This reports gives reader an overview of India steel industry. It will explain India position from world prospective, its working and dominant players.
Based on our scuttlebutt and feedback from industry sources and ground views of experts regarding the current state of affairs in India due to Coronavirus lockdown, We shall now present our thoughts on investment strategy for post lock down period.
This report provides an overview of India hospitality industry- its characteristics, performance of industry, various classification of travelers, Porters Five Force Analysis, etc.
The current crisis is unprecedented in the sense that it has seriously impacted the liquidity, solvency and viability of a large number of businesses, all at the same time. The only way out of this crisis is to inflate a colossal bubble in asset prices, which is equally unprecedented. A global bubble will inflate in healthcare sector. far bigger and durable than the dotcom and subprime bubbles, as it deals with human lives directly. The politicians, bankers, investors, policy makers, administrators, businessmen, consumers et. al. who have spent weeks locked down in their houses fearing for their lives while watching the death statistics on media, would readily accept the need for much higher investment and spending on healthcare. In that sense, this bubble will be far more tangible, believable, acceptable and inflatable.
Cover Story Is the irony of raising FDI limit
Outlook Coal
Stats Restructuring profile of PSU Banks
Emerging Country Hungary
In Focus E-Commerce Industry in India
India is the world's fourth agricultural power in the world.
Agriculture contributes to about 20% of the GNP and employs close to two- thirds of the active population in India.
The main agricultural products are: wheat, millet, rice, corn, sugar cane, tea, potatoes and cotton.
India is also the second producer of cattle, third producer of sheep and fourth in fishing production.
Coal is the country's main energy source
(India is the third largest world producer of coal).
This reports gives reader an overview of India steel industry. It will explain India position from world prospective, its working and dominant players.
Based on our scuttlebutt and feedback from industry sources and ground views of experts regarding the current state of affairs in India due to Coronavirus lockdown, We shall now present our thoughts on investment strategy for post lock down period.
This report provides an overview of India hospitality industry- its characteristics, performance of industry, various classification of travelers, Porters Five Force Analysis, etc.
The current crisis is unprecedented in the sense that it has seriously impacted the liquidity, solvency and viability of a large number of businesses, all at the same time. The only way out of this crisis is to inflate a colossal bubble in asset prices, which is equally unprecedented. A global bubble will inflate in healthcare sector. far bigger and durable than the dotcom and subprime bubbles, as it deals with human lives directly. The politicians, bankers, investors, policy makers, administrators, businessmen, consumers et. al. who have spent weeks locked down in their houses fearing for their lives while watching the death statistics on media, would readily accept the need for much higher investment and spending on healthcare. In that sense, this bubble will be far more tangible, believable, acceptable and inflatable.
Cover Story Is the irony of raising FDI limit
Outlook Coal
Stats Restructuring profile of PSU Banks
Emerging Country Hungary
In Focus E-Commerce Industry in India
India is the world's fourth agricultural power in the world.
Agriculture contributes to about 20% of the GNP and employs close to two- thirds of the active population in India.
The main agricultural products are: wheat, millet, rice, corn, sugar cane, tea, potatoes and cotton.
India is also the second producer of cattle, third producer of sheep and fourth in fishing production.
Coal is the country's main energy source
(India is the third largest world producer of coal).
It is a presentation of Bangladesh Studies,so here you will learn about how to growth up Bangladesh Economics from 1971.
Hopefully you will like this.
Thank you.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Equity Outlook: Long-term view on equity remains positive, however the medium-term view has turned cautious due to valuations moving higher.
Fixed Income: In the current phase, a more nimble and active duration management strategy is recommended
Our „VCTS‟ framework is currently indicating that, Valuations - are reasonable for long term investments, Cycle – Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development and Sentiments – around equity as an asset class is negative due to muted past returns and relatively low FPI flows. We recommend that it is a good time to accumulate equities and stay invested for long term across market cycles.
The CPD IRBD 2019 Team would like to register its gratitude to Professor Rehman Sobhan, Chairman, CPD for his advice and guidance in preparing this report.
The Team gratefully acknowledges the valuable support provided by Ms Anisatul Fatema Yousuf, Director, Dialogue and Communication Division, CPD and her team in preparing this report. Contribution of the CPD Administration and Finance Division is also highly appreciated. Assistance of A H M Ashrafuzzaman, Deputy Director IT; Mr Hamidul Hoque Mondal, Senior Administrative Associate; Ms Tahsin Sadia, Executive Associate; Ms Nafisa Yasmin, Executive Associate are particularly appreciated.
Concerned officials belonging to a number of institutions have extended valuable support to the CPD IRBD Team members. In this connection, the Team would like to register its sincere thanks to Bangladesh Bank (BB), Bangladesh Bureau of Statistics (BBS), Bangladesh Investment Development Authority (BIDA), Dhaka Stock Exchange (DSE), Export Promotion Bureau (EPB), Ministry of Finance (MoF), National Board of Revenue (NBR), and Planning Commission.
The CPD IRBD 2019 Team alone remains responsible for the analyses, interpretations and conclusions presented in this report.
More Details of the event: https://bit.ly/2MIcu0L
ANALYSIS OF ALL SECTORS OF INDIAN ECONOMY.
An analysis of the consumer retail sector (including food and beverage, apparel and footwear, beauty), automotive, travel, and hospitality services.
Impact of COVID 19 on different sectors of the Indian economy Tanmay Trivedi
COVID 19 has impacted almost every aspect of our lives. In this presentation, I try to take a look at some of the sectors that have been deeply impacted by the pandemic.
ICICI Pru MF - Annual Market Outlook 2020iciciprumf
Why Divergence as the theme?
Several polarizing trends have been observed on the Global as well as Domestic front
Divergence is observed in Markets and Economy, Value and Growth theme, Yields on G-Sec and AAA over AA/A, etc
The outlook aims to highlight such divergent trends and ways to navigate the same
Brief on our Equity Outlook
Union Budget, real estate debt de-leveraging and credit growth pick-up key triggers for the markets in 2020
Stark divergence between Value and Growth themes makes Value and Special Situations themes attractive
Asset Allocation schemes may be considered to address near term volatility
Recommend Small and Multicap schemes due to reasonable valuations
Recommend adding equities in a staggered manner through SIP/STP
Our Recommendations
To benefit from Value Vs. Growth divergence - ICICI Prudential Value Discovery Fund
To benefit from Special Situations Theme - ICICI Prudential India Opportunities Fund
To benefit from reasonable valuations - ICICI Prudential Smallcap Fund
To benefit from Volatility - ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund
For Long Term Wealth Creation - SIP/STP in ICICI Prudential Multicap Fund and ICICI Prudential Smallcap Fund
Brief on our Debt Outlook
Continue to remain positive on accrual space/spread assets
Recommend combination of short term assets and long term assets with a portfolio maturity range of 2-5 years
Extreme short end (less than 3 months), due to ample liquidity may give lower real returns
Fiscal concerns and inflation in the first half may keep longer end volatile. Hence, use the longer end of the yield curve for trading strategy
Our Recommendations
To earn higher accrual - ICICI Prudential Credit Risk Fund and ICICI Prudential Medium Term Bond Fund
Short/Medium Duration Scheme - ICICI Prudential Banking and PSU Debt Fund and ICICI Prudential Short Term Fund
To benefit from Volatility - ICICI Prudential All Seasons Bond Fund
Short Term Solution - ICICI Prudential Ultra Short Term Fund and ICICI Prudential Floating Interest Fund
It is a presentation of Bangladesh Studies,so here you will learn about how to growth up Bangladesh Economics from 1971.
Hopefully you will like this.
Thank you.
Wealth creation the invisible hand supported by the hand of trustDVSResearchFoundatio
OBJECTIVE
National Economic Survey (NES) is the flagship annual document of the Ministry of Finance of the Government of India. It reviews the developments in the Indian economy over the past financial year, summarizes the performance on major development programs, and highlights initiatives of the government and the prospects of the economy in the short to medium term.
Equity Outlook: Long-term view on equity remains positive, however the medium-term view has turned cautious due to valuations moving higher.
Fixed Income: In the current phase, a more nimble and active duration management strategy is recommended
Our „VCTS‟ framework is currently indicating that, Valuations - are reasonable for long term investments, Cycle – Business Cycle has bottomed out, Trigger would be the trajectory of COVID-19 growth curve and vaccine development and Sentiments – around equity as an asset class is negative due to muted past returns and relatively low FPI flows. We recommend that it is a good time to accumulate equities and stay invested for long term across market cycles.
The CPD IRBD 2019 Team would like to register its gratitude to Professor Rehman Sobhan, Chairman, CPD for his advice and guidance in preparing this report.
The Team gratefully acknowledges the valuable support provided by Ms Anisatul Fatema Yousuf, Director, Dialogue and Communication Division, CPD and her team in preparing this report. Contribution of the CPD Administration and Finance Division is also highly appreciated. Assistance of A H M Ashrafuzzaman, Deputy Director IT; Mr Hamidul Hoque Mondal, Senior Administrative Associate; Ms Tahsin Sadia, Executive Associate; Ms Nafisa Yasmin, Executive Associate are particularly appreciated.
Concerned officials belonging to a number of institutions have extended valuable support to the CPD IRBD Team members. In this connection, the Team would like to register its sincere thanks to Bangladesh Bank (BB), Bangladesh Bureau of Statistics (BBS), Bangladesh Investment Development Authority (BIDA), Dhaka Stock Exchange (DSE), Export Promotion Bureau (EPB), Ministry of Finance (MoF), National Board of Revenue (NBR), and Planning Commission.
The CPD IRBD 2019 Team alone remains responsible for the analyses, interpretations and conclusions presented in this report.
More Details of the event: https://bit.ly/2MIcu0L
ANALYSIS OF ALL SECTORS OF INDIAN ECONOMY.
An analysis of the consumer retail sector (including food and beverage, apparel and footwear, beauty), automotive, travel, and hospitality services.
Impact of COVID 19 on different sectors of the Indian economy Tanmay Trivedi
COVID 19 has impacted almost every aspect of our lives. In this presentation, I try to take a look at some of the sectors that have been deeply impacted by the pandemic.
ICICI Pru MF - Annual Market Outlook 2020iciciprumf
Why Divergence as the theme?
Several polarizing trends have been observed on the Global as well as Domestic front
Divergence is observed in Markets and Economy, Value and Growth theme, Yields on G-Sec and AAA over AA/A, etc
The outlook aims to highlight such divergent trends and ways to navigate the same
Brief on our Equity Outlook
Union Budget, real estate debt de-leveraging and credit growth pick-up key triggers for the markets in 2020
Stark divergence between Value and Growth themes makes Value and Special Situations themes attractive
Asset Allocation schemes may be considered to address near term volatility
Recommend Small and Multicap schemes due to reasonable valuations
Recommend adding equities in a staggered manner through SIP/STP
Our Recommendations
To benefit from Value Vs. Growth divergence - ICICI Prudential Value Discovery Fund
To benefit from Special Situations Theme - ICICI Prudential India Opportunities Fund
To benefit from reasonable valuations - ICICI Prudential Smallcap Fund
To benefit from Volatility - ICICI Prudential Balanced Advantage Fund and ICICI Prudential Asset Allocator Fund
For Long Term Wealth Creation - SIP/STP in ICICI Prudential Multicap Fund and ICICI Prudential Smallcap Fund
Brief on our Debt Outlook
Continue to remain positive on accrual space/spread assets
Recommend combination of short term assets and long term assets with a portfolio maturity range of 2-5 years
Extreme short end (less than 3 months), due to ample liquidity may give lower real returns
Fiscal concerns and inflation in the first half may keep longer end volatile. Hence, use the longer end of the yield curve for trading strategy
Our Recommendations
To earn higher accrual - ICICI Prudential Credit Risk Fund and ICICI Prudential Medium Term Bond Fund
Short/Medium Duration Scheme - ICICI Prudential Banking and PSU Debt Fund and ICICI Prudential Short Term Fund
To benefit from Volatility - ICICI Prudential All Seasons Bond Fund
Short Term Solution - ICICI Prudential Ultra Short Term Fund and ICICI Prudential Floating Interest Fund
1. Global activity easing
2. Slowdown most apparent in euro area
3. China transitioning to slower growth, service economy
4. Central banks pulling back from tightening
5. UK growth dependent on Brexit: exit deal could see GDP growth > 1.0% this year, no deal growth could be < 0.5%
6. Risks to global growth tilting to downside
Government’s release of Rs 86.55 billion to certain
banks for preferential allotment of shares, hopes of more reform
measures by the government in the upcoming Budget, and
sustained inflows from the foreign institutional investors (FIIs)
augured well for the local indices.
Read the full document to know more.
FY18 started on a very optimistic note for Indian financial markets. BJP had just scored a massive electoral victory in UP. This was widely assumed to mean that people and economy have moved on leaving the scar of Demonetization behind. The market participants were full of hope anticipating GST to be panacea for many economic ailments. The proposed New bankruptcy law, that was about to be passed by Lok Sabha, promised speedy resolution of NPAs. Analysts were very optimistic about earnings finally growing, after staying mostly flat for two preceding years.
The financial year has however ended on a rather cautious note with below par returns and considerably moderated expectations forFY19.
The popular commentary suggests that the participants are worried about a variety of factor. Some prominent of these factors could be listed as follows:
Indian equities ended a very volatile month of February down 1.1% from the previous month on account of the Interim Budget, a preemptive military strike by India, slow recovery in earnings growth over the last two quarters, buzz around general elections, and receding tensions between US and China.
Read the full document to know more.
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
Index Performance: Indian equity indices S&P BSE Sensex and Nifty 50 tanked 23% each in March 2020 due to worries about the rapid spread of Covid19 in the country and the government’s lockdown decision. The benchmark
indices also logged their biggest one-day fall on March 23 and hit their lower circuits twice in the month, triggering trading halts for 45 minutes.
Inflation: Retail inflation, based on Consumer Price Index (CPI), fell to 6.58% in February 2020 from a 68-month high of 7.59% in January, because of a decline in food prices and the base effect.
Stepping into 2024 with resilience and foresight!
New year has begun with a Paradigm Shift in trends of global and domestic macros.
While the global economies remain fragile, the Indian economy emerges as robust, defying the label of a fragile economy.
Explore the 2024 Outlook for insights on this Paradigm Shift!
#ICICIPrudentialMutualFund #MutualFunds #Investments #NewYear #2024
This presentation provides a overview of:
(a) What is scuttlebutt and how to do it?
(b) Sources to learn scuttlebutt
(c) How to form investment strategy using scuttlebutt?
Turin Startup Ecosystem 2024 - Ricerca sulle Startup e il Sistema dell'Innov...Quotidiano Piemontese
Turin Startup Ecosystem 2024
Una ricerca de il Club degli Investitori, in collaborazione con ToTeM Torino Tech Map e con il supporto della ESCP Business School e di Growth Capital
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.
Introduction to Indian Financial System ()Avanish Goel
The financial system of a country is an important tool for economic development of the country, as it helps in creation of wealth by linking savings with investments.
It facilitates the flow of funds form the households (savers) to business firms (investors) to aid in wealth creation and development of both the parties
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
how to sell pi coins in South Korea profitably.DOT TECH
Yes. You can sell your pi network coins in South Korea or any other country, by finding a verified pi merchant
What is a verified pi merchant?
Since pi network is not launched yet on any exchange, the only way you can sell pi coins is by selling to a verified pi merchant, and this is because pi network is not launched yet on any exchange and no pre-sale or ico offerings Is done on pi.
Since there is no pre-sale, the only way exchanges can get pi is by buying from miners. So a pi merchant facilitates these transactions by acting as a bridge for both transactions.
How can i find a pi vendor/merchant?
Well for those who haven't traded with a pi merchant or who don't already have one. I will leave the telegram id of my personal pi merchant who i trade pi with.
Tele gram: @Pi_vendor_247
#pi #sell #nigeria #pinetwork #picoins #sellpi #Nigerian #tradepi #pinetworkcoins #sellmypi
how to sell pi coins effectively (from 50 - 100k pi)DOT TECH
Anywhere in the world, including Africa, America, and Europe, you can sell Pi Network Coins online and receive cash through online payment options.
Pi has not yet been launched on any exchange because we are currently using the confined Mainnet. The planned launch date for Pi is June 28, 2026.
Reselling to investors who want to hold until the mainnet launch in 2026 is currently the sole way to sell.
Consequently, right now. All you need to do is select the right pi network provider.
Who is a pi merchant?
An individual who buys coins from miners on the pi network and resells them to investors hoping to hang onto them until the mainnet is launched is known as a pi merchant.
debuts.
I'll provide you the Telegram username
@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 can I sell my pi coins for cash in a pi APPDOT TECH
You can't sell your pi coins in the pi network app. because it is not listed yet on any exchange.
The only way you can sell is by trading your pi coins with an investor (a person looking forward to hold massive amounts of pi coins before mainnet launch) .
You don't need to meet the investor directly all the trades are done with a pi vendor/merchant (a person that buys the pi coins from miners and resell it to investors)
I Will leave The telegram contact of my personal pi vendor, if you are finding a legitimate one.
@Pi_vendor_247
#pi network
#pi coins
#money
USDA Loans in California: A Comprehensive Overview.pptxmarketing367770
USDA Loans in California: A Comprehensive Overview
If you're dreaming of owning a home in California's rural or suburban areas, a USDA loan might be the perfect solution. The U.S. Department of Agriculture (USDA) offers these loans to help low-to-moderate-income individuals and families achieve homeownership.
Key Features of USDA Loans:
Zero Down Payment: USDA loans require no down payment, making homeownership more accessible.
Competitive Interest Rates: These loans often come with lower interest rates compared to conventional loans.
Flexible Credit Requirements: USDA loans have more lenient credit score requirements, helping those with less-than-perfect credit.
Guaranteed Loan Program: The USDA guarantees a portion of the loan, reducing risk for lenders and expanding borrowing options.
Eligibility Criteria:
Location: The property must be located in a USDA-designated rural or suburban area. Many areas in California qualify.
Income Limits: Applicants must meet income guidelines, which vary by region and household size.
Primary Residence: The home must be used as the borrower's primary residence.
Application Process:
Find a USDA-Approved Lender: Not all lenders offer USDA loans, so it's essential to choose one approved by the USDA.
Pre-Qualification: Determine your eligibility and the amount you can borrow.
Property Search: Look for properties in eligible rural or suburban areas.
Loan Application: Submit your application, including financial and personal information.
Processing and Approval: The lender and USDA will review your application. If approved, you can proceed to closing.
USDA loans are an excellent option for those looking to buy a home in California's rural and suburban areas. With no down payment and flexible requirements, these loans make homeownership more attainable for many families. Explore your eligibility today and take the first step toward owning your dream home.
when will pi network coin be available on crypto exchange.DOT TECH
There is no set date for when Pi coins will enter the market.
However, the developers are working hard to get them released as soon as possible.
Once they are available, users will be able to exchange other cryptocurrencies for Pi coins on designated exchanges.
But for now the only way to sell your pi coins is through verified pi vendor.
Here is the telegram contact of my personal pi vendor
@Pi_vendor_247
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
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.
what is the best method to sell pi coins in 2024DOT TECH
The best way to sell your pi coins safely is trading with an exchange..but since pi is not launched in any exchange, and second option is through a VERIFIED pi merchant.
Who is a pi merchant?
A pi merchant is someone who buys pi coins from miners and pioneers and resell them to Investors looking forward to hold massive amounts before mainnet launch in 2026.
I will leave the telegram contact of my personal pi merchant to trade pi coins with.
@Pi_vendor_247
2. Global Events H12020
1. The WHO declared COVID-19 outbreak as a pandemic. Over eight millions people across the
world are infected. Many countries enforced partial to total lockdown of all economic activities
resulting in one of the deepest recession the global economy has faced in past 100 years. The
global economy is expected to contract by 4-6% in 2020.
2. The central Bankers across the world announce massive monetary easing to mitigate the
economic impact of the pandemic and engineer an economic revival.
3. Over one million protestors took part in the New Year march in Hong Kong. This was perhaps
the largest public protest against the Chinese authority, and prompted the Chinese regime to
implement new security laws in Hong Kong, virtually ending its autonomy from the mainland
China. Later UK Prime Minister said that they will amend UK citizenship laws to permit
citizenship.
4. Death of George Flyod, leads to one of the largest public protest and riots in US since Martin
Luthar King (Jr) led civil rights movement. The protests were organized across the world in
against the racist bias in US & police brutality and in solidarity with the ethnic Indian American
community.
5. The United Kingdom and Gibraltar formally withdrew from the European Union culminating the
process which started with a referendum in June 2016.
2
3. Global Events Cont..
6. A US drone strike at Baghdad International Airport killed a senior Iranian general and Iraqi
paramilitary leader. In apparent retaliation Iran launched ballistic missiles at two Iraqi military
bases hosting American soldiers, injuring many personnel. A misdirected missile shot by
Iranian forces, struck a Ukrainian civilian aircraft, killing all 176 people on board. Iran also
deployed its first military satellite in the space.
7. After a long standoff in Doklam in 2017 (in which no casualties were reported), another
serious engagement took place between Indian and Chinese forces on LAC in Ladakh. Many
casualties and serious injuries have been reported from both the sides. This has brought the
Sino-Indian relationship to a new low since 1975, and threatens to change the geo-politics
and economics of the South Asian region forever.
8. The disagreement surface in the oil cartel (OPEC+Russia) leading to massive crash in global
crude prices. The WTI Crude oil future settle at minus $37.63 in April expiry as the buyers
failed to take delivery due to shortage of storage space.
9. The Saudi Arab led coalition declares unilateral ceasefire in military action against forces
Houthi forces in Yemen to end the five year old war.
3
4. Key message
1. Lock down restriction may be fully lifted before 30 September 2020 and normalcy may
return in businesses and logistics by 31 December 2020.
2. Interest rates may remain lower for longer.
3. Chemical manufacturing in India may see great impetus as global supply chain looks to
shift from China.
4. Poverty shall rise and so shall the efforts to alleviate it, bringing greater focus on food
production and availability.
5. India will be able to become part of some meaningful trade blocks that may emerge post
lockdown
4
5. Strategy
Equity investment strategy : After completing the midyear review of the markets, economy, corporate
performance, our portfolio performance, and extant investment strategy, we are quite satisfied with our
investment strategy and no need to make any changes. We may share the main features of our current
investment strategy as follows:
Continue to focus on a mix of large and mid cap stocks, with decent liquidity, solvency ratios and
operating leverage.
a) Overweight on healthcare services and IT services sectors with 35-40% allocation to these two
sectors.
Be mindful of the possibility that India may actually just participate in the global trend and not
much may be achieved on the ground in the areas of healthcare services. So buying
established businesses at reasonable valuation would be a key consideration.
(b) Underweight financial services and discretionary consumption.
(c) Add agri inputs and speciality chemicals.
Asset Allocation
5
Investment Goals and Strategy for next 12 months
Asset Class Stance Present allocation Standard Allocation Target return
Growth - Equity OW 70% 60% 12% to 13%
Income - Debt EW 25% 30% 5% to 5.5%
Safety - Cash UW 5% 10% 3.50%
Overall 100% 100% 9% to 10%
6. Mid Year Review
The last six months have been one of the most volatile periods for financial markets in many
decades. The prices of stocks, commodities, and bonds have swung wildly in these six months.
The stock market resilience has surprised most market participants; while gold has also given
decent return.
Greed begins to overwhelm fears
Despite a spate of terrible economic, political and geopolitical events, the greed has started to
overwhelm the fears since the market made a panic bottom in March 2020. The midcap stocks
have outperformed the benchmark indices, and the small caps have also started to catch up
recently.
1. The benchmark Nifty is negative ~15% YTD (22 June 2020), whereas Midcap are down (-
13%). Small cap index is down by 20%.
2. Overall market breadth has turned marginally positive for the YTD.
3. Foreign investors turned big sellers again after remaining net buyers in 2019. Domestic
mutual funds bought more than the FPI selling. Net institutional flows have been thus
positive YTD. However, in recent funds the net new flows into the equity mutual funds have
slowed down.
4. Pharma is the only sector that has returned positive yield YTD. Other defensive sectors like
consumers, FMCG and IT have also outperformed the benchmark indices.
6
7. Review Cont..
Global equities recovered but still yielding negative return; India average performer
Many developed markets staged a sharp recovery after March meltdown and recovered most of
the losses. Developing markets have though struggled. India with -14% YTD return has been
an average performer.
Despite all ominous news flow, China and Korea have been the best performing markets
amongst the leading global markets.
Bonds rally as rates are lowered
Interest rates have trended down almost everywhere, leading to a smart rally in bonds. US
benchmark yields have crashed from close to 2% in the beginning of year to about 0.7%. Indian
benchmark yields also corrected to the lowest since 2009.
Gold and Bitcoin record smart recovery
Amidst the global uncertanties and rising risk, gold emerged as a safe heaven. The gold prices
in USD terms have gained over 16% YTD to the highest level since 2009.
The cryptocurrency Bitcoin has gained 33% YTD, as the debate over continuation of USD as
the only reserve currency for global trade intensified post Sino-US trade war.
USD Index weakens marginally, but INR weakens materially vs USD
A dovish Fed led to a marginally weaker USD, even though trade balance showed some
improvement. However, despite significant CAD improvement, INR weakened materially
against USD.
7
8. Review Cont..
Crude oil recovers from unusual fall, but still materially lower YTD
WTI crude oil future witnessed heightened volatility in April, and crashed to negative
territory. However, the entire loss has been recouped. YTD, the global crude oil prices are
down by almost one third as the COVID-199 indiced lockdown has led to demand
collapse.
8
9. YTD2020 Indian Market Performance
9
-20% -15% -10% -5% 0% 5%
NSE QUALITY 30
NIFTY NEXT 50
NIFTY MIDCAP50
NIFTY MIDCAP100
NIFTY 500
NIFTY 200
NIFTY 100
NIFTY
NIFTY SMALL 100
YTD Performance 2020 (till 22 June 2020)
15. Economic Review
15
The global economy is witnessing its worst economic collapse since the great depression
of 1930. Unlike the 2008-09 meltdown, this time the Indian economy is no exception to the
global trend and is witnessing the worst ever slowdown in the history of the post
independence period. In the past 40yrs, since FY80, when Indian economy declined by
5.2%, we have not seen any year of negative growth.
• Economic growth collapses, long term growth curve shift downward
• External vulnerability though less pronounced this time
• Fiscal condition worsens materially, monetary easing accelerates
• Wholesale prices enter negative territory in May 2020
• First synchronized global recession since 1930
37. SEBI Reg No: INP000005349
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