This document discusses momentum picks in the Indian stock market. It provides analysis of market trends over various time periods and sectors. Some key points discussed include the shift in sectoral weights in the Nifty 50 over the past decade towards more capital efficient sectors, declining interest rates and improving capacity utilization in core sectors positively impacting markets. Target PE ratios are provided for some Nifty constituents based on FY23 earnings. Government policies like the PLI scheme and infrastructure spending are also mentioned as supporting factors for the market rally.
The document discusses why India presents an attractive long-term investment opportunity. In 3 sentences:
India has strong economic fundamentals like its large democracy and population, rapid digitization, and growing forex reserves that position it well to sustain high growth over the coming decades. Key sectors like IT, private banking and insurance are experiencing value migration from public to private players and have potential for continued strong growth. While COVID-19 caused a temporary slowdown, vaccination rollout marks the beginning of the end of the pandemic and India's recovery is expected to outpace global growth, supporting the argument that the long-term outlook for Indian markets remains positive.
The document provides an overview of the Indian economy and market in February 2022. It notes that the Covid-19 situation is under control in India, business activity has resumed after a brief disruption in the third wave, and macroeconomic indicators point to growth. Key points include that the union budget targets are conservative; gross fixed capital formation is poised to increase after years of decline; the real estate cycle has turned; banking and export sectors are in strong shape; and inflation is under control. Overall, the conditions support continued recovery and earnings growth in India.
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
Despite setbacks, the market is on a positive note. What else is in store and how is it going to perform under pressure? Explore all that in our Monthly Market Outlook for April.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #April #Global #India #MutualFund
The document discusses the IDFC Core Equity Fund, a large and mid cap equity fund that invests in both large and mid cap stocks. It aims to provide the steady returns of large caps with the higher growth potential of mid caps. The fund uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, it has a cyclical sector bias and overweight positions in sectors like cement and IT. The fund performance has outpaced benchmarks over the past 1 and 3 years.
IDFC Core Equity Fund is an open-ended equity scheme that invests in both large and mid-cap stocks. The fund aims to provide the steady returns of large caps along with the higher growth potential of mid caps. It uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, the fund focuses on analyzing financial track records, relative value, and sector outlooks. It has a larger allocation to cyclical sectors compared to its benchmark index and is overweight in sectors like cement and information technology.
India Internet of Things (IoT) Market Forecast and Opportunities, 2020TechSci Research
Growing need for real-time monitoring, tracking and automation coupled with favorable government initiatives to drive Internet of Things (IoT) market in India
The document discusses why India presents an attractive long-term investment opportunity. In 3 sentences:
India has strong economic fundamentals like its large democracy and population, rapid digitization, and growing forex reserves that position it well to sustain high growth over the coming decades. Key sectors like IT, private banking and insurance are experiencing value migration from public to private players and have potential for continued strong growth. While COVID-19 caused a temporary slowdown, vaccination rollout marks the beginning of the end of the pandemic and India's recovery is expected to outpace global growth, supporting the argument that the long-term outlook for Indian markets remains positive.
The document provides an overview of the Indian economy and market in February 2022. It notes that the Covid-19 situation is under control in India, business activity has resumed after a brief disruption in the third wave, and macroeconomic indicators point to growth. Key points include that the union budget targets are conservative; gross fixed capital formation is poised to increase after years of decline; the real estate cycle has turned; banking and export sectors are in strong shape; and inflation is under control. Overall, the conditions support continued recovery and earnings growth in India.
As there has been a trend of performance concentration across market cycles, different investment styles may perform at different phases of a market cycle. Our Market Outlook for November 2020
Despite setbacks, the market is on a positive note. What else is in store and how is it going to perform under pressure? Explore all that in our Monthly Market Outlook for April.
#ICICIPrudentialMutualFund #MonthlyMarketOutlook #April #Global #India #MutualFund
The document discusses the IDFC Core Equity Fund, a large and mid cap equity fund that invests in both large and mid cap stocks. It aims to provide the steady returns of large caps with the higher growth potential of mid caps. The fund uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, it has a cyclical sector bias and overweight positions in sectors like cement and IT. The fund performance has outpaced benchmarks over the past 1 and 3 years.
IDFC Core Equity Fund is an open-ended equity scheme that invests in both large and mid-cap stocks. The fund aims to provide the steady returns of large caps along with the higher growth potential of mid caps. It uses a 3-factor model to identify quality stocks with strong cash generation, high returns on capital, and manageable debt levels. Currently, the fund focuses on analyzing financial track records, relative value, and sector outlooks. It has a larger allocation to cyclical sectors compared to its benchmark index and is overweight in sectors like cement and information technology.
India Internet of Things (IoT) Market Forecast and Opportunities, 2020TechSci Research
Growing need for real-time monitoring, tracking and automation coupled with favorable government initiatives to drive Internet of Things (IoT) market in India
The document provides an overview of the electronics sector in India. Some key points:
- The electronics market in India is expected to increase from USD 100 billion in 2016 to USD 400 billion by 2020, growing at a CAGR of 41.4%.
- Major segments include consumer electronics, computers, industrial electronics, communication equipment, strategic electronics, and electronic components.
- The government has implemented policies like FDI reforms and production-linked incentives to boost electronics manufacturing in India.
- Key players in the industry include Bharat Electronics, Samsung, LG, Intex, Wipro, and Moser Baer.
The document provides information on the electronics market in India. Some key points:
- The electronics market in India is expected to grow from $100 billion in 2016 to $400 billion by 2020, registering a CAGR of 41.4%.
- Major segments of the electronics industry in India include consumer electronics, computers, industrial electronics, communication equipment, strategic electronics, and electronic components.
- Government policies like allowing 100% FDI and initiatives like the Modified Special Incentive Package Scheme are helping support growth in the electronics sector.
- Production of electronic goods in India has increased from $14.6 billion in FY07 to $31.6 billion in FY15, registering a C
The document provides an overview of the electronics industry in India. Some key points:
- The electronics market in India is expected to grow from $100 billion in 2016 to $400 billion in 2020, a CAGR of 41.4%.
- Consumer electronics accounts for 29.7% of total electronics production in India, followed by electronic components at 21.1%.
- Production of communication and broadcasting equipment has expanded at a CAGR of 5.1% from 2007-2015, lower than the overall electronics CAGR of 10.1%.
Monthly Market Outlook (November 2021) | ICICI Prudential Mutual Fundiciciprumf
Equity Outlook: Equity markets pacing ahead now the Economy prepares to catch up.
Fixed income: RBI policy normalisation process may result in short-term rates moving higher and reduction in steepness of yield curve.
The document discusses India's growing economy and its increasing globalization. It provides statistics that show India's rising GDP, exports, imports, foreign investment, and per capita income. Several sectors such as services, manufacturing, information technology, automotive, and pharmaceuticals are growing. Global companies are investing more in India due to its large consumer base, low costs, and skilled workforce. While India's economy is expanding rapidly, challenges remain around job creation and reducing economic disparities between urban and rural areas. Overall, the statistics and expert comments presented paint a positive picture of India's economy and its increasing integration into the global marketplace.
The document discusses India's growing economy and its increasing globalization. It provides statistics that show India's rising GDP, exports, imports, foreign investment, and per capita income. Several sectors like services, manufacturing, IT and automotive are growing. Global companies are investing in India due to its large consumer base, low costs, and skilled workforce. While the economy is booming, India still faces challenges of job creation and reducing poverty and inequality. Overall, the document outlines how India has embraced globalization and seen strong economic growth in recent decades.
The document provides an overview of the electronics sector in India with the following key points:
- The electronics market in India is expected to increase from USD 100 billion in 2016 to USD 400 billion in 2020, growing at a CAGR of 41.4%.
- Major segments of the electronics market include consumer electronics, industrial electronics, computers, communication equipment, strategic electronics, and electronic components.
- Production of electronics hardware in India reached USD 31.6 billion in FY2015 and is estimated to reach USD 104 billion by 2020, growing at a CAGR of 10.1%.
- Consumer electronics account for the largest share (29.7%) of total electronics production in India.
The document discusses the growth of India's IT industry after liberalization in 1991. It highlights that the industry saw significant growth due to factors like increased investments in education that created a large skilled workforce, government policies that encouraged foreign investment and infrastructure like software technology parks, and the Y2K problem that provided opportunities for Indian professionals. Statistics show that IT exports grew from $12.8 billion in 2003-04 to a projected $40 billion in 2007-08, and the industry contributes about 7% to India's GDP. Major IT clusters formed in cities like Bangalore, Hyderabad, Chennai, Delhi and Mumbai due to supportive infrastructure and policies.
The document provides an overview of the electronics sector in India. Some key points:
- The electronics market in India is expected to increase from $100 billion in 2016 to $400 billion by 2020, growing at a CAGR of 41.4%.
- Major segments driving growth include consumer electronics, mobile phones, LED lighting, televisions, and telecom equipment.
- Government policies like 'Make in India' and 100% FDI allowance are helping attract investments and boost domestic manufacturing in the sector.
- Production of electronic goods has been growing steadily, estimated at $47.87 billion in FY2017 and projected to reach $104 billion by 2020.
The document provides an overview of the performance of global and Indian markets and economic indicators in October 2021. Key points include:
1) Indian markets continued their upward momentum in October driven by India's insulation from slowdowns, stable COVID trends, government reforms and low interest rates.
2) Within India, the real estate sector performed strongly while metals lagged.
3) COVID cases and positivity rates remained under control in India, though upcoming festivals will need close monitoring. Vaccination rates picked up in September.
4) Various economic indicators like e-way bills, vehicle registrations, mobility and power consumption show an improvement in economic activity as COVID cases decline and vaccination increases.
Demand for global IT services has grown significantly in recent years while many other industries are slowing down. New technologies like cloud computing, AI, and enterprise solutions are driving incremental growth for the IT sector. Major Indian IT companies like TCS and Infosys have invested extensively in developing capabilities and have seen success in large client additions and order wins. They have helped clients effectively manage disruptions through digital transformation. Forecasts suggest acceleration in IT services spending in 2023. The Indian IT sector has consistently gained market share over the past two decades and has outperformed broader market declines during periods of volatility, making it attractive for long term investors.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The document provides a quarterly update on global equity markets for 3Q 2022. It includes sections on US market performance and factors, sector performance, earnings growth and valuations. International sections cover returns, the US dollar, developed vs emerging markets, and regional performance. Charts show quarterly factor returns, 12-month sector returns relative to the S&P 500, 20-year earnings for the S&P 500, sector earnings growth vs valuation, the growth of large vs small caps over 3 years, and the historical relationship between inflation and value outperformance.
The document summarizes the growth of the Indian economy between 1999-2007. Some key points:
- India's GDP grew at a rapid pace, reaching $590 billion in 2006 with a growth rate of 9%. Services contributed over half of GDP.
- Foreign investment and foreign exchange reserves increased substantially, with forex reserves exceeding $182 billion in 2007. External debt declined as a percentage of GDP.
- Exports and imports both increased, with imports fueled by higher petroleum costs. Services became a major contributor to exports.
- India attracted significant foreign direct investment and portfolio flows due to its strong economic performance and investment opportunities.
The document discusses the growth and opportunities in the Indian economy across multiple sectors. It notes that India has one of the fastest growing economies in the world, with GDP growth rates over 8% in recent years. Several industries are highlighted as "sunrise sectors" with significant potential and government support, including infrastructure, automobiles, telecom, semiconductors, aviation, and defense. The Indian economy is projected to continue expanding rapidly in the coming years, supported by strong fundamentals including demographics, increasing domestic consumption, and investment in priority industries.
This document summarizes India's growth in electronics system design and manufacturing. It outlines how India's GDP and foreign direct investment have grown rapidly in recent decades. It then discusses India's goal of becoming a $5 trillion economy by 2025, with the electronics sector projected to reach $400 billion. Various reforms and initiatives are highlighted that aim to boost electronics manufacturing in India, including production linked incentive schemes, tax reforms, and development of electronics manufacturing clusters. Statistics on India's progress in electronics production, exports, and domestic value addition are provided. The document emphasizes India's goal of becoming a global hub for electronics manufacturing.
Monthly Market Outlook | ICICI Prudential Mutual Fundiciciprumf
- Global indices ended higher in July as major central banks hiked rates, while Indian markets rose 8.6% on strong corporate earnings and FPI inflows. Most sectoral indices in India performed well led by metals.
- Inflation remains relatively low and moderating in India unlike major global economies experiencing high inflation. India also has modest government debt and more limited central bank balance sheet expansion compared to other countries.
- Economic activity indicators in India like manufacturing and services PMI, GST collections, and vehicle sales remain robust and above pre-pandemic levels, indicating continued expansion. Policy reforms, demographics, rising consumption, export potential, and FDI flows provide structural support for India's growth.
This document provides an analysis on UltraTech Cement. It rates the stock as a "Buy" with a target price range of Rs. 3400-3550 over the next 12 months, representing potential upside of 14%. UltraTech is India's largest cement company and is expected to benefit from recovering economic growth and increasing cement demand in India. The company plans to aggressively expand its capacity which will help drive strong volume growth.
The document provides an overview of the electronics sector in India. Some key points:
- The electronics market in India is expected to increase from USD 100 billion in 2016 to USD 400 billion in 2020, growing at a CAGR of 41.4%.
- Major segments of the electronics industry include consumer electronics, computers, industrial electronics, communication equipment, electronic components, and strategic electronics.
- The government has implemented several policies like FDI reforms and production-linked incentives to boost electronics manufacturing in India.
- Key players in the Indian electronics industry include Bharat Electronics, Samsung, LG, Micromax, HCL, and Wipro which manufacture products like smartphones, TVs, appliances,
State of Artificial intelligence Report 2023kuntobimo2016
Artificial intelligence (AI) is a multidisciplinary field of science and engineering whose goal is to create intelligent machines.
We believe that AI will be a force multiplier on technological progress in our increasingly digital, data-driven world. This is because everything around us today, ranging from culture to consumer products, is a product of intelligence.
The State of AI Report is now in its sixth year. Consider this report as a compilation of the most interesting things we’ve seen with a goal of triggering an informed conversation about the state of AI and its implication for the future.
We consider the following key dimensions in our report:
Research: Technology breakthroughs and their capabilities.
Industry: Areas of commercial application for AI and its business impact.
Politics: Regulation of AI, its economic implications and the evolving geopolitics of AI.
Safety: Identifying and mitigating catastrophic risks that highly-capable future AI systems could pose to us.
Predictions: What we believe will happen in the next 12 months and a 2022 performance review to keep us honest.
The document provides an overview of the electronics sector in India. Some key points:
- The electronics market in India is expected to increase from USD 100 billion in 2016 to USD 400 billion by 2020, growing at a CAGR of 41.4%.
- Major segments include consumer electronics, computers, industrial electronics, communication equipment, strategic electronics, and electronic components.
- The government has implemented policies like FDI reforms and production-linked incentives to boost electronics manufacturing in India.
- Key players in the industry include Bharat Electronics, Samsung, LG, Intex, Wipro, and Moser Baer.
The document provides information on the electronics market in India. Some key points:
- The electronics market in India is expected to grow from $100 billion in 2016 to $400 billion by 2020, registering a CAGR of 41.4%.
- Major segments of the electronics industry in India include consumer electronics, computers, industrial electronics, communication equipment, strategic electronics, and electronic components.
- Government policies like allowing 100% FDI and initiatives like the Modified Special Incentive Package Scheme are helping support growth in the electronics sector.
- Production of electronic goods in India has increased from $14.6 billion in FY07 to $31.6 billion in FY15, registering a C
The document provides an overview of the electronics industry in India. Some key points:
- The electronics market in India is expected to grow from $100 billion in 2016 to $400 billion in 2020, a CAGR of 41.4%.
- Consumer electronics accounts for 29.7% of total electronics production in India, followed by electronic components at 21.1%.
- Production of communication and broadcasting equipment has expanded at a CAGR of 5.1% from 2007-2015, lower than the overall electronics CAGR of 10.1%.
Monthly Market Outlook (November 2021) | ICICI Prudential Mutual Fundiciciprumf
Equity Outlook: Equity markets pacing ahead now the Economy prepares to catch up.
Fixed income: RBI policy normalisation process may result in short-term rates moving higher and reduction in steepness of yield curve.
The document discusses India's growing economy and its increasing globalization. It provides statistics that show India's rising GDP, exports, imports, foreign investment, and per capita income. Several sectors such as services, manufacturing, information technology, automotive, and pharmaceuticals are growing. Global companies are investing more in India due to its large consumer base, low costs, and skilled workforce. While India's economy is expanding rapidly, challenges remain around job creation and reducing economic disparities between urban and rural areas. Overall, the statistics and expert comments presented paint a positive picture of India's economy and its increasing integration into the global marketplace.
The document discusses India's growing economy and its increasing globalization. It provides statistics that show India's rising GDP, exports, imports, foreign investment, and per capita income. Several sectors like services, manufacturing, IT and automotive are growing. Global companies are investing in India due to its large consumer base, low costs, and skilled workforce. While the economy is booming, India still faces challenges of job creation and reducing poverty and inequality. Overall, the document outlines how India has embraced globalization and seen strong economic growth in recent decades.
The document provides an overview of the electronics sector in India with the following key points:
- The electronics market in India is expected to increase from USD 100 billion in 2016 to USD 400 billion in 2020, growing at a CAGR of 41.4%.
- Major segments of the electronics market include consumer electronics, industrial electronics, computers, communication equipment, strategic electronics, and electronic components.
- Production of electronics hardware in India reached USD 31.6 billion in FY2015 and is estimated to reach USD 104 billion by 2020, growing at a CAGR of 10.1%.
- Consumer electronics account for the largest share (29.7%) of total electronics production in India.
The document discusses the growth of India's IT industry after liberalization in 1991. It highlights that the industry saw significant growth due to factors like increased investments in education that created a large skilled workforce, government policies that encouraged foreign investment and infrastructure like software technology parks, and the Y2K problem that provided opportunities for Indian professionals. Statistics show that IT exports grew from $12.8 billion in 2003-04 to a projected $40 billion in 2007-08, and the industry contributes about 7% to India's GDP. Major IT clusters formed in cities like Bangalore, Hyderabad, Chennai, Delhi and Mumbai due to supportive infrastructure and policies.
The document provides an overview of the electronics sector in India. Some key points:
- The electronics market in India is expected to increase from $100 billion in 2016 to $400 billion by 2020, growing at a CAGR of 41.4%.
- Major segments driving growth include consumer electronics, mobile phones, LED lighting, televisions, and telecom equipment.
- Government policies like 'Make in India' and 100% FDI allowance are helping attract investments and boost domestic manufacturing in the sector.
- Production of electronic goods has been growing steadily, estimated at $47.87 billion in FY2017 and projected to reach $104 billion by 2020.
The document provides an overview of the performance of global and Indian markets and economic indicators in October 2021. Key points include:
1) Indian markets continued their upward momentum in October driven by India's insulation from slowdowns, stable COVID trends, government reforms and low interest rates.
2) Within India, the real estate sector performed strongly while metals lagged.
3) COVID cases and positivity rates remained under control in India, though upcoming festivals will need close monitoring. Vaccination rates picked up in September.
4) Various economic indicators like e-way bills, vehicle registrations, mobility and power consumption show an improvement in economic activity as COVID cases decline and vaccination increases.
Demand for global IT services has grown significantly in recent years while many other industries are slowing down. New technologies like cloud computing, AI, and enterprise solutions are driving incremental growth for the IT sector. Major Indian IT companies like TCS and Infosys have invested extensively in developing capabilities and have seen success in large client additions and order wins. They have helped clients effectively manage disruptions through digital transformation. Forecasts suggest acceleration in IT services spending in 2023. The Indian IT sector has consistently gained market share over the past two decades and has outperformed broader market declines during periods of volatility, making it attractive for long term investors.
The most special feature of MOSt Research is the Wealth Creation Report. It is work of the foremost value investor in India and the joint MD and promoter– Mr. Raamdeo Agrawal. An equity research stalwart, Mr. Agrawal analyses the most consistent, the fastest and the biggest value creators in the Indian equity universe every year. Though the study is done every year, the report is timeless in its use. The report is unveiled at a special annual function, where the best are felicitated. The Wealth Creation Report is available on request as soft copy or printed format.
The document provides a quarterly update on global equity markets for 3Q 2022. It includes sections on US market performance and factors, sector performance, earnings growth and valuations. International sections cover returns, the US dollar, developed vs emerging markets, and regional performance. Charts show quarterly factor returns, 12-month sector returns relative to the S&P 500, 20-year earnings for the S&P 500, sector earnings growth vs valuation, the growth of large vs small caps over 3 years, and the historical relationship between inflation and value outperformance.
The document summarizes the growth of the Indian economy between 1999-2007. Some key points:
- India's GDP grew at a rapid pace, reaching $590 billion in 2006 with a growth rate of 9%. Services contributed over half of GDP.
- Foreign investment and foreign exchange reserves increased substantially, with forex reserves exceeding $182 billion in 2007. External debt declined as a percentage of GDP.
- Exports and imports both increased, with imports fueled by higher petroleum costs. Services became a major contributor to exports.
- India attracted significant foreign direct investment and portfolio flows due to its strong economic performance and investment opportunities.
The document discusses the growth and opportunities in the Indian economy across multiple sectors. It notes that India has one of the fastest growing economies in the world, with GDP growth rates over 8% in recent years. Several industries are highlighted as "sunrise sectors" with significant potential and government support, including infrastructure, automobiles, telecom, semiconductors, aviation, and defense. The Indian economy is projected to continue expanding rapidly in the coming years, supported by strong fundamentals including demographics, increasing domestic consumption, and investment in priority industries.
This document summarizes India's growth in electronics system design and manufacturing. It outlines how India's GDP and foreign direct investment have grown rapidly in recent decades. It then discusses India's goal of becoming a $5 trillion economy by 2025, with the electronics sector projected to reach $400 billion. Various reforms and initiatives are highlighted that aim to boost electronics manufacturing in India, including production linked incentive schemes, tax reforms, and development of electronics manufacturing clusters. Statistics on India's progress in electronics production, exports, and domestic value addition are provided. The document emphasizes India's goal of becoming a global hub for electronics manufacturing.
Monthly Market Outlook | ICICI Prudential Mutual Fundiciciprumf
- Global indices ended higher in July as major central banks hiked rates, while Indian markets rose 8.6% on strong corporate earnings and FPI inflows. Most sectoral indices in India performed well led by metals.
- Inflation remains relatively low and moderating in India unlike major global economies experiencing high inflation. India also has modest government debt and more limited central bank balance sheet expansion compared to other countries.
- Economic activity indicators in India like manufacturing and services PMI, GST collections, and vehicle sales remain robust and above pre-pandemic levels, indicating continued expansion. Policy reforms, demographics, rising consumption, export potential, and FDI flows provide structural support for India's growth.
This document provides an analysis on UltraTech Cement. It rates the stock as a "Buy" with a target price range of Rs. 3400-3550 over the next 12 months, representing potential upside of 14%. UltraTech is India's largest cement company and is expected to benefit from recovering economic growth and increasing cement demand in India. The company plans to aggressively expand its capacity which will help drive strong volume growth.
The document provides an overview of the electronics sector in India. Some key points:
- The electronics market in India is expected to increase from USD 100 billion in 2016 to USD 400 billion in 2020, growing at a CAGR of 41.4%.
- Major segments of the electronics industry include consumer electronics, computers, industrial electronics, communication equipment, electronic components, and strategic electronics.
- The government has implemented several policies like FDI reforms and production-linked incentives to boost electronics manufacturing in India.
- Key players in the Indian electronics industry include Bharat Electronics, Samsung, LG, Micromax, HCL, and Wipro which manufacture products like smartphones, TVs, appliances,
State of Artificial intelligence Report 2023kuntobimo2016
Artificial intelligence (AI) is a multidisciplinary field of science and engineering whose goal is to create intelligent machines.
We believe that AI will be a force multiplier on technological progress in our increasingly digital, data-driven world. This is because everything around us today, ranging from culture to consumer products, is a product of intelligence.
The State of AI Report is now in its sixth year. Consider this report as a compilation of the most interesting things we’ve seen with a goal of triggering an informed conversation about the state of AI and its implication for the future.
We consider the following key dimensions in our report:
Research: Technology breakthroughs and their capabilities.
Industry: Areas of commercial application for AI and its business impact.
Politics: Regulation of AI, its economic implications and the evolving geopolitics of AI.
Safety: Identifying and mitigating catastrophic risks that highly-capable future AI systems could pose to us.
Predictions: What we believe will happen in the next 12 months and a 2022 performance review to keep us honest.
STATATHON: Unleashing the Power of Statistics in a 48-Hour Knowledge Extravag...sameer shah
"Join us for STATATHON, a dynamic 2-day event dedicated to exploring statistical knowledge and its real-world applications. From theory to practice, participants engage in intensive learning sessions, workshops, and challenges, fostering a deeper understanding of statistical methodologies and their significance in various fields."
ViewShift: Hassle-free Dynamic Policy Enforcement for Every Data LakeWalaa Eldin Moustafa
Dynamic policy enforcement is becoming an increasingly important topic in today’s world where data privacy and compliance is a top priority for companies, individuals, and regulators alike. In these slides, we discuss how LinkedIn implements a powerful dynamic policy enforcement engine, called ViewShift, and integrates it within its data lake. We show the query engine architecture and how catalog implementations can automatically route table resolutions to compliance-enforcing SQL views. Such views have a set of very interesting properties: (1) They are auto-generated from declarative data annotations. (2) They respect user-level consent and preferences (3) They are context-aware, encoding a different set of transformations for different use cases (4) They are portable; while the SQL logic is only implemented in one SQL dialect, it is accessible in all engines.
#SQL #Views #Privacy #Compliance #DataLake
Enhanced Enterprise Intelligence with your personal AI Data Copilot.pdfGetInData
Recently we have observed the rise of open-source Large Language Models (LLMs) that are community-driven or developed by the AI market leaders, such as Meta (Llama3), Databricks (DBRX) and Snowflake (Arctic). On the other hand, there is a growth in interest in specialized, carefully fine-tuned yet relatively small models that can efficiently assist programmers in day-to-day tasks. Finally, Retrieval-Augmented Generation (RAG) architectures have gained a lot of traction as the preferred approach for LLMs context and prompt augmentation for building conversational SQL data copilots, code copilots and chatbots.
In this presentation, we will show how we built upon these three concepts a robust Data Copilot that can help to democratize access to company data assets and boost performance of everyone working with data platforms.
Why do we need yet another (open-source ) Copilot?
How can we build one?
Architecture and evaluation
06-04-2024 - NYC Tech Week - Discussion on Vector Databases, Unstructured Data and AI
Discussion on Vector Databases, Unstructured Data and AI
https://www.meetup.com/unstructured-data-meetup-new-york/
This meetup is for people working in unstructured data. Speakers will come present about related topics such as vector databases, LLMs, and managing data at scale. The intended audience of this group includes roles like machine learning engineers, data scientists, data engineers, software engineers, and PMs.This meetup was formerly Milvus Meetup, and is sponsored by Zilliz maintainers of Milvus.
4th Modern Marketing Reckoner by MMA Global India & Group M: 60+ experts on W...Social Samosa
The Modern Marketing Reckoner (MMR) is a comprehensive resource packed with POVs from 60+ industry leaders on how AI is transforming the 4 key pillars of marketing – product, place, price and promotions.
Natural Language Processing (NLP), RAG and its applications .pptxfkyes25
1. In the realm of Natural Language Processing (NLP), knowledge-intensive tasks such as question answering, fact verification, and open-domain dialogue generation require the integration of vast and up-to-date information. Traditional neural models, though powerful, struggle with encoding all necessary knowledge within their parameters, leading to limitations in generalization and scalability. The paper "Retrieval-Augmented Generation for Knowledge-Intensive NLP Tasks" introduces RAG (Retrieval-Augmented Generation), a novel framework that synergizes retrieval mechanisms with generative models, enhancing performance by dynamically incorporating external knowledge during inference.
Global Situational Awareness of A.I. and where its headedvikram sood
You can see the future first in San Francisco.
Over the past year, the talk of the town has shifted from $10 billion compute clusters to $100 billion clusters to trillion-dollar clusters. Every six months another zero is added to the boardroom plans. Behind the scenes, there’s a fierce scramble to secure every power contract still available for the rest of the decade, every voltage transformer that can possibly be procured. American big business is gearing up to pour trillions of dollars into a long-unseen mobilization of American industrial might. By the end of the decade, American electricity production will have grown tens of percent; from the shale fields of Pennsylvania to the solar farms of Nevada, hundreds of millions of GPUs will hum.
The AGI race has begun. We are building machines that can think and reason. By 2025/26, these machines will outpace college graduates. By the end of the decade, they will be smarter than you or I; we will have superintelligence, in the true sense of the word. Along the way, national security forces not seen in half a century will be un-leashed, and before long, The Project will be on. If we’re lucky, we’ll be in an all-out race with the CCP; if we’re unlucky, an all-out war.
Everyone is now talking about AI, but few have the faintest glimmer of what is about to hit them. Nvidia analysts still think 2024 might be close to the peak. Mainstream pundits are stuck on the wilful blindness of “it’s just predicting the next word”. They see only hype and business-as-usual; at most they entertain another internet-scale technological change.
Before long, the world will wake up. But right now, there are perhaps a few hundred people, most of them in San Francisco and the AI labs, that have situational awareness. Through whatever peculiar forces of fate, I have found myself amongst them. A few years ago, these people were derided as crazy—but they trusted the trendlines, which allowed them to correctly predict the AI advances of the past few years. Whether these people are also right about the next few years remains to be seen. But these are very smart people—the smartest people I have ever met—and they are the ones building this technology. Perhaps they will be an odd footnote in history, or perhaps they will go down in history like Szilard and Oppenheimer and Teller. If they are seeing the future even close to correctly, we are in for a wild ride.
Let me tell you what we see.
2. ICICI
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February 17, 2021 ICICI Securities Ltd. | Retail Equity Research 2
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14000
16000
Nifty 50 thorugh the years
Subprime
crisis
Demonetisation
Covid
crash
Slowdown in
China,
devaluation of
Yuan
US China
trade war
Downgrade in
US credit
ratings
Change in
Indian
Government
Source: NSE, Company, ICICI Direct Research
Biggest risk in today’s market is not being there in the market
Nifty 50 through the years
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Nifty shifting orbits …
Nifty currently trades at a PE of ~32x (based on FY20 EPS) and at a PE of
~38x on Trailing Twelve Months (TTM) basis, thereby helping build the public
opinion that the broader markets are highly euphoric and running ahead of
fundamentals. We however dispel this notion, as we logically derive that
present absolute PE multiples make little sense especially when we had a blip
in corporate earnings in the recent past due to the Covid pandemic and are
staging an impressive earnings CAGR (24%+ over FY21-23E) ahead of us.
Our key focal points:
(i) Nifty constituents have undergone major change in past decade. The
weights of capital efficient sectors such as FMCG, Financials (private
banks), IT and Pharma have increased from 29% in March 2009 to 70% in
December 2020.
(ii) These sectors command higher PE multiples as markets prefer Earnings
visibility and consistency
(iii) Better performing business segments within existing companies is not
captured by current PE. Companies like L&T, SBI etc. have multiple
business lines and hence SoTP (Sum of the parts) based valuations of
these names are not captured by the PE ratio alone.
Trend in Sectoral Weightages in Nifty
Target PE of few individual constituents based on FY23EPS
Sectors/Year Mar-09 Mar-14 Mar-19 Dec-20
Financial Services 11.8 27.5 38.9 38.8
IT 9.1 16.3 13.7 16.3
Oil & Gas 40.7 14.3 15.3 12.5
FMCG 6.4 12.6 11.3 11.5
Automobile 3.3 8.8 6.1 5.4
Pharmaceuticals 2.5 5.2 2.4 3.6
Metals 5.4 4.8 3.7 2.5
Telecom 9.8 1.7 1.5 2.0
Nifty Stocks Target PE (x) Nifty Stocks Target PE (x) Nifty Stocks Target PE (x)
Adani Ports 16.0 SBI Life 45.3 HDFC Bank Ltd 19.3
Asian Paints Ltd 58.2 Titan Co. 58.0 Reliance Industries 17.7
Bajaj Auto Ltd 18.9 Tata Steel 9.2 TCS 29.4
Bajaj Finance Ltd 46.5 Sun Pharma 21.9 Divis Lab 40.0
Bharti Airtel Ltd 32.3 NTPC Ltd 5.4 Axis Bank Ltd 17.5
Dr Reddy's 26.0 Maruti 28.0 Shree Cement 39.8
Nestle India Ltd 63.3 Indusind 37.2 ITC Ltd 17.0
Infosys Ltd 25.4 Britannia 44.5 Grasim Industries 34.7
Overall Nifty PE 26.2
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FII inflows at historical high, market sentiments bouyant…
February 17, 2021 ICICI Securities Ltd. | Retail Equity Research 4
Source: NSE, NSDL, ICICI Direct Research
2020 170262
2019 101122
2018 -33014
2017 51252
2016 20568
2015 17808
2014 97054
2013 113136
2012 128360
2011 -2714
2010 133266
2009 83424
2008 -52987
2007 71487
2006 36540
2005 47181
2004 38965
2003 30459
2002 3630
FII Inflows/Outflows
January 12123
February 1820
March -61973
April -6884
May 14569
June 21832
July 7563
August 47080
September -7783
October 19541
November 60358
December 62016
January (till
26th Jan 2021)
23630
FII Inflows/Outflows (2020)
400
2400
4400
6400
8400
10400
0
20
40
60
80
100 % of stocks above 200 SMA Nifty 500
1000
3000
5000
7000
9000
11000
13000
15000
Jan-07
Jul-07
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Nifty at all-time high clearly indicates
improvement of sentiments
Greater than 90% of the NSE500
stocks are trading above their 200
SMA. This has never happened in
previous bull runs. This highlights
broad based participation and
strong market sentiments.
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Positive conditions for a broad based market rally…
February 17, 2021 ICICI Securities Ltd. | Retail Equity Research 5
Source: NSE, RBI, IMF, WorldBank, ICICI Direct Research
Interest rates at all time low Asset quality concerns peaked out
Corporate debt at lowest levels Historical GDP growth rate of India
44.2
45.1 45.8 45.6
44.3
42.8
39.5
36.6
33.5
32.0
29.9
25
30
35
40
45
50
Nov-10
Nov-11
Nov-12
Nov-13
Nov-14
Nov-15
Nov-16
Nov-17
Nov-18
Nov-19
Nov-20
(%)
Industry loans as % to total
2.2 2.3 2.6 2.5
3.1 3.2
3.8
4.6
7.6
8.5
10.8
10.3
9.0
7.8
8.5
0
2
4
6
8
10
12
Mar-08
Mar-09
Mar-10
Mar-11
Mar-12
Mar-13
Mar-14
Mar-15
Mar-16
Mar-17
Mar-18
Mar-19
Mar-20
Sep-20
Sep-20
(%)
4
5
6
7
8
9
10
Dec-2010
Apr-2011
Jul-2011
Nov-2011
Feb-2012
May-2012
Jul-2012
Oct-2012
Jan-2013
Apr-2013
Jul-2013
Oct-2013
Jan-2014
May-2014
Aug-2014
Nov-2014
Feb-2015
Jun-2015
Sep-2015
Dec-2015
Apr-2016
Jul-2016
Oct-2016
Feb-2017
May-2017
Aug-2017
Dec-2017
Mar-2018
Jun-2018
Oct-2018
Jan-2019
May-2019
Aug-2019
Dec-2019
Mar-2020
Jul-2020
Oct-2020
(%)
India 10 Year G-Sec Yield %
10.3
6.6
5.5
6.4
7.4 8.0 8.3
7.0
6.1
4.2
(7.7)
11.0
7.0
(10.0)
(5.0)
-
5.0
10.0
15.0
2010 2011 2012 2013 2014 2015 2016 2017 2018 2019 2020 2021 2022
%
Real GDP growth rate (Annual % change)
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Capacity utilisation trend for core sectors
February 17, 2021 ICICI Securities Ltd. | Retail Equity Research 6
Source: Company, ICICI Direct Research
Steady demand from core industries should improve capacity utilisation in steel sector Focus on infrastructure to provide headroom for cap utilisation levels in cement sector
60
65
70
75
80
FY17 FY18 FY19 FY20 FY21E FY22E FY23E
Capacity utilisation(%)
Capacity utilisation (%)
66%
68%
70%
72%
74%
76%
78%
80%
82%
FY16 FY17 FY18 FY19 FY20 FY21E FY22E FY23E
Steel Capacity utilisation
Capacity utilisation
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In long term, all market cap types & sectors have performed…
February 17, 2021 ICICI Securities Ltd. | Retail Equity Research 7
Sectoral Indices 1 year 3 year 5 year 10 year
Nifty Realty -4.3% -10.2% 103.4% 6.5%
Nifty Bank -0.5% 11.3% 99.9% 187.7%
Nifty Metal 20.6% -23.0% 91.6% -25.6%
Nifty Financial Services 4.2% 31.2% 131.3% 254.6%
Nifty Energy 7.9% 15.3% 95.7% 88.6%
Nifty Infra 13.5% 3.2% 53.8% 23.7%
Nifty IT 57.4% 95.2% 128.7% 270.8%
Nifty Pharma 49.0% 30.4% 6.9% 167.6%
Broader Indices 1 year 3 year 5 year 10 year
Nifty 50 16.6% 26.3% 86.0% 155.3%
Nifty 100 16.1% 23.2% 85.1% 161.9%
Nifty midcap 100 16.4% -0.2% 69.5% 168.0%
Nifty smallcap 100 14.8% -19.9% 44.1% 101.8%
392%
360%
277% 266%
231%
210%
189% 178% 173%
77%
44%
16%
-34%
-100%
-50%
0%
50%
100%
150%
200%
250%
300%
350%
400%
450%
NSEIT
Index
NSEPHRM
Index
NSEFIN
Index
NSEBANK
Index
NSEMCAP
Index
NSESMCP
Index
NSE100
Index
SENSEX
Index
Nifty
Index
NSEMET
Index
NSENRG
Index
NSEINFR
Index
NSEREAL
Index
Performance between 2009-2015
231%
198% 191%
172% 170% 169% 167% 162% 153%
136%
122% 117% 114%
0%
50%
100%
150%
200%
250%
NSEIT
Index
NSEFIN
Index
NSENRG
Index
SENSEX
Index
NSE100
Index
Nifty
Index
NSEMCAP
Index
NSEBANK
Index
NSEREAL
Index
NSESMCP
Index
NSEINFR
Index
NSEMET
Index
NSEPHRM
Index
Performance between 2015-2020
Source: Bloomberg, ICICI Direct Research
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8
Favorable government policies
Source:: Budget Documents, Media reports, ICICIDirect Research
PLI scheme boost for favorable domestic manufacturing
Capex plan under National Infrastructure plan
Sectors Estimated Exp (| crore)
Mobile phone manufacturing 47240
API & others 6940
Manufacturing of Medical devices 3420
Advanced Cell Chemistry Battery 18100
Electronic/Technology products 5000
Automobiles & Auto Components 57042
Pharmaceutical Drugs 15000
Telecom & Networking products 12195
Textile products 10683
Food products 10900
High Efficiency Solar PV Modules 4500
White Goods (Acs & LED) 6238
Specialty Steel 6322
Total 203580
2.3
4.4
1.7
4.4 4.7 5.0 4.7
3.3
3.8
3.0
3.6 2.5 2.4 3.3
1.3
2.6
1.7
3.1 2.7 2.2 1.7
3.0
4.6
3.3
4.0
2.3 2.2 1.6
4.4
6.0
4.7
6.2
4.2 3.6
1.9
0
5
10
15
20
25
FY20 FY21 FY21IDE FY22 FY23 FY24 FY25
(|
Lakh
Crore)
Annual phasing of investment under NIP
Energy & Power Roads Railways Urban &Housing Others
9.0
13.2
15.4
16.5
21.3
14.4
14.4
21.5
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What we will not touch: stocks and sectors impacted by
disruption
Declining trend in Li-ion battery costs Renewable capacity & solar tariff in India
69022
77641
87027
89229
91153
50000
55000
60000
65000
70000
75000
80000
85000
90000
95000
2018 2019 2020 Sep-20 Dec-20
Renewable capacity
Source: BNEF.com Statista,CEA, ICICI Direct Research
77.5 75.1 73.3
69.9
65.6 64.5 62.3 59.9 60.7 61.1
56.0
50.8
30.0
40.0
50.0
60.0
70.0
80.0
Plant load factor (Coal & Lignite)
917
721
663
588
381
293
219 180 156 135
0
200
400
600
800
1,000
2011
2012
2013
2014
2015
2016
2017
2018
2019
2020
US$/kWh
Li-ion battery costs
Advancements in battery technology & scale
benefits through higher EV adotion has driven
battery costs lower globally
Countrywide PLFs for thermal power plants
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Source:: SEBI, ICICI Direct Research
What are small-caps?
Large Caps – Top 100 companies by
market cap
(As of Dec 2020: MCap ~>=₹ 29,000
crore)
Mid Caps – 101st – 250th companies by market
cap
(As of Dec 2020: MCap between ₹ 29,000
crore and ~₹8,400 crore)
Small Caps – 251st and beyond
companies by market cap
(As of Dec 2020: MCap ~<=₹ 8,400
crore)
Small-caps are essentially the companies which rank 251 and beyond in the pegging order of listed companies on market capitalization basis.
Economic
growth
Opportunities
for industries
Participation
across the
value chain
Growth opportunities spur new
winners on an ongoing basis …
Small caps
grow into mid
caps
Mid caps
grow into
large caps
Large caps
become
mega-caps
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Source:: ICICI Direct Research
Small-cap offers superior growth and wealth creation
opportunities
Midcap Opportunity in Tractor Space
Small-Cap Opportunity in Power tiller Space
Industry
growing at
10% CAGR
1.6x present
size in next 5
years
Leader with 43% market
share grows to 50% market
share in next 5 years 1.9x
today’s size
Smaller player with 11%
market share grows to 15%
market share in 5 years
2.2x today’s size
Implied profit
multiplication = >2x
Implied profit
multiplication = >2.5x
Industry
growing at
15% CAGR
2x present size
in next 5 years
Leader with 50% market
share grows to 70% market
share in 5 years due to import
restrictions 2.8x today’s size
Implied profit
multiplication = >2.5x
Implied profit
multiplication = >3.5x
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Source:: NSE, ICICI Direct Research
Small-cap – at the cusp of mean reversion
While large cap index and mid cap index have rescaled previous peak (as of January 2021), small cap index remains well below its life high (~23% from
top) signalling that previous peak is still some distance away …
0
5,000
10,000
15,000
20,000
25,000
Jan-08
Jul-08
Jan-09
Jul-09
Jan-10
Jul-10
Jan-11
Jul-11
Jan-12
Jul-12
Jan-13
Jul-13
Jan-14
Jul-14
Jan-15
Jul-15
Jan-16
Jul-16
Jan-17
Jul-17
Jan-18
Jul-18
Jan-19
Jul-19
Jan-20
Jul-20
Jan-21
Index
value
Nifty 50 Nifty MidCap 100 Nifty SmallCap 100
Attained anew peak
Attained anew peak
~23% below top
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• Historically, small caps have bounced
back strongly from every year of
negative/low returns.
• In recent times, CY20 performance (up
21%) came on the back of two years of
double-digit decline i.e. -29% in CY18 and
-10% in CY19.
• There remains significant headroom for
continued recovery in the small cap
space
• Interestingly small cap’s are yet to
generate meaningful alpha over their
larger counterparts namely Nifty 50 and
Nifty Midcap
As against an average long period beta of ~0.7x of
Nifty Small Cap 100 vs. Nifty 50, the present small
cap index beta stands at ~0.5x i.e. near to average-2
std dev; near to its bottom range. The same is
indicative of potential outperformance of Small caps
vis-à-vis bellwether index
(Small Cap beta = small cap index value/Nifty index
value)
Source:: NSE, ICICI Direct Research
Historical data suggest reasonable headroom for small-cap
outperformance
0.20
0.40
0.60
0.80
1.00
CY05
CY06
CY07
CY08
CY09
CY10
CY11
CY12
CY13
CY14
CY15
CY16
CY17
CY18
CY19
CY20
Beta
(x)
Small Cap beta Average small cap beta +2 SD -2 SD
Year end index
value
YoY Returns
(% )
Year end
index value
YoY Returns
(% )
Year end
index value
YoY Returns
(% )
Over Nifty
Over Nifty
Midcap
2020 13,982 15 20,842 22 7,088 21 7 (0)
2019 12,168 12 17,103 (4) 5,835 (10) (22) (5)
2018 10,863 3 17,876 (15) 6,449 (29) (32) (14)
2017 10,531 29 21,134 47 9,093 57 29 10
2016 8,186 3 14,351 7 5,781 2 (1) (5)
2015 7,946 (4) 13,397 6 5,653 7 11 1
2014 8,283 31 12,584 56 5,273 55 24 (1)
2013 6,304 7 8,071 (5) 3,403 (8) (15) (3)
2012 5,905 28 8,505 39 3,710 37 9 (2)
2011 4,624 (25) 6,112 (31) 2,712 (34) (9) (3)
2010 6,135 18 8,857 19 4,101 18 (0) (2)
2009 5,201 76 7,433 99 3,486 107 31 8
2008 2,959 (52) 3,736 (59) 1,684 (71) (19) (12)
2007 6,139 55 9,200 77 5,801 87 33 10
CY
Small Cap Alpha (% )
Nifty Small Cap 100
Nifty Midcap 100
Nifty 50
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Source:: NSE, ICICI Direct Research
Small-caps provide strong earnings visibility at reasonable
valuations
Low interest rate scenario is a key tailwind to overall equities
(TINA factor). Within equities, small caps offer superior earnings
potential, with FY21E-23E CAGR seen at ~27%. This compares
to ~24% CAGR seen at large caps and ~19% CAGR seen at mid
caps
Consequent to relative price underperformance recently and
higher expected earnings up ahead, valuations for small caps vis-
a-vis narrower indices are at attractive levels (~14x P/E on FY23E
EPS). This provides margin of safety on small caps.
9.1
30.2
18.4
24.2
19.1
16.2
21.5
18.8
7.1
26.7
28.0
27.3
0
5
10
15
20
25
30
35
FY21E
FY22E
FY23E
2
year
CAGR
(FY21-23E)
YoY
Earnings
growth
(%
)
Nifty Nifty MidCap 100 Nifty SmallCap 100
32.4
29.7
22.8
19.2
26.6
22.4
19.2
15.8
23.5
21.9
17.3
13.5
0
5
10
15
20
25
30
35
FY20
FY21E
FY22E
FY23E
P/E
(x)
Nifty Nifty MidCap 100 Nifty SmallCap 100
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Our past history of well researched stocks turning multi-baggers
0
2,000
4,000
6,000
8,000
10,000
12,000
0
300
600
900
1200
1500
Jul-16
Oct-16
Jan-17
Apr-17
Jul-17
Oct-17
Jan-18
Phillips Carbon Black (LHS) Nifty Small Cap 100 (RHS)
Details Initiation Peak
Date 11-Jul-16 12-Jan-18
Price 175 1455
Mcap 600 crore 5,000 crore
RoCE 6% 17%
A leader in supplying carbon black, an
essential compound for manufactruing tyres
Phillips Carbon Black turned ~8x vs. small cap index
return of ~50% during last small cap run (2016-2018)
Affle India turned ~3x vs. small cap index return of 75%
during current small cap run (mid may 2020 onwards)
Details Initiation Peak
Date 18-May-20 16-Dec-20
Price 1275 4007
Mcap 3,250 crore 10,200 crore
RoCE 32% 32%
Affle is a technology platform that enables
advertisers to do targeted advertising
0
1,000
2,000
3,000
4,000
5,000
6,000
7,000
8,000
0
1000
2000
3000
4000
5000
May-20
May-20
Jun-20
Jun-20
Jun-20
Jul-20
Jul-20
Aug-20
Aug-20
Sep-20
Sep-20
Oct-20
Oct-20
Nov-20
Nov-20
Nov-20
Dec-20
Affle India (LHS) Nifty Small Cap 100 (RHS)
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Constructed applying bottom up style of investing methodology.
Its key parameters include:
• Capital efficient businesses (subjective) with well defined path of higher return ratios in future. Expansion of sustainable ROCE.
• Dominant market share position
• Robust growth prospects
• Low on debt & leverage
• Sound Financials; healthy B/S, positive cash generating businesses
• Run exhaustive check in terms of management pedigree and other corporate governance parameters
• Time horizon – We believe stocks show reasonable performance over 3-5 years
• Valuation - We do not follow necessarily a contrarian approach, so we do not aim to buy cheapest stock and sell expensive
stocks. Stocks are cheap and expensive for a reason
• Robust balance sheet, here the income growth should be faster than the balance sheet growth
• Other Criteria
a) Multi-bagger approach
b) Universe of 15-20 companies
c) No sector will be more than 25% of the portfolio
d) Individual stocks should not be more than 10% and less than 3% of portfolio while investing
February 17, 2021 ICICI Securities Ltd. | Retail Equity Research 16
Our small-cap investment philosophy
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18
Disclaimer
ANALYST CERTIFICATION
I/We, Pankaj Research Analysts, authors and the names subscribed to this report, hereby certify that all of the views expressed in this research report accurately reflect our
views about the subject issuer(s) or securities. We also certify that no part of our compensation was, is, or will be directly or indirectly related to the specific recommendation(s)
or view(s) in this report. It is also confirmed that above mentioned Analysts of this report have not received any compensation from the companies mentioned in the report in
the preceding twelve months and do not serve as an officer, director or employee of the companies mentioned in the report.
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ICICI Securities is one of the leading merchant bankers/ underwriters of securities and participate in virtually all securities trading markets in India. We and our associates might
have investment banking and other business relationship with a significant percentage of companies covered by our Investment Research Department. ICICI Securities
generally prohibits its analysts, persons reporting to analysts and their relatives from maintaining a financial interest in the securities or derivatives of any companies that the
analysts cover
Recommendation in reports based on technical and derivative analysis centre on studying charts of a stock's price movement, outstanding positions, trading volume etc as
opposed to focusing on a company's fundamentals and, as such, may not match with the recommendation in fundamental reports. Investors may visit icicidirect.com to view
the Fundamental and Technical Research Reports.
Our proprietary trading and investment businesses may make investment decisions that are inconsistent with the recommendations expressed herein.
ICICI Securities Limited has two independent equity research groups: Institutional Research and Retail Research. This report has been prepared by the Retail Research. The
views and opinions expressed in this document may or may not match or may be contrary with the views, estimates, rating, and target price of the Institutional Research.
The information and opinions in this report have been prepared by ICICI Securities and are subject to change without any notice. The report and information contained herein is
strictly confidential and meant solely for the selected recipient and may not be altered in any way, transmitted to, copied or distributed, in part or in whole, to any other person
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ICICI Securities is under no obligation to update or keep the information current. Also, there may be regulatory, compliance or other reasons that may prevent ICICI Securities
from doing so. Non-rated securities indicate that rating on a particular security has been suspended temporarily and such suspension is in compliance with applicable
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Disclaimer
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