The document is an economic spotlight report from September 4, 2019. It provides the following key information:
- The Services PMI for India dropped to 52.4 in August 2019 from 53.8 the previous month, indicating a slower but continued expansion in the services sector.
- Several major economic indicators point to an economic slowdown in India, with GDP growth at its lowest in 26 quarters, core sector growth at its lowest in 50 months, and the rupee trading below 72 against the dollar.
- The report says the services PMI highlights sustained increases in activity, sales and employment in August, though input cost inflation slowed and business sentiment was up to a one-year high.
The document summarizes the Asian Development Bank's revised outlook for the Indian economy in fiscal years 2019 and 2020. It reports that growth is now expected to be 6.5% in FY2019, down from the previous forecast of 7%, due to weaker growth in the first quarter. It also predicts growth of 7.2% in FY2020, unchanged from the previous forecast, expecting a recovery in domestic demand and investment.
The document provides an economic spotlight report on the state of Indian states' finances. It notes that states have managed to keep their fiscal deficits within mandated limits but their outstanding debt as a percentage of GDP has risen in the last five years. It recommends that states continue planned capital expenditures to support overall economic activity and pursue measures to improve tax collection and debt management.
The document provides a summary of 10 news stories:
1. Oil prices dipped on concerns about weak demand outlook despite a surprise draw in US crude stocks.
2. The IMF forecasts India's GDP growth will rebound to around 7% in the next fiscal year, supported by monetary stimulus and tax cuts.
3. The Indian rupee rose slightly against the US dollar due to easing oil prices but foreign capital outflows limited gains.
The document provides an economic spotlight report for 12 September 2019. It summarizes developments in the Indian debt market for August 2019, including a rise in central government and corporate bond issuances and borrowings. Yields on government and corporate bonds declined further. Bank credit growth slowed while external commercial borrowings by corporations increased.
HCL Technologies reported strong revenue growth of 18.4% year-over-year for the first quarter of fiscal year 2020, beating analyst estimates. However, operating margins declined due to higher costs. While revenue increased due to recent acquisitions and strong growth across business segments, net profit declined 8.3% due to lower margins. The company expects margins to improve in the coming quarters as the benefits of investments are realized.
Maruti Suzuki India Limited registered a strong revenue decline of 14.1% in Q1FY20, reaching Rs.18,735cr. Domestic unit sales declined 19.3% YoY to 374,481 units while exports grew 5.5% YoY. Operating margins declined 57.1% YoY to Rs. 1,129cr and net profit slumped to Rs 1,436cr due to lower sales volume and high depreciation expenses. The company expects demand to remain low.
The document is an economic spotlight report from September 4, 2019. It provides the following key information:
- The Services PMI for India dropped to 52.4 in August 2019 from 53.8 the previous month, indicating a slower but continued expansion in the services sector.
- Several major economic indicators point to an economic slowdown in India, with GDP growth at its lowest in 26 quarters, core sector growth at its lowest in 50 months, and the rupee trading below 72 against the dollar.
- The report says the services PMI highlights sustained increases in activity, sales and employment in August, though input cost inflation slowed and business sentiment was up to a one-year high.
The document summarizes the Asian Development Bank's revised outlook for the Indian economy in fiscal years 2019 and 2020. It reports that growth is now expected to be 6.5% in FY2019, down from the previous forecast of 7%, due to weaker growth in the first quarter. It also predicts growth of 7.2% in FY2020, unchanged from the previous forecast, expecting a recovery in domestic demand and investment.
The document provides an economic spotlight report on the state of Indian states' finances. It notes that states have managed to keep their fiscal deficits within mandated limits but their outstanding debt as a percentage of GDP has risen in the last five years. It recommends that states continue planned capital expenditures to support overall economic activity and pursue measures to improve tax collection and debt management.
The document provides a summary of 10 news stories:
1. Oil prices dipped on concerns about weak demand outlook despite a surprise draw in US crude stocks.
2. The IMF forecasts India's GDP growth will rebound to around 7% in the next fiscal year, supported by monetary stimulus and tax cuts.
3. The Indian rupee rose slightly against the US dollar due to easing oil prices but foreign capital outflows limited gains.
The document provides an economic spotlight report for 12 September 2019. It summarizes developments in the Indian debt market for August 2019, including a rise in central government and corporate bond issuances and borrowings. Yields on government and corporate bonds declined further. Bank credit growth slowed while external commercial borrowings by corporations increased.
HCL Technologies reported strong revenue growth of 18.4% year-over-year for the first quarter of fiscal year 2020, beating analyst estimates. However, operating margins declined due to higher costs. While revenue increased due to recent acquisitions and strong growth across business segments, net profit declined 8.3% due to lower margins. The company expects margins to improve in the coming quarters as the benefits of investments are realized.
Maruti Suzuki India Limited registered a strong revenue decline of 14.1% in Q1FY20, reaching Rs.18,735cr. Domestic unit sales declined 19.3% YoY to 374,481 units while exports grew 5.5% YoY. Operating margins declined 57.1% YoY to Rs. 1,129cr and net profit slumped to Rs 1,436cr due to lower sales volume and high depreciation expenses. The company expects demand to remain low.
The document provides a summary of key fiscal developments in India:
- Revenue receipts were 4% higher in the current fiscal year compared to the previous year, with actual revenue collections at 30.7% of budget estimates for April-August 2019 versus 26.9% for the same period last year.
- Non-tax revenue collections were 23% higher than the previous year, while tax revenue collections were fairly in line with previous year trends.
- Fiscal deficit for April-August 2019 stood at 78.7% of budget targets, significantly lower than 94.7% for the same period in the previous year.
- Both revenue and capital expenditures have been lower than the previous year.
- Industrial output rose 4.3% in July 2019 but growth was limited by contractions in capital goods and consumer durables, reflecting subdued investment and demand. The core sector contracted for the first time since 2015 in August 2019 led by declines in coal, crude oil, natural gas, cement and electricity.
- GDP growth fell to a 6-year low of 5% in the first quarter of fiscal year 2020 due to declines in private consumption and moderate growth in manufacturing, financial services and construction. The investment rate increased marginally.
- In August 2019, GST collections were 4.5% higher than the previous year but 4% lower than the previous month. The fiscal deficit was lower than the previous year during
The document provides a summary of the top 10 things to know from November 7th, including:
1) Lupin plans to seek re-inspection of its Goa and Somerset plants by the USFDA by March 2020.
2) Indiabulls Housing Finance reported a 32% decline in Q2 net profit.
3) Moody's placed Yes Bank's ratings under review for a possible downgrade.
This document summarizes key points from an HDFC AMC report on the Indian mutual fund industry. It notes that while cash volumes have grown slowly, derivatives volumes have increased sharply. Delivery volumes have decreased slightly. It also outlines HDFC AMC's strong financial performance and market leadership position, with equity AUM growth outpacing the industry. The outlook is positive given growing SIP participation and a rising equity culture in India.
The World Bank has revised down its price forecasts in line with subdued global growth. Crude oil prices fell 8% in the third quarter despite attacks on Saudi oil infrastructure, and almost all major commodity price indexes declined due to slowing global demand from trade tensions, weak trade, slowing manufacturing and lower output growth. Global oil consumption is projected to grow by 1% in 2019, with non-OECD countries accounting for all the increase and China alone half the rise, while OECD consumption is expected to remain flat.
BPCL reported a 4.1% increase in Q1FY20 revenue driven by higher volumes. However, profitability declined due to lower refining margins and higher inventory losses. While demand outlook remains subdued, the company is expected to benefit from its strong retail network and higher refinery utilization. It plans to set up 6000 new retail outlets over 3 years and capex of Rs. 87 billion in FY20. Analysts have cut FY20 earnings forecasts due to high inventory losses but maintained target price of Rs. 412 based on valuation of core business and investments.
The rupee rose to a two-week high against the US dollar on hopes of a partial US-China trade deal. Oil prices slipped on a US inventory build but were supported by possible OPEC cuts. Uday Kotak of Kotak Mahindra Bank said the economic slowdown is likely to push up credit costs for the private sector. Sebi issued rules for listing commercial paper to broaden investor participation. Demand for residential properties rose 15-30% this festive season in Tier 1 cities.
The document summarizes key challenges facing the Indian gems and jewelry industry, including weakening demand from importing nations, high working capital needs, and reduced lending to small players. It notes that both exports and imports for the industry have declined year-over-year for most of fiscal year 2020 so far. The industry contributes significantly to India's GDP and employment. Per capita gold consumption in India is also relatively low compared to other countries like Hong Kong, Switzerland, and the UAE.
- The document discusses the financial performance of Timken India in the previous fiscal year and provides an outlook for the coming years.
- While all segments performed solidly in FY19, headwinds in the automotive sector are expected to impact growth in the mobile segment.
- The railway segment is expected to report robust growth over the next two years, supported by increased railway capex.
- Timken has successfully integrated its acquisition of ABC Bearings and plans additional capex to utilize ABC's capacities.
- ICICI Prudential Life Insurance Company's (IPRU) VNB margin improved sharply to 21% in 1QFY20 from 17% in the previous quarter, led by strong cost control and a rise in the higher margin protection business mix to 14.6% of total APE.
- IPRU's protection business grew at a CAGR of 73% over FY16-19 and now contributes 59% of total VNB, reducing reliance on the more volatile ULIP segment. This will help IPRU achieve its target of doubling VNB over 3-4 years.
- Persistency ratios have improved across customer cohorts for IPRU despite market volatility, and are better than the
- India will invest $100 billion in energy infrastructure to meet growing energy needs and invited Saudi investment.
- RBI imposed a penalty of Rs 1 crore on Bandhan Bank for failing to reduce a shareholder's stake to 40% within 3 years as required.
- The government formed an inter-ministry committee to explore a financial bailout package for struggling telecom companies.
- Wipro set up an engineering center in Virginia, US, creating 200 new jobs.
1. Three IL&FS group companies - Moradabad Bareilly Expressway, Jharkhand Road Projects Implementation Company, and West Gujarat Expressway - have moved from the amber list to the green list after signing term sheets with lenders to repay debts worth Rs. 5,071 crore.
2. The Cabinet will soon decide on the proposed vehicle scrapping policy, which the Road Transport and Highways Minister has cleared and received finance ministry approval for.
3. The RBI Governor expressed hope that the ongoing crisis in Saudi Arabia increasing crude oil prices will have a limited impact on inflation and fiscal numbers in India.
Kotak Mahindra Bank reported strong financial results for the quarter ended June 2019. Net profit increased 23% to Rs. 1932 crore due to 22% growth in net interest income and 27% rise in non-interest income. Various subsidiaries also reported increased profits. Kotak Prime reported 10% growth in net income and profit. Kotak Mahindra Life Insurance saw 42% rise in gross premiums and 15% increase in profit. The bank maintained stable asset quality while improving net interest margins to 4.49%.
During the first half of fiscal year 2020 (H1 FY20), India's industrial output grew at a moderate rate of 1.3%, which was 3.9% lower than the growth rate in H1 FY19. In September 2019, industrial output contracted by 4.3%, the highest contraction in the past 5 years, due to weak investment climate and consumer demand. All sectors except intermediate goods registered a contraction, with the mining sector contracting for the first time in 9 months, manufacturing declining for the second consecutive month, and electricity and infrastructure goods also contracting.
The document provides a summary of the top 10 news stories from 11 November 2019. The summaries are:
1. The Finance Minister said a new book on global finance suggests solutions for challenges facing the world economy and Indian economy.
2. Infosys is looking to strengthen its investigation into whistleblower allegations against executives by appointing additional law firms.
3. The Environment Ministry approved IOCL's plan to set up a Rs. 766 crore 2G ethanol plant in Panipat, Haryana.
- The document provides a summary of the top 10 things to know from various markets and news sources on August 28, 2019.
- US markets slipped on recession worries from an inverted Treasury yield curve and uncertainty in US-China trade talks. Asian shares saw minor gains on higher US futures.
- The Indian rupee had its biggest single-day gain in over 5 months boosted by the RBI's transfer of funds to the government. The mutual fund industry aims to increase assets under management four-fold over the next decade.
The cement sector in India is the second largest in the world. Production capacity was 502 MTPA in 2018 and is expected to increase by 20 MTPA by 2021. Cement production is projected to grow 5-7% in 2020 due to demand from infrastructure projects. Exports of cement have increased at a CAGR of 10.54% between 2012-2019 while imports have risen 7.99% annually. Major strategies in the sector include expanding regional presence, partnerships for more efficient production, and mergers and acquisitions.
The document summarizes key points from an Economic Spotlight Report by the Reserve Bank of India (RBI):
1. The RBI transferred Rs. 1,76,051 crore to the Indian government, including Rs. 1,23,414 crore of surplus for 2018-19 and Rs. 52,637 crore from revised economic capital provisions.
2. A committee recommended maintaining the RBI's realized equity, which comprises retained earnings used as a "rainy day" buffer, within a range of 6.5-5.5% of its balance sheet.
3. The increased funds transfer to the government was seen positively as it could help meet budget targets or fund additional stimulus.
HCL Technologies launches dedicated Google Cloud business unit to accelerate cloud adoption worldwide. India will appeal a WTO panel ruling that held its export incentive schemes are inconsistent with global trade norms. SEBI directs listed banks to disclose any bad loan provisioning divergence within 24 hours of receiving RBI's risk assessment report. Airtel slashes broadband plan prices by up to 10% and loads additional data.
This document contains summaries of key points from several documents related to HDFC AMC and the Indian mutual fund industry:
1) HDFC AMC has demonstrated strong financial performance over years with 20% annual revenue growth and 28% AUM growth. It enjoys high margins from equity funds which make up 51% of its AUM.
2) HDFC AMC maintains a leadership position in the Indian MF industry with over Rs. 3 trillion in AUM and a 14% market share. It has a large share of high-yielding equity assets and the highest share of individual customers.
3) The Indian MF industry has seen strong growth in AUM over recent years and is expected to continue growing, led by
The document provides information on recent economic developments in India:
- Major Indian banks like SBI, IDBI and IndianBank will link floating rate loans for MSMEs, housing and retail to the repo rate starting October 1st, 2019.
- Bank credit to MSMEs has grown at 15% annually over the last decade, with services accounting for over 60% of total MSME credit. As of July 2019, outstanding MSME credit totalled Rs. 10.47 lakh crores.
- Incremental bank credit to MSMEs contracted by 1.8% from March to July 2019, an improvement from the 2.5% contraction in the same period last year.
The document provides a summary of key fiscal developments in India:
- Revenue receipts were 4% higher in the current fiscal year compared to the previous year, with actual revenue collections at 30.7% of budget estimates for April-August 2019 versus 26.9% for the same period last year.
- Non-tax revenue collections were 23% higher than the previous year, while tax revenue collections were fairly in line with previous year trends.
- Fiscal deficit for April-August 2019 stood at 78.7% of budget targets, significantly lower than 94.7% for the same period in the previous year.
- Both revenue and capital expenditures have been lower than the previous year.
- Industrial output rose 4.3% in July 2019 but growth was limited by contractions in capital goods and consumer durables, reflecting subdued investment and demand. The core sector contracted for the first time since 2015 in August 2019 led by declines in coal, crude oil, natural gas, cement and electricity.
- GDP growth fell to a 6-year low of 5% in the first quarter of fiscal year 2020 due to declines in private consumption and moderate growth in manufacturing, financial services and construction. The investment rate increased marginally.
- In August 2019, GST collections were 4.5% higher than the previous year but 4% lower than the previous month. The fiscal deficit was lower than the previous year during
The document provides a summary of the top 10 things to know from November 7th, including:
1) Lupin plans to seek re-inspection of its Goa and Somerset plants by the USFDA by March 2020.
2) Indiabulls Housing Finance reported a 32% decline in Q2 net profit.
3) Moody's placed Yes Bank's ratings under review for a possible downgrade.
This document summarizes key points from an HDFC AMC report on the Indian mutual fund industry. It notes that while cash volumes have grown slowly, derivatives volumes have increased sharply. Delivery volumes have decreased slightly. It also outlines HDFC AMC's strong financial performance and market leadership position, with equity AUM growth outpacing the industry. The outlook is positive given growing SIP participation and a rising equity culture in India.
The World Bank has revised down its price forecasts in line with subdued global growth. Crude oil prices fell 8% in the third quarter despite attacks on Saudi oil infrastructure, and almost all major commodity price indexes declined due to slowing global demand from trade tensions, weak trade, slowing manufacturing and lower output growth. Global oil consumption is projected to grow by 1% in 2019, with non-OECD countries accounting for all the increase and China alone half the rise, while OECD consumption is expected to remain flat.
BPCL reported a 4.1% increase in Q1FY20 revenue driven by higher volumes. However, profitability declined due to lower refining margins and higher inventory losses. While demand outlook remains subdued, the company is expected to benefit from its strong retail network and higher refinery utilization. It plans to set up 6000 new retail outlets over 3 years and capex of Rs. 87 billion in FY20. Analysts have cut FY20 earnings forecasts due to high inventory losses but maintained target price of Rs. 412 based on valuation of core business and investments.
The rupee rose to a two-week high against the US dollar on hopes of a partial US-China trade deal. Oil prices slipped on a US inventory build but were supported by possible OPEC cuts. Uday Kotak of Kotak Mahindra Bank said the economic slowdown is likely to push up credit costs for the private sector. Sebi issued rules for listing commercial paper to broaden investor participation. Demand for residential properties rose 15-30% this festive season in Tier 1 cities.
The document summarizes key challenges facing the Indian gems and jewelry industry, including weakening demand from importing nations, high working capital needs, and reduced lending to small players. It notes that both exports and imports for the industry have declined year-over-year for most of fiscal year 2020 so far. The industry contributes significantly to India's GDP and employment. Per capita gold consumption in India is also relatively low compared to other countries like Hong Kong, Switzerland, and the UAE.
- The document discusses the financial performance of Timken India in the previous fiscal year and provides an outlook for the coming years.
- While all segments performed solidly in FY19, headwinds in the automotive sector are expected to impact growth in the mobile segment.
- The railway segment is expected to report robust growth over the next two years, supported by increased railway capex.
- Timken has successfully integrated its acquisition of ABC Bearings and plans additional capex to utilize ABC's capacities.
- ICICI Prudential Life Insurance Company's (IPRU) VNB margin improved sharply to 21% in 1QFY20 from 17% in the previous quarter, led by strong cost control and a rise in the higher margin protection business mix to 14.6% of total APE.
- IPRU's protection business grew at a CAGR of 73% over FY16-19 and now contributes 59% of total VNB, reducing reliance on the more volatile ULIP segment. This will help IPRU achieve its target of doubling VNB over 3-4 years.
- Persistency ratios have improved across customer cohorts for IPRU despite market volatility, and are better than the
- India will invest $100 billion in energy infrastructure to meet growing energy needs and invited Saudi investment.
- RBI imposed a penalty of Rs 1 crore on Bandhan Bank for failing to reduce a shareholder's stake to 40% within 3 years as required.
- The government formed an inter-ministry committee to explore a financial bailout package for struggling telecom companies.
- Wipro set up an engineering center in Virginia, US, creating 200 new jobs.
1. Three IL&FS group companies - Moradabad Bareilly Expressway, Jharkhand Road Projects Implementation Company, and West Gujarat Expressway - have moved from the amber list to the green list after signing term sheets with lenders to repay debts worth Rs. 5,071 crore.
2. The Cabinet will soon decide on the proposed vehicle scrapping policy, which the Road Transport and Highways Minister has cleared and received finance ministry approval for.
3. The RBI Governor expressed hope that the ongoing crisis in Saudi Arabia increasing crude oil prices will have a limited impact on inflation and fiscal numbers in India.
Kotak Mahindra Bank reported strong financial results for the quarter ended June 2019. Net profit increased 23% to Rs. 1932 crore due to 22% growth in net interest income and 27% rise in non-interest income. Various subsidiaries also reported increased profits. Kotak Prime reported 10% growth in net income and profit. Kotak Mahindra Life Insurance saw 42% rise in gross premiums and 15% increase in profit. The bank maintained stable asset quality while improving net interest margins to 4.49%.
During the first half of fiscal year 2020 (H1 FY20), India's industrial output grew at a moderate rate of 1.3%, which was 3.9% lower than the growth rate in H1 FY19. In September 2019, industrial output contracted by 4.3%, the highest contraction in the past 5 years, due to weak investment climate and consumer demand. All sectors except intermediate goods registered a contraction, with the mining sector contracting for the first time in 9 months, manufacturing declining for the second consecutive month, and electricity and infrastructure goods also contracting.
The document provides a summary of the top 10 news stories from 11 November 2019. The summaries are:
1. The Finance Minister said a new book on global finance suggests solutions for challenges facing the world economy and Indian economy.
2. Infosys is looking to strengthen its investigation into whistleblower allegations against executives by appointing additional law firms.
3. The Environment Ministry approved IOCL's plan to set up a Rs. 766 crore 2G ethanol plant in Panipat, Haryana.
- The document provides a summary of the top 10 things to know from various markets and news sources on August 28, 2019.
- US markets slipped on recession worries from an inverted Treasury yield curve and uncertainty in US-China trade talks. Asian shares saw minor gains on higher US futures.
- The Indian rupee had its biggest single-day gain in over 5 months boosted by the RBI's transfer of funds to the government. The mutual fund industry aims to increase assets under management four-fold over the next decade.
The cement sector in India is the second largest in the world. Production capacity was 502 MTPA in 2018 and is expected to increase by 20 MTPA by 2021. Cement production is projected to grow 5-7% in 2020 due to demand from infrastructure projects. Exports of cement have increased at a CAGR of 10.54% between 2012-2019 while imports have risen 7.99% annually. Major strategies in the sector include expanding regional presence, partnerships for more efficient production, and mergers and acquisitions.
The document summarizes key points from an Economic Spotlight Report by the Reserve Bank of India (RBI):
1. The RBI transferred Rs. 1,76,051 crore to the Indian government, including Rs. 1,23,414 crore of surplus for 2018-19 and Rs. 52,637 crore from revised economic capital provisions.
2. A committee recommended maintaining the RBI's realized equity, which comprises retained earnings used as a "rainy day" buffer, within a range of 6.5-5.5% of its balance sheet.
3. The increased funds transfer to the government was seen positively as it could help meet budget targets or fund additional stimulus.
HCL Technologies launches dedicated Google Cloud business unit to accelerate cloud adoption worldwide. India will appeal a WTO panel ruling that held its export incentive schemes are inconsistent with global trade norms. SEBI directs listed banks to disclose any bad loan provisioning divergence within 24 hours of receiving RBI's risk assessment report. Airtel slashes broadband plan prices by up to 10% and loads additional data.
This document contains summaries of key points from several documents related to HDFC AMC and the Indian mutual fund industry:
1) HDFC AMC has demonstrated strong financial performance over years with 20% annual revenue growth and 28% AUM growth. It enjoys high margins from equity funds which make up 51% of its AUM.
2) HDFC AMC maintains a leadership position in the Indian MF industry with over Rs. 3 trillion in AUM and a 14% market share. It has a large share of high-yielding equity assets and the highest share of individual customers.
3) The Indian MF industry has seen strong growth in AUM over recent years and is expected to continue growing, led by
The document provides information on recent economic developments in India:
- Major Indian banks like SBI, IDBI and IndianBank will link floating rate loans for MSMEs, housing and retail to the repo rate starting October 1st, 2019.
- Bank credit to MSMEs has grown at 15% annually over the last decade, with services accounting for over 60% of total MSME credit. As of July 2019, outstanding MSME credit totalled Rs. 10.47 lakh crores.
- Incremental bank credit to MSMEs contracted by 1.8% from March to July 2019, an improvement from the 2.5% contraction in the same period last year.
- In the first half of fiscal year 2020 (H1 FY20), automobile sales in India witnessed their sharpest decline in 5 years at 14.4% year-over-year due to factors like price hikes from new safety regulations, higher insurance costs, and high dealer inventories.
- Commercial vehicle sales declined the most at 24.8% year-over-year in H1 FY20 due to increased axle load capacity and reduced lending by non-banking financial companies.
- While September 2019 sales continued to decline year-over-year, they increased month-over-month for passenger vehicles, commercial vehicles, and three-wheelers, indicating a potential recovery.
This document summarizes a study analyzing the impact of India's new corporate tax rate of 25.17% on companies' tax savings for the 2019 fiscal year. Key findings of the study include:
- 1,192 companies would see tax savings of Rs 41,555 crore from the new lower tax rate.
- Total tax paid by the 2,377 companies studied was Rs 2.37 lakh crore at an effective tax rate of 27.5%.
- The tax savings could increase banks' ability to lend by up to Rs 1.2 lakh crore if reserves increase due to lower taxes.
- India cut corporate tax rates to 25% and introduced a new tax rate of 15% for new domestic manufacturing companies to boost manufacturing.
- Other tax reliefs announced include withdrawing the enhanced surcharge on capital gains tax for listed securities and mutual funds.
- The moves are aimed at making India a more competitive investment destination and taking advantage of the US-China trade war.
The RBI approved trading of rupee derivatives with settlement in foreign currency at the International Financial Services Centre in GIFT City, Gujarat on October 4, 2019. This is expected to improve revenue prospects for onshore international exchanges located in GIFT-IFSC by attracting some offshore currency derivatives trading onshore. It also aims to make exchange rate management more effective and reduce disjointed price discovery. The decision was made in light of sharp growth in offshore rupee trading volumes exceeding onshore volumes, with around 50% of rupee derivatives traded offshore in exchanges like DGCX and SGX.
This document summarizes a study analyzing the impact of India's new corporate tax regime on 2,377 companies that had positive profits before tax in fiscal year 2019. Some key findings of the study include:
- The new 25.17% corporate tax rate would result in estimated tax savings of Rs. 41,555 crore for 1,192 companies previously paying over 25.2% tax.
- Total tax paid by the 2,377 companies was Rs. 2.37 lakh crore at an effective tax rate of 27.5%.
- Private banks could see tax savings of Rs. 12,000 crore, allowing potential lending capacity of Rs. 1.2 lakh crore if reserves are increased
The document provides an overview and key points about Bharat Electronics Ltd from a 19 September report:
- Revenue growth of 12-15% is guided for FY20 driven by a strong order backlog of Rs576 bn. Order inflow for FY20 is expected to be Rs130-150 bn.
- New areas of growth include space electronics, solar, homeland security and more to drive future non-defense revenue.
- The company is focusing on artificial intelligence projects and increasing indigenization.
- Two large upcoming orders are LRSAM (Rs150bn) and Akash (Rs53.6bn) missile systems.
The document analyzes interest costs for Indian states and the central government from 2014 to 2020. It finds that:
- State interest expenditures have grown 12% annually on average and stood at Rs. 3.2 lakh crore in FY2019, projected to reach Rs. 3.5 lakh crore in FY2020.
- Outstanding state liabilities have also grown 12.3% annually on average, reaching Rs. 47.1 lakh crore in FY2019 and projected to be Rs. 52.5 lakh crore in FY2020.
- Average interest costs have been higher for states than the central government in most years, though this difference has narrowed over time.
The document summarizes investment patterns of Indian mutual funds in October 2019. It notes that the largest share (47%) of debt assets under management (AUM) were invested in short-term instruments under 90 days. The second highest category was corporate debt papers at 27.4% of debt AUMs. It also analyzes fund deployment across various debt instruments like commercial papers, government securities, and exposures to sectors for equity AUMs.
- DBL reported lower than expected revenue of Rs22.9bn due to delays in receiving appointed dates for its HAM projects. EBITDA was ahead of estimates but PAT declined 51% YoY due to higher costs.
- Despite the weak quarter, the company maintained its 10-15% revenue growth guidance as it has received dates for 10 of 12 HAM projects and expects the remaining two by October.
- The Shrem deal is expected to be concluded over the next two quarters as DBL nears completion of under construction HAM projects that were part of the deal.
- Equity schemes make up the largest share (72%) of total mutual fund folios in India, followed by hybrid schemes (96 lakh folios) and debt schemes (68 lakh folios).
- Systematic investment plans (SIPs) are growing in popularity, with an average of 9.24 lakh new SIP accounts added per month and total SIP accounts of ~2.84 crore.
- The assets under management of the Indian mutual fund industry stood at Rs. 24.51 lakh crore in September 2019, a 3% increase from March 2019. However, assets fell by Rs. 0.97 lakh crore from August 2019.
- Federal Bank reported loan growth of 19% year-over-year led by retail loans growing 26% and corporate loans growing 18%. However, growth slowed compared to previous quarters.
- Net interest income grew 18% year-over-year while other income grew 45% led by higher treasury income. Provisions increased 8% quarter-over-quarter and profits grew 46% year-over-year.
- Management guided for similar loan growth momentum to continue and shifting the portfolio towards higher yielding segments like unsecured retail, commercial vehicles, and business banking.
This document provides a summary of the top 10 news stories of the day from 9 September 2019. The stories include:
1) RTI response revealing 2,480 fraud cases involving Rs. 32,000 crore impacted 18 public sector banks in the first quarter, with SBI the most impacted.
2) Flipkart signing an MOU to help artisans and craftsmen in Jharkhand set up online businesses.
3) PNB putting 11 NPA accounts up for sale to recover over Rs. 1,234 crore in dues.
4) SBI seeking issuance of 147 Look Out Circulars in the last 5 months for bank fraud cases.
5)
Brigade Enterprises reported a 1% YoY increase in revenue to Rs7,087 crore in Q1FY20 due to a 10% YoY rise in real estate income, while hospitality and leasing revenue declined. EBITDA margin remained flat at 25.7% as employee expenses rose 26% YoY. Residential and commercial sales volumes increased 173% and 46% YoY respectively, with average realization rising 2% YoY. Net debt increased due to rises in residential, hospitality and leasing capex debt. Net cash flow after interest costs declined due to increased construction costs and interest expenses.
- Asset quality deteriorated in the first quarter with gross NPAs jumping 48% quarter-on-quarter to 4.2% due to seasonal factors. LAP and non-salaried segments saw higher NPAs.
- Loan growth accelerated slightly to 13.3% due to lower repayment rates. Growth remains disappointing compared to smaller competitors.
- Provisions saw large quarterly variations under the new Ind AS accounting standards. Provisions increased in the first quarter as expected.
- Net interest margins expanded to 4.5% due to a larger increase in loan yields compared to cost of funds. Further margin relief is expected from declining market interest rates.
-Indian banking sector has grown at a healthy pace
-Assets Expantation In Banking Sector
-Return on assets and loan-to-deposit ratio showing an uptrend
- Strategies Adopted
The document summarizes key points about the logistics sector in India:
1) The logistics sector is fundamental to India's economic development and is expected to reach $215 billion by 2020, driven by growth in manufacturing, retail, FMCG and e-commerce.
2) Transportation accounts for over 85% of the logistics sector currently, though development of infrastructure may improve efficiency over time.
3) The government has set a target to reduce India's high logistics costs from 14% to 9% of GDP by 2022 through coordinated efforts across various transportation ministries.
This document provides stock picks and sector developments for the 4th week of December 2019. It recommends buying three stocks - Auro Pharma at 473, Cadila Healthcare at 260, and M&M at 540 - with potential target prices. It also includes sector news updates on banking, media, energy, IT, and pharma. Charts are provided analyzing the technical patterns for the recommended stock purchases. The document ends with a disclaimer about the information provided.
The consistent rise in interest income from private sector banks led to overall income growth for the banking system in the first quarter of fiscal year 2020. While public sector banks saw a slight slowdown in interest income growth, private banks continued to see sharp rises in interest income due to expansionary activities. The total income growth of all banks improved due to the growth in private bank interest income.
This document provides a summary of key economic data being released during the week of March 9-14, 2020. It lists the date, time, and country/region that the economic indicator is being released for, along with the specific indicator such as consumer confidence, GDP, manufacturing PMI, etc. There is also a disclaimer at the end related to the information provided and legal terms of using the website.
The document provides a report on gold and silver prices and analysis from the MCX (Multi Commodity Exchange) on March 21, 2020.
The 3 sentence summary is:
Gold prices on the MCX rose 0.75% to Rs. 40,129 per 10 grams as speculators created new positions amid a firm global trend, while silver prices soared Rs. 914 to Rs. 36,016 per kg as participants widened bets due to a firm global trend. The report provides technical analysis and recommendations to sell gold at Rs. 38,400 and silver at Rs. 33,047 based on support and resistance levels.
The document provides details of an option trading strategy for Ultratech Cement. It recommends buying 3400 call options of Ultratech Cement at Rs. 299 with a lot size of 200, maximum loss of Rs. 63,100, and unlimited profit potential. The strategy rationale is that Ultratech Cement has broken resistance and sustained above that level, indicating a high probability of the stock price rising further.
- The USD was higher against the INR on Friday after the Indian Prime Minister announced a nationwide curfew on Sunday to combat the spread of coronavirus.
- USD/INR was trading at 75.15, up 0.50% for the day. The research recommendation was to buy USD/INR at 75.24 with a target of 76.5 and stop loss of 74.2.
- The document provided a technical analysis of USD/INR along with a research recommendation for trading the currency pair.
The document provides analysis and recommendations on the Indian stock market and some specific stocks. It discusses key support and resistance levels for indexes like Nifty and Bank Nifty. It provides both short term and medium term buy recommendations for stocks like Reliance, Tata Steel, and Maruti among others. The document also summarizes global market conditions and movements in crude oil prices.
Silver, gold and crude oil futures prices rose on Friday according to the commodity snapshot document. Natural gas markets fluctuated after rising on Thursday. Nickel futures also gained on Friday due to rising demand. The aluminum industry may see reduced production and loads due to the automotive sector slowing down as a result of the coronavirus crisis in Germany and Europe. Rubber prices declined as tyre makers and domestic stockists were not interested in increasing commitments.
- The document provides a sector-wise breakdown of the movement in the Indian stock market on March 21, 2020. Most sectors saw gains ranging from 3.4% to 10.1%.
- It also lists support and resistance levels for the Nifty and Bank Nifty indexes. Foreign and domestic institutional investor activity is shown for the past few days.
- The indexes saw gains on March 20 on hopes of a government stimulus and positive global cues, breaking a four-day losing streak. However, the market remains sell-on-rally due to coronavirus pessimism.
JSW Steel is an Indian steel company and one of the fastest growing in India. It has a footprint in over 140 countries. JSW Steel is India's second largest private sector steel company with an installed capacity of 18 MTPA. The document provides a rating of "Buy" for JSW Steel with a target price of INR 250 and discusses the company's financial performance, growth, capacity expansion plans, and valuation compared to peers.
- The stock market indices in India ended lower for the fourth consecutive session on March 19 due to concerns over the COVID-19 pandemic and its economic impact. The Sensex closed down 581 points and Nifty fell 205 points.
- The economic impact of the COVID-19 pandemic is being felt globally via supply chain disruptions and a slowdown in demand as more countries implement lockdowns and social distancing measures. This will likely weaken the global economy in the first half of 2020.
- The effects of the pandemic are expected to be prolonged, with supply chain disruptions in China gradually easing by mid-April but the impact on travel and tourism likely lasting until June. Weak demand from lockdowns
- Gold futures rose on Friday due to safe haven demand amid the accelerated spread of COVID-19, lower US equities, and a weaker US dollar.
- The Dow Jones fell 0.8% and the US Dollar Index fell 0.25%, both lending support to gold prices.
- Silver markets also rallied, piercing the $13 level and looking to build a base as the market has been oversold, though industrial demand for silver will be negatively impacted by the pandemic.
Sector weekly perfomance 21 st mar - 2020stockquint
This document provides a weekly sector performance report covering several industries in India. It discusses how the continued spread of COVID-19 is negatively impacting the automobile sector through supply chain disruptions from China and potential declines in demand. It also notes challenges for the banking sector from the pandemic's economic effects. The FMCG sector continues to see a slowdown, especially in rural areas. The pharmaceutical industry may need to reduce dependence on China for active pharmaceutical ingredients. The NBFC, oil and gas, and stressed asset management sectors are also addressed.
Derivative weekly report 21 st mar - 2020stockquint
The document provides analysis of the Indian stock market and recommends buying Hindustan Unilever Limited futures. It analyzes technical indicators for the Nifty 50 index and Bank Nifty index, noting support and resistance levels. It also discusses currency movements between the Indian rupee and US dollar. Open interest data for various securities is presented.
- Several key sectors saw declines last week, with the BSE PSU index falling -133.2 points and the BSE Bankex index declining -236.68 points.
- The Nifty index failed to break above previous highs and closed the week down 32.6 points at 12,080.85. Technical indicators suggest the potential for further declines in the short term.
- Mobile carriers including Vodafone Idea were ordered to pay thousands of crores in dues following a Supreme Court ruling. Official macroeconomic data will be monitored for signs of economic revival.
This document provides a weekly sector analysis and stock picks for the third week of February 2020. It includes:
- A performance summary of various sectors for the week.
- Potential stock picks to buy or sell for the week, including entry prices and targets.
- A discussion of developments in sectors such as banking, auto, energy, and telecom.
This document provides a summary of key economic data being released for the week of February 24, 2020 to February 29, 2020 from various countries including New Zealand, Eurozone, Australia, Canada, China, and the United States. It also includes disclaimers about investment risks and responsibilities for the information provided.
- The weekly market report provides an overview of the performance of key indices like Nifty and Bank Nifty for the week ending February 20, 2020. Nifty ended the week lower by 32 points at 12,080 levels while Bank Nifty closed lower by 287 points at 30,942 levels.
- Most sectors ended in red for the week with auto, metal and PSU banking indices falling the most. IT was the only sector in green, gaining over 1%. Foreign institutional investors were net sellers in the cash market during the week.
- Going forward, analysts will monitor official economic data for signs of recovery in the slowing Indian economy. The report provides technical levels for the indices along with details of sector performances.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
OJP data from firms like Vicinity Jobs have emerged as a complement to traditional sources of labour demand data, such as the Job Vacancy and Wages Survey (JVWS). Ibrahim Abuallail, PhD Candidate, University of Ottawa, presented research relating to bias in OJPs and a proposed approach to effectively adjust OJP data to complement existing official data (such as from the JVWS) and improve the measurement of labour demand.
[4:55 p.m.] Bryan Oates
OJPs are becoming a critical resource for policy-makers and researchers who study the labour market. LMIC continues to work with Vicinity Jobs’ data on OJPs, which can be explored in our Canadian Job Trends Dashboard. Valuable insights have been gained through our analysis of OJP data, including LMIC research lead
Suzanne Spiteri’s recent report on improving the quality and accessibility of job postings to reduce employment barriers for neurodivergent people.
Decoding job postings: Improving accessibility for neurodivergent job seekers
Improving the quality and accessibility of job postings is one way to reduce employment barriers for neurodivergent people.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
5 Tips for Creating Standard Financial ReportsEasyReports
Well-crafted financial reports serve as vital tools for decision-making and transparency within an organization. By following the undermentioned tips, you can create standardized financial reports that effectively communicate your company's financial health and performance to stakeholders.
How Does CRISIL Evaluate Lenders in India for Credit RatingsShaheen Kumar
CRISIL evaluates lenders in India by analyzing financial performance, loan portfolio quality, risk management practices, capital adequacy, market position, and adherence to regulatory requirements. This comprehensive assessment ensures a thorough evaluation of creditworthiness and financial strength. Each criterion is meticulously examined to provide credible and reliable ratings.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
2. 1
Economic Spotlight
23 AUGUST 2019
CMIE data on new investment projects shows that there has been a decline since
2014-15 when there were announcements of Rs 21.04 lkh cr, which came down
to Rs 11.30 lkh crore in FY19. The investment projects dropped had peaked also
in FY19 at Rs 20.67 lkh crore. So clearly there has been a challenge here.
A concern in the economy has been stagnation in the investment rate.
There are different metrics that can be used to gauge investment activity. At the
macro level, the gross fixed capital formation rate is a measure of how much of
GDP in a year has been accounted for by investment. This number has been rising
very gradually from 28.2% in FY17 to 28.6% and 29.2% in FY18 and FY19
respectively. However it had declined for 5 successive years following FY12 when
it was at 34.3%.
Investment in the corporate sector in Financial Year 2019
GDP growth (y-o-y %)
3. 2
The sum of GFA and capital work-inprogress adequately captures the quantum
of investment that is in fixed assets while the incremental amount would be
the new capital investment induced in a year.
In FY19 for a set of 1405 companies, incremental GFA (in the broader sense)
was Rs 4.84 lakh crore.
In absolute numbers the GFA (including capital work in progress) increased
from Rs 46.11 lkh crore in FY18 to Rs 50.95 lakh crore in FY19. The distribution
of this investment is significant
Almost 20% of investment was in the power sector followed by around 10%
each in iron and steel, refineries and metals. Telecom came next with 7.8%
share.
Hence these five sectors accounted for 58% of total investment in the
corporate sector.
Therefore there has definitely been concentration in terms of the sectors that
have been investing as this has not been widely distributed indicating that
investment has been taking place albeit in certain specific areas
Here are the key highlights :
Economic Spotlight
23 AUGUST 2019
4. 3
The frequency distribution of the 70 industries has been presented based
on the overall level of capital investment made in FY19 (Table 2). As can
be seen: -
• There were 12 industries which had invested more than Rs 10,000 cr
each while another 9 had between Rs 5000- 10000 cr.
• 16 industries had investments of between Rs 1000-5000 cr and the
rest were less than this threshold.
• Hence 37 of the 70 industries registered capital investment of above
Rs 1000 cr.
Economic Spotlight
23 AUGUST 2019
5. 4
Concluding remarks
In FY19 for a sample of 1405 companies GFA had increased by 10.5%; and in
quantitative terms was Rs 4.85 lkh crore. An examination of this increase of Rs
4.84 lkh crore reveals that 4 industries, power, steel, metals and refineries
accounted for about half of the total investment. A drilldown to company level
further extenuates this concentration level with top ten companies accounting
for over a half of total investment.
Quite clearly in FY19 investment was not broad based. A reason for this is that
there is surplus capacity in most industries (even though RBI data shows that
capacity utilization has improved in FY19 from 73.8% in Q1 to 76.1% in Q4) and
with demand being less buoyant there has been less incentive for companies to
go in for expansion.
The pace of investment would depend on how soon all these factors come
together and a healthy rural economy can be the starting point for consumption
demand that will feed back to investment. Private sector investment in infra is
required which normally tends to trail government expenditure. FY20 may not
see any major upward shift given the fairly low GDP growth witnessed in Q1-
FY20. The government’s policies in terms of improving the doing business
environment has been a big positive for industry which includes focus on FDI,
development of corporate bond market, stimulus to auto sector, reorganization
of banks etc. These prerequisites would greatly assist private investment once
the overall demand conditions improve.
Economic Spotlight
23 AUGUST 2019
6. 9
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Economic Spotlight