Most global indices ended July in positive territory, with technology performing better than other sectors. The S&P BSE Sensex returned 3.66% while mid and small caps underperformed. Inflation accelerated due to higher food prices and fuel cost adjustments, but the trade deficit declined 30% year-over-year in July. The document recommends lump sum investments in volatility funds and step investments in equity funds focusing on the discovery, bluechip, top 100, US bluechip, and infrastructure sectors. It expresses a cautiously optimistic outlook for India given an excellent monsoon and expectations of gradual economic recovery.
Joe Azelby, Managing Director of J.P. Morgan Asset Management, discusses the benefits of diversifying institutional investor portfolios beyond traditional stocks and bonds into real assets. He notes that most investors currently have over 85% of their assets in stocks and bonds, but with low investment yields, a more diversified portfolio including real estate, infrastructure, and other real assets could provide higher yields than bonds and equities while offering lower volatility than stocks. Azelby advocates for building real asset portfolios around a core of developed market real estate and infrastructure, and complementing it with value-add real estate, yield-oriented assets like maritime, and global diversifiers such as emerging market real assets.
This document is for private circulation and information purposes only and should not be regarded as an investment, taxation or legal advice. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this publication and should under-stand that statements regarding future prospects may not be realized. In no circumstances it be used or considered as an offer to sale or a solicitation of any offer to buy or sell the securities mentioned in it. We and our affiliates, officers, directors and employees including persons involved in the preparation or issuance of this material may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) dis-cussed herein or act as an advisor or lender or borrower to such company or have other potential conflict of interest with respect to any recommendation and re-lated information and opinions. The information contained in this publication may have been taken from trade and statistical services and other sources, which we believe are reliable. We does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinion ex-pressed reflects judgments at this date and are subject to change without notice. Caution: Risk of loss in trading & investment can be substantial. You should carefully consider whether trading & investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
- Indian Oil Corporation (IOC) has signed an MoU with Nepal Oil Corporation (NOC) to build a 1.3 MMTPA oil pipeline between Raxaul in India and Amlekhgunj in Nepal at an estimated cost of Rs. 275 crore. This will ensure long term oil supply to Nepal from IOC and supply stability.
- Coal India has approved three new coal mining projects with a total capacity of 40 million tonnes requiring an investment of about Rs. 5,900 crore. These are expected to start production in a few years and will help Coal India achieve its target of 1 billion tonnes of annual output by 2020.
- The Dow Jones index in Wall Street rose 3
The US and Asian stock markets closed lower as investors awaited corporate earnings reports and details on Trump's economic policies. In India, the equity market is expected to open flat to positive tracking Asian indices. Two stocks, Torntpower and Crompton Greaves, are recommended as buy opportunities based on technical analysis showing breakouts and rising momentum. The document also provides a corporate action calendar and details of bulk deals by various investors.
What are realistic expectations for long-term capital market returns, and how are they forecast? Check out this month's Investment Insights for a historical look.
The INR has been trading in a narrow range of 75.05-76.15 over the previous month due to low economic activity and trading volumes during the lockdown. While Reliance Jio secured $11 billion in investments, GDP growth fell to 3.1% for the first quarter and may decline by 11.5% for the full year. The fate of the rupee depends on the USD and oil prices, with the USD expected to decline due to large US deficits and economic problems, while oil prices remain volatile. The RBI may allow the rupee to fall to the mid-to-low 74s before engineering a climb back to 76 as economic recovery increases trading volumes.
Pick of the Week (GIC HOUSING FINANCE LTD)choice broking
This document provides information on GIC Housing Finance Limited and recommends it as a "Buy". Some key points:
- GIC Housing Finance was incorporated in 1989 to provide housing loans in India. It is owned by major insurance and financial companies.
- Technically, the stock has broken out of a falling wedge pattern indicating a bullish continuation. Momentum indicators also show rising momentum.
- The analyst recommends buying the stock with a price target of Rs. 285 based on the technical analysis, with a stop loss of Rs. 215.
EPIC RESEARCH SINGAPORE - Daily SGX Singapore report of 16 December 2014Epic Research Singapore
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Singapore and SGX Exchange, You can get Daily Favorable Tips & future Strategy for SGX Stocks Market.
Joe Azelby, Managing Director of J.P. Morgan Asset Management, discusses the benefits of diversifying institutional investor portfolios beyond traditional stocks and bonds into real assets. He notes that most investors currently have over 85% of their assets in stocks and bonds, but with low investment yields, a more diversified portfolio including real estate, infrastructure, and other real assets could provide higher yields than bonds and equities while offering lower volatility than stocks. Azelby advocates for building real asset portfolios around a core of developed market real estate and infrastructure, and complementing it with value-add real estate, yield-oriented assets like maritime, and global diversifiers such as emerging market real assets.
This document is for private circulation and information purposes only and should not be regarded as an investment, taxation or legal advice. Investors should seek financial advice regarding the appropriateness of investing in any securities or investment strategies discussed or recommended in this publication and should under-stand that statements regarding future prospects may not be realized. In no circumstances it be used or considered as an offer to sale or a solicitation of any offer to buy or sell the securities mentioned in it. We and our affiliates, officers, directors and employees including persons involved in the preparation or issuance of this material may: (a) from time to time, have long or short positions in, and buy or sell the securities thereof, of company(ies) mentioned herein or (b) be engaged in any other transaction involving such securities and earn brokerage or other compensation or act as a market maker in the financial instruments of the company(ies) dis-cussed herein or act as an advisor or lender or borrower to such company or have other potential conflict of interest with respect to any recommendation and re-lated information and opinions. The information contained in this publication may have been taken from trade and statistical services and other sources, which we believe are reliable. We does not guarantee that such information is accurate or complete and it should not be relied upon as such. Any opinion ex-pressed reflects judgments at this date and are subject to change without notice. Caution: Risk of loss in trading & investment can be substantial. You should carefully consider whether trading & investment is appropriate for you in light of your experience, objectives, financial resources and other relevant circumstances.
- Indian Oil Corporation (IOC) has signed an MoU with Nepal Oil Corporation (NOC) to build a 1.3 MMTPA oil pipeline between Raxaul in India and Amlekhgunj in Nepal at an estimated cost of Rs. 275 crore. This will ensure long term oil supply to Nepal from IOC and supply stability.
- Coal India has approved three new coal mining projects with a total capacity of 40 million tonnes requiring an investment of about Rs. 5,900 crore. These are expected to start production in a few years and will help Coal India achieve its target of 1 billion tonnes of annual output by 2020.
- The Dow Jones index in Wall Street rose 3
The US and Asian stock markets closed lower as investors awaited corporate earnings reports and details on Trump's economic policies. In India, the equity market is expected to open flat to positive tracking Asian indices. Two stocks, Torntpower and Crompton Greaves, are recommended as buy opportunities based on technical analysis showing breakouts and rising momentum. The document also provides a corporate action calendar and details of bulk deals by various investors.
What are realistic expectations for long-term capital market returns, and how are they forecast? Check out this month's Investment Insights for a historical look.
The INR has been trading in a narrow range of 75.05-76.15 over the previous month due to low economic activity and trading volumes during the lockdown. While Reliance Jio secured $11 billion in investments, GDP growth fell to 3.1% for the first quarter and may decline by 11.5% for the full year. The fate of the rupee depends on the USD and oil prices, with the USD expected to decline due to large US deficits and economic problems, while oil prices remain volatile. The RBI may allow the rupee to fall to the mid-to-low 74s before engineering a climb back to 76 as economic recovery increases trading volumes.
Pick of the Week (GIC HOUSING FINANCE LTD)choice broking
This document provides information on GIC Housing Finance Limited and recommends it as a "Buy". Some key points:
- GIC Housing Finance was incorporated in 1989 to provide housing loans in India. It is owned by major insurance and financial companies.
- Technically, the stock has broken out of a falling wedge pattern indicating a bullish continuation. Momentum indicators also show rising momentum.
- The analyst recommends buying the stock with a price target of Rs. 285 based on the technical analysis, with a stop loss of Rs. 215.
EPIC RESEARCH SINGAPORE - Daily SGX Singapore report of 16 December 2014Epic Research Singapore
Epic Research private limited have best technical research team, Our research team provide Daily report on SGX Singapore and SGX Exchange, You can get Daily Favorable Tips & future Strategy for SGX Stocks Market.
Commodity insight report lead & wheat 11.01.17Choice Equity
According to provisional data, global refined lead supply exceeded demand by 35kt from January to October 2016. World mine production decreased 7.8% due to lower output in Australia, China, and India. Refined lead output fell 1.1% globally, with increases in Australia, Kazakhstan, South Korea, and the US offsetting a sharp drop in China. Lead imports to China fell 22.4% in the first ten months of 2015. The LME lead price has broken out of its falling channel pattern and taken support at technical levels, suggesting a medium-term bullish trend.
Godrej Properties announced plans to develop a 370,000 square meter golf-centric township in Greater Noida. Technical analysis indicates Godrej Properties stock could be bought between Rs. 338-340, with a target price of Rs. 347. GMR Infrastructure was awarded two packages for the Eastern Dedicated Freight Corridor project worth 221 km. Technical analysis recommends buying GMR Infrastructure between Rs. 11.20-11.50, targeting Rs. 12.10. US stocks ended higher after comments from Janet Yellen eased rate hike fears, while Indian markets rallied to 7-month highs following the RBI policy statement indicating possible future rate cuts.
Weekly Market Notes for August 14, 2017Sarah Cuddy
Summary
Economy: Consumer Comfort Index jumps to 16-year high; inflation data shows CPI rising at 1.7% year-over-year; wholesale prices (PPI) declined in July
Fed Policy: Weak inflation data triggers decline in expectations the Fed will raise rate again in 2017
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Financials remain near top in relative strength - long-term bullish indicator for stocks
- The document provides an analysis of the macroeconomic situation in India, including the falling rupee, rising inflation, and other economic indicators. It expects the rupee to continue depreciating gradually and interest rates to remain high in the near future.
- It recommends defensive sectors like pharma and IT for equity investments given ongoing volatility. While markets may see further declines, the worst impacts have likely already occurred.
- News items cover domestic topics like inflation rising to 5.79% and measures to support the rupee, as well as international news on the EU, US, China, and commodity/currency prices.
- Kirkland Lake Gold is a Canadian gold mining company operating in Ontario, one of the safest mining jurisdictions. It operates the Macassa Mine Complex, one of the highest grade gold mines in the world.
- For Q3 2015, production was 39,722 ounces at a head grade of 0.44 ounces per ton. Year-to-date production was 116,600 ounces at a head grade of 0.43 ounces per ton, in line with guidance of 153,000-157,000 ounces for 2015.
- Cash costs per ounce for Q3 2015 decreased 30% from the previous year to $766, while all-in sustaining costs decreased 35% to $1,249, demonstrating
The document provides a morning market summary and analysis on March 9th, 2017. It discusses movements in global markets, with US markets dipping as energy stocks declined over 5% on rising inventories. Asian markets were mixed as China inflation data was released. The Indian market is expected to open lower tracking Asian indices. Two stocks, Aegischem and Marksans, are recommended as buy trades. The document also provides corporate actions, result calendar, and disclaimer.
- US and Asian stock markets pulled back on Monday due to concerns over Trump administration turmoil and geopolitical tensions with North Korea.
- Investors are also watching an expected interest rate hike by the US Federal Reserve next week.
- The document provides recommendations to "Buy" the stocks Suprajit and Kolte-Patil based on technical analysis showing positive momentum and trading above moving averages.
- It also includes a corporate action/results calendar and information on global markets, Indian markets, and various company-related news.
Scott Goldsmith: What Is a Sustainable Draw from the Permanent Fund?Brad Keithley
This document discusses proposals for sustainably drawing from Alaska's Permanent Fund to fund the state government budget. It analyzes drawing different percentages of the fund's total value each year while accounting for factors like population growth, inflation, expected oil revenue declines, and investment returns. The optimal draw rate depends on estimates of Alaska's total resource "endowment" including both financial assets and future expected oil revenues. Scenarios where 4-5% of the total endowment could be drawn annually for decades while sustaining the fund's principal are presented.
- Primero reported strong first quarter 2015 results, with revenue increasing 52% over Q1 2014 to $73.3 million and gold equivalent production up 54% to 61,073 ounces.
- Production is expected to increase up to 20% in 2015 through the expansion of San Dimas mill to 3,000 tpd and productivity improvements at both San Dimas and Black Fox mines.
- The company has a strong financial position with $133 million in liquidity and an attractive portfolio of assets in Mexico and Canada.
- ONGC is planning to seek government support for its $6 billion deep water project in the KG basin and is reworking its field development plan to cut costs and boost output as current oil prices have halved and may not make the project commercially feasible.
- Technical outlook suggests buying ONGC in the range of Rs. 245-247, targeting Rs. 252 with a stop loss of Rs. 242.50.
- Canara Bank has cut its base rate by 0.25% to 9.65% and reported a 40.65% fall in Q1 net profit but a 4.47% rise in total income.
- Technical outlook suggests buying Canara Bank in the range of Rs
Market Outlook 2019 - Our Annual Investment Viewiciciprumf
Here's what you will find in the document -
Global Markets in 2018
Indian Equity Market in 2018
Markets in 2018 – Some Unexpected Events
Equity Investment Outlook 2019 - Accumulation Phase
Triggers for 2019
Equity & Hybrid Scheme Recommendations for 2019
Fixed Income Outlook 2019
Fixed Income Scheme Recommendations for 2019
The document provides a summary of US, Asian, and Indian markets. It notes that declines in energy and financial stocks weighed on the S&P 500, while the Nasdaq reached a record high. In Asian markets, shares opened lower following declines in the Dow and a plunge in oil prices. It also provides short updates on various Indian companies and proposed partnerships. Technical analyses are given for two stocks, GSFC and ADANITRANS, recommending buy ranges and price targets.
Elevation Wealth Management - 2nd Quarter In ReviewBarry Mendelson
The document provides a quarterly market review for the second quarter of 2013. It summarizes key events that occurred during the quarter, including comments from Fed Reserve Chairman Bernanke about tapering bond purchases. It also reviews market returns for various asset classes, with US stocks outperforming and emerging markets underperforming. Diversified portfolio returns are shown for different stock-bond allocations. The risks of rising interest rates and the long-term underperformance of gold compared to stocks are also discussed.
MTS Webinars - Best 6 Months with Jeff Hirsch, Stock Traders AlmanacMrTopStep.com LLC
The document discusses seasonal stock market patterns and strategies. It notes that the best six months for stocks are November through April, while May through October tend to be weaker. It recommends strategies for positioning over the coming months, such as tightening stops, limiting new equity purchases, and shorting cyclical and materials stocks that tend to perform poorly in the summer months. The document provides analysis and evidence from historical data to support seasonal investing approaches.
The document provides an equity market update for December 2018. It summarizes macroeconomic indicators for India and other countries. Indian equity markets rose approximately 5% in November driven by strengthening of the rupee, positive corporate earnings, and hopes of a US-China trade deal. Most sectors gained in November except for IT and healthcare. The outlook expects continued market volatility given global uncertainties. It recommends investing in diversified equity funds through SIPs and asset allocation funds for new investors.
The Indian stock market saw its largest single-day gains in almost eight months on Thursday as investors took comfort from the rebound on Wall Street and gains in China's market. The BSE Sensex rose over 516 points, or 2.01%, while the NSE Nifty gained over 157 points, or 2.02%. Analysts warn continued volatility is possible due to global factors like the possibility of a US interest rate hike, but downside may be limited for India due to improving domestic fundamentals. Some analysts believe the worst is over for the Indian market, with future performance dependent on local earnings growth, RBI rate cuts, and economic reforms rather than global risk sentiment.
The document provides a market summary and analysis from an Indian stock brokerage firm. It summarizes that US stocks edged higher on positive outlook from UnitedHealth, while energy shares fell on lower oil prices. Asian markets opened positively after OPEC reached an oil production cut deal. The Indian market is expected to open flat tracking Asian indices. It provides technical analysis on two Indian stocks, recommending buying ranges and price targets.
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
Avant Garde Wealth Mgmt - Quarterly letter - 1409Gaurav Jalan
- India's market capitalization to GDP ratio has increased from 83% to 88% in the last 4 months and is close to one standard deviation above its historic average. Globally, market cap to GDP ratios range from 45-115% over the past 25 years.
- India's market cap to GDP ratio relative to the global ratio is currently at 1.05x, above its average of 0.6x. A decline in this relative ratio could lead to a significant decline in Indian equities.
- Inflation expectations globally have been declining and now sit at around 1.4%, diverging from the rise in stock market indices over the past year. Historically, rising stock markets have coincided with
The document provides an overview of the economic crisis that began in late 2007 and discusses recommendations for investors. It notes that the collapse of subprime lending and the housing bubble led to widespread credit problems and market declines. While the situation remains challenging, following principles like diversification and long-term perspective can help investors navigate volatile markets and find opportunities for future growth as the economy recovers.
This report discusses changes made to the international equity allocation strategy. It raises the allocation to emerging markets stocks, large-cap value stocks, and international real estate investment trusts (REITs). For emerging markets, volatility has declined and fund flows have stabilized, warranting a modest increase despite some remaining uncertainty. For REITs, moderate growth abroad and still-low interest rates are favorable, so the allocation is raised to neutral. While continuing to favor growth stocks, international value stocks now present some bargains, so that allocation is also raised. Overall this represents a slightly less defensive stance in light of signs of a milder global economic slowdown.
Commodity insight report lead & wheat 11.01.17Choice Equity
According to provisional data, global refined lead supply exceeded demand by 35kt from January to October 2016. World mine production decreased 7.8% due to lower output in Australia, China, and India. Refined lead output fell 1.1% globally, with increases in Australia, Kazakhstan, South Korea, and the US offsetting a sharp drop in China. Lead imports to China fell 22.4% in the first ten months of 2015. The LME lead price has broken out of its falling channel pattern and taken support at technical levels, suggesting a medium-term bullish trend.
Godrej Properties announced plans to develop a 370,000 square meter golf-centric township in Greater Noida. Technical analysis indicates Godrej Properties stock could be bought between Rs. 338-340, with a target price of Rs. 347. GMR Infrastructure was awarded two packages for the Eastern Dedicated Freight Corridor project worth 221 km. Technical analysis recommends buying GMR Infrastructure between Rs. 11.20-11.50, targeting Rs. 12.10. US stocks ended higher after comments from Janet Yellen eased rate hike fears, while Indian markets rallied to 7-month highs following the RBI policy statement indicating possible future rate cuts.
Weekly Market Notes for August 14, 2017Sarah Cuddy
Summary
Economy: Consumer Comfort Index jumps to 16-year high; inflation data shows CPI rising at 1.7% year-over-year; wholesale prices (PPI) declined in July
Fed Policy: Weak inflation data triggers decline in expectations the Fed will raise rate again in 2017
Sentiment: Indicators of investor psychology show optimism excessive
Strongest Sectors: Financials remain near top in relative strength - long-term bullish indicator for stocks
- The document provides an analysis of the macroeconomic situation in India, including the falling rupee, rising inflation, and other economic indicators. It expects the rupee to continue depreciating gradually and interest rates to remain high in the near future.
- It recommends defensive sectors like pharma and IT for equity investments given ongoing volatility. While markets may see further declines, the worst impacts have likely already occurred.
- News items cover domestic topics like inflation rising to 5.79% and measures to support the rupee, as well as international news on the EU, US, China, and commodity/currency prices.
- Kirkland Lake Gold is a Canadian gold mining company operating in Ontario, one of the safest mining jurisdictions. It operates the Macassa Mine Complex, one of the highest grade gold mines in the world.
- For Q3 2015, production was 39,722 ounces at a head grade of 0.44 ounces per ton. Year-to-date production was 116,600 ounces at a head grade of 0.43 ounces per ton, in line with guidance of 153,000-157,000 ounces for 2015.
- Cash costs per ounce for Q3 2015 decreased 30% from the previous year to $766, while all-in sustaining costs decreased 35% to $1,249, demonstrating
The document provides a morning market summary and analysis on March 9th, 2017. It discusses movements in global markets, with US markets dipping as energy stocks declined over 5% on rising inventories. Asian markets were mixed as China inflation data was released. The Indian market is expected to open lower tracking Asian indices. Two stocks, Aegischem and Marksans, are recommended as buy trades. The document also provides corporate actions, result calendar, and disclaimer.
- US and Asian stock markets pulled back on Monday due to concerns over Trump administration turmoil and geopolitical tensions with North Korea.
- Investors are also watching an expected interest rate hike by the US Federal Reserve next week.
- The document provides recommendations to "Buy" the stocks Suprajit and Kolte-Patil based on technical analysis showing positive momentum and trading above moving averages.
- It also includes a corporate action/results calendar and information on global markets, Indian markets, and various company-related news.
Scott Goldsmith: What Is a Sustainable Draw from the Permanent Fund?Brad Keithley
This document discusses proposals for sustainably drawing from Alaska's Permanent Fund to fund the state government budget. It analyzes drawing different percentages of the fund's total value each year while accounting for factors like population growth, inflation, expected oil revenue declines, and investment returns. The optimal draw rate depends on estimates of Alaska's total resource "endowment" including both financial assets and future expected oil revenues. Scenarios where 4-5% of the total endowment could be drawn annually for decades while sustaining the fund's principal are presented.
- Primero reported strong first quarter 2015 results, with revenue increasing 52% over Q1 2014 to $73.3 million and gold equivalent production up 54% to 61,073 ounces.
- Production is expected to increase up to 20% in 2015 through the expansion of San Dimas mill to 3,000 tpd and productivity improvements at both San Dimas and Black Fox mines.
- The company has a strong financial position with $133 million in liquidity and an attractive portfolio of assets in Mexico and Canada.
- ONGC is planning to seek government support for its $6 billion deep water project in the KG basin and is reworking its field development plan to cut costs and boost output as current oil prices have halved and may not make the project commercially feasible.
- Technical outlook suggests buying ONGC in the range of Rs. 245-247, targeting Rs. 252 with a stop loss of Rs. 242.50.
- Canara Bank has cut its base rate by 0.25% to 9.65% and reported a 40.65% fall in Q1 net profit but a 4.47% rise in total income.
- Technical outlook suggests buying Canara Bank in the range of Rs
Market Outlook 2019 - Our Annual Investment Viewiciciprumf
Here's what you will find in the document -
Global Markets in 2018
Indian Equity Market in 2018
Markets in 2018 – Some Unexpected Events
Equity Investment Outlook 2019 - Accumulation Phase
Triggers for 2019
Equity & Hybrid Scheme Recommendations for 2019
Fixed Income Outlook 2019
Fixed Income Scheme Recommendations for 2019
The document provides a summary of US, Asian, and Indian markets. It notes that declines in energy and financial stocks weighed on the S&P 500, while the Nasdaq reached a record high. In Asian markets, shares opened lower following declines in the Dow and a plunge in oil prices. It also provides short updates on various Indian companies and proposed partnerships. Technical analyses are given for two stocks, GSFC and ADANITRANS, recommending buy ranges and price targets.
Elevation Wealth Management - 2nd Quarter In ReviewBarry Mendelson
The document provides a quarterly market review for the second quarter of 2013. It summarizes key events that occurred during the quarter, including comments from Fed Reserve Chairman Bernanke about tapering bond purchases. It also reviews market returns for various asset classes, with US stocks outperforming and emerging markets underperforming. Diversified portfolio returns are shown for different stock-bond allocations. The risks of rising interest rates and the long-term underperformance of gold compared to stocks are also discussed.
MTS Webinars - Best 6 Months with Jeff Hirsch, Stock Traders AlmanacMrTopStep.com LLC
The document discusses seasonal stock market patterns and strategies. It notes that the best six months for stocks are November through April, while May through October tend to be weaker. It recommends strategies for positioning over the coming months, such as tightening stops, limiting new equity purchases, and shorting cyclical and materials stocks that tend to perform poorly in the summer months. The document provides analysis and evidence from historical data to support seasonal investing approaches.
The document provides an equity market update for December 2018. It summarizes macroeconomic indicators for India and other countries. Indian equity markets rose approximately 5% in November driven by strengthening of the rupee, positive corporate earnings, and hopes of a US-China trade deal. Most sectors gained in November except for IT and healthcare. The outlook expects continued market volatility given global uncertainties. It recommends investing in diversified equity funds through SIPs and asset allocation funds for new investors.
The Indian stock market saw its largest single-day gains in almost eight months on Thursday as investors took comfort from the rebound on Wall Street and gains in China's market. The BSE Sensex rose over 516 points, or 2.01%, while the NSE Nifty gained over 157 points, or 2.02%. Analysts warn continued volatility is possible due to global factors like the possibility of a US interest rate hike, but downside may be limited for India due to improving domestic fundamentals. Some analysts believe the worst is over for the Indian market, with future performance dependent on local earnings growth, RBI rate cuts, and economic reforms rather than global risk sentiment.
The document provides a market summary and analysis from an Indian stock brokerage firm. It summarizes that US stocks edged higher on positive outlook from UnitedHealth, while energy shares fell on lower oil prices. Asian markets opened positively after OPEC reached an oil production cut deal. The Indian market is expected to open flat tracking Asian indices. It provides technical analysis on two Indian stocks, recommending buying ranges and price targets.
Currently, valuations seem reasonable for long term investment, Business Cycle has bottomed out and relatively low FII flows have been recorded. Our framework suggests that it is time to accumulate equities and stay invested for long term.
Avant Garde Wealth Mgmt - Quarterly letter - 1409Gaurav Jalan
- India's market capitalization to GDP ratio has increased from 83% to 88% in the last 4 months and is close to one standard deviation above its historic average. Globally, market cap to GDP ratios range from 45-115% over the past 25 years.
- India's market cap to GDP ratio relative to the global ratio is currently at 1.05x, above its average of 0.6x. A decline in this relative ratio could lead to a significant decline in Indian equities.
- Inflation expectations globally have been declining and now sit at around 1.4%, diverging from the rise in stock market indices over the past year. Historically, rising stock markets have coincided with
The document provides an overview of the economic crisis that began in late 2007 and discusses recommendations for investors. It notes that the collapse of subprime lending and the housing bubble led to widespread credit problems and market declines. While the situation remains challenging, following principles like diversification and long-term perspective can help investors navigate volatile markets and find opportunities for future growth as the economy recovers.
This report discusses changes made to the international equity allocation strategy. It raises the allocation to emerging markets stocks, large-cap value stocks, and international real estate investment trusts (REITs). For emerging markets, volatility has declined and fund flows have stabilized, warranting a modest increase despite some remaining uncertainty. For REITs, moderate growth abroad and still-low interest rates are favorable, so the allocation is raised to neutral. While continuing to favor growth stocks, international value stocks now present some bargains, so that allocation is also raised. Overall this represents a slightly less defensive stance in light of signs of a milder global economic slowdown.
Right Horizons PMS India Asset Market Review 2013 Outlook 2014Vinayak Kanvinde
Like every year, we review how the Indian asset markets have performed in 2013 and provide a bird eye view of our expectation on asset performance in 2014.
Right horizons PMS - India Asset Market Review 2013 & outlook 2014Vinayak Kanvinde
The document provides an outlook on Indian asset markets in 2014 from Right Horizons PMS. It summarizes the performance of asset markets in 2013, argues that signs point to India potentially being in the early stages of a bull market. It also discusses factors that provide safety nets for the Indian economy and lays out the foundation for the next bull market. Right Horizons believes the turning point for fixed income and equity markets in India will come in the next few quarters.
Following several years of relatively benign capital market volatility, it appears wider swings may finally be upon us. January produced multiple moves up and down in excess of 3%. Market Perspectives explores the meaning behind the volatility and how we may seek to take advantage of it.
2013’s Top 10 Lessons for Investors from LPL Financial ResearchJP Marketing | NE
Each year that passes contains some wisdom for investors, but along with that wisdom can be some folly. 2013 was a year that bestowed an abundance of each on investors.
HIGHLIGHTS: The top 10 lessons of 2013 for investors need to be put into two categories: those that investors can take to heart as sound wisdom for the year to come, and those they should try to forget as they prepare for 2014.
The Indian markets had a flat December with a brief correction in the middle of the month. The letter outlines reasons for the fund manager's bullish long-term outlook on Indian markets, including a cyclical economic recovery aided by lower inflation and commodity prices. Several structural factors are also cited such as capital inflows due to low global growth, India embracing capitalism, and monetary reforms. The fund manager believes the market correction provides opportunities to accumulate quality stocks at attractive valuations. The letter concludes with investment quotes emphasizing valuation, patience, and focusing on companies with potential for outsized returns.
The resilient U.S. late-cycle expansion contributed to a stalling pattern in ...Kumaran637735
The resilient U.S. late-cycle expansion contributed to a stalling pattern in disinflationary trends, another Fed rate hike, and rising long-term Treasury-bond yields
The jobs recovery from the 2007 recession has been painfully slow. Over 4 years after employment peaked, only half the jobs lost have been recovered, unlike previous recessions where recovery took 2-3 years. Reasons for the slow recovery include financial crisis-related slowdowns, policy uncertainty, extended unemployment benefits, and euro crisis uncertainty. However, record corporate profits and cash levels could eventually spark new hiring if companies begin spending on growth.
The jobs recovery from the 2007 recession has been painfully slow compared to previous recessions. Over 4 years after employment peaked, only half the jobs lost have been recovered. Possible reasons for the slow recovery include financial crises typically resulting in slow recoveries, policy uncertainty in Washington, extended unemployment benefits, and eurozone crisis uncertainty dampening business demand. However, record corporate profits and cash levels could eventually provide a boost to hiring and the broader economy if companies begin spending more on new hires.
This document provides an outlook for the 4th quarter of 2013 from Deutsche Asset & Wealth Management's U.S. Chief Investment Strategist, Larry Adam. It discusses recent market performance and signals that key factors are aligning for an acceleration in U.S. economic growth in 2014, including a pickup in global growth boosting exports, increased business spending, and easing fiscal drag. While the economic recovery remains weak compared to past cycles, the risks in the near term relate more to confidence than structural issues, and the impact of recent government furloughs appears limited.
Our monthly publication “Market Perspectives” presents a synthetic view of all the asset classes we cover.
The report is composed of six sections covering Macro, Equities, FI & credit, FX, Commodities and Alternatives.
Each section is preceded by a summary of our views on the related asset class.
Most of our publications are available on our web site www.finlightresearch.com
Ride the Short Duration Wave - June 2019iciciprumf
Triggers to watch out for -
Current situation in the Fixed Income space
Our Outlook on what lies ahead
Segment of the yield curve, which stands to benefit
Read the full document to know more.
The document provides stock picks and investment rationales for several Indian companies for 2014. It recommends buying shares of Infosys Ltd, Glenmark Pharma Ltd, IDFC Ltd, Bajaj Auto Ltd, and Reliance Industries Ltd. The key reasons cited include expectations of improving global and domestic economic growth, new product launches, investments in research and development, and benefits from regulatory changes. Projected target share prices for the end of 2014 range from 11-47% above current market prices.
The document provides a preview of the Reserve Bank of India's upcoming monetary policy. It summarizes that:
1) The RBI is expected to continue its process of gradual monetary tightening to combat stubbornly high inflation.
2) Specifically, the RBI is expected to hike its repo and reverse repo rates by 25 basis points each to 6.25% and 5.25% respectively.
3) However, the RBI may delay hiking the cash reserve ratio (CRR) due to the current liquidity situation in the banking system.
ICICI Prudential Equity Savings Fund Series 1- Presentationiciciprumf
This product is suitable for investors seeking a long term wealth creation solution through a close-ended equity scheme that invests in stocks specified under the Rajiv Gandhi Equity Savings Scheme and aims to generate capital appreciation. It carries a high risk as per the product labeling.
Similar to ICICI Prudential Mutual Fund Monthly Market Outlook- August 23,2013 (20)
- Weighted average yields are provided for various Indian government securities (G-Secs) and treasury bills (T-Bills) with maturities from 1 to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), based on data from CRISIL Research.
- Yields have decreased over the past day, week and month for most securities, with the largest decreases seen in 10-30 year G-Secs and lower rated corporate bonds.
- The US 10-year Treasury yield has increased over the past day but remains up significantly compared to one year ago.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields decreased over the past day but increased from 1 month ago. The 10-year G-sec yield saw the largest month-over-month increase of 16 basis points.
- US 10-year Treasury yields increased 14 basis points in the past day but remain higher than 1 month ago.
Does your portfolio have a blend of reasonable stability and potential growth?
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- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year. It also includes commercial paper (CP) and certificate of deposit (CD) rates.
- Most yields declined over the past day, week and month except for shorter term T-bills and CPs. Rates remain lower than one year ago, except for the US 10-year yield which is higher by 45 basis points from a year ago.
- The source is CRISIL Research and performance shown may not indicate future yields.
The rising sun of 2024 brings new hope for global markets! This sun shines a little brighter on the Indian economy as it gets off the tag of a 'fragile economy' to emerge as a robust one. The world economy is headed towards a 'Paradigm Shift' with India leading the way.
Explore this shift further with our Annual Outlook Report 2024!
#ICICIPrudentialMutualFund #AnnualOutlook #ETF
- The document provides weighted average yields for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists current call money rates, repo rates set by the RBI, and yields on certificates of deposit (CDs), commercial paper (CP), and corporate bonds of different credit ratings and maturities.
- The source is CRISIL Research and all figures are in basis points, with most yields down from 1 day to 1 month ago but higher than the last day of the previous fiscal year.
This document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, as well as commercial paper (CP) and certificate of deposit (CD) rates. It shows small decreases in most short-term rates over the past day and larger decreases over the past month. Long-term government bond yields have increased slightly over the past day but remain lower than one month ago.
Equity Valuations Perspective | January 2024iciciprumf
Navigate Equity Markets better through our VCTS (Valuations, Cycle, Triggers and Sentiments) framework. The document below highlights the impact of various dynamic variables on the equity market across time periods. Read on to know more!”
#ICICIPrudentialMutualFund #Equity #Investments #MutualFunds
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
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from overnight to 30 years. It also lists commercial paper (CP) and certificate of deposit (CD) rates across tenors.
- Yield rates decreased slightly over the past day for most securities, but were down more substantially from a month ago. The largest monthly decreases were seen in 1-month CP (down 42 basis points) and 1-year AAA corporate bonds (down 25 basis points).
- US 10-year Treasury yields increased 6 basis points from the previous day but remain lower than a month ago, when they were 49 basis points higher
- The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years, as well as commercial paper (CP) and certificates of deposit (CD), for the last day, 1 day ago, 1 week ago, 1 month ago, and the last day of the previous fiscal year.
- Yields have generally decreased over the past month for most tenors of G-secs, T-bills, CPs and CDs, while corporate bond yields have shown mixed movements depending on credit rating.
- The US 10-year Treasury yield has fallen 45 basis points over the past month but risen
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates across different durations as well as corporate bond yields segmented by credit ratings. The yields have decreased over the past week and month but are higher than the last day of the previous fiscal year for most instruments.
While there is some decline in China, there are positive market situations for India. What does that mean for an investor like you? See in December's Monthly Market Outlook here.
#ICICIPrudentialMutualFund #Investment #December2023 #MonthlyMarketOutlook #MutualFunds
The document provides weighted average yield data for various Indian government securities (G-secs) and treasury bills (T-bills) with maturities ranging from 1 day to 30 years. It also includes commercial paper (CP) and certificate of deposit (CD) rates as well as corporate bond yields across rating categories. Yields have increased over the past month but remain lower than 1 year ago, with the exception of 30-year G-secs which have risen, and US 10-year treasury yields which are substantially higher than last fiscal year.
The document provides weighted average yields for various Indian government securities (G-Secs) and treasury bills (T-Bills) with tenors ranging from 1 day to 30 years. It also lists yields on commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturities from the previous day, week, month, and fiscal year. Yields on most instruments decreased in the past day but increased from the last day of the previous fiscal year.
Amidst global tensions, the global economies might be taking the strain but Indian economy continues the Goldilocks streak. Take a holistic view at what that might mean for you as an investor with the Monthly Market Outlook.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook
ICICI Prudential Equity Valuation Index | Nov 2023 iciciprumf
Our latest Equity Valuation Index remains in the Neutral Index even after market corrections. But how do you smartly navigate through the market's volatility? Allocating your funds across different classes may help you. Have a look to understand better!
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- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) over different time periods, ranging from 1 day to 1 year.
- It also lists commercial paper (CP) and certificate of deposit (CD) rates, as well as corporate bond yields of different credit ratings.
- The source is CRISIL Research and yields are as of November 1st, with changes shown in basis points compared to various prior periods.
- US 10 year bond yields are also provided for comparison.
- The document provides weighted average yield rates for various Indian government securities (G-secs) and treasury bills (T-bills) with maturity periods ranging from 1 day to 30 years. It also lists rates for commercial paper (CP), certificates of deposit (CD), and corporate bonds (CB) of different credit ratings and maturity periods.
- The yields are shown as of October 27th, 2022 along with changes over the past 1 day, 1 week, 1 month, and compared to the last day of the previous fiscal year (March 31st, 2023).
- US 10 year bond yields are also provided, showing a 25 basis point increase over 1 month but 136 basis point rise compared to
How can we prepare for the mood of the market? Use micro indicators for a comprehensive look at the market in this month's Market Outlook!
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #October #Investment #MutualFunds
In a tight labour market, job-seekers gain bargaining power and leverage it into greater job quality—at least, that’s the conventional wisdom.
Michael, LMIC Economist, presented findings that reveal a weakened relationship between labour market tightness and job quality indicators following the pandemic. Labour market tightness coincided with growth in real wages for only a portion of workers: those in low-wage jobs requiring little education. Several factors—including labour market composition, worker and employer behaviour, and labour market practices—have contributed to the absence of worker benefits. These will be investigated further in future work.
1. Elemental Economics - Introduction to mining.pdfNeal Brewster
After this first you should: Understand the nature of mining; have an awareness of the industry’s boundaries, corporate structure and size; appreciation the complex motivations and objectives of the industries’ various participants; know how mineral reserves are defined and estimated, and how they evolve over time.
Fabular Frames and the Four Ratio ProblemMajid Iqbal
Digital, interactive art showing the struggle of a society in providing for its present population while also saving planetary resources for future generations. Spread across several frames, the art is actually the rendering of real and speculative data. The stereographic projections change shape in response to prompts and provocations. Visitors interact with the model through speculative statements about how to increase savings across communities, regions, ecosystems and environments. Their fabulations combined with random noise, i.e. factors beyond control, have a dramatic effect on the societal transition. Things get better. Things get worse. The aim is to give visitors a new grasp and feel of the ongoing struggles in democracies around the world.
Stunning art in the small multiples format brings out the spatiotemporal nature of societal transitions, against backdrop issues such as energy, housing, waste, farmland and forest. In each frame we see hopeful and frightful interplays between spending and saving. Problems emerge when one of the two parts of the existential anaglyph rapidly shrinks like Arctic ice, as factors cross thresholds. Ecological wealth and intergenerational equity areFour at stake. Not enough spending could mean economic stress, social unrest and political conflict. Not enough saving and there will be climate breakdown and ‘bankruptcy’. So where does speculative design start and the gambling and betting end? Behind each fabular frame is a four ratio problem. Each ratio reflects the level of sacrifice and self-restraint a society is willing to accept, against promises of prosperity and freedom. Some values seem to stabilise a frame while others cause collapse. Get the ratios right and we can have it all. Get them wrong and things get more desperate.
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.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"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.
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.
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.
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A toxic combination of 15 years of low growth, and four decades of high inequality, has left Britain poorer and falling behind its peers. Productivity growth is weak and public investment is low, while wages today are no higher than they were before the financial crisis. Britain needs a new economic strategy to lift itself out of stagnation.
Scotland is in many ways a microcosm of this challenge. It has become a hub for creative industries, is home to several world-class universities and a thriving community of businesses – strengths that need to be harness and leveraged. But it also has high levels of deprivation, with homelessness reaching a record high and nearly half a million people living in very deep poverty last year. Scotland won’t be truly thriving unless it finds ways to ensure that all its inhabitants benefit from growth and investment. This is the central challenge facing policy makers both in Holyrood and Westminster.
What should a new national economic strategy for Scotland include? What would the pursuit of stronger economic growth mean for local, national and UK-wide policy makers? How will economic change affect the jobs we do, the places we live and the businesses we work for? And what are the prospects for cities like Glasgow, and nations like Scotland, in rising to these challenges?
2. How did Global Indices fare in July 2013?How did Global Indices fare in July 2013?How did Global Indices fare in July 2013?How did Global Indices fare in July 2013?
• Most of the global indices ended in green barring a fewMost of the global indices ended in green barring a fewMost of the global indices ended in green barring a fewMost of the global indices ended in green barring a few
5.98 5.93
4.97
3.66 3.5
2.86 2.58 2.13
0.9
-0.07 -0.14
-1.18 -1.33
2
INDICES OF COUNTRIES: India – S&P BSE Sensex; Russia - RTS Index; France - CAC 40 Index; UK -
FTSE, Japan - Nikkei; Hongkong - HangSeng, US - Dow Jones, Singapore - Strait Times, Germany -
DAX Index, Malaysia - KLSE, Brazil - Ibovespa Sao Paulo Index, Indonesia - Jakarta Composite, Taiwan
- Taiwan Weighted, China - SSE Composite. Source: Bloomberg
-1.18 -1.33
-3.5
CAC40Index
HangSeng
FTSE
DAXIndex
DowJones
RTSIndex
StraitTimes
IbovespaSaoPaulo
Index
TaiwanWeighted
SSECompositeIndex
KLSE
S&PBSESensex
Nikkei
JakartaComposite
Index
3. How did Sector Indices fare in July 2013?How did Sector Indices fare in July 2013?How did Sector Indices fare in July 2013?How did Sector Indices fare in July 2013?
• Technology fared better than other sectorsTechnology fared better than other sectorsTechnology fared better than other sectorsTechnology fared better than other sectors
21.18
17.26
3 1.34 0.86
-3.17 -5.1
-10.31
3
Bankex - Banks; CG - Capital Goods; CD - Consumer Durables; IT - Information
Technology; HC - Health Care, Teck -Technology, Auto – Automobiles. Source:
www.bseindia.com - All indices are S&P BSE and returns are for the month of July.
-10.31 -12.14 -12.95 -14.51
-17.2
S&PBSEIT
S&PBSETeck
S&PBSEFMCG
S&PBSEHC
S&PBSECD
S&PBSEAUTO
S&PBSEOil&Gas
S&PBSEPowerIndex
S&PBSECG
S&PBSEMETAL
S&PBSEBankex
S&PBSERealty
4. Market CapMarket CapMarket CapMarket Cap –––– Performance July 2013Performance July 2013Performance July 2013Performance July 2013
• During the month BSE mid & small cap underperformedDuring the month BSE mid & small cap underperformedDuring the month BSE mid & small cap underperformedDuring the month BSE mid & small cap underperformed
BSE 100 & BSE 500BSE 100 & BSE 500BSE 100 & BSE 500BSE 100 & BSE 500
-2.98
-3.87
4
Source: www.bseindia.com
-8.72
-7.69
S&P BSE 100 S&P BSE 500 S&P BSE MID CAP S&P BSE SMALL CAP
Month Return – July 2013
5. Key Facets of Equity InvestmentsKey Facets of Equity InvestmentsKey Facets of Equity InvestmentsKey Facets of Equity Investments
• Inflation is within control
• Current Account Deficit (CAD) is improving
• Fiscal Deficit is deteriorating
• Growth is at decade’s low
EconomicsEconomicsEconomicsEconomics
• Domestic investor sentiments are very low
• FIIs have been selling
• Hence, we are positive on this indicator
SentimentsSentimentsSentimentsSentiments
5
• Barring a few stocks, we believe valuations are attractive
ValuationsValuationsValuationsValuations
• US Fed Tapering
• Crude Prices
• Monetary easing by RBI post rupee stabilizing
• Political developments
TriggersTriggersTriggersTriggers
6. WPI Inflation has decelerated since Oct ‘12, barring July 2013WPI Inflation has decelerated since Oct ‘12, barring July 2013WPI Inflation has decelerated since Oct ‘12, barring July 2013WPI Inflation has decelerated since Oct ‘12, barring July 2013
• Inflation data accelerated on account ofInflation data accelerated on account ofInflation data accelerated on account ofInflation data accelerated on account of
• Higher food pricesHigher food pricesHigher food pricesHigher food prices
• Impact of pass through of rupee deprecation as reflected in fuelImpact of pass through of rupee deprecation as reflected in fuelImpact of pass through of rupee deprecation as reflected in fuelImpact of pass through of rupee deprecation as reflected in fuel
prices adjustments and core WPI (Wholesale Price Inflation)prices adjustments and core WPI (Wholesale Price Inflation)prices adjustments and core WPI (Wholesale Price Inflation)prices adjustments and core WPI (Wholesale Price Inflation)
6
Source: CEIC, Morgan Stanley Research
7. A Declining Trade Deficit will improve CAD PositionA Declining Trade Deficit will improve CAD PositionA Declining Trade Deficit will improve CAD PositionA Declining Trade Deficit will improve CAD Position
• Trade deficit declined by 30%YoY in July versus a gainTrade deficit declined by 30%YoY in July versus a gainTrade deficit declined by 30%YoY in July versus a gainTrade deficit declined by 30%YoY in July versus a gain
of 8.9% in June; came in at USD12.3bnof 8.9% in June; came in at USD12.3bnof 8.9% in June; came in at USD12.3bnof 8.9% in June; came in at USD12.3bn
• Imports declined in July, led by a decline in oil and goldImports declined in July, led by a decline in oil and goldImports declined in July, led by a decline in oil and goldImports declined in July, led by a decline in oil and gold
importsimportsimportsimports
• We tend to focus more on negatives than positivesWe tend to focus more on negatives than positivesWe tend to focus more on negatives than positivesWe tend to focus more on negatives than positives
7
Source: RBI, Morgan Stanley
8. Fiscal Consolidation at Risk?Fiscal Consolidation at Risk?Fiscal Consolidation at Risk?Fiscal Consolidation at Risk?
• Government expenditure growth accelerates aboveGovernment expenditure growth accelerates aboveGovernment expenditure growth accelerates aboveGovernment expenditure growth accelerates above
budget targetbudget targetbudget targetbudget target
• Tax revenue growth continues to lag budget estimatesTax revenue growth continues to lag budget estimatesTax revenue growth continues to lag budget estimatesTax revenue growth continues to lag budget estimates
• Risk of rating downgrade will bring fiscal discipline backRisk of rating downgrade will bring fiscal discipline backRisk of rating downgrade will bring fiscal discipline backRisk of rating downgrade will bring fiscal discipline back
on trackon trackon trackon track
8
Source: CGA, Morgan Stanley Research
9. India Real GDP Growth (India Real GDP Growth (India Real GDP Growth (India Real GDP Growth (YoYYoYYoYYoY%)%)%)%)
• Growth is very low and far below potentialGrowth is very low and far below potentialGrowth is very low and far below potentialGrowth is very low and far below potential
• Is it fair to lose hope on India’s Growth Revival?Is it fair to lose hope on India’s Growth Revival?Is it fair to lose hope on India’s Growth Revival?Is it fair to lose hope on India’s Growth Revival?
9
Source: Bloomberg , Espirito Santo Investment Bank Research GDP: Gross Domestic
Product
10. Net FII & DII Flows in the Indian Equity MarketNet FII & DII Flows in the Indian Equity MarketNet FII & DII Flows in the Indian Equity MarketNet FII & DII Flows in the Indian Equity Market
• The month saw selling pressure both from FIIs and DIIsThe month saw selling pressure both from FIIs and DIIsThe month saw selling pressure both from FIIs and DIIsThe month saw selling pressure both from FIIs and DIIs
10
Source: Bloomberg, Espirito Santo Investment Bank Research, FII – Foreign Institutional
Investor, DII – Domestic Institutional Investor, US$ m (Million)
11. SENSEXSENSEXSENSEXSENSEX ---- 1111----Year Forward P/EYear Forward P/EYear Forward P/EYear Forward P/E
• While Valuations are at a discount to averages, bothWhile Valuations are at a discount to averages, bothWhile Valuations are at a discount to averages, bothWhile Valuations are at a discount to averages, both
SENSEX & Nifty suffer from ‘BiSENSEX & Nifty suffer from ‘BiSENSEX & Nifty suffer from ‘BiSENSEX & Nifty suffer from ‘Bi----polar disorders’polar disorders’polar disorders’polar disorders’
11
Source: CLSA, P/E – Price to Earnings
12. Triggers for the Indian EconomyTriggers for the Indian EconomyTriggers for the Indian EconomyTriggers for the Indian Economy
• Potential US Fed TaperingPotential US Fed TaperingPotential US Fed TaperingPotential US Fed Tapering
• Lower Crude PricesLower Crude PricesLower Crude PricesLower Crude Prices
• Improvement in Current Account and Trade deficitImprovement in Current Account and Trade deficitImprovement in Current Account and Trade deficitImprovement in Current Account and Trade deficit
• INR stabilizing; measures from RBIINR stabilizing; measures from RBIINR stabilizing; measures from RBIINR stabilizing; measures from RBI
12
13. Monsoon has been ExcellentMonsoon has been ExcellentMonsoon has been ExcellentMonsoon has been Excellent
• Spatial distribution is also much better than last yearSpatial distribution is also much better than last yearSpatial distribution is also much better than last yearSpatial distribution is also much better than last year
• Another key positive being ignored completelyAnother key positive being ignored completelyAnother key positive being ignored completelyAnother key positive being ignored completely
13
Source: IMD
14. Which Asset Classes will outperform Global EquitiesWhich Asset Classes will outperform Global EquitiesWhich Asset Classes will outperform Global EquitiesWhich Asset Classes will outperform Global Equities –––– 2013?2013?2013?2013?
• The survey below was carried out in July 2013The survey below was carried out in July 2013The survey below was carried out in July 2013The survey below was carried out in July 2013
14
Disclaimer: The contents of this slide are based on an independent research published by
a third party. The AMC / Mutual Fund / Trustees do not assure the accuracy,
completeness or reliability of the same.
Source: Citi Global Research
15. Global Equities: The Magnet for New Money?Global Equities: The Magnet for New Money?Global Equities: The Magnet for New Money?Global Equities: The Magnet for New Money?
• Results of Client surveys in USResults of Client surveys in USResults of Client surveys in USResults of Client surveys in US
• Suggests people have been underSuggests people have been underSuggests people have been underSuggests people have been under----invested in the stockinvested in the stockinvested in the stockinvested in the stock
marketmarketmarketmarket
• Sitting on too much cashSitting on too much cashSitting on too much cashSitting on too much cash
• See the US as the most preferred market to investSee the US as the most preferred market to investSee the US as the most preferred market to investSee the US as the most preferred market to invest
• ‘Go Long America’ is gradually becoming a consensus‘Go Long America’ is gradually becoming a consensus‘Go Long America’ is gradually becoming a consensus‘Go Long America’ is gradually becoming a consensus
mindsetmindsetmindsetmindsetmindsetmindsetmindsetmindset
• Europe has truly turned the corner versus bottoming outEurope has truly turned the corner versus bottoming outEurope has truly turned the corner versus bottoming outEurope has truly turned the corner versus bottoming out
15
Disclaimer: The contents of this slide are based on an independent research published by
a third party. The AMC / Mutual Fund / Trustees do not assure the accuracy,
completeness or reliability of the same.
Source: Citi Global Research
16. Outlook for IndiaOutlook for IndiaOutlook for IndiaOutlook for India
• Good monsoon should support agricultural output andGood monsoon should support agricultural output andGood monsoon should support agricultural output andGood monsoon should support agricultural output and
we may see food inflation on a declining trendwe may see food inflation on a declining trendwe may see food inflation on a declining trendwe may see food inflation on a declining trend
• CAD is likely to narrow down on declining gold importsCAD is likely to narrow down on declining gold importsCAD is likely to narrow down on declining gold importsCAD is likely to narrow down on declining gold imports
• Better agricultural growth and increased governmentBetter agricultural growth and increased governmentBetter agricultural growth and increased governmentBetter agricultural growth and increased government
spending along with major economic reforms may helpspending along with major economic reforms may helpspending along with major economic reforms may helpspending along with major economic reforms may help
a gradual economic recoverya gradual economic recoverya gradual economic recoverya gradual economic recovery
• Markets are likely to remain volatile on account ofMarkets are likely to remain volatile on account ofMarkets are likely to remain volatile on account ofMarkets are likely to remain volatile on account of
prepreprepre----election period and global cueselection period and global cueselection period and global cueselection period and global cues
16
17. Product RecommendationsProduct RecommendationsProduct RecommendationsProduct Recommendations
• Lump sum investments in products that seek to benefit out ofLump sum investments in products that seek to benefit out ofLump sum investments in products that seek to benefit out ofLump sum investments in products that seek to benefit out of
VolatilityVolatilityVolatilityVolatility ----
• ICICI Prudential EquityICICI Prudential EquityICICI Prudential EquityICICI Prudential Equity –––– Volatility Advantage FundVolatility Advantage FundVolatility Advantage FundVolatility Advantage Fund
• ICICI Prudential Dynamic PlanICICI Prudential Dynamic PlanICICI Prudential Dynamic PlanICICI Prudential Dynamic Plan
• ICICI Prudential Balanced FundICICI Prudential Balanced FundICICI Prudential Balanced FundICICI Prudential Balanced Fund
• Investments through STP / SIP over next 12 months in our coreInvestments through STP / SIP over next 12 months in our coreInvestments through STP / SIP over next 12 months in our coreInvestments through STP / SIP over next 12 months in our core
equity productsequity productsequity productsequity products ----equity productsequity productsequity productsequity products ----
• ICICI Prudential Discovery FundICICI Prudential Discovery FundICICI Prudential Discovery FundICICI Prudential Discovery Fund
• ICICI Prudential Focused Bluechip Equity FundICICI Prudential Focused Bluechip Equity FundICICI Prudential Focused Bluechip Equity FundICICI Prudential Focused Bluechip Equity Fund
• ICICI Prudential Top 100 FundICICI Prudential Top 100 FundICICI Prudential Top 100 FundICICI Prudential Top 100 Fund
• SIP / STP in ICICI Prudential US Bluechip Equity Fund & ICICISIP / STP in ICICI Prudential US Bluechip Equity Fund & ICICISIP / STP in ICICI Prudential US Bluechip Equity Fund & ICICISIP / STP in ICICI Prudential US Bluechip Equity Fund & ICICI
Prudential Infrastructure FundPrudential Infrastructure FundPrudential Infrastructure FundPrudential Infrastructure Fund
17
None of the aforesaid recommendations are based on any assumptions. These are purely
for reference and Investors are requested to consult their financial advisors before
investing.
21. Measures to contain volatilityMeasures to contain volatilityMeasures to contain volatilityMeasures to contain volatility
• The RBI & the government have taken many steps to tryThe RBI & the government have taken many steps to tryThe RBI & the government have taken many steps to tryThe RBI & the government have taken many steps to try
and contain INR volatilityand contain INR volatilityand contain INR volatilityand contain INR volatility
• These measures have not yet yielded desiredThese measures have not yet yielded desiredThese measures have not yet yielded desiredThese measures have not yet yielded desired resultsresultsresultsresults
21
Source: RBI, MOSL
22. INR Volatility has increase in the last two monthsINR Volatility has increase in the last two monthsINR Volatility has increase in the last two monthsINR Volatility has increase in the last two months
22
Source: Bloomberg, MOSL
23. Impact of RBI’s MeasuresImpact of RBI’s MeasuresImpact of RBI’s MeasuresImpact of RBI’s Measures
• Unprecedented liquidity tightnessUnprecedented liquidity tightnessUnprecedented liquidity tightnessUnprecedented liquidity tightness
• Short term rates have shot upShort term rates have shot upShort term rates have shot upShort term rates have shot up
• Even rates at long end of yield curve had spikedEven rates at long end of yield curve had spikedEven rates at long end of yield curve had spikedEven rates at long end of yield curve had spiked
• Banks have already started raising their base ratesBanks have already started raising their base ratesBanks have already started raising their base ratesBanks have already started raising their base rates
InstrumentInstrumentInstrumentInstrument 11 July 201311 July 201311 July 201311 July 2013 21 August 201321 August 201321 August 201321 August 2013
23
Source: Crisil
InstrumentInstrumentInstrumentInstrument 11 July 201311 July 201311 July 201311 July 2013 21 August 201321 August 201321 August 201321 August 2013
3 Month T-Bill 7.46% 10.98%
1 Year T-Bill 7.44% 9.94%
10 Year GOI 7.47% 8.41%
24. Factors that made RBI measures less effectiveFactors that made RBI measures less effectiveFactors that made RBI measures less effectiveFactors that made RBI measures less effective
• Since JunSince JunSince JunSince Jun----13, FIIs have started withdrawing from the13, FIIs have started withdrawing from the13, FIIs have started withdrawing from the13, FIIs have started withdrawing from the
Indian debt marketsIndian debt marketsIndian debt marketsIndian debt markets
• This trend has continued, though it has moderatedThis trend has continued, though it has moderatedThis trend has continued, though it has moderatedThis trend has continued, though it has moderated
• As a result of the US macro surprising on the upside,As a result of the US macro surprising on the upside,As a result of the US macro surprising on the upside,As a result of the US macro surprising on the upside,
USD has strengthened across the board weakening theUSD has strengthened across the board weakening theUSD has strengthened across the board weakening theUSD has strengthened across the board weakening theUSD has strengthened across the board weakening theUSD has strengthened across the board weakening theUSD has strengthened across the board weakening theUSD has strengthened across the board weakening the
INRINRINRINR
• Sell off across Emerging Market CurrenciesSell off across Emerging Market CurrenciesSell off across Emerging Market CurrenciesSell off across Emerging Market Currencies
• Hence, this problem is not restricted to the INRHence, this problem is not restricted to the INRHence, this problem is not restricted to the INRHence, this problem is not restricted to the INR
24
25. RBIs focus has shifted to Stabilise Bond MarketsRBIs focus has shifted to Stabilise Bond MarketsRBIs focus has shifted to Stabilise Bond MarketsRBIs focus has shifted to Stabilise Bond Markets
• Open Market Purchases of long dated GOpen Market Purchases of long dated GOpen Market Purchases of long dated GOpen Market Purchases of long dated G----secssecssecssecs worthworthworthworth ```` 8000 Cr on8000 Cr on8000 Cr on8000 Cr on
Aug 23Aug 23Aug 23Aug 23
• SLR holding at 24.5% of Bank’s Net Demand and Time LiabilitiesSLR holding at 24.5% of Bank’s Net Demand and Time LiabilitiesSLR holding at 24.5% of Bank’s Net Demand and Time LiabilitiesSLR holding at 24.5% of Bank’s Net Demand and Time Liabilities
(NDTL) in held to maturity (HTM) category (vs. earlier requirement of(NDTL) in held to maturity (HTM) category (vs. earlier requirement of(NDTL) in held to maturity (HTM) category (vs. earlier requirement of(NDTL) in held to maturity (HTM) category (vs. earlier requirement of
23% over time)23% over time)23% over time)23% over time)
Transfer of SLR securities to the HTM category from available forTransfer of SLR securities to the HTM category from available forTransfer of SLR securities to the HTM category from available forTransfer of SLR securities to the HTM category from available for• Transfer of SLR securities to the HTM category from available forTransfer of SLR securities to the HTM category from available forTransfer of SLR securities to the HTM category from available forTransfer of SLR securities to the HTM category from available for
sale (AFS)/held for trading (HFT) categories up to the limit of 24.5%sale (AFS)/held for trading (HFT) categories up to the limit of 24.5%sale (AFS)/held for trading (HFT) categories up to the limit of 24.5%sale (AFS)/held for trading (HFT) categories up to the limit of 24.5%
as a oneas a oneas a oneas a one----time measure at prices as of July 15, the date of the firsttime measure at prices as of July 15, the date of the firsttime measure at prices as of July 15, the date of the firsttime measure at prices as of July 15, the date of the first
RBI actionRBI actionRBI actionRBI action
• Can spread net depreciation, if any, on account of markCan spread net depreciation, if any, on account of markCan spread net depreciation, if any, on account of markCan spread net depreciation, if any, on account of mark----totototo----marketmarketmarketmarket
(MTM) valuation of securities held under the AFS/HFT categories(MTM) valuation of securities held under the AFS/HFT categories(MTM) valuation of securities held under the AFS/HFT categories(MTM) valuation of securities held under the AFS/HFT categories
over the remaining period of the current FY in equal instalmentsover the remaining period of the current FY in equal instalmentsover the remaining period of the current FY in equal instalmentsover the remaining period of the current FY in equal instalments
25
26. What could probably help?What could probably help?What could probably help?What could probably help?
• Go beyond short term measuresGo beyond short term measuresGo beyond short term measuresGo beyond short term measures
• Attract large capital flows in the country to ameliorate theAttract large capital flows in the country to ameliorate theAttract large capital flows in the country to ameliorate theAttract large capital flows in the country to ameliorate the
current INR weaknesscurrent INR weaknesscurrent INR weaknesscurrent INR weakness
• More direct measures to stem capital flow and reduceMore direct measures to stem capital flow and reduceMore direct measures to stem capital flow and reduceMore direct measures to stem capital flow and reduce
current account deficitcurrent account deficitcurrent account deficitcurrent account deficit
Money flows always chases a high growth economyMoney flows always chases a high growth economyMoney flows always chases a high growth economyMoney flows always chases a high growth economy• Money flows always chases a high growth economyMoney flows always chases a high growth economyMoney flows always chases a high growth economyMoney flows always chases a high growth economy
• Further slowdown in the economy must be arrestedFurther slowdown in the economy must be arrestedFurther slowdown in the economy must be arrestedFurther slowdown in the economy must be arrested
• Focus on growth by reducing interest rates once INRFocus on growth by reducing interest rates once INRFocus on growth by reducing interest rates once INRFocus on growth by reducing interest rates once INR
stabilizesstabilizesstabilizesstabilizes
26
27. Market Psychology seems to be an issueMarket Psychology seems to be an issueMarket Psychology seems to be an issueMarket Psychology seems to be an issue
• Current situation unlike previous onesCurrent situation unlike previous onesCurrent situation unlike previous onesCurrent situation unlike previous ones
• Past 2Past 2Past 2Past 2----Month trade deficit have fallen to US$12Month trade deficit have fallen to US$12Month trade deficit have fallen to US$12Month trade deficit have fallen to US$12 bnbnbnbn perperperper
month vs. FY13 average of US$16month vs. FY13 average of US$16month vs. FY13 average of US$16month vs. FY13 average of US$16 bnbnbnbn per month and peakper month and peakper month and peakper month and peak
level of US$21level of US$21level of US$21level of US$21 bnbnbnbn
• India’s high ‘invisibles’ (services exports, mainly) meanIndia’s high ‘invisibles’ (services exports, mainly) meanIndia’s high ‘invisibles’ (services exports, mainly) meanIndia’s high ‘invisibles’ (services exports, mainly) mean
CAD decline is even sharperCAD decline is even sharperCAD decline is even sharperCAD decline is even sharper
• CAD of US$35CAD of US$35CAD of US$35CAD of US$35 bnbnbnbn is possible if IT services exports rise 7%is possible if IT services exports rise 7%is possible if IT services exports rise 7%is possible if IT services exports rise 7%• CAD of US$35CAD of US$35CAD of US$35CAD of US$35 bnbnbnbn is possible if IT services exports rise 7%is possible if IT services exports rise 7%is possible if IT services exports rise 7%is possible if IT services exports rise 7%
YoYYoYYoYYoY keeping all other things unchangedkeeping all other things unchangedkeeping all other things unchangedkeeping all other things unchanged
• AT <2% of GDP, this is acceptable and fundable with justAT <2% of GDP, this is acceptable and fundable with justAT <2% of GDP, this is acceptable and fundable with justAT <2% of GDP, this is acceptable and fundable with just
FDI and NRI deposits (Please see table on next slide)FDI and NRI deposits (Please see table on next slide)FDI and NRI deposits (Please see table on next slide)FDI and NRI deposits (Please see table on next slide)
• Fiscal & Monetary Policy must counter loss ofFiscal & Monetary Policy must counter loss ofFiscal & Monetary Policy must counter loss ofFiscal & Monetary Policy must counter loss of
confidence in the INR proactivelyconfidence in the INR proactivelyconfidence in the INR proactivelyconfidence in the INR proactively
27
Data Source: CMIE, Min. of Commerce, Credit Suisse
28. Our ViewOur ViewOur ViewOur View
Key FacetsKey FacetsKey FacetsKey Facets IndicatorIndicatorIndicatorIndicator Last ReportedLast ReportedLast ReportedLast Reported
Score 1Score 1Score 1Score 1----5555
(Bad(Bad(Bad(Bad ---- Good)Good)Good)Good)
EconomicsEconomicsEconomicsEconomics
CAD / Trade Deficit 12.27 US$ bn. 4
Fiscal 48% of budgeted estimates 3
Inflation Exp sub 5% in medium term 4
Growth Exp sub 5.5% in medium term 4
Liquidity 38718 Cr 1
3m Bill 11.08% 5
1yr Bill 10.09% 5
2yr GOI 9.23% 5
28
Disclaimer: Scores provided above are based on fund managers views and analysis.
Although, these scores are arrived at after necessary analysis, there is no guarantee/
assurance that the analysis is correct or accurate and the indicators would be beneficial
for any security/sector or economy. These are purely for reference. Source: RBI
ValuationValuationValuationValuation
2yr GOI 9.23% 5
6-8yr GOI 8.65% 5
10yr GOI 8.25% 5
12-13yr GOI 8.65% 5
15-19 yr GOI 8.70% 5
SentimentsSentimentsSentimentsSentiments
PSU participation Very Low against average 5
Market Volumes Very Low against average 5
Market Flows Very Low against average 5
TriggersTriggersTriggersTriggers
INR stops depreciating, Crude Oil Prices, US Fed tapering of QE3, GOI Economic
reforms, RBI’s announcement on bank HTM,
29. OutlookOutlookOutlookOutlook
• Average inflation for FY 2013Average inflation for FY 2013Average inflation for FY 2013Average inflation for FY 2013----14 expected to be around14 expected to be around14 expected to be around14 expected to be around
5%5%5%5%
• Lack of investment pick up and moderating demandLack of investment pick up and moderating demandLack of investment pick up and moderating demandLack of investment pick up and moderating demand
side pressures could result in an average GDP growthside pressures could result in an average GDP growthside pressures could result in an average GDP growthside pressures could result in an average GDP growth
range of 5range of 5range of 5range of 5----5.5% for FY5.5% for FY5.5% for FY5.5% for FY----2014201420142014
• Potential Risk of Rating downgrade may makePotential Risk of Rating downgrade may makePotential Risk of Rating downgrade may makePotential Risk of Rating downgrade may make
government focus on fiscal disciplinegovernment focus on fiscal disciplinegovernment focus on fiscal disciplinegovernment focus on fiscal disciplinegovernment focus on fiscal disciplinegovernment focus on fiscal disciplinegovernment focus on fiscal disciplinegovernment focus on fiscal discipline
• Growth remains below potential and RBI may adoptGrowth remains below potential and RBI may adoptGrowth remains below potential and RBI may adoptGrowth remains below potential and RBI may adopt
growth supportive monetary policygrowth supportive monetary policygrowth supportive monetary policygrowth supportive monetary policy
• Prolonged period of rate cuts (2Prolonged period of rate cuts (2Prolonged period of rate cuts (2Prolonged period of rate cuts (2----3 years) once Rupee3 years) once Rupee3 years) once Rupee3 years) once Rupee
stabilizesstabilizesstabilizesstabilizes
29
30. Product RecommendationsProduct RecommendationsProduct RecommendationsProduct Recommendations
• Invest in duration with 24 months and above horizonInvest in duration with 24 months and above horizonInvest in duration with 24 months and above horizonInvest in duration with 24 months and above horizon
• ICICI Prudential Long Term Gilt FundICICI Prudential Long Term Gilt FundICICI Prudential Long Term Gilt FundICICI Prudential Long Term Gilt Fund
• ICICI Prudential Income PlanICICI Prudential Income PlanICICI Prudential Income PlanICICI Prudential Income Plan
• Actively managed opportunistic Fund with Total ReturnActively managed opportunistic Fund with Total ReturnActively managed opportunistic Fund with Total ReturnActively managed opportunistic Fund with Total Return
biasbiasbiasbiasbiasbiasbiasbias
• ICICI Prudential Dynamic Bond FundICICI Prudential Dynamic Bond FundICICI Prudential Dynamic Bond FundICICI Prudential Dynamic Bond Fund
• Accrual strategyAccrual strategyAccrual strategyAccrual strategy
• ICICI Prudential Regular Savings FundICICI Prudential Regular Savings FundICICI Prudential Regular Savings FundICICI Prudential Regular Savings Fund
30
None of the aforesaid recommendations are based on any assumptions. These are purely
for reference and the Investors are requested to consult their financial advisors before
investing.
32. DisclaimersDisclaimersDisclaimersDisclaimers
Mutual Fund investments are subject to market risks, read all scheme related documents carefully.Mutual Fund investments are subject to market risks, read all scheme related documents carefully.Mutual Fund investments are subject to market risks, read all scheme related documents carefully.Mutual Fund investments are subject to market risks, read all scheme related documents carefully.
All figures and other data given in this document are as on 31st July 2013 unless stated otherwise. The same may or may not be relevant at a
future date. The AMC takes no responsibility of updating any data/information in this material from time to time. The information shall not be
altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person or to the media or reproduced in any form,
without prior written consent of ICICI Prudential Asset Management Company Limited.
Prospective investors are advised to consult their own legal, tax and financial advisors to determine possible tax, legal and other financial
implication or consequence of subscribing to the units of ICICI Prudential Mutual Fund.
Data source: Bloomberg, except as mentioned specifically.
Disclaimer:Disclaimer:Disclaimer:Disclaimer: In the preparation of the material contained in this document, ICICI Prudential Asset Management Company Ltd. (the AMC) has used
information that is publicly available, including information developed in-house. Some of the material used in the document may have beeninformation that is publicly available, including information developed in-house. Some of the material used in the document may have been
obtained from members/persons other than the AMC and/or its affiliates and which may have been made available to the AMC and/or to its
affiliates. Information gathered and material used in this document is believed to be from reliable sources. The AMC however does not warrant
the accuracy, reasonableness and / or completeness of any information. We have included statements / opinions / recommendations in this
document, which contain words, or phrases such as “will”, “expect”, “should”, “believe” and similar expressions or variations of such
expressions, that are “forward looking statements”. Actual results may differ materially from those suggested by the forward looking statements
due to risk or uncertainties associated with our expectations with respect to, but not limited to, exposure to market risks, general economic and
political conditions in India and other countries globally, which have an impact on our services and / or investments, the monetary and interest
policies of India, inflation, deflation, unanticipated turbulence in interest rates, foreign exchange rates, equity prices or other rates or prices etc.
ICICI Prudential Asset Management Company Limited (including its affiliates), the Mutual Fund, The Trust and any of its officers, directors,
personnel and employees, shall not liable for any loss, damage of any nature, including but not limited to direct, indirect, punitive, special,
exemplary, consequential, as also any loss of profit in any way arising from the use of this material in any manner.
Further, the information contained herein should not be construed as forecast or promise. The recipient alone shall be fully responsible/are
liable for any decision taken on this material.
32