Understand the key investment market and this will help you take informed investment decision to increase your financial goals. This presentation is brought to you by Karvy wealth. for more information about this presentation log on to our website http://karvywealth.com
Dear Investors,
The month of July has seen the heavens literally open their doors and shower their blessings on us. After a late start in June, the monsoon picked up
smartly and the country as a whole received abundant rainfall, bringing cheer to one and all and definitely a sense of relief. The same good cheer
seems to have percolated to the global equity markets as well. Having brushed off the Brexit issue, markets have continued their upward move
relentlessly through the month of July. The US benchmark index, the S&P 500 hit a new lifetime high earlier in the month on the back of good jobs
data and an optimistic view of growth in the US economy. Not wanting to be left out in any way, the Nifty set a new 52-week high and the Sensex
scaled 28,000.
The quarterly results have been a mixed bag so far. While there have been more hits than misses, the IT sector as a whole and some pharma
companies have been the major pockets of underperformance. Most of the private sector retail banks and NBFCs have shown a stellar performance,
while growth in public sector banks was stagnant due to liquidity and NPA issues. In the consumer space, lower costs have added to the profits of
several companies, but revenue growth and volume growth were disappointing. There is hope that these will see a significant pick up in the second
half of the financial year once the benefits of the 7th Pay Commission and a good monsoon kick in.
Dear Investors,
The month of July has seen the heavens literally open their doors and shower their blessings on us. After a late start in June, the monsoon picked up
smartly and the country as a whole received abundant rainfall, bringing cheer to one and all and definitely a sense of relief. The same good cheer
seems to have percolated to the global equity markets as well. Having brushed off the Brexit issue, markets have continued their upward move
relentlessly through the month of July. The US benchmark index, the S&P 500 hit a new lifetime high earlier in the month on the back of good jobs
data and an optimistic view of growth in the US economy. Not wanting to be left out in any way, the Nifty set a new 52-week high and the Sensex
scaled 28,000.
The quarterly results have been a mixed bag so far. While there have been more hits than misses, the IT sector as a whole and some pharma
companies have been the major pockets of underperformance. Most of the private sector retail banks and NBFCs have shown a stellar performance,
while growth in public sector banks was stagnant due to liquidity and NPA issues. In the consumer space, lower costs have added to the profits of
several companies, but revenue growth and volume growth were disappointing. There is hope that these will see a significant pick up in the second
half of the financial year once the benefits of the 7th Pay Commission and a good monsoon kick in.
Karvy wealth - Advice for the Wise Report, November 2016sneha thakur
Advice for the Wise is a Karvy Private Wealth report of November 2016. This report is provided by Karvy wealth, this report will help you understand key investment components and thus will help you to take good decision in investment choices. For more information about this presentation log on to our website http://karvywealth.com
Weekly News: The government cancels approvals of nine SEZ - SMCIndiaNotes.com
The government has cancelled approvals of nine special economic zones, including that of Hindalco Industries, Essar and Adani as no "satisfactory" progress was made to execute the projects.
Reliance Mutual Fund’s market news on 13th march 2015.Its includes Indian equity and debt market indices, currency values, Indian Government announcement, International news etc.
Indian equities surged in the month of March in a catch-up rally after months of range-bound trading on the back of easing inflation giving rise to expectation of lower interest rates, strengthening rupee and record foreign investor flows. Indian equities rose by 7.8 per cent during the month.
Read the full document to know more.
Karvy wealth - Advice for the Wise Report, November 2016sneha thakur
Advice for the Wise is a Karvy Private Wealth report of November 2016. This report is provided by Karvy wealth, this report will help you understand key investment components and thus will help you to take good decision in investment choices. For more information about this presentation log on to our website http://karvywealth.com
Weekly News: The government cancels approvals of nine SEZ - SMCIndiaNotes.com
The government has cancelled approvals of nine special economic zones, including that of Hindalco Industries, Essar and Adani as no "satisfactory" progress was made to execute the projects.
Reliance Mutual Fund’s market news on 13th march 2015.Its includes Indian equity and debt market indices, currency values, Indian Government announcement, International news etc.
Indian equities surged in the month of March in a catch-up rally after months of range-bound trading on the back of easing inflation giving rise to expectation of lower interest rates, strengthening rupee and record foreign investor flows. Indian equities rose by 7.8 per cent during the month.
Read the full document to know more.
Este instrumento de registro es una matriz elaborada para dar una visión simultanea (específica y global) de las actividades y los tiempos de trabajo y entrega de rsultados, que entrañan la organización del Evento de responsbilidad social, académica y científica, denominado: Políticas públicas para la optimización de la salud cardivascular, pautada para el 19/11/16, como parte de un requisito parcial ponderativo de la matrícula de Políticas Públicas de la maestría de gerencia Administrativa de la Universidad Experimental Rómulo Gallegos, específicamente en las aulas territoriales de la UNES, en el Cafetal, Caracas - Venezuela.
Dear Investors,
Billionaire investor Wilbur Ross said "Ultimately, I think it will be the world's most expensive divorce. But like most divorces, it's probably going to take a lot longer than it should." The Brexit vote to leave the European Union sent shock waves across the globe. Though the pre-poll surveys had indicated a close call, it was largely expected that sanity would prevail on referendum day and the British populace would vote to Remain. The ramifications of an eventual Brexit are likely to be long-drawn and far-reaching. Apart from the impact it has had on the currency markets, there is an imminent danger of other countries wanting to follow suit. This may lead to the ultimate breakdown of the EU, causing geo-political chaos with the danger of recession.
The equity markets seemed to have temporarily shrugged off the event. While the Sensex tanked by over 1000 points when the Brexit result was declared, it has since recovered all its losses and closed the month of June at a YTD high of almost 27,000. Though there may be individual stocks and sectors where revenues are likely to be directly impacted, the market as a whole has shown significant resilience, waiting as it were for Britain to formally initiate the process of exit before assessing its overall impact.
From the Desk of the CEO.
The heat is on. While many of us have been vacationing in cooler climes, the Sensex has kept itself rather busy, gaining another 4% during the month of May. The upmove has come largely on the back of better-than-expected corporate results and expectations of a good monsoon. Markets are also taking cognisance of various indicators like improved auto sales, higher steel and cement offtake, public infrastructure spending, etc. which are positive signs of an imminent economic recovery.
Crude prices have silently crept up and are currently hovering at the $50 level, almost double from the January lows. So despite the adverse implications of higher crude prices on the Indian economy, there seems to be some positive correlation between crude prices and the equity markets. Though this pattern may not have always played out in the last few decades, the first few months of 2016 certainly seem to indicate so. The main reason for this is the significantly high weightage that the Energy sector has in indices the world over. When oil plummeted to sub-$30 levels, it seriously impacted the profitability of some of the world’s biggest corporations, not only causing their stock prices to fall sharply, but also impacting the broader markets in general. It also indicated a global recessionary trend, thus affecting investor sentiment and causing them to become nervous and risk-averse. The bounce back in crude has brought the price to a level that makes it profitable for companies to drill, creating a sense of well-being for both, the Energy sector as well as the countries whose economies are dependent solely on oil. Where crude prices go from here remains to be seen.
After several quarters of benign inflation, the WPI rose to 0.34% while retail inflation soared to 5.39% in April 2016. This, coupled with higher oil prices would make it difficult for Governor Rajan to announce a rate cut at the next RBI policy meeting on 7th June. Across the globe however, Janet Yellen’s comments on improving economic data in the US has the markets believing that a rate hike by the US Federal Reserve is a high possibility during its next meeting in mid-June. The outcome of Britain’s referendum on Brexit is also an event that we will be closely watching.
With markets factoring in all the good news for now, conventional logic says that short term investors need to be cautious. But when the stock market catches momentum, all negative predictions may be proven wrong.
There are of course, many more bulls than bears when it comes to a 1 year plus view. Long term investors may continue their investments and look to buy into any dips.
Wish all of you a happy monsoon season.
SBI Dynamic Bond Fund: An Income Mutual Fund Scheme - Aug 16SBI Mutual Fund
SBI Dynamic Bond Fund is an income fund investing in G-sec, corporate bond and money market instruments. This mutual fund is best suited for investors seeking regular income for a medium term duration. The risk involved in this mutual fund is of moderate level. To know more about this mutual fund check SBI Mutual Fund page https://www.sbimf.com/Products/DebtSchemes/SBI_Dynamic_Bond_Fund.aspx
Global bond yields are at historical lows which mean global bond prices have rallied across developed markets while S&P 500 is close to its historical high. This by itself is a dichotomy as bond prices and equity prices are not expected to rally together at the same point. Either of the two has to be true.
•Bond prices and yields are inversely related therefore, bond prices rally when yields and interest rates are expected to be low. Interest rates are expected to be low because growth prospects are low. This would entail the central banks to cut rates and because the demand for credits will be low due to the low growth prospects, the yields are expected to be low which explains the rally in bond prices. Considering this, the rally in the equity markets is not possible as there is no expectation for growth. This is the dichotomy that the global world is at particularly in the developed markets. In the light of the current scenario, either of the two has to give in i.e. either bond prices correct leading to normalcy in yields or equity markets give in.
The Benchmark 10-Year Gsec yield closed at 7.41% up by 6 bps based on month end values. The yields hardened despite
the Monetary Policy Committee (MPC) delivering a 25bps rate-cut in the month of April. This upward movement of yields
clearly highlights that, in addition to the rate cut market was anticipating a change in the policy stance.
Read the full document to know more.
ICICI Prudential Mutual Funds Fixed income updateiciciprumf
These are interesting times. We have seen the worst growth contraction in decades but interest rates still remains higher than lows seen during other crisis.
The World This Week - 03rd Aug to 08th Aug, 2015
As expected rates were kept unchanged in the RBI credit policy last week but the tone of the policy along with macro economic factors suggest that there could be a chance of rate cut in the next credit policy which is due on 29th September or even before that. The only concern is distribution of monsoon which is very uneven so if monsoon plays out properly then the rates may be cut. The change witnessed from previous credit policy to this one is the probability of another rate cut happening in this calendar year has increased from 50% to 75%. There would be certain consequences of a rate cut. Sectors which would benefit are stable businesses like Auto, Private Banks, and NBFC etc. Sectors like infrastructure, manufacturing, high capital intensive business which are facing problems of raising capital, inadequate profitability etc would still struggle despite a rate cut. Know
Interbank call money rates were mostly below the RBI’s repo rate of 6.50% during the month. However, some stress was witnessed in the rates on reversal of repo auctions conducted in earlier sessions and following outflows towards payment of goods and services tax (GST).
Interbank call money rates found itself below the Reserve Bank of India (RBI)’s repo rate of 6.00% for most parts of the month as systemic liquidity remained comfortable amid periodic repo auctions conducted by the RBI. However, intermittent tightness in call rates was seen on fund demand from banks to meet their mandatory reserve requirements. Meanwhile, the apex bank sporadically offered banks the opportunity to park funds through some reverse repo auctions. Read the full document to know more.
The markets have started on a somber note. As discussed in the past that markets were at tiring levels of 8600, a 3% correction was expected in last one month. it would be an approximate fall of 7% after today’s correction which is in line with developed markets. The US markets fall of ~7.5% in last one month has impacted Y-O-Y returns from 17% to 3%. India on the other hand, is considered to be an outperformer as compared to other emerging markets like Brazil, Australia, Indonesia, etc however a further correction of 3% - 4% cannot be ruled out. The mid cap index is fairly resilient but people should stay away from low quality high beta mid cap stocks and if investments are existing then profit booking followed by exiting these stocks is suggested.
Similar to Advice for the wise karvy private wealth report 2016 (20)
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how can I sell pi coins after successfully completing KYCDOT TECH
Pi coins is not launched yet in any exchange 💱 this means it's not swappable, the current pi displaying on coin market cap is the iou version of pi. And you can learn all about that on my previous post.
RIGHT NOW THE ONLY WAY you can sell pi coins is through verified pi merchants. A pi merchant is someone who buys pi coins and resell them to exchanges and crypto whales. Looking forward to hold massive quantities of pi coins before the mainnet launch.
This is because pi network is not doing any pre-sale or ico offerings, the only way to get my coins is from buying from miners. So a merchant facilitates the transactions between the miners and these exchanges holding pi.
I and my friends has sold more than 6000 pi coins successfully with this method. I will be happy to share the contact of my personal pi merchant. The one i trade with, if you have your own merchant you can trade with them. For those who are new.
Message: @Pi_vendor_247 on telegram.
I wouldn't advise you selling all percentage of the pi coins. Leave at least a before so its a win win during open mainnet. Have a nice day pioneers ♥️
#kyc #mainnet #picoins #pi #sellpi #piwallet
#pinetwork
how to sell pi coins at high rate quickly.DOT TECH
Where can I sell my pi coins at a high rate.
Pi is not launched yet on any exchange. But one can easily sell his or her pi coins to investors who want to hold pi till mainnet launch.
This means crypto whales want to hold pi. And you can get a good rate for selling pi to them. I will leave the telegram contact of my personal pi vendor below.
A vendor is someone who buys from a miner and resell it to a holder or crypto whale.
Here is the telegram contact of my vendor:
@Pi_vendor_247
Poonawalla Fincorp and IndusInd Bank Introduce New Co-Branded Credit Cardnickysharmasucks
The unveiling of the IndusInd Bank Poonawalla Fincorp eLITE RuPay Platinum Credit Card marks a notable milestone in the Indian financial landscape, showcasing a successful partnership between two leading institutions, Poonawalla Fincorp and IndusInd Bank. This co-branded credit card not only offers users a plethora of benefits but also reflects a commitment to innovation and adaptation. With a focus on providing value-driven and customer-centric solutions, this launch represents more than just a new product—it signifies a step towards redefining the banking experience for millions. Promising convenience, rewards, and a touch of luxury in everyday financial transactions, this collaboration aims to cater to the evolving needs of customers and set new standards in the industry.
What price will pi network be listed on exchangesDOT TECH
The rate at which pi will be listed is practically unknown. But due to speculations surrounding it the predicted rate is tends to be from 30$ — 50$.
So if you are interested in selling your pi network coins at a high rate tho. Or you can't wait till the mainnet launch in 2026. You can easily trade your pi coins with a merchant.
A merchant is someone who buys pi coins from miners and resell them to Investors looking forward to hold massive quantities till mainnet launch.
I will leave the telegram contact of my personal pi vendor to trade with.
@Pi_vendor_247
Even tho Pi network is not listed on any exchange yet.
Buying/Selling or investing in pi network coins is highly possible through the help of vendors. You can buy from vendors[ buy directly from the pi network miners and resell it]. I will leave the telegram contact of my personal vendor.
@Pi_vendor_247
Empowering the Unbanked: The Vital Role of NBFCs in Promoting Financial Inclu...Vighnesh Shashtri
In India, financial inclusion remains a critical challenge, with a significant portion of the population still unbanked. Non-Banking Financial Companies (NBFCs) have emerged as key players in bridging this gap by providing financial services to those often overlooked by traditional banking institutions. This article delves into how NBFCs are fostering financial inclusion and empowering the unbanked.
how to sell pi coins in all Africa Countries.DOT TECH
Yes. You can sell your pi network for other cryptocurrencies like Bitcoin, usdt , Ethereum and other currencies And this is done easily with the help from a pi merchant.
What is a pi merchant ?
Since pi is not launched yet in any exchange. The only way you can sell right now is through merchants.
A verified Pi merchant is someone who buys pi network coins from miners and resell them to investors looking forward to hold massive quantities of pi coins before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
what is the future of Pi Network currency.DOT TECH
The future of the Pi cryptocurrency is uncertain, and its success will depend on several factors. Pi is a relatively new cryptocurrency that aims to be user-friendly and accessible to a wide audience. Here are a few key considerations for its future:
Message: @Pi_vendor_247 on telegram if u want to sell PI COINS.
1. Mainnet Launch: As of my last knowledge update in January 2022, Pi was still in the testnet phase. Its success will depend on a successful transition to a mainnet, where actual transactions can take place.
2. User Adoption: Pi's success will be closely tied to user adoption. The more users who join the network and actively participate, the stronger the ecosystem can become.
3. Utility and Use Cases: For a cryptocurrency to thrive, it must offer utility and practical use cases. The Pi team has talked about various applications, including peer-to-peer transactions, smart contracts, and more. The development and implementation of these features will be essential.
4. Regulatory Environment: The regulatory environment for cryptocurrencies is evolving globally. How Pi navigates and complies with regulations in various jurisdictions will significantly impact its future.
5. Technology Development: The Pi network must continue to develop and improve its technology, security, and scalability to compete with established cryptocurrencies.
6. Community Engagement: The Pi community plays a critical role in its future. Engaged users can help build trust and grow the network.
7. Monetization and Sustainability: The Pi team's monetization strategy, such as fees, partnerships, or other revenue sources, will affect its long-term sustainability.
It's essential to approach Pi or any new cryptocurrency with caution and conduct due diligence. Cryptocurrency investments involve risks, and potential rewards can be uncertain. The success and future of Pi will depend on the collective efforts of its team, community, and the broader cryptocurrency market dynamics. It's advisable to stay updated on Pi's development and follow any updates from the official Pi Network website or announcements from the team.
how can i use my minded pi coins I need some funds.DOT TECH
If you are interested in selling your pi coins, i have a verified pi merchant, who buys pi coins and resell them to exchanges looking forward to hold till mainnet launch.
Because the core team has announced that pi network will not be doing any pre-sale. The only way exchanges like huobi, bitmart and hotbit can get pi is by buying from miners.
Now a merchant stands in between these exchanges and the miners. As a link to make transactions smooth. Because right now in the enclosed mainnet you can't sell pi coins your self. You need the help of a merchant,
i will leave the telegram contact of my personal pi merchant below. 👇 I and my friends has traded more than 3000pi coins with him successfully.
@Pi_vendor_247
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how to swap pi coins to foreign currency withdrawable.DOT TECH
As of my last update, Pi is still in the testing phase and is not tradable on any exchanges.
However, Pi Network has announced plans to launch its Testnet and Mainnet in the future, which may include listing Pi on exchanges.
The current method for selling pi coins involves exchanging them with a pi vendor who purchases pi coins for investment reasons.
If you want to sell your pi coins, reach out to a pi vendor and sell them to anyone looking to sell pi coins from any country around the globe.
Below is the contact information for my personal pi vendor.
Telegram: @Pi_vendor_247
Resume
• Real GDP growth slowed down due to problems with access to electricity caused by the destruction of manoeuvrable electricity generation by Russian drones and missiles.
• Exports and imports continued growing due to better logistics through the Ukrainian sea corridor and road. Polish farmers and drivers stopped blocking borders at the end of April.
• In April, both the Tax and Customs Services over-executed the revenue plan. Moreover, the NBU transferred twice the planned profit to the budget.
• The European side approved the Ukraine Plan, which the government adopted to determine indicators for the Ukraine Facility. That approval will allow Ukraine to receive a EUR 1.9 bn loan from the EU in May. At the same time, the EU provided Ukraine with a EUR 1.5 bn loan in April, as the government fulfilled five indicators under the Ukraine Plan.
• The USA has finally approved an aid package for Ukraine, which includes USD 7.8 bn of budget support; however, the conditions and timing of the assistance are still unknown.
• As in March, annual consumer inflation amounted to 3.2% yoy in April.
• At the April monetary policy meeting, the NBU again reduced the key policy rate from 14.5% to 13.5% per annum.
• Over the past four weeks, the hryvnia exchange rate has stabilized in the UAH 39-40 per USD range.
how to sell pi coins on Bitmart crypto exchangeDOT TECH
Yes. Pi network coins can be exchanged but not on bitmart exchange. Because pi network is still in the enclosed mainnet. The only way pioneers are able to trade pi coins is by reselling the pi coins to pi verified merchants.
A verified merchant is someone who buys pi network coins and resell it to exchanges looking forward to hold till mainnet launch.
I will leave the telegram contact of my personal pi merchant to trade with.
@Pi_vendor_247
2. CONTENTS
• From The CEO’s Desk
• Did You Know?
• Domestic Equity Outlook
• Domestic Debt Outlook
• Domestic Debt Strategy
• Global Equity Outlook
• Global Economy Update
• Global Debt Outlook
• Sector Outlook
• Real Estate Outlook
• Commodities
• Foreign Exchange
• What’s Trending.
• Disclaimer
3. FROM THE CEO’s DESK
Dear Investors,
Ending months of speculation, the government finally appointed Dr. Urjit Patel as the next RBI Governor, who is set to take over the helm of affairs at
the Central Bank on 4th September. Equity markets, investors and the corporate world in general have given a big thumbs up to this announcement
as they anticipate a continuation of the policy stance implemented by Dr. Raghuram Rajan. Under Dr. Patel, the RBI is expected to continue its focus
on Inflation targeting, speedy recovery of the stressed assets of public sector banks and improvement of credit growth and the liquidity framework
within the country.
As a parting gift, Dr. Rajan announced a slew of measures aimed at boosting the corporate bond market, broadening the forex market and permitting
banks to issue masala bonds in overseas markets. The RBI will move to cap the exposure of banks to large borrowers, while at the same time permit
corporates to issue bonds to raise funding. This will prevent companies from being overly dependent on banks for their funding and permit regulated
investors (like insurance companies) to invest in bonds issued by a wider range of companies. Dr. Rajan indicated that the RBI will eventually start
accepting corporate bonds as collateral at its liquidity adjustment facility window, which essentially means that banks would be able to use corporate
bonds as security to borrow from the RBI. Separately, the central bank will allow banks to raise rupee resources through masala bonds as well as give
foreign investors direct access to the bond trading platforms. The impact of these reforms is likely to be far-reaching.
4. Meanwhile, as global liquidity flows sobered down, the Indian equity markets too tempered their frenetic pace. Nonetheless, the Nifty managed
to touch a 16-month high of 8800. Given the negative interest rate scenario in Japan and Europe, coupled with the volatility seen after the Brexit
referendum, the US Federal Reserve is unlikely to raise interest rates in its forthcoming meeting in September. Going ahead, we expect our
Indian markets to continue doing well and we urge investors to use every dip as a buying opportunity. As we enter into the festive season, we
expect the domestic consumption-driven stocks and sectors to take the markets to higher levels.
On a separate note, the performance of our women athletes at the Rio Olympics needs to be truly lauded. The dedication, enthusiasm and
commitment shown by our triumvirate of Sindhu, Sakshi and Dipa embody the never-given-in spirit of true winners. The nation is proud of them!
Let me end this note by wishing you all a Happy Ganesh Chaturthi! May Lord Ganesha shower his blessings on you and your families!
5. DID YOU KNOW
Argentina has highest interest
rates in the world 20% on one-year
time deposit.
.
As a economy China lifted more
people out of poverty than any
other country.
United States has the largest gold
Reserve more than 8,000 metric tons of
gold followed by Germany gold reserves
of approximately 3,378.2 metric tons
7. As on 25th
August 2016
1 Month Change
1 Year
Change
Equity Markets
BSE Sensex 27,835 -0.50% 8.25%
CNX Nifty 8,592 0.02% 10.27%
BSE Mid Cap 12,977 4.48% 23.87%
BSE Small Cap 12,501 2.90% 16.71%
80
90
100
110
120
130
140 S & P BSE Sensex CNX Nifty BSE Midcap BSE Smallcap
Emerging markets are being driven by global liquidity in search of
yields. While US has reiterated its resolve to increase interest
rates, Japan and the EU are engaged in a race to the bottom
driving monetary policy to uncharted territories. Investors are
debating the limits of monetary policy and looking forward to a
more creative use of fiscal policy by the developed economies.
Periodic spurts in global yields have failed to dampen the
enthusiasm of bond bulls. Although economic fundamentals in
India are progressively getting better, the next few months will not
be about Indian fundamentals. Global developments would be the
key driver of sentiments and stock prices.
8. DOMESTIC EQUITY OUTLOOK
GOVERNMENT POLICY
The much awaited GST bill has been finally passed by both houses of Parliament and is likely to be ratified by half the Indian state
legislatures paving the way for its rollout for FY17-18. Railway budget is likely to be subsumed in the Union budget for FY17-18
marking a historic departure from convention.
9. WHOLESALE PRICE INDEX
• India's wholesale prices index continued in positive territory at
3.55% for July, 2016 as compared to 1.62% for the month of
June.
• Food articles inflation increased in the month of June by
11.82%. Vegetables increased by 28.05%. Inflation in the fuel
and power segment was -1.0%, while that of manufactured
products it was 1.82% in June.
CONSUMER PRICE INDEX
• CPI for the month of June remained flat at 5.77% as
compared to 5.76% in May.
• Year-on-year, cost of food and beverages rose 7.38 percent
(7.2 percent in May).
• The food prices rose by 7.79% compared to downwardly
revised 7.47% in the previous month.
Source – Tradingeconomics
-6.00%
-4.00%
-2.00%
0.00%
2.00%
4.00%
6.00%
8.00%
Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 May-16 Jun-16 Jul-16
WPI CPI
10. IIP
• Industrial output in India rose by 2,1 percent year-on-year in june of
2016, against upwardly revised 1.1% in May 2016.
• Manufacturing rose 0.9%, as against 0.6% in May. Meanwhile, the
mining sector output increased by 4.7% in May 2016.
GDP
• India's Gross Domestic Product (GDP) growth for the first quarter
of the current financial year slowed down to 7.1% versus 7.9% for
the previous quarter.
• Private consumption growth eased to 6.7 percent from 8.3 percent
in the previous quarter while government spending jumped 18.8
percent, accelerating from a 2.9 percent growth in Q1. Gross fixed
capital formation shrank at a faster 3.1 percent, following a 1.9
percent contraction in the previous period.
Source – Tradingeconomics
-5.0%
0.0%
5.0%
10.0%
15.0%
IIP
4.0
5.0
6.0
7.0
8.0
9.0
GDP
11. DOMESTIC DEBT OUTLOOK
The yields on 10 Yr G sec closed at 7.25% which is 21 bps
lower than the last months close of 7.43%
The daily turnover for the notes on the Reserve Bank of India’s
dealing platform reached an unprecedented 1.43 trillion rupees
($21.4 billion) on 28th July. At 921 billion rupees, the daily
average value of securities traded for the month of July was
also an all-time high, and more than double the amount for the
first six months of 2016, as benchmark 10-year bonds capped
their best month since May 2013.
As on 25th
August 2016
1 Month
Change
1 Year Change
Debt Markets
10-Yr G-Sec-
Yield
7.12 (13bps) (67bps)
Fixed Deposit 7.25 0bps (75bps)
Source – Reuters
0
50
100
150
200
250
AAA AA+ AA AA- A+ A A- BBB+
Corporate Bond Spreads
5 Years 10 Years 15 Years
6.80
7.00
7.20
7.40
7.60
7.80
8.00
8.20
8.40
8.60
8.80 G-Sec
10 YR Gsec Yield 5 YR Gsec Yield 15 YR Gsec Yield
12. DOMESTIC DEBT STRATEGY
SHORT TERM DEBT Investors who have a low appetite for interest rate volatility and seeking accrual returns with moderate duration can
look at short term debt funds with the time horizon of 1 year to 2 years. Even though, most of the short term fund’s
YTMs have fallen to sub-8%, our recommended short term debt funds still have high YTMs (8%-10%) providing
interesting investment opportunities.
CORPORATE BOND
FUNDS
The macro economic outlook along with corporate profitability seems to be improving. We remain positive on the
credit outlook and look for opportunities in the credit space. The corporate bond market segment continues to be
attractive over the medium to long term. The yields are at elevated levels and interest rate outlook seems favourable.
The current scenario offers the potential opportunity to lock in higher accruals, with the expectation that these levels of
yields may not sustain over the short to medium term. With credit easing, there are chances that the companies’ rating
will be upgraded that would further cause a rally in bonds, which in turn will benefit corporate bond funds.
DYNAMIC BOND FUNDS As RBI has reduced the key policy rates, dynamic bond funds have benefited a lot as most of them have a mix of gilt
and long term bonds in their portfolio. Going ahead, we expect RBI to further reduce key policy rates only after
studying the macro-economic data such as inflation, movement in crude oil prices and so on. Investors who don’t want
to time the market and who can depend on fund managers to take view on interest rates can look at dynamic bond
funds.
LONG TERM DEBT FUNDS With the likelihood of another rate cut being minimal and the uncertainty with regard to the monsoon and global
commodity prices, particularly crude oil, a rally in G-Sec yields is unlikely. Investors should start exiting their
investments in Gilt Funds and Long Term Income Funds and go for accrual based short term funds.
14. As on 25th
August 2016
1 Month
Change
1 Year
Change
Equity Markets
MSCI World 1727 1.25% 6.86%
Hang Seng 22814 3.10% 8.23%
S&P 500 2172 0.15% 11.95%
Nikkei 16555 1.06% -9.91%
GLOBAL INDICES
70
80
90
100
110
120
130
140
MSCI World Hang Seng S&P 500 Nikkei
15. GLOBAL EQUITY OUTLOOK
US is likely to increase interest rates in the September policy marking a decisive turn in the trajectory of global interest rates and a benign liquidity
environment.
16. GLOBAL ECONOMY UPDATE
UNITED STATES U.S. to urge G20 to boost economies, pay attention to angry citizens U.S. President Barack Obama will
call on leaders from the Group of 20 to use fiscal policy and other tools to boost economic growth while
reducing excess capacity at steel factories.
U.S. economic growth was slightly more tepid than initially thought in the second quarter as businesses
aggressively ran down inventories, offsetting a spurt in consumer spending. Gross domestic product
expanded at a 1.1 percent annual rate. That was modestly down from the 1.2 percent rate it reported last
month and also reflected more imports than previously estimated as well as weak government spending.
JAPAN
Japanese manufacturing activity showed signs of steadying in August as output rose for the first time in
six months, in a tentative sign that the economy may be recovering from a slump earlier this year. The IHS
Markit/Nikkei Japan Flash Manufacturing Purchasing Managers Index (PMI) edged up to 49.6 in August
from a final 49.3 in July on a seasonally adjusted basis.
Japanese manufacturers' mood soured in August to its lowest since 2013 when the central bank
embarked on aggressive monetary easing. According to the Reuters poll, reflecting the pain caused by a
rising yen and highlighting the huge task facing policymakers to generate growth.
Source – Reuters
17. GLOBAL ECONOMY UPDATE
EUROPE Higher exports, state spending propel German growth Solid economic growth generated a record budget
surplus for Germany in the first half of this year, stoking a debate within government about whether the
country should use its spare revenue to cut taxes or increase spending.
London firms losing faith in quick-fix access to EU after Brexit Big financial groups in London are losing
faith in a quick fix to get access to the European Union after Britain leaves the bloc and are instead
drawing up contingency plans to avoid becoming hostage to Brussels politics.
EMERGING
ECONOMIES
Indian factory activity expanded at its fastest pace since mid-2015 in August, helped by surging new
orders, while only modest price increases should give the central bank scope to ease policy further, ndian
annual economic growth slowed in the April-June quarter to 7.1 percent, short of expectations for 7.6
percent according Reuters poll.
Activity in China's manufacturing sector unexpectedly expanded in August, though growth was modest.
The official Purchasing Managers' Index (PMI) rose to 50.4 in August, compared with the previous month's
49.9 and above the 50-point mark that separates growth from contraction on a monthly basis..
Source – Reuters
18. GLOBAL DEBT OUTLOOK
The Russian government is hoping to tap the international capital
markets again this year and could raise another $1.25bn from a
Eurobond issue.
Saudi Arabia will probably push ahead with the sale of at least $10
billion of bonds even if the U.S. raises interest rates next month,
spurred on by demand for emerging-market assets that may leave
enough room for other Gulf states to follow..
Qatar National Bank is planning to tap the international bond
market, The bank is set to issue a 5-year bond of at least $500m,
adding to what has already been a record year of issuance for the
group.
Ratings Country 10 Yr G-Sec Yield
1 Month
Change
AAA
Germany -0.06% 4 bps
Hong Kong 0.97% 3 bps
Sweden 0.09% (2 bps)
Switzerland -0.46% 10 bps
AA+ USA 1.59% 10 bps
AA-
China 2.82% 3 bps
Japan -0.05% 9 bps
Source – Reuters
20. SECTOR OUTLOOK
SECTOR STANCE REMARKS
Automobiles
Passenger vehicles and CVs will continue to outperform two-wheeler segment. Tractors to benefit on account of base
effect and normal monsoons.
Auto-ancillaries expected to do well due to revival of demand and stable global markets.
FMCG
We prefer “discretionary consumption” theme within FMCG. Key beneficiaries such as durables and branded garments,
as the growth in this segment will be disproportionately higher vis-à-vis the increase in disposable incomes. A bounce in
raw materials could put pressure on margins. Expect uptick in volumes post monsoons.
E&C
Order inflows expected to improve as spending and capital expenditure likely to move up on economic recovery.
Moreover, sluggish execution and weak macros create a challenging environment.
BFSI
Private sector banks continue to deliver earnings in line with expectations. However, PSBs delivering poor numbers on
higher slippages and lower credit growth. We expect this trend to continue for next few quarters.
21. SECTOR OUTLOOK
SECTOR STANCE REMARKS
IT/ITES
Positive impact would be due to currency volatility which would be offset by the Negative impact from the slower volume
growth in the EU regions
Power Utilities
Lack of fuel linkages , poor SEB health, adverse CERC guidelines have compromised the ROE’s leading to de-rating in
near term. Reform initiatives through UDAY can improve sector prospects in long run.
Cement
Cement volumes and realizations saw uptick in South region. Early signs of recovery, specifically hopes of bounce back
in North and West region due to pick up in infrastructure. Cost benefits would continue to drive earnings.
Healthcare
Regulatory risks have become more evident and frequent with FDA inspections for Pharma companies. US growth
continues to be muted for large caps due to lower approvals and regulatory issues.
22. SECTOR OUTLOOK
SECTOR STANCE REMARKS
Energy
Crude prices at 6 month high, though prices have corrected by 15% in past one month and substantially lower on annual
basis. Nil subsidy in FY16 for OMC’s is a positive. Trend expected to continue.
Telecom
Regulatory uncertainties have come down. However, aggressive bids for spectrum has revived fears of sub-optimal
returns on capital. Further, expected launch of R-Jio at competitive prices in Q2FY17 will have negative implications.
Metals
Lower global growth and Chinese slowdown has kept the growth subdued. Some recovery seen over past few months
with Chinese economy stabilizing. Long term prospects continue to remain weak.
24. REAL ESTATE OUTLOOK
The Central Government has eased FDI norms and lifted
restrictions on ticket size, Project size and stage of entry
of capital thus, paving way for virtually any project to
receive Foreign equity funds. Residential Prices have
remained stagnant across Tier I markets. All Tier I
markets have continued to witness moderate decrease in
demand with sluggish market sentiments.
With improvements in infrastructure across cities like
Chandigarh, Jaipur, Lucknow, Ahmedabad, Bhopal,
Nagpur, Patna and Cochin and quality products being
offered the end users /investors are being spoilt for
choice. The Demand drivers have increased
nuclearization, rising disposable incomes and easier
availability of credit.
RESIDENTIAL Tier I Tier II
25. REAL ESTATE OUTLOOK
Bangalore NCR and Hyderabad have seen strong
demand in the commercial segment and even Mumbai
has picked up in the later half of the year. The capital
values have also been on rise in major markets except in
NCR where values have remained stable. Absorption
volumes have been surpassing new completions
consistently, since H1 2014, as a result of which, the
vacancy levels in India have been dwindling.
Low unit sizes have played an important role in
maintaining the absorption levels in these markets. Lease
rentals as well as capital values continue to be stable at
their current levels in the commercial asset class.
COMMERCIAL Tier I Tier II
26. REAL ESTATE OUTLOOK
In Mumbai demand for space in successful malls
continued to be on the rise and categories such as F&B,
premium apparel and entertainment dominated leasing
activity. International brands were seen increasing their
footprints . Hyderabad has seen a steady growth in
demand while markets like NCR, Bangalore and Chennai
remained stagnant.
The Mall concept is new to Tier II cities and High Street
retail is still popular. Anecdotal evidence suggests that
rentals have remained stagnant in this space.
RETAIL Tier I Tier II
27. REAL ESTATE OUTLOOK
Fringe areas with improving connectivity to Metro cities
and other top 8 to 10 cities in India have seen interest in
purchase of Plotted / Villa developments due to lower
ticket size and better marketing by developers
/aggregators. There is an uptick in demand for
warehousing with the growth of E commerce.
Land in Tier II and III cities along upcoming / established
growth corridors have seen good percentage appreciation
due to low investment base in such areas.
LAND Tier I Tier II
28. COMMODITIES
GOLD
Gold has seen a smart appreciation in this calendar year. Global
uncertainties have pushed international gold prices beyond $1300.
Any risk aversion due to macro or geo-political news flows could
strengthen its prices. Near term range remains $1300-1400.
• As on 25th August, 2016 : 31,281 per 10gm
• 1 month change : 1.68%
• 1 year change : 17.16%
24000
25000
26000
27000
28000
29000
30000
31000
32000
Gold
29. COMMODITIES
CRUDE OIL
Crude prices have stabilized between $40- $50 per barrel.
Crude along with Gold continues be the prime indicator of
global risk appetite. It is unlikely that Crude spends more time
in the current range and a massive breakout is imminent in
either direction depending on global conditions.
• As on 25th July, 2016 : $49.25 per bbl
• 1 month change : 13.10%
• 1 year change : 17.90%
0.00
20.00
40.00
60.00
Crude
30. Currency
As on 25th
August 2015
1 Month Change 1 Year Change
USD/INR 67.09 -0.42% -1.38%
GBP/INR 88.66 0.55% 17.17%
Euro/INR 75.59 1.93% 0.39%
Yen/INR 66.84 3.50% -17.30%
USD/Euro 0.88 0.41% 0.11%
FOREIGN EXCHANGE
• The World Bank issued 500 million SDR units ($698
million) of three-year notes in China’s interbank market this
week, the first sale of debt in the International Monetary
Fund’s alternative reserve assets since the 1980s.
• The Monetary Authority of Singapore (MAS) bragged the
Lion City remains the largest foreign exchange centre in
the Asia-Pacific region and the third largest globally after
London and New York. MAS revealed that the average
daily trading volume of Singapore’s forex market swelled
35% to US$517 billion in April 2016 from US$383 billion in
the same month three years ago.
• The country's foreign exchange reserves rose by $1.3
billion to $367.2 billion in the week to August 26 on account
of increase in foreign currency assets.
-0.42%
0.55%
1.93%
3.50%
-1.00%
0.00%
1.00%
2.00%
3.00%
4.00%
USD GBP EURO YEN
31. WHAT’S TRENDING
URJIT PATEL ANNOUNCED AS THE NEW RBI GOVERNOR
Profile
• Urjit Patel, 52, is presently one of the four deputy governors at the RBI. He has run the central bank's monetary policy department since 2013 and
has worked closely with the Raghuram Rajan during his stint at the central bank.
• Patel was advisor (energy & infrastructure) to The Boston Consulting Group. He is a PhD (economics) from Yale University (1990) and MPhil from
Oxford (1986). He has been a non-resident Senior Fellow, The Brookings Institution since 2009.
• Between 1990 and 1995, Patel was with the International Monetary Fund (IMF), where he worked on the US, India, Bahamas and Myanmar desks.
• During 1996-97 he was on deputation from the IMF to the RBI and provided advice on development of the debt market, banking sector reforms,
pension fund reforms, real exchange rate targeting and evolution of the foreign exchange market.
• Patel has also served the government in various positions during the NDA-I regime.
• Apart from these, his other assignments include, president (business development), Reliance Industries; executive director and member of the
management committee, IDFC; member of the Integrated Energy Policy Committee of the Government of India; and member of the Board, Gujarat
State Petroleum Corporation Ltd, the RBI site said.
• Between 2000 and 2004, Patel has worked closely with several Central and state government high-level committees such as, Task Force on Direct
Taxes, Union Ministry of Finance; Advisory Committee (on Research Projects and Market Studies), Competition Commission of India; secretariat for
the Prime Minister’s Task Force on Infrastructure; Group of Ministers on Telecom Matters; Committee on Civil Aviation Reforms; Ministry of Power’s
Expert Group on State Electricity Boards and High Level Expert Group for Reviewing the Civil & Defence Services Pension System, Government of
India.
Source – www.rbi.org.in, www.wikipedia.com, www.firstpost.com
32. WHAT’S TRENDING
Current Monetary Policy Status
• The Reserve Bank of India (RBI) has committed itself to a regime of flexible inflation targeting. Flexible inflation targeting means that a central bank
will try to keep inflation close to its formal target while being sensitive to conditions in the real economy.
• In the new monetary policy framework, persistently high inflation is deemed unacceptable because it harms economic growth over the medium term,
as is well known.
• The monetary policy will be flexible as long as inflation is within the range that has been given by the political system. Raghuram Rajan had to fight a
blazing inflationary fire when he took charge three years ago. Inflation is now within the acceptable range—though the trend in recent months is
ample cause for worry.
• The trade-off between inflation and growth was relatively easier when inflation was being brought down in the first two stages—from 10% to 8% and
then from 8% to 6%. The journey from 6% to 4% will be much more difficult. It could involve a much higher sacrifice ratio. That is why the nature of
the monetary policy response could change in the coming months—not because there is a new governor, but because the underlying economic
situation has changed. Monetary policy could be more flexible than widely assumed.
• Patel will now have to share the power to set interest rates with a new monetary policy committee (MPC).
• Patel is a reticent man—though he has actually given more speeches as deputy governor than the two speeches that have been mentioned in media
reports after he was appointed governor. How he eventually runs Indian monetary policy will depend on the state of the underlying economy, but it is
important to remember that the recent victories in the long battle against high inflation will give him space to be flexible. There is a reason it is called
flexible inflation targeting.
Source – www.livemint.com
33. DISCLAIMER
Karvy Investment Advisory Services Limited [KIASL] is a SEBI registered Investment Advisor and provides advisory services. The information in this newsletter has been prepared by KIASL based on information obtained from
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