMEs) in India. It analyzes secondary data on credit flow to SMEs from public sector banks in Rajasthan over recent years. The analysis finds that while there was consistent growth in credit to SMEs, the pace increased sharply from 2007-2008. However, the numbers may be inflated due to an expansion in what is included under SMEs in 2006. Despite the global recession, the number of SME beneficiaries in Rajasthan continued growing between late 2008 and early 2009.
Brian Hogan is president of Fidelity Investments' equity division, overseeing $850 billion in assets. He discusses Fidelity's outlook for 2014, seeing earnings growth of around 7-8% resulting in around a 10% return for the S&P 500 before factoring in changes to its price/earnings multiple. Hogan believes active managers will have an advantage in the next 3-4 years as correlations between stocks decrease, making it more of a "stock picker's market." He cites several standout Fidelity portfolio managers who have outperformed benchmarks by wide margins for decades.
We begin a promising new decade on a hopeful note.
To help navigate the road ahead, we present to you our `Investment Outlook 2020’ report. In it, we seek to examine several long-term socio-economic trends alongside our traditional market analysis to showcase important ideas and provide actionable insights. These are complemented, once again this year, by opinions from decision-makers and thought-leaders across different professional arenas.
This document provides an overview and salary ranges for jobs in the banking and finance industry in Indonesia in 2017. It discusses the outlook for the banking industry, which is expected to see continued growth. It also mentions opportunities in the emerging sharia finance and financial technology industries. The main body provides salary ranges for various roles in retail/corporate banking, accounting/finance, and insurance. Salaries range from IDR3.3 million to IDR250 million depending on role, qualifications, and experience.
This article talks about Management strategies for economic and market recovery. It has been co- authored by Dr. Uday Salunkhe, Director of the prestigious Welingkar Institute of Management and Research.
http://pwc.to/RE5u3s
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci, focus sur l’Eurozone, l’inflation et les élections en Inde.
Paper on Emerging Economies by Abhishek PandeAbhishek Pande
1. The document discusses financial reforms in emerging Asian economies. It analyzes policies around fiscal consolidation, sustainable growth, and increased economic cooperation within Asia.
2. Key points include the importance of resolving policy uncertainty in advanced economies to support Asian growth, deeper fiscal and financial integration in Europe, and opportunities for greater trade and financial integration within Asia.
3. The paper recommends setting up financial oversight agencies in emerging Asian nations to coordinate regulation and support sustainable development goals in the region.
The document discusses emerging trends in the global and Indian forex markets. It outlines several key factors that drive forex market growth globally and in India, including economic shifts, government policies, social trends, and the lucrative nature of forex trading. Some of the factors that have contributed to growth in India include rising foreign investment, GDP growth, increased currency transactions, and a growing young investor population. The conclusion is that the combination of global equity markets, economic growth, foreign investment, and transactions will help further increase India's position in the global forex market.
The newsletter aims to give you an insight into key issues, both global and local, and will be published on a quarterly basis.
The articles are crisply written, carefully researched and thought-provoking. We hope you find the newsletter interesting.
The document summarizes an interview with Dr. Surin Pitsuwan, ASEAN Secretary General, on several topics:
- ASEAN's integration model differs from the EU in that ASEAN began as a group of small countries working together, not full political and economic integration like the EU. ASEAN aims to be a community, not a single unit.
- Living standards in ASEAN have improved significantly in recent decades as GDP per capita has nearly doubled, expanding the middle class and making the region more attractive to foreign investors.
- ASEAN benefits from strong economic growth in China and India and seeks synergies rather than direct competition. Connectivity and trade agreements help ASEAN connect to these large markets.
This document discusses the Indian stock market reaction surrounding the 2009 Indian general election. It notes that the United Progressive Alliance (UPA) led by the Congress party won a clear majority in the election, removing uncertainty. The market reacted very positively on May 18th, opening over 15% higher and hitting the upper circuit breaker limit, halting trading. It summarizes that the stable UPA government victory provided continuity and confidence for economic policies and reforms going forward.
Role of CFO in Economic Turnaround, Present Macro-Economic Conditions, New Changes in Reforms & Policies, Evolving Role of CFO , Impact of Changes on CFO
Domestic demand in some of the key rapid-growth markets (RGMs) has faltered recently and - whilst most rapid growth market economies continue to prosper - their growth trajectory seems more varied. Increasingly investors are reassessing risks.
We currently project RGMs to grow by 4.6% on average in 2013 and more close to 6% in subsequent years.
The monthly fact sheet provides an overview of the local Malaysian market in February 2010. Equity markets ended higher for the month, though small cap stocks underperformed. Ten of ten sectors were positive, led by telecommunications, consumer staples, and financials. Fixed income markets were flat due to lack of catalysts. The GDP grew strongly in Q4 2009 and inflation rose slightly. The outlook remains positive, expecting further equity market gains supported by strong economic growth, though deteriorating global growth or policy mistakes pose risks.
This weekly media update from Balmer Lawrie provides summaries of news articles from the previous week related to Balmer Lawrie, public sector enterprises, and industries relevant to Balmer Lawrie's business. The articles discuss topics such as India's improving foreign exchange reserves and import cover levels, economic recovery driven by some sectors like infrastructure, the rupee and interest rates providing higher returns than other emerging markets, slowing global growth predicted by the IMF, India's manufacturing sector contracting for the first time in over two years, options for the government to make up for shortfalls in disinvestment targets, changes to interviews in government and PSU recruitment, increased performance reviews for older PSU employees, and crude oil prices declining due to global cues.
The document provides a summary of news related to the Indian economy, public sector enterprises (PSEs), and Balmer Lawrie. Key points include:
- The Indian economy is forecast to grow at 7.5% in the next fiscal year, benefiting from lower oil prices.
- China's overcapacity in heavy industries like steel and cement is damaging the global economy.
- The Indian rupee hit a 30-month low and may depreciate further against the US dollar by the end of the year.
- The Indian government plans to classify "weak" PSEs and closely monitor them to prevent losses and turn them profitable before any stake sales.
- Indian merchandise exports
Right horizons PMS - India Asset Market Review 2013 & outlook 2014Vinayak Kanvinde
The document provides an outlook on Indian asset markets in 2014 from Right Horizons PMS. It summarizes the performance of asset markets in 2013, argues that signs point to India potentially being in the early stages of a bull market. It also discusses factors that provide safety nets for the Indian economy and lays out the foundation for the next bull market. Right Horizons believes the turning point for fixed income and equity markets in India will come in the next few quarters.
The summary analyzes the business perspective in India based on a Grant Thornton International Business Report survey of 400 Indian businesses. While business optimism in India remained stable, it was well above global averages. Most Indian businesses expect to increase revenue and profits in the coming year, though a lack of skilled workers remains a top constraint. The majority of Indian businesses also find their lenders supportive, but over half find interacting with the government too difficult.
Toyota is considering building a manufacturing plant in Singapore to expand its presence in Asia and tap into the untapped Singaporean auto market. The report analyzes key risks of investing in Singapore, including political risks like government regulations and economic risks like inflation and exchange rates. Toyota's growth plan involves using Singapore as a production base for its IMV strategy of creating affordable, multipurpose vehicles tailored for emerging markets. Almost half of IMV car sales are in Asia, indicating Singapore could be a good location. The report recommends Singapore for Toyota's investment after analyzing country risks.
- The document discusses emerging markets, focusing on India and China. It argues that while China's economy is slowing due to factors like a housing bubble and overcapacity, India's economy remains strong, as evidenced by positive manufacturing and services data as well as macroeconomic stability.
- The Indian budget aims to further boost the economy through tax cuts, infrastructure spending, and reforms. With its favorable demographics and policies under Modi, India has strong long-term growth potential and opportunities for investors.
- While the Indian stock market may be overpriced, now could be a good time for entry due to the country's economic resilience and promising outlook. The document recommends sectors like banking and construction.
This document provides an overview and snapshot of various equity and debt mutual fund schemes offered by SBI Mutual Fund. It includes details such as the fund name, type of scheme, allotment date, fund manager, ideal investment horizon, minimum and additional investment amounts, exit loads, options available, and minimum SIP amounts for 27 equity schemes and 16 debt schemes. Information on the managing director's message, market overview, how to read factsheets, and comparative performance of all schemes is also included.
The Grant Thornton emerging markets opportunity index ranks the level of opportunity for investors in 27 emerging economies across the globe. The International Business Report (IBR) 2010 results also offer some relevant insights into the health of the business populations in the emerging markets. Optimism levels amongst businesses in emerging economies have been around 60 percentage points higher than those of their counterparts in more mature economies since 2007.
This document provides an overview of the Indian mutual fund industry and investment options. It discusses the different types of mutual fund schemes available across equity, debt, hybrid, and other categories. It also provides summaries of various SBI mutual fund schemes, including information on investment objectives, portfolio allocations, and past performance. The document aims to help investors understand the mutual fund landscape and select appropriate funds based on their investment goals and risk tolerance.
Cloud computing offers many benefits like on-demand access to computing resources and pay-per-use billing. However, there are also security risks and concerns about losing control over sensitive data. While cloud services provide location-independent resources, enterprises worry about relying on providers to safeguard valuable data. Additional challenges include ensuring manageability of cloud infrastructure and platforms as they currently lack robust management capabilities. Overall, cloud computing presents opportunities but also risks that must be addressed for organizations to fully embrace the technology.
This document outlines a presentation on public narrative and strategy for building teams and fixing problems. It discusses the components of an effective public narrative, including telling the story of self, the story of us, and the story of now. It provides examples of these components, including one speaker's story of how she got involved in improving healthcare access. The document also covers key aspects of developing strategy, such as identifying the problem, key stakeholders, the desired solution or change, and who has the power to enact that change. It gives examples applying this framework to the Montgomery bus boycott and another speaker's efforts to create an interprofessional student-run free clinic.
Cover Story Is the irony of raising FDI limit
Outlook Coal
Stats Restructuring profile of PSU Banks
Emerging Country Hungary
In Focus E-Commerce Industry in India
The document discusses several economic news items from emerging markets:
- Russia's central bank held interest rates steady and signaled a slightly more dovish tone going forward as a new central bank head is nominated.
- Indonesia's state-owned coal miner is seeking to acquire stakes in other coal mining sites to expand its operations.
- The Philippines reported that its consolidated public sector deficit reached $27.5 billion in the third quarter of 2012.
- South Africa reported a 3.9% year-over-year increase in manufacturing production for January 2013.
- Brazil's main oil producing states are reviewing their budgets and preparing for potential revenue cuts after Congress overturned a presidential veto related to oil royalty redistribution.
George Eastman, a high school dropout, brought photography and images to our daily lives. He left behind a legacy that probably he thought would endure for generations.
However, buffeted by foreign competition, then blindsided by a digital revolution, photography icon Eastman Kodak Co. is now fighting for survival after a quarter-century of failed efforts to find its focus.
What went wrong with Eastman Kodak is a question that crossed my mind. Here I am presenting what I gathered and understood by flipping through pages of 131 year old company.
The document discusses emerging trends in the global and Indian forex markets. It outlines several key factors that drive forex market growth globally and in India, including economic shifts, government policies, social trends, and the lucrative nature of forex trading. Some of the factors that have contributed to growth in India include rising foreign investment, GDP growth, increased currency transactions, and a growing young investor population. The conclusion is that the combination of global equity markets, economic growth, foreign investment, and transactions will help further increase India's position in the global forex market.
The newsletter aims to give you an insight into key issues, both global and local, and will be published on a quarterly basis.
The articles are crisply written, carefully researched and thought-provoking. We hope you find the newsletter interesting.
The document summarizes an interview with Dr. Surin Pitsuwan, ASEAN Secretary General, on several topics:
- ASEAN's integration model differs from the EU in that ASEAN began as a group of small countries working together, not full political and economic integration like the EU. ASEAN aims to be a community, not a single unit.
- Living standards in ASEAN have improved significantly in recent decades as GDP per capita has nearly doubled, expanding the middle class and making the region more attractive to foreign investors.
- ASEAN benefits from strong economic growth in China and India and seeks synergies rather than direct competition. Connectivity and trade agreements help ASEAN connect to these large markets.
This document discusses the Indian stock market reaction surrounding the 2009 Indian general election. It notes that the United Progressive Alliance (UPA) led by the Congress party won a clear majority in the election, removing uncertainty. The market reacted very positively on May 18th, opening over 15% higher and hitting the upper circuit breaker limit, halting trading. It summarizes that the stable UPA government victory provided continuity and confidence for economic policies and reforms going forward.
Role of CFO in Economic Turnaround, Present Macro-Economic Conditions, New Changes in Reforms & Policies, Evolving Role of CFO , Impact of Changes on CFO
Domestic demand in some of the key rapid-growth markets (RGMs) has faltered recently and - whilst most rapid growth market economies continue to prosper - their growth trajectory seems more varied. Increasingly investors are reassessing risks.
We currently project RGMs to grow by 4.6% on average in 2013 and more close to 6% in subsequent years.
The monthly fact sheet provides an overview of the local Malaysian market in February 2010. Equity markets ended higher for the month, though small cap stocks underperformed. Ten of ten sectors were positive, led by telecommunications, consumer staples, and financials. Fixed income markets were flat due to lack of catalysts. The GDP grew strongly in Q4 2009 and inflation rose slightly. The outlook remains positive, expecting further equity market gains supported by strong economic growth, though deteriorating global growth or policy mistakes pose risks.
This weekly media update from Balmer Lawrie provides summaries of news articles from the previous week related to Balmer Lawrie, public sector enterprises, and industries relevant to Balmer Lawrie's business. The articles discuss topics such as India's improving foreign exchange reserves and import cover levels, economic recovery driven by some sectors like infrastructure, the rupee and interest rates providing higher returns than other emerging markets, slowing global growth predicted by the IMF, India's manufacturing sector contracting for the first time in over two years, options for the government to make up for shortfalls in disinvestment targets, changes to interviews in government and PSU recruitment, increased performance reviews for older PSU employees, and crude oil prices declining due to global cues.
The document provides a summary of news related to the Indian economy, public sector enterprises (PSEs), and Balmer Lawrie. Key points include:
- The Indian economy is forecast to grow at 7.5% in the next fiscal year, benefiting from lower oil prices.
- China's overcapacity in heavy industries like steel and cement is damaging the global economy.
- The Indian rupee hit a 30-month low and may depreciate further against the US dollar by the end of the year.
- The Indian government plans to classify "weak" PSEs and closely monitor them to prevent losses and turn them profitable before any stake sales.
- Indian merchandise exports
Right horizons PMS - India Asset Market Review 2013 & outlook 2014Vinayak Kanvinde
The document provides an outlook on Indian asset markets in 2014 from Right Horizons PMS. It summarizes the performance of asset markets in 2013, argues that signs point to India potentially being in the early stages of a bull market. It also discusses factors that provide safety nets for the Indian economy and lays out the foundation for the next bull market. Right Horizons believes the turning point for fixed income and equity markets in India will come in the next few quarters.
The summary analyzes the business perspective in India based on a Grant Thornton International Business Report survey of 400 Indian businesses. While business optimism in India remained stable, it was well above global averages. Most Indian businesses expect to increase revenue and profits in the coming year, though a lack of skilled workers remains a top constraint. The majority of Indian businesses also find their lenders supportive, but over half find interacting with the government too difficult.
Toyota is considering building a manufacturing plant in Singapore to expand its presence in Asia and tap into the untapped Singaporean auto market. The report analyzes key risks of investing in Singapore, including political risks like government regulations and economic risks like inflation and exchange rates. Toyota's growth plan involves using Singapore as a production base for its IMV strategy of creating affordable, multipurpose vehicles tailored for emerging markets. Almost half of IMV car sales are in Asia, indicating Singapore could be a good location. The report recommends Singapore for Toyota's investment after analyzing country risks.
- The document discusses emerging markets, focusing on India and China. It argues that while China's economy is slowing due to factors like a housing bubble and overcapacity, India's economy remains strong, as evidenced by positive manufacturing and services data as well as macroeconomic stability.
- The Indian budget aims to further boost the economy through tax cuts, infrastructure spending, and reforms. With its favorable demographics and policies under Modi, India has strong long-term growth potential and opportunities for investors.
- While the Indian stock market may be overpriced, now could be a good time for entry due to the country's economic resilience and promising outlook. The document recommends sectors like banking and construction.
This document provides an overview and snapshot of various equity and debt mutual fund schemes offered by SBI Mutual Fund. It includes details such as the fund name, type of scheme, allotment date, fund manager, ideal investment horizon, minimum and additional investment amounts, exit loads, options available, and minimum SIP amounts for 27 equity schemes and 16 debt schemes. Information on the managing director's message, market overview, how to read factsheets, and comparative performance of all schemes is also included.
The Grant Thornton emerging markets opportunity index ranks the level of opportunity for investors in 27 emerging economies across the globe. The International Business Report (IBR) 2010 results also offer some relevant insights into the health of the business populations in the emerging markets. Optimism levels amongst businesses in emerging economies have been around 60 percentage points higher than those of their counterparts in more mature economies since 2007.
This document provides an overview of the Indian mutual fund industry and investment options. It discusses the different types of mutual fund schemes available across equity, debt, hybrid, and other categories. It also provides summaries of various SBI mutual fund schemes, including information on investment objectives, portfolio allocations, and past performance. The document aims to help investors understand the mutual fund landscape and select appropriate funds based on their investment goals and risk tolerance.
Cloud computing offers many benefits like on-demand access to computing resources and pay-per-use billing. However, there are also security risks and concerns about losing control over sensitive data. While cloud services provide location-independent resources, enterprises worry about relying on providers to safeguard valuable data. Additional challenges include ensuring manageability of cloud infrastructure and platforms as they currently lack robust management capabilities. Overall, cloud computing presents opportunities but also risks that must be addressed for organizations to fully embrace the technology.
This document outlines a presentation on public narrative and strategy for building teams and fixing problems. It discusses the components of an effective public narrative, including telling the story of self, the story of us, and the story of now. It provides examples of these components, including one speaker's story of how she got involved in improving healthcare access. The document also covers key aspects of developing strategy, such as identifying the problem, key stakeholders, the desired solution or change, and who has the power to enact that change. It gives examples applying this framework to the Montgomery bus boycott and another speaker's efforts to create an interprofessional student-run free clinic.
Cover Story Is the irony of raising FDI limit
Outlook Coal
Stats Restructuring profile of PSU Banks
Emerging Country Hungary
In Focus E-Commerce Industry in India
The document discusses several economic news items from emerging markets:
- Russia's central bank held interest rates steady and signaled a slightly more dovish tone going forward as a new central bank head is nominated.
- Indonesia's state-owned coal miner is seeking to acquire stakes in other coal mining sites to expand its operations.
- The Philippines reported that its consolidated public sector deficit reached $27.5 billion in the third quarter of 2012.
- South Africa reported a 3.9% year-over-year increase in manufacturing production for January 2013.
- Brazil's main oil producing states are reviewing their budgets and preparing for potential revenue cuts after Congress overturned a presidential veto related to oil royalty redistribution.
George Eastman, a high school dropout, brought photography and images to our daily lives. He left behind a legacy that probably he thought would endure for generations.
However, buffeted by foreign competition, then blindsided by a digital revolution, photography icon Eastman Kodak Co. is now fighting for survival after a quarter-century of failed efforts to find its focus.
What went wrong with Eastman Kodak is a question that crossed my mind. Here I am presenting what I gathered and understood by flipping through pages of 131 year old company.
Signals coming out of world’s largest economy, US look propitious. But it’s still early days to reach any decisive conclusion. We cover this in the section on Global Trends in this month’s issue of Economy Matters.
In the section on Domestic Trends, we discuss the trends emanating out of the recent releases on IIP, Inflation, Trade, Currency & Monetary Policy during the month of October-November 2013.
The Sectoral spotlight for this issue is on Pharmaceuticals, which has been growing steadily and playing a major role in the Indian economy.
In the Special Article, we discuss the challenges and prospects, which the Micro, Small & Medium Enterprises (MSMEs) are facing currently.
India's growing population presents both opportunities and challenges for its economy. While a larger population can boost India's workforce and consumer market, driving economic growth, it also puts tremendous pressure on the country's resources and infrastructure. The government will need policies to ensure the population's growth is sustainable and benefits are widely distributed. With proper planning, India's demographic shift has the potential to be a catalyst for development, but rapid population growth could exacerbate issues like unemployment and inadequate infrastructure if not managed carefully.
2013’s Top 10 Lessons for Investors from LPL Financial ResearchJP Marketing | NE
Each year that passes contains some wisdom for investors, but along with that wisdom can be some folly. 2013 was a year that bestowed an abundance of each on investors.
HIGHLIGHTS: The top 10 lessons of 2013 for investors need to be put into two categories: those that investors can take to heart as sound wisdom for the year to come, and those they should try to forget as they prepare for 2014.
- Attrition refers to a reduction in employees when people leave an organization and are not replaced. Common reasons for attrition include better pay or career opportunities elsewhere, lack of growth opportunities, poor management, and compensation issues.
- Across industries, the average attrition rate is 14%. The IT, ITES, media, and pharmaceutical sectors typically see higher attrition rates of 15-17%. Factors like salary, work environment, future prospects, and manager relationships impact an employee's decision to stay or leave an organization.
- Many industries in India are expected to experience continued growth in the coming years, including retail, manufacturing, real estate, technology, logistics and media. This growth may help address issues
The quarterly letter provides an update on portfolio performance and the manager's views. It notes that portfolio performance remains healthy but expectations for future returns should be realistic given high valuations. Specifically, the manager expects the index to return 10-12% annually over the next 5 years as valuations decline from monetary policy changes and normalization in private markets. The manager prefers positions in private banks, life insurance, and select industries and remains underweight consumer and IT given rich valuations.
- Indian GDP growth is expected to moderate to around 7% in 2012 due to weakening exports and industrial growth, but strong domestic consumption and rural demand should support the economy.
- Select sectors like IT, telecom, private banks, autos, FMCG, pharma are expected to perform well in 2012 given their earnings visibility.
- Interest rates may start declining in the second half of 2012 which could boost sectors like infrastructure and lift the stock market.
- The rupee is expected to appreciate to 48-47 levels against the dollar by the end of 2012.
India's growing population presents both opportunities and challenges for its economy. While a larger population can boost the workforce and consumer market, driving economic growth, it also puts pressure on resources and infrastructure. The government must implement policies to ensure the population's growth is sustainable and benefits are distributed widely. The document discusses an inspiring story of an investor who achieved his daughter's education funding goal through consistent SIP investments in equity mutual funds over 13 years.
The monthly newsletter by seeman fiintouch LLP APRIL 2022Ashis Kumar Dey
STAY FIRM - INDIA IS DOING WELL
Trending MF Themes
Equity Market is at a pause – NIFTY &SENSEX is down by almost 2% from its 31st March closing.
What is the best method to create good wealth ?
India's growing population is a double-edged sword. While it presents several opportunities for the
economy, it also poses significant challenges. The government must adopt policies and measures to
mitigate the negative effects of population growth and ensure that the benefits are widely distributed.
With proper planning and management, India's growing population can be a catalyst for sustainable
economic growth and development.
- The Indian economy grew 4.8% in the January-March quarter, slightly higher than the previous quarter's revised rate of 4.7%. However, growth remains low.
- Corporate earnings for Sensex companies grew 11% excluding energy firms, and 13% including energy firms. Broader markets showed little or no profit growth.
- A normal monsoon is expected this year, which would support a rebound in agricultural growth and GDP numbers for the full year.
Presentation on summer training project at hsbc investNavneet Malhi
The document summarizes a presentation on the effects of the recent global financial crisis on investment patterns of investors in Ludhiana, India. It finds that most investors' financial position remained the same or improved, and that the preferred long-term investment was savings accounts. The preferred sector was services, though some sectors like real estate were negatively impacted by the crisis. Overall, investors remained optimistic about the growth of the US and Indian economies going forward.
Predicting financial markets is a near impossibility as variables and inputs remain innumerable and are consequently hard to crack. But broadly, markets react as much to domestic considerations as they do to external ones. Interest rates, demand and business profitability are the primary domestic factors that determine market sentiment. Global economic and trade considerations together with the monetary policies of the major central banks influence the disposition of investment funds that divert capital from and towards emerging markets.
visit More - https://sanctumwealth.com/investmentoutlook2020/contributor/aditjain/readingtheleaves
Healthcare is one of India’s largest sectors and continues to grow at an impressive pace. As India strives to become a US $5 trillion economy, the healthcare sector along with its multiplier effect on other industries has a significant role to play in India’s growth story in this decade. Prosperity and economic development of a nation are highly correlated to the well-being of its populace. Hence, provision of accessible healthcare is not a consequence but a pre-requisite of economic growth.
STAY FIRM - INDIA IS DOING WELL!
Investing is not the same like before. Its not the Large-cap story alone. There is a large list of themes and wealth creating strategies in the world of Mutual Funds. Remain invested in the one which is most suitable to you and remain positive. The best is yet to come.
Read our monthly newsletter to manage your personal finance!
- India is seen as a relatively safe investment destination amid global disturbances. However, investors need to carefully choose where to invest as different sectors and market caps offer different risks and returns.
- While large caps have underperformed year-to-date, India's economy is expected to grow steadily at around 7% going forward, supported by government policies.
- Investing is no longer just about large caps; themes like energy, infrastructure and ESG are emerging areas of opportunity in mutual funds beyond just large caps. Diversification across assets, sectors and securities is important.
Narnolia Securities Limited expects Infosys growth in all segments as well as to be stable in the coming quarters. We recommended buy stock which is upgraded our target price from Rs 3395 to Rs 3622 marginally improved by 60bps
The Indian stock market recorded significant gains in June, with the Nifty index reaching an unprecedented high of 19,000 points and both the Nifty and Sensex gaining over 3%. Strong foreign institutional investor inflows and the RBI's positive financial stability report boosted investor sentiment. The positive market momentum is expected to continue in the next quarter, backed by improving domestic macroeconomic conditions and earnings growth, though some intermittent volatility cannot be ruled out. Investors are advised to maintain diversified, well-evaluated equity market exposure rather than attempting to time the market.
Cover Story Indian Entrepreneurs Are More Measured Than The Chinese
Corporate Credit Bank Guarantee
Business Trivia Vadilal- A Oldest brand of India
Visual Facts Sensex, Gold, Crude, Dollar, MCX Metal & MCX Agri
Cover Story Outlook Of Non- Ferrous Metal
Corporate Credit FCNR(B) Loans
Business Trivia First self-made female millionaire
Visual Facts Sensex, Gold, Crude, Dollar, MCX Metal & MCX Agri
Cover Story What Flipkart can learn from TCS
Corporate Credit Forfaiting
Business Trivia Bharatiya Reserve Bank Note Mudran Private Limited
Visual Facts Sensex, Gold, Crude, Dollar, MCX Metal & MCX Agri
Cover Story Why corporate houses keen to set up universities
Corporate Credit Packing Credit in Foreign Currency
Business Trivia BRICS- Mini IMF
Visual Facts Sensex, Gold, Crude, Dollar, MCX Metal & MCX Agri
Cover Story Base Metal Outlook (CY 2014)
Corporate Credit-Buyer’s Credit
Business Trivia -Bombay Stock Exchange
Visual Facts-Sensex, Gold, Crude, Dollar, MCX Metal & MCX Agri
Cover Story A shaky vision for Financial Inclusion
Outlook US Dollar
Stats Share of Public sector in capital formation
Emerging Country Peru
In Focus USA is second to China in monetary stimulus
The Tata group withdrew its application for a banking license in India, deciding that its current financial services model better supports its domestic and overseas strategy. This leaves 25 other applicants, including companies from the Aditya Birla, Bajaj, and Reliance groups, still in the running for new private banking licenses that the Reserve Bank of India is expected to issue. Some analysts believe the high capital requirements and regulations around priority sector lending deterred some large corporate groups from applying for a banking license.
Cover Story King of the pack-Indigo Airlines
Outlook Japanese Yen
Stats Insignificant growth in World Trade
Emerging Country Ukraine
In Focus Blackberry’s Knight: V Prem Watsa
Cover Story End to QE: Not a great idea for Asia?
Outlook Chinese Yuan
Stats India Gloom on GDP, Fiscal Deficit and Mining and Manufacturing output
Emerging Country Nigeria
In Focus Facts on Food Security Bill
Raghuram Rajan has been appointed as the next Governor of the Reserve Bank of India (RBI), replacing Duvuri Subbarao whose term ends in September 2013. Rajan faces several challenges in his new role, including improving RBI's relationship with the finance ministry, strengthening the rupee, replenishing foreign exchange reserves, keeping inflation in check, and overseeing the licensing of new banks in India during a period of economic uncertainty. As RBI Governor, Rajan will have to balance various economic goals and guide monetary policy prudently through the difficult economic conditions.
Cover Story China Running out of Breath
Outlook Crude Oil
Stats India Trade Deficit FY-2014
Emerging Country Russia
In Focus Land Acquisition Bill- A Snapshot
Cover Story Is India's food security bill the magic pill?
Outlook Euro
Stats Currency Composition of Foreign Exchange Reserve
Emerging Country Philippines
In Focus US Becoming a Surveillance State. Right or Wrong?
- Ranbaxy Laboratories Ltd, an Indian generic drug maker, pleaded guilty to felony charges related to drug safety and agreed to pay $500 million in fines to the US Department of Justice. This is the largest settlement ever with a generic drug maker over drug safety issues.
- The settlement is due to drugs manufactured at two Indian plants not meeting safety standards and false statements being made. The civil settlement is for $350 million for false claims submitted to US healthcare programs from 2003-2010.
- The case raises questions about quality standards of drugs manufactured in India and could damage the reputation of the Indian pharmaceutical industry. It may make it more difficult for Indian drug companies to secure contracts in the US market.
Back in Limelight-“Saradha chit fund scam brings in focus deficiencies in Financial sector”
Steel Outlook
Moonsoon trend in India
Emerging Country-Turkey
Should India issue Sovergin Bonds
The document discusses the bailout deal reached for Cyprus to avoid exiting the eurozone. Key points:
- Cyprus agreed to restructure its second largest bank, Laiki, dissolving it and transferring guaranteed deposits to the largest bank, Bank of Cyprus, which also faces major restructuring.
- Large depositors in both banks face significant losses of up to 40% of their money. The banking sector will shrink greatly and thousands of jobs will be lost.
- Capital controls will be imposed temporarily on bank withdrawals and cash movements.
- However, Cyprus' debt levels remain very high and its economy will shrink drastically, so it may require further bailouts.
- The deal sets a precedent that worries
During the budget session of 2024-25, the finance minister, Nirmala Sitharaman, introduced the “solar Rooftop scheme,” also known as “PM Surya Ghar Muft Bijli Yojana.” It is a subsidy offered to those who wish to put up solar panels in their homes using domestic power systems. Additionally, adopting photovoltaic technology at home allows you to lower your monthly electricity expenses. Today in this blog we will talk all about what is the PM Surya Ghar Muft Bijli Yojana. How does it work? Who is eligible for this yojana and all the other things related to this scheme?
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2. Cover
Story
Narayana Murthy’s return to Infosys is in accord with a global trend, witnessed in recent times, of CEOs being called back from retirement. For an organization,
such choices are never easy to make. Not the least because they often imply a tacit admission by it to the existence of the state of affairs inside, whose full import
has never been quite captured in analysts’ reports or price signals coming out of the market, till then. Also, the need for a paradigm shift away from the current
management structure is forced on a company when it is situated at an inflexion point in its own history or that of the industry/economy as a whole, to which it
belongs. For the returning CEO too, it is not an easy decision as success in one’s second innings is neither guaranteed nor inevitable. If he then risks his hard
earned reputation for success in the past, for the promise of an encore of applause, it must only mean that he cares for the organization, that he so successfully
managed in an earlier era, deeply enough as to not bear seeing it fail before his very eyes.
The board of Infosys, in its wisdom, called Naryana Murthy back to get the company going again. He'll be assisted by son Rohan.Everything that could have gone
wrong has gone wrong. Sales are down, profits are down, employee morale is low, the strategy is confused, and the famed PSPD model - predictability of
revenues, sustainability of revenues, profitability of revenues and de-risking of business - is a matter of the past. The company looks divided and the decline has
been sudden - in six to eight quarters after a glorious 17 years. It is not that there is gloom and doom in the market; three other competitors have done well.
The crisis is clearly one of leadership, shocking the board adequately to call the 67-year-old founder back from retirement to complete the unfinished agenda.
Infosys has been under-performing in the information technology industry over the last couple of years and if its guidance for the current fiscal is to be believed,
it will grow at just about half the pace of that of the entire industry. This is indeed a lamentable position for a company that was once the acknowledged
bellwether for the IT sector; an industry leader not just in business but also in corporate governance.
Mr. Narayana Murthy’s second innings at Infosys will likely be a lot more challenging, particularly since (a) he has been away from the executive responsibilities
of the company for the last seven years and (b) the company’s problems are structural rather than mere quarterly stumbles. His leadership would likely
improve execution at Infosys. But this could take 6-9 months to be reflected in financials.Mr. Murthy’s return will boost employee morale and investor
sentiment in the short term.
Narayana Murthy’s Second Innings
3. Cover
Story
Here are the issues, which Narayana Murthy would face in his second innings:
Communication: Infosys stock has exhibited high volatility around earnings with the shares moving more than 5% on six out of past 10 quarterly results. In
the past two result seasons, the stock has moved about 20% on the result day. This indicates ineffective communication on result expectations. Furthermore,
the company suspended quarterly guidance in October 2012 and full year earnings guidance from April 2013. We agree that weak performance could be one
reason behind higher volatility; however, we also note that despite weak performance, peers like Wipro have exhibited lower stock volatility and a more
stable guidance philosophy.
CEO: The next management change (due by March 2015) would be the first transition to a “non founder” CEO for the company. Given the disruption around
the last CEO change, we believe it is vital for Infosys to come out with a definite succession plan significantly before the event to manage internal transition
and allay investor concerns.S.D.Shibulal’s (CEO)term ends in 2015 and the company should ensure a smooth succession.
Cash: Low dividend payout (and a reducing payout ratio over the past two years) along with a cautious acquisition strategy have led to a cash pile of $4 billion
with the company. While historical conservatism around cash usage could be explained by smaller size and rapid growth, we believe that the management
needs to significantly improve its lazy capital structure to increase shareholder value.
Costs: Infosys employee costs have increased by +270bps in the past five years compared with -650bps for TCS. While weaker revenue growth could be one
reason, we note that Accenture has been able to protect its margins despite slower revenues growth on account of stricter focus on costs.
All this change needs a charismatic, inspirational leader and there can be no better one than Murthy.
Infosys is not an ordinary company. It is the poster child of India's liberalization; the dream company of India's educated middle class; the role model; the
company that led and set standards in business performance, governance, employee policies, strategy, value creation for all stakeholders, enhancing investor
protection and keeping the faith of overseas investors for so long. It symbolized the new India, based on merit, openness, transparency and trust, qualities
severely lacking in our public life today. Of course, its own performance and standards set such a high bar that many just gave up trying to follow this model,
and it became a victim of its own success. But the resurrection of the company gives new hope that the story will continue. If Murthy can turn it around, make
the new leadership perform and then go into the sunset within three years along with his son Rohan, his legacy would keep us proud for many years to come.
4. EUR/USD -
The EUR/USD strengthened during the latter part of May, moving from a low of around 1.2800 to above 1.300 by May 30th. Economic morale improved in the 17-state union.
Southern Europe saw some of the strongest improvements in the region. In the meantime, the U.S. recovery appears to be picking up, atleast the recent data on number of jobs
added suggests so. U.S. economy has added 175,000 jobs last month, slightly more than the 170,000 gain forecast by economists.Hence, looking into June 2013, currency pairis
expected to remain within recent trading bands.
USD/JPY -The dollar recovered from two-month lows against the yen on 7th June 2013 after stronger-than-expected U.S. jobs data for May renewed expectations that the
Federal Reserve may scale back its asset purchase program. USD/JPY pulled back from 95.00, to settle at 97.54. Driven by anticipated easing from the Bank of Japan, forex
traders have sold the Japanese yen to remarkable lows. But, these trends may be ready to reverse, judging by a reversal in confidence seen in the country’s equity markets.
Exporters also want the currency stabilized in order to contain their costs and make their businesses more predictable to investors. Looking into June 2013,the Japanese yen is
expected to stabilize at around 100.00 or perhaps strengthen a bit against the U.S. Dollar with some profit taking.
INR/USD-After the Government of India announced a broader set of policy measures in early September which coincided with the announcement of QE3 in the US, the rupee
appreciated nearly 7.8% in a month. Since then the Rupee is under pressure, owing to lumpiness of the foreign debt repayment schedule, or increasing demand for dollars by the
importers. However, the fundamental problem is of twin deficit and weaning FII. The rupee will also face additional headwind since sustained improvement in the US economy
will lead to the Fed unfolding its QE exit strategy in the near future,.The Indian rupee may depreciate 10% versus the US dollar by December and would touch 60 in short term.
Stats
Outlook-US Dollar
Gloss
Inflation Index Bonds
Also known as inflation-linked bonds or colloquially as
linkers, these bonds are those where the principal is indexed
to inflation. They are thus designed to cut out the inflation
risk of an investment. Inflation-indexed bonds pay a periodic
coupon that is equal to the product of the inflation index and
the nominal coupon rate.
5. Emerging Country- South Africa
South Africa, officially the Republic of South Africa, is a country located at the southern tip of Africa. South Africa is the
25th largest country in the world by area and the 24th most populous country with over 51 million people. South Africa is
ranked as an upper-middle income economy by the World Bank. It has the largest economy in Africa and the 28th-largest
in the world. The country is rich in natural resources and is a leading producer of platinum, gold, chromium and iron.
South Africa is a popular tourist destination, and a substantial amount of revenue comes from tourism.
South Africa’s export based economy is the largest and most developed in Africa, but with more unemployment and less
GDP rate than some African countries. Unlike most of the world's poor countries, South Africa does not have a thriving
informal economy; according to OECD estimates, only 15% of South African jobs are in the informal sector, compared
with around half in Brazil and nearly three-quarters in Indonesia. This is due to country’s widespread welfare system.
Historically, from 1993 until 2013, South Africa GDP Growth Rate averaged 3.19%. From 2002 to 2008, South Africa grew
at an average of 4.5% year-on-year, its fastest expansion since the establishment of democracy in 1994. However, in
recent years, successive governments have failed to address structural problems such as the widening gap between rich
and poor, low-skilled labor force, high unemployment rate, deteriorating infrastructure, high corruption and crime rates.
As a result, since the recession in 2008, South Africa growth has been sluggish and below African average. Figures
released on May 28th 2013 showed that GDP in South Africa rose at an annualized rate of just 0.9% in the first quarter of
CY 2013. One of the few bright spots in the first-quarter GDP figures was mining, but its output is falling again and the
threat of strikes clouds its immediate prospects. Around a quarter of South Africa’s total exports are to Europe, which is
mired in recession. Spending at home is also weak. Joblessness is a particular problem for the young. The unemployment
rate for those under 25 is 53%. The inflation rate was unchanged at 5.9 percent for a third month in April 2013. The bank
forecasts inflation to peak at an average of 6.1 percent in the third quarter, breaching the bank’s 3 percent to 6 percent
target band. South Africa relies mainly on foreign investment in stocks and bonds to help finance the current-account gap,
inflows that have fluctuated this year as investor sentiment deteriorated. A new report from the African Development
Bank (ADB) and the OECD ranks South Africa a lowly 48th out of 52 countries in terms of its economic outlook. The
sustained 5% rate that the government says is needed to cut unemployment and poverty seems a world away.
The bilateral relations between India and South Africa have grown strong since the end of apartheid in South Africa in
1994. Ties with further solidified with South Africa's 2011 acceptance into the BRICS group. Bilateral trade between
South Africa and India increased by 135% between 2007/8 and 2011/12. South Africa currently ranks number two in the
list of African exporters to India. South Africa's main exports to India are gold, coal, diamonds and platinum, while the its
imports from India include auto components and steel. India and South African nations are expected to conclude a
preferential trade agreement by the end of this year, which aims at reducing tariffs on certain items traded between the
two sides. It would boost bilateral trade to USD 15 billion by 2014. South African economy is expected to grow at 2.4% in
2013. However, South Africa’s increasing external imbalances, and potentially resurging labor tensions could affect its
macroeconomic policy framework beyond its current expectations.
South African economy is expected to grow at 2.4% in 2013. However, South Africa’s increasing external imbalances, and
potentially resurging labor tensions could affect its macroeconomic policy framework beyond its current expectations.
Vital Economic Statistics of South
Africa Economy
Particulars Details
GDP (nominal) $402.15 bn (2013
estimates)
GDP growth rate 2.4% (2013
estimates)
Currency Rand
Credit Rating BBB (S&P)
Baa1 (Moody’s)
Fiscal Deficit 5.2% of GDP (2012)
Current account
deficit
6.3% (2012)
6. In FocusForex
Target Gold, Again
When international gold prices declined sharply over the past several weeks, it was
believed that lower prices would dampen the enthusiasm of buyers who were lured
by the prospect of endless appreciation. But, unfortunately, this didn't happen; as
people presumably felt that this was a temporary decline and it was a good time to
build up holdings. As a result, the total value of imports shot up. An extremely
worried policy establishment has responded with several measures, essentially
imposing quantitative restrictions on imports. These come on the back of a series of
increases in import duties on gold, taking them from 0 to 6 per cent over the past year
- and further up to 8 per cent on 5th June 2013.Unfortunately, government has again
failed to nail the problem. India's long experience with quantitative restrictions on
imports suggests that parallel channels will rapidly emerge. Jewellers and bullion
traders say that nearly 200-250 tonne of gold may be smuggled into India this year
.As more demand is satisfied through these channels, the visible current account
deficit may narrow, but the true picture will be revealed by the hawala rate on foreign
currencies, which will now begin to deviate from the rate in the organized market.
The problem needs a threefold solution-First, increase access and real returns on
basic bank deposits.. Second, promote the development and offering of gold-linked
financial products, which will not require physical ownership and, consequently,
imports. Third, as also proposed by the working group, the very large stock of gold
already in the hands of Indian households - estimated at 20,000 tonnes (annual
imports are around 1,000 tonnes) - should be brought into the market by
encouraging these households to convert them into financial products.
Gold Imports have actually increased by leaps & bounds as proven by WGC data from
the last 10 months. To add to the woes, Gold smuggling has become lucrative. It
seems that all the steps taken by India to curb Gold investment demand have only
boomeranged and made Gold costlier. The government is taking wrong steps in the
right direction.
Sensex Nifty
20,030
.77
19,429
.23
6,083.
15
5,881.
00
Gold (10 gm) Silver (1 Kg)
26417
27526
43590
43193
Crude Oil ($/barrel) Dollar/INR
109.40
109.40
55.57
2
57.90
6
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TeamChronicle
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Disclaimer: InvesteursChronicles is prepared by Research & Analysis Team of Investeurs Consulting Private Limited to provide the recipient with relevant information pertaining to the world economy. The
information contained in the document is based on the releases made by various newspaper & publications; hence, we are not responsible for any inaccuracies in the information provided.
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