The document provides a market and economic outlook report for June 2013. It identifies several positive factors for the Indian markets in the coming months, including strong FII inflows due to quantitative easing by Japan and the US. GDP growth is seen to have bottomed out, and inflation is expected to continue declining. The report also notes that rate cuts are likely to continue and commodity prices are declining. Key projects are moving forward and the monsoon is on schedule. Reliance also reported a significant gas find.
From the desk of the CEO
Dear Investors,
Market movements are usually a result of mix of global and
domestic cues. In the third quarter, United States saw a fall in
the GDP after a formidable growth in the previous quarter,
adding to the dilemma of the Fed whether to increase rates or
not. After the Fed meeting in October, it resulted in status quo
on interest rates. Due to continuing global uncertainties, a
slightly lower inflation path and mixed macroeconomic data,
the Fed once again refrained from entering into a tightening
policy. In another part of the world, China’s six year low GDP
growth added to concerns of a continuing slower growth path.
During the tenth month of the calendar year in the absence of
major negative global cues, government policies and domestic
green shoots drove up the equity markets back home. Due to a
panic of devaluation of emerging market currencies in
August-September, markets had faced a knee-jerk reaction
then. However, October finally witnessed stabilization in
emerging markets. India was no exception. This was mainly
because of two reasons. Firstly, the stabilization led to a
rebound in global markets and thus investor sentiments.
Secondly, a domino effect of the former led to the reversal of
FII outflows that added to the recovery.
Green shoots such as IIP and inflation indicated that economic
revival is on the way, leading to the RBI front loading the rate
cuts in September. The trade deficit came in lower during the
month. Though exports contracted, imports contracted even
further. An appreciation in the domestic currency and strong
indirect taxes numbers added to the cheer and pushed markets
further up rebound of the markets.
Going forward, one can expect markets to move in the
sideways range with a quieter Diwali and no major fireworks.
However, this period of consolidation continues to provide
good opportunities for long-term investors. May the “Diyas”
bring light into your lives, while you pray to the Goddess of
wealth during Diawli. We wish you growth in your wealth
through positive market movements in the remaining part of
2015.
Dear Investors,
September saw a spillover of the previous month’s equity
market correction. The main reason for this was the continuing
bleak global events, which also negated domestic macro greenshoots to a large extent. In the West, the possibility of a US Fed
rate hike lingers, keeping investors globally on their toes.
Amidst this global weakness, uncertainties of global markets
with respect to the Euro have reduced after Alexis Tsipras’
Syriza party returned to power once again in Greece, this time
with a majority. The Chinese government is also taking
initiatives like tightening trading rules on forex and stock
market to stabilize their economy. The slowdown in China in a
way has been India’s gain, which has led to India emerging as
the top destination for FDI investments, attracting $30 billion
by the end of June 2015.
Closer home, better looking green-shoots portray a recovering
economy. Industrial growth has been above 4% for the past 2
months, whereas retail inflation continues to remain lower.
Although there has been a double digit deficit in the rainfall
this year, RBI is not too much worried about the pressure on
the food prices given the comfort it has derived from the
actions by the government to manage supply. An addition to
these positives was RBI increasing the foreign investment limit
in central government securities. This will help create a new
pool of money to compensate for the lowering SLR imposed on
banks.
Markets rejoiced at the bonnes nouvelles (good news) of the
50 basis points rate cut by RBI at the fourth bi-monthly
meeting. The main objective behind this was to enhance
growth in the economy. Mr. Raghuram Rajan hopes that
investment should respond more strongly after some certainty
about the extent of monetary stimulus in pipeline, even if the
transmission is low. With this transmission, investments in the
real economy would increase. This announcement was then
followed by a highly ‘dovish’ stance, with the RBI repeating
that it would remain in an ‘accommodative mode’. The rate cut
has increased the cumulative rate cut this year to 125 bps. It is
hearting that banks like SBI has cut its base rate by 40 bps.
All in all, the month saw events that were unexpected, events
that created a yin-yang sentiment among investors and events
that made India shining more convincing. RBI has taken the
first bold step on its part. The question now is what the
government will do on its part to grow our economy!
From the desk of the CEO
Dear Investors,
Market movements are usually a result of mix of global and
domestic cues. In the third quarter, United States saw a fall in
the GDP after a formidable growth in the previous quarter,
adding to the dilemma of the Fed whether to increase rates or
not. After the Fed meeting in October, it resulted in status quo
on interest rates. Due to continuing global uncertainties, a
slightly lower inflation path and mixed macroeconomic data,
the Fed once again refrained from entering into a tightening
policy. In another part of the world, China’s six year low GDP
growth added to concerns of a continuing slower growth path.
During the tenth month of the calendar year in the absence of
major negative global cues, government policies and domestic
green shoots drove up the equity markets back home. Due to a
panic of devaluation of emerging market currencies in
August-September, markets had faced a knee-jerk reaction
then. However, October finally witnessed stabilization in
emerging markets. India was no exception. This was mainly
because of two reasons. Firstly, the stabilization led to a
rebound in global markets and thus investor sentiments.
Secondly, a domino effect of the former led to the reversal of
FII outflows that added to the recovery.
Green shoots such as IIP and inflation indicated that economic
revival is on the way, leading to the RBI front loading the rate
cuts in September. The trade deficit came in lower during the
month. Though exports contracted, imports contracted even
further. An appreciation in the domestic currency and strong
indirect taxes numbers added to the cheer and pushed markets
further up rebound of the markets.
Going forward, one can expect markets to move in the
sideways range with a quieter Diwali and no major fireworks.
However, this period of consolidation continues to provide
good opportunities for long-term investors. May the “Diyas”
bring light into your lives, while you pray to the Goddess of
wealth during Diawli. We wish you growth in your wealth
through positive market movements in the remaining part of
2015.
Dear Investors,
September saw a spillover of the previous month’s equity
market correction. The main reason for this was the continuing
bleak global events, which also negated domestic macro greenshoots to a large extent. In the West, the possibility of a US Fed
rate hike lingers, keeping investors globally on their toes.
Amidst this global weakness, uncertainties of global markets
with respect to the Euro have reduced after Alexis Tsipras’
Syriza party returned to power once again in Greece, this time
with a majority. The Chinese government is also taking
initiatives like tightening trading rules on forex and stock
market to stabilize their economy. The slowdown in China in a
way has been India’s gain, which has led to India emerging as
the top destination for FDI investments, attracting $30 billion
by the end of June 2015.
Closer home, better looking green-shoots portray a recovering
economy. Industrial growth has been above 4% for the past 2
months, whereas retail inflation continues to remain lower.
Although there has been a double digit deficit in the rainfall
this year, RBI is not too much worried about the pressure on
the food prices given the comfort it has derived from the
actions by the government to manage supply. An addition to
these positives was RBI increasing the foreign investment limit
in central government securities. This will help create a new
pool of money to compensate for the lowering SLR imposed on
banks.
Markets rejoiced at the bonnes nouvelles (good news) of the
50 basis points rate cut by RBI at the fourth bi-monthly
meeting. The main objective behind this was to enhance
growth in the economy. Mr. Raghuram Rajan hopes that
investment should respond more strongly after some certainty
about the extent of monetary stimulus in pipeline, even if the
transmission is low. With this transmission, investments in the
real economy would increase. This announcement was then
followed by a highly ‘dovish’ stance, with the RBI repeating
that it would remain in an ‘accommodative mode’. The rate cut
has increased the cumulative rate cut this year to 125 bps. It is
hearting that banks like SBI has cut its base rate by 40 bps.
All in all, the month saw events that were unexpected, events
that created a yin-yang sentiment among investors and events
that made India shining more convincing. RBI has taken the
first bold step on its part. The question now is what the
government will do on its part to grow our economy!
Twenty-one years ago China officially devalued its currency and
the events following that eventually led to the Asian crisis. Last
month experienced a similar scare when the Chinese markets
took down the rest of the world with it after devaluating its
currency once again on 11th August 2015. In hindsight the
causality of this event has come into light. The main trigger
was the bursting of the Chinese stock market bubble last
month that triggered a huge sell off in the market. To add fuel
to the fire, the Yuan was devalued creating a contagion affect
leading to a global slowdown. The “Risk-Off” strategy made
global funds pull out money from emerging markets and move
to safer havens.
The re-alignment of commodities affected countries like
Australia, Malaysia, Brazil and Russia among others. Along with
this gold prices fell too, which was noticed in the fall in gold
futures in New York for four straight sessions, increasing gold’s
volatility. Crude was no exception to the fall. However it
showed improvements towards the end of the month after an
announcement by OPEC to come up with a plan to boost
prices. After a slump, U.S. markets rose after the release of the
GDP data and improved consumer confidence. Across the
ocean from US, European markets rose too on the back of
improvement in German business confidence. Globally markets
seemed to recover gradually towards the end of the month.
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
A more simplified and reader-friendly version of P.K Basu's - India Economic Outlook - 2014. It deduces from past trends and outlines the current economic scenario around the world and its implications on the Indian economy.
Presentatie van Bart Van Bouchaut op de Socius Trefdag 2013 'Iedereen politiek!'.
Wat is de politiserende rol van het middenveld vandaag? Hoe krijgt die vorm in onze 'participatiesamenleving'? In deze lezing bespreekt Bart Van Bouchaute de (de)politisering van, in en door het middenveld. Als organisaties in het middenveld zich opstellen als betrokken ondersteuners van mensen die zich doorheen praktijken van burgerschap tot politieke subjecten ontwikkelen, dan ligt de weg open naar een politiserend middenveld in een vitale democratie.
Bart Van Bouchaute is sociaal werker en politicoloog. Hij doceert politicologie, sociale bewegingen en globalisering in de opleiding sociaal werk van de Arteveldehogeschool. Daarnaast is Van Bouchaute verbonden aan het Onderzoekscentrum Ongelijkheid, Armoede, Sociale Uitsluiting en de Stad (OASES) van de Universiteit Antwerpen.
Twenty-one years ago China officially devalued its currency and
the events following that eventually led to the Asian crisis. Last
month experienced a similar scare when the Chinese markets
took down the rest of the world with it after devaluating its
currency once again on 11th August 2015. In hindsight the
causality of this event has come into light. The main trigger
was the bursting of the Chinese stock market bubble last
month that triggered a huge sell off in the market. To add fuel
to the fire, the Yuan was devalued creating a contagion affect
leading to a global slowdown. The “Risk-Off” strategy made
global funds pull out money from emerging markets and move
to safer havens.
The re-alignment of commodities affected countries like
Australia, Malaysia, Brazil and Russia among others. Along with
this gold prices fell too, which was noticed in the fall in gold
futures in New York for four straight sessions, increasing gold’s
volatility. Crude was no exception to the fall. However it
showed improvements towards the end of the month after an
announcement by OPEC to come up with a plan to boost
prices. After a slump, U.S. markets rose after the release of the
GDP data and improved consumer confidence. Across the
ocean from US, European markets rose too on the back of
improvement in German business confidence. Globally markets
seemed to recover gradually towards the end of the month.
We believe that the divergence between Value and Growth stocks continues to prevail, & that volatility is a factor which is inherent in equity as an asset class.
A more simplified and reader-friendly version of P.K Basu's - India Economic Outlook - 2014. It deduces from past trends and outlines the current economic scenario around the world and its implications on the Indian economy.
Presentatie van Bart Van Bouchaut op de Socius Trefdag 2013 'Iedereen politiek!'.
Wat is de politiserende rol van het middenveld vandaag? Hoe krijgt die vorm in onze 'participatiesamenleving'? In deze lezing bespreekt Bart Van Bouchaute de (de)politisering van, in en door het middenveld. Als organisaties in het middenveld zich opstellen als betrokken ondersteuners van mensen die zich doorheen praktijken van burgerschap tot politieke subjecten ontwikkelen, dan ligt de weg open naar een politiserend middenveld in een vitale democratie.
Bart Van Bouchaute is sociaal werker en politicoloog. Hij doceert politicologie, sociale bewegingen en globalisering in de opleiding sociaal werk van de Arteveldehogeschool. Daarnaast is Van Bouchaute verbonden aan het Onderzoekscentrum Ongelijkheid, Armoede, Sociale Uitsluiting en de Stad (OASES) van de Universiteit Antwerpen.
Presentatie Stef Steyaert (Levuur) - Socius Trefdag 'Iedereen politiek!' (21 november 2013)
Levuur ondersteunt bedrijven, organisaties en openbare besturen bij het vormgeven en begeleiden van participatieprocessen die leiden tot effectieve en gedragen resultaten. Samen met Stef Steyaert gaan we na welke factoren er aan de basis liggen van geslaagde participatie-initiatieven.
Presentatie OpgewekTienen, Socius-Trefdag 'Burgers aan zet' (19 november 2015)
OpgewekTienen is een open en onafhankelijke burgerbeweging. Zij richten zich op activiteiten die ontmoetingen tussen Tienenaars en actief burgerschap stimuleren, initiatieven die zorgen voor meer kwaliteitsvolle publieke ruimtes - met bijzondere aandacht voor buurtgroen -, erfgoedprojecten, initiatieven die het verhaal van de stad en haar inwoners uitdragen en projecten die duurzaamheid promoten. Enkele voorbeelden: ParkLife, de Kweikersparade en het 'Soepcafé Tienen'.
Presentatie De Koep, Socius-Trefdag 'Burgers aan zet!' (19 november 2015)
De Koep is een verzameling van burgers die zelf initiatieven neemt om leven, wonen en werken in Turnhout en de brede regio zo aangenaam, goedkoop, eerlijk, rechtvaardig en duurzaam mogelijk te maken. De vereniging laat zich inspireren door de coöperatieve gedachte, voert een transparant beleid en streeft naar maximale betrokkenheid en zelfverantwoordelijkheid van de leden. Vanuit de Koep startte eind 2013 Campina Energie, een Kempense energiecoöperatie, en ism. Vormingplus Kempen, het stadsregionale participatieproject ‘Mijn2040’.
Presentatie van Frederik Lamote tijdens het Innovatiefestival van Socius (22 mei 2014).
Meer dan ooit zijn onze steden laboratoria geworden voor sociaal culturele praktijken. De stad is niet langer een afgebakend ruimtelijk geheel, maar is veranderd in een complex knooppunt van veelzijdige sociale, economische, culturele en politieke netwerken. Op knoop- en snijpunten van deze netwerken ontstaan veel inspirerende en experimentele sociaal-culturele praktijken. Echter, het potentieel van deze praktijken wordt niet altijd gerealiseerd. Een duurzaam draagvalk ontbreekt.
Met Growfunding/BXL heeft de onderzoeksgroep MIRO (gegroeid uit de opleiding Sociaal Werk aan de HUBrussel) een instrument ontwikkeld om een sociaal en financieel draagvalk te creëren voor kleinschalige initiatieven in de stad. Eerder dan een crowdfundingplatform is Growfunding/BXL in de eerste plaats een innovatief participatie-instrument op maat van de grootstad. Deze lezing gaat dieper in op growfunding én schuift de stad als context voor innovatie en sociaal-cultureel werk naar voor.
Meer informatie via www.socius.be/innovatie.
Нормативные документы, необходимые для электронного документооборота в органи...Natasha Khramtsovsky
Выступление Натальи Храмцовской о нормативных документах, необходимых для электронного документооборота в организации на семинаре - совещании "Обмен опытом использования системы автоматизации делопроизводства и электронного документооборота "ДЕЛО" в органах государственной власти субъектов Российской Федерации", сентябрь 2005
Dr Natasha Khramtsovsky's presentation "By-laws necessary for implementing electronic records management in an organization" at the meeting & workshop co-organized by Moscow Region's Government and Electronic Office Systems LLP, September 2005.
Presentatie Waerbeke vzw - Socius Trefdag 2013 'Iedereen politiek' (21 november 2013)
Waerbeke vzw is de sociaal-culturele beweging voor stilte en leefkwaliteit in Vlaanderen en Brussel. Met uiteenlopende projecten als Portaal van de stilte, In Between, Trage Post wil de organisatie inspirerende verbindingen stimuleren tussen overheden, professionele en vrijwillige bemiddelaars, middenveldorganisaties, onderwijs- en vormingsinstellingen, bedrijven, het ruime publiek, tussen individuen onderling en hun omgeving.
Trage Post nodigt iedereen uit om een echte brief te schrijven aan de generatie van 2030. Een oma schrijft aan haar kleinkind, een burgemeester aan zijn of haar toekomstige opvolger, een gedetineerde aan een latere celbewoner, ... Wat vind je vandaag belangrijk en noodzakelijk om door te geven? Wat is jouw erfgoed voor de komende generatie? Iedereen kan nog het hele najaar meedoen. Je schenkt jezelf, je bestemmeling en de samenleving een handgeschreven surprise.
Анализ международного законодательства и правого опыта использования открытых...Natasha Khramtsovsky
Аналитический отчет Натальи Храмцовской по этапу НИР: "Проведение анализа международного законодательства и правого опыта использования открытых стандартизованных форматов данных в органах государственной власти и архивном деле", декабрь 2007
Dr Natasha Khramtsovsky's presentation "Progress report: Adoption of open standardized formats by governments and archives: Analysis of international law and legal practice", December 2007.
PROA 03/07 Обеспечение сохранности документов в базах данныхNatasha Khramtsovsky
Рекомендация 7 Управления государственных документов австралийского штата Виктория PROA 03/07 "Обеспечение сохранности документов в базах данных", версия 1, май 2003 г., перевод на русский язык Н.А.Храмцовской и А.В.Храмцовского.
Advice 7 to Victorian Agencies PROA 03/07 "Preserving Records in Databases", version 1, Public Record Office Victoria, Australia, May 2003, translated into Russian by Dr Natasha Khramtsovsky and Dr Andrew Khramtsovsky.
We believe valuations are not cheap, but business cycle remains in the nascent stage. Prefer middle-of-the-road approach and recommend investing in schemes with higher flexibility.
From the Desk of the CEO.
The heat is on. While many of us have been vacationing in cooler climes, the Sensex has kept itself rather busy, gaining another 4% during the month of May. The upmove has come largely on the back of better-than-expected corporate results and expectations of a good monsoon. Markets are also taking cognisance of various indicators like improved auto sales, higher steel and cement offtake, public infrastructure spending, etc. which are positive signs of an imminent economic recovery.
Crude prices have silently crept up and are currently hovering at the $50 level, almost double from the January lows. So despite the adverse implications of higher crude prices on the Indian economy, there seems to be some positive correlation between crude prices and the equity markets. Though this pattern may not have always played out in the last few decades, the first few months of 2016 certainly seem to indicate so. The main reason for this is the significantly high weightage that the Energy sector has in indices the world over. When oil plummeted to sub-$30 levels, it seriously impacted the profitability of some of the world’s biggest corporations, not only causing their stock prices to fall sharply, but also impacting the broader markets in general. It also indicated a global recessionary trend, thus affecting investor sentiment and causing them to become nervous and risk-averse. The bounce back in crude has brought the price to a level that makes it profitable for companies to drill, creating a sense of well-being for both, the Energy sector as well as the countries whose economies are dependent solely on oil. Where crude prices go from here remains to be seen.
After several quarters of benign inflation, the WPI rose to 0.34% while retail inflation soared to 5.39% in April 2016. This, coupled with higher oil prices would make it difficult for Governor Rajan to announce a rate cut at the next RBI policy meeting on 7th June. Across the globe however, Janet Yellen’s comments on improving economic data in the US has the markets believing that a rate hike by the US Federal Reserve is a high possibility during its next meeting in mid-June. The outcome of Britain’s referendum on Brexit is also an event that we will be closely watching.
With markets factoring in all the good news for now, conventional logic says that short term investors need to be cautious. But when the stock market catches momentum, all negative predictions may be proven wrong.
There are of course, many more bulls than bears when it comes to a 1 year plus view. Long term investors may continue their investments and look to buy into any dips.
Wish all of you a happy monsoon season.
Global economies are witnessing two-speed recovery with the US economy showing firm signs of recovery, while growth in Euro Area still languishing in sub-optimal territory. Among the Asian economies, growth in Japan and China too continues to remain tepid. We discuss this in detail in the section on Global Trends in this month’s issue of Economy Matters. In the section on Domestic Trends, we analyze that the economic condition in the present scenario is in greater disarray than it was during the breakout of the global financial crisis of 2008-09, when both government as well as the RBI were quick to respond to the challenges and brought the economy back to recovery path within no time. In Corporate Performance, we examine the sectoral performance in the last fiscal in order to find the sectors which were badly hit in the wake of the current bout of economic crisis. The Sectoral spotlight for this issue is on Agriculture, a traditionally important sector of the Indian economy because of its enormous contribution in being the provider of basic source of livelihood to the most of the population in India. However in the recent past various challenges such as low agricultural yield, declining share of public investment, and lack of technological advancements have plagued the sector. We discuss the sector’s challenges and suggest measures to bolster its output. In the Special Article, we discuss India's deteriorating external position in the last few years, manifesting itself in a steady deterioration in the current account which slipped from a surplus at the start of the last decade to a huge deficit of 4.8 per cent in 2012-13. Bulk of the deterioration in current account is attributable to the sharp rise in merchandise trade deficit over the last decade. Ultimately, for India to contain its current account deficit at a more sustainable level of 2.0-2.5 per cent of GDP, it is essential that we ensure competitiveness of our goods and services, so that our imports are contained and exports boosted.
Factsheet for Birla Sun Life Mutual Fund- WishfinAnvi Sharma
The scheme aims to maximize long term capital appreciation by investing primarily in equity & equity related securities of companies engaged in banking & financial services. The scheme would invest in banks as well as NBFC's, insurance companies, rating agencies, broking companies, etc.
After the uncertainty of the Brexit verdict got over, the market rallied in the last week. The market got off on the
wrong foot on the day of the Referendum results and corrected by almost 1000 points. But the market soon
realized that the renewal in trade agreement between UK and Euro is not going to happen anytime soon and it will
take around 1-2 years. India being an emerging nation, the impact of this event is quite limited. After this the
market resumed its upt uptrend. Since budget, the nifty is up by 1000 points, and in percentage terms it has gained
22%. We should remember that it is still 10% off of the it’s all time high, which was achieved in March 2015.
• Despite the fact that the PE multiple of the Indian Markets is 17 – 18 times, the FIIs continue to invest in India on
account of better growth prospects, better earning visibility. India is the only trillion dollar economy which is
growing on 7.5%, which makes it a lucrative long term story.
http://pwc.to/RE5u3s
Comme tous les mois, l’équipe d’économistes de PwC publie une note sur la situation macro-économique mondiale. Ce mois-ci, focus sur l’Eurozone, l’inflation et les élections en Inde.
Memorandum Of Association Constitution of Company.pptseri bangash
www.seribangash.com
A Memorandum of Association (MOA) is a legal document that outlines the fundamental principles and objectives upon which a company operates. It serves as the company's charter or constitution and defines the scope of its activities. Here's a detailed note on the MOA:
Contents of Memorandum of Association:
Name Clause: This clause states the name of the company, which should end with words like "Limited" or "Ltd." for a public limited company and "Private Limited" or "Pvt. Ltd." for a private limited company.
https://seribangash.com/article-of-association-is-legal-doc-of-company/
Registered Office Clause: It specifies the location where the company's registered office is situated. This office is where all official communications and notices are sent.
Objective Clause: This clause delineates the main objectives for which the company is formed. It's important to define these objectives clearly, as the company cannot undertake activities beyond those mentioned in this clause.
www.seribangash.com
Liability Clause: It outlines the extent of liability of the company's members. In the case of companies limited by shares, the liability of members is limited to the amount unpaid on their shares. For companies limited by guarantee, members' liability is limited to the amount they undertake to contribute if the company is wound up.
https://seribangash.com/promotors-is-person-conceived-formation-company/
Capital Clause: This clause specifies the authorized capital of the company, i.e., the maximum amount of share capital the company is authorized to issue. It also mentions the division of this capital into shares and their respective nominal value.
Association Clause: It simply states that the subscribers wish to form a company and agree to become members of it, in accordance with the terms of the MOA.
Importance of Memorandum of Association:
Legal Requirement: The MOA is a legal requirement for the formation of a company. It must be filed with the Registrar of Companies during the incorporation process.
Constitutional Document: It serves as the company's constitutional document, defining its scope, powers, and limitations.
Protection of Members: It protects the interests of the company's members by clearly defining the objectives and limiting their liability.
External Communication: It provides clarity to external parties, such as investors, creditors, and regulatory authorities, regarding the company's objectives and powers.
https://seribangash.com/difference-public-and-private-company-law/
Binding Authority: The company and its members are bound by the provisions of the MOA. Any action taken beyond its scope may be considered ultra vires (beyond the powers) of the company and therefore void.
Amendment of MOA:
While the MOA lays down the company's fundamental principles, it is not entirely immutable. It can be amended, but only under specific circumstances and in compliance with legal procedures. Amendments typically require shareholder
Tata Group Dials Taiwan for Its Chipmaking Ambition in Gujarat’s DholeraAvirahi City Dholera
The Tata Group, a titan of Indian industry, is making waves with its advanced talks with Taiwanese chipmakers Powerchip Semiconductor Manufacturing Corporation (PSMC) and UMC Group. The goal? Establishing a cutting-edge semiconductor fabrication unit (fab) in Dholera, Gujarat. This isn’t just any project; it’s a potential game changer for India’s chipmaking aspirations and a boon for investors seeking promising residential projects in dholera sir.
Visit : https://www.avirahi.com/blog/tata-group-dials-taiwan-for-its-chipmaking-ambition-in-gujarats-dholera/
Personal Brand Statement:
As an Army veteran dedicated to lifelong learning, I bring a disciplined, strategic mindset to my pursuits. I am constantly expanding my knowledge to innovate and lead effectively. My journey is driven by a commitment to excellence, and to make a meaningful impact in the world.
Putting the SPARK into Virtual Training.pptxCynthia Clay
This 60-minute webinar, sponsored by Adobe, was delivered for the Training Mag Network. It explored the five elements of SPARK: Storytelling, Purpose, Action, Relationships, and Kudos. Knowing how to tell a well-structured story is key to building long-term memory. Stating a clear purpose that doesn't take away from the discovery learning process is critical. Ensuring that people move from theory to practical application is imperative. Creating strong social learning is the key to commitment and engagement. Validating and affirming participants' comments is the way to create a positive learning environment.
Premium MEAN Stack Development Solutions for Modern BusinessesSynapseIndia
Stay ahead of the curve with our premium MEAN Stack Development Solutions. Our expert developers utilize MongoDB, Express.js, AngularJS, and Node.js to create modern and responsive web applications. Trust us for cutting-edge solutions that drive your business growth and success.
Know more: https://www.synapseindia.com/technology/mean-stack-development-company.html
What is the TDS Return Filing Due Date for FY 2024-25.pdfseoforlegalpillers
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Market and economic outlook report june
1.
2. Market and economic outlook reportMarket and economic outlook report
June 2013
3. Summary: Positive factors affecting
the markets
Strong FII inflows in May due to QE by Japan
and US.
GDP growth has bottomed out.
Improving growth-inflation dynamics.
Rate cuts likely to continue.Rate cuts likely to continue.
Declining commodity prices.
CCI pushes through projects
Monsoon on schedule.
Reliance’s KG-D6 find.
4. Summary: Negative factors
affecting the markets
◌ः Talk of withdrawal of QE spooks Indian markets.
◌ः Developed markets now getting more inflows than EMs.
◌ः Strong supply of paper caps possibility of upside gains.
◌ः Weak corporate earnings.◌ः Weak corporate earnings.
◌ः Revival of private capex still distant.
◌ः Weakening rupee.
◌ः Political stagnation.
◌ः Other negatives.
5. Market outlook
Asset Class Current
Levels( as on May 31,
2013)
Summary
View
Why Risk to our
View
Equity Nifty: 5,985.95
Sensex: 19,760.30
Markets will
be under
pressure.
High supply of paper.
Sensex PE stretched at
17.55 (May 31, 12-
month trailing).
High inflows
due to high
global liquidity.
month trailing).
Gilts G Sec ( 8.15% 2022) –
7.35
G Sec ( 7.16% 2023) –
7.15
Likely to
soften
Easing Inflation
RBI to focus on Growth
RBI likely to announce
25 bps cut in
forthcoming policy
Sharp Rupee
Depreciation
6. Index Watch
Index Name %age change in May YTD (%)
S&P BSE SENSEX 1.31 1.72
S&P BSE Mid-Cap 0.72 -10.17
S&P BSE Small-Cap -1.29 -19.46
S&P BSE TECk Index 3.69 5.09
S&P BSE Consumer Durables 3.53 -0.31
S&P BSE FMCG 3.41 14.47
S&P BSE AUTO Index 1.90 -2.27S&P BSE AUTO Index 1.90 -2.27
S&P BSE Health Care 1.79 8.79
S&P BSE Power Index -0.39 -11.84
S&P BSE OIL & GAS Index -0.65 1.60
S&P BSE BANKEX -0.71 -0.58
S&P BSE METAL Index -1.71 -23.19
S&P BSE PSU -3.04 -9.26
S&P BSE Capital Goods -3.20 -13.44
S&P BSE Realty Index -11.38 -20.18
YTD figures
are till May
31, 2013
7. P: Strong FIIs flows during the
month
Month
FII investment (Rs-
cr)
MF investment (Rs-
cr)
Jan 22,059.2 -5,212.4
Feb 24,439.3 -847.9
March 9,124.3 -1,613.6
April 5,414.1 -1,422.9
May 22,168.6 -3,490.1
Cumulative YTD 83,205.5 -12,586.9
P indicates positive factor
8. P: Strong FII inflows in May
◌ः The Bank of Japan (BoJ) announced a massive balance sheet
expansion (bond buying program), by 1% each month, in the first
week of April.
◌ः With Japan also joining the queue of central banks engaging in
quantitative easing (QE), a lot more QE is happening now than a
few months ago.few months ago.
◌ः The central banks of US, Europe and Japan are determined to get
growth back on track and have consumer price inflation of around
2%.
◌ः High liquidity will drive asset prices, including that of equities,
higher in developed markets (which are now receiving more
inflows) but also in emerging markets.
9. P: GDP growth has bottomed out
GDP growth-Sector wise
Sector FY12 H1FY13
Q3FY1
3
Q4FY1
3 H2FY13 FY13
FY14
*
Agriculture 3.6 2.3 1.8 1.4 1.6 1.9 3.5
Industry 3.5 1.5 2.5 2.6 2.6 2.1 4
Mining and quarrying -0.6 1 -0.7 -3.1 -1.9 -0.6
Manufacturing 2.7 -0.5 2.5 2.6 2.5 1Manufacturing 2.7 -0.5 2.5 2.6 2.5 1
Electricity, gas and water 6.5 4.7 4.5 2.8 3.6 4.2
Construction 5.6 5.1 2.9 4.4 3.6 4.3
Services 8.2 7.7 6.7 6.6 6.6 7.1 7.2
Trade, hotels, transport and
communication 7 6.4 6.4 6.2 6.3 6.4
Financing, real estate and
business services 11.7 8.8 7.8 9.1 8.5 8.6
Community, social and personal
services 6 8.6 5.6 4 4.7 6.6
GDP at factor cost 6.2 5.3 4.7 4.8 4.7 5 5.8
*These are estimates by HDFC Bank
10. P: GDP growth has bottomed out
◌ःThe Q4FY13 GDP growth figure, which was
published on May 31, came in at 4.8%, which
was in line with market expectations.
◌ःQ3FY13 GDP growth was revised upward to◌ःQ3FY13 GDP growth was revised upward to
4.7%. This confirms the belief that the
economy bottomed out in the third quarter.
◌ःGDP growth for the whole of FY13 came in
at a 10-year low of 5%.
11. P: GDP growth has bottomed out
◌ः Private services held up well: trade, hotels,
transportation and communication came in at 6.2%,
while financial services came in at a rather high 9.1%.
◌ः It remains to be seen whether these figures will be
sustainable in the light of slowdown in industrialsustainable in the light of slowdown in industrial
activity.
◌ः Industrial growth in Q4FY13 was lower than expected,
chiefly due to lower-than-expected growth in
construction (4.4%). With many road projects getting
bunched up in Q4 FY 13, the uptick in construction was
expected to be sharper.
12. P: GDP growth has bottomed out
◌ःThe winter crop was good. Nonetheless,
agricultural growth came in lower at 1.4% in
Q4 compared to 1.8% in Q3. This figure may
get revised upward in future.get revised upward in future.
◌ःLooking at these numbers, the green shoots
of recovery, which are talked about so
much, are not evident, says HDFC chief
economist Abheek Barua in a recent report.
13. P: GDP growth has bottomed out
◌ः Next, let's look at the GDP growth figures from the
demand side.
◌ः Consumption is weakening: private consumption fell from
4.2% in Q3FY13 to 3.8% in Q4 FY 13.
◌ः So is investment: gross fixed capital formation slowed
from 4.5% in Q3 to 3.4% in Q4 FY 13.from 4.5% in Q3 to 3.4% in Q4 FY 13.
◌ः Exports might revive in future but their impact will be
limited.
◌ः The pullback in government expenditure, which has been
sharp over the last couple of quarters, has affected GDP
growth.
14. P: GDP growth has bottomed out
◌ःAccording to Indranil Sen Gupta, India
Economist, DSP Merrill Lynch, India might see a
shallow recovery in the second half of 2014
based on a normal monsoon and interest rate
cuts.
◌ः
cuts.
◌ःBut the liquidity situation remains tight and
that has prevented lending rates from falling.
◌ःGupta has revised his FY14 growth projection
from 6% to 5.8%. His FY15 growth projection is
6.8%.
15. P: Improving growth-inflation
dynamics
◌ः India’s fundamentals are improving.
◌ः Currently growth is low and corporate profitability is
poor. Expectations from India on the policy front are
also low.
◌ः But fiscal deficit is being reduced through measures◌ः But fiscal deficit is being reduced through measures
such as reduction in diesel subsidy.
◌ः Now lower growth is also resulting in lower inflation.
◌ः India’s ratio of inflation to growth is 1.2, which is
better than Brazil's 2.8 and Russia's 1.7.
◌ः The central bank now has more room to cut rates.
16. P: Rate cuts likely to continue
◌ः The sharp depreciation of the rupee and the possibility
of another large trade deficit in May could weigh on
Governor Subbarao's mind.
◌ः There could be a pause in the policy easing cycle in
June.
◌ः◌ः But weak growth prospects and falling inflation could
create conditions for further easing in July with a 25
basis points rate cut.
◌ः Most experts expect incremental cuts of 50-75 basis
points between now and March 2014.
◌ः Rate cuts, if passed through by banks, could spur
consumption and investment.
17. P: Declining commodity prices
◌ः Commodities may be divided into four groups: agriculture, energy,
industrial metals and gold.
◌ः All four did well between 2002 and 2008.
◌ः Commodities faltered in 2011 and fell further in H22012.
◌ः Between 2002 and 2008 industrial metals did well because of the
global growth boom. The Chinese economy was doing well andglobal growth boom. The Chinese economy was doing well and
demand for industrial metals was high.
◌ः Industrial metals are suffering now because of excessive supply
caused by heavy investments in mining, based on anticipation of
Chinese demand. But the Chinese boom has faltered.
◌ः With the global economy doing relatively well now (Europe has not
imploded and the US economy is on the path of recovery), the safe
haven demand for gold has also declined.
18. P: Declining commodity prices
◌ः Investors have gone back to investing in financial assets.
◌ः Moreover, the anticipated supply risk did not materialise.
◌ः The Arab Spring or the Iran-Israel stand-off did not lead to
disruption in supply of oil.
◌ः The US has reduced its dependence on imported oil◌ः The US has reduced its dependence on imported oil
because it has discovered its own oil and gas reserves.
◌ः Despite bad weather, supply of agricultural commodities
did not fall off precipitously.
◌ः Lower commodity prices offer India, which is a heavy
importer of oil, gold and coal, a temporary reprieve.
19. P: CCI pushes through projects
◌ः There has been some pickup in public-sector capex.
◌ः The Cabinet Committee on Investment (CCI) has◌ः The Cabinet Committee on Investment (CCI) has
cleared projects worth about Rs. 70,000 crore over the
last three months.
20. P: Monsoon on schedule
◌ः A bad monsoon this year will truly harm India's cause.
While the rivers in the east and north of the country
are well stocked, those in the west and south have
dried to drought levels.
◌ः Only if the monsoon is normal will agricultural inflation◌ः Only if the monsoon is normal will agricultural inflation
(especially food inflation) decline, creating room for
RBI to cut rates more.
◌ः The monsoon hit the coast of Kerala on June 1.
◌ः India's meteorological department has forecast a
normal monsoon (98% of long-term average).
21. P: Monsoon on schedule
◌ः The Australian Met also expects the Pacific to remain
neutral between the La Nina (which brings rain clouds to
India) and El Niño (which drives them away).
◌ः India usually experiences normal rainfall in such years .
◌ः But it may be too early to say anything about the◌ः But it may be too early to say anything about the
monsoon.
◌ः It lasts for four months from June to September. Usually
there is a dry spell in July and August. How long it lasts
and how much area it affects is difficult to predict.
◌ः Besides the overall quantum of rainfall, its distribution
across the country also matters.
22. P: Reliance’s KG-D6 find
◌ःIn May several brokerage houses such as
Goldman Sachs and Deutsche Bank upgraded
Reliance Industries after it reported a
significant gas find in the KG-D6 basin.significant gas find in the KG-D6 basin.
◌ःReliance Industries is India's biggest company by
market capitalisation with a weightage of 8.62%
in the Sensex.
23. N: Talk of withdrawal of QE spooks
Indian markets
◌ः In May the markets took a beating due to fears of an early
withdrawal of the US Fed’s QE program.
◌ः In his testimony before the Congressional Joint Economic
Committee, US Fed chairman Ben Bernanke said that he
needs to see more signs of improvement before he rolls back
the stimulus program.the stimulus program.
◌ः What spooked the markets was the minutes of the Federal
Open Market Committee (FOMC) meeting held on 30 April
and 1 May.
◌ः Many committee members expressed willingness to reduce
asset purchases as the economy recovered.
◌ः In the Bank of Japan (BoJ) meeting held on 26 April,
members expressed doubts about the efficacy of QE.
24. N: Talk of withdrawal of QE spooks
Indian markets
◌ःThe Bank of Japan is targeting a 2% inflation
rate. Some members voiced concern that if the
rate turns out to be lower than projected, it
would affect the bank's credibility.would affect the bank's credibility.
◌ःIf inflation rises to 2%, people will want higher
yields on their debt investments.
◌ःRising yields could damage the financial
sector’s balance sheet and chances of recovery.
N stands for negative factor
25. N: Talk of withdrawal of QE spooks
Indian markets
◌ः What is likely?
◌ः The likelihood of an early withdrawal of QE is small. The Fed
won’t act until the US unemployment rate falls to 6.5%.
◌ः Reduction in bond buying by the Fed may begin by December
this year, according to Adrian Mowat, Chief Emerging Market
and Asian Equity Strategist at JP Morgan. The reduction willand Asian Equity Strategist at JP Morgan. The reduction will
be moderate rather than sharp.
◌ः Impact on India
◌ः In the near term, prospects of liquidity flows remain sound.
◌ः If the US Fed withdraws QE, it will definitely affect fund
flows into emerging markets.
26. N: Talk of withdrawal of QE spooks
Indian markets
◌ः Though the withdrawal of QE will be very gradual so as
not to have a destabilising effect, some negative impact
on the financial markets will definitely be there. All
financial instruments have gained from low interest rates.
◌ः Why are Indian markets worried?
◌ः India is especially vulnerable as it runs a high current◌ः India is especially vulnerable as it runs a high current
account deficit. It needs $ 100 million of annual capital
inflows to fund its current account.
◌ः The rupee could take a severe beating. In the worst case
scenario, there could even be capital outflows from the
country. Both equity and real estate prices would come
under pressure.
27. N: Developed markets now getting
more inflows than EMs
◌ःCurrently inflows into developed market equities
are increasing compared to the inflows into
developing markets, due to the improvement in the
US economy.
◌ःIn emerging market equities exchange traded funds
are seeing outflows since the EM index is not going
◌ःIn emerging market equities exchange traded funds
are seeing outflows since the EM index is not going
anywhere. Investors are taking EM exposure
through active funds.
◌ःWhile EMs may continue to receive some inflows,
more funds are now likely to go into developed
markets.
28. N: Strong supply of paper caps
possibility of upside gains
◌ः According to Sebi’s stipulation, listed companies must
ensure that 25% of their shares are held publicly.
◌ः A lot of companies are coming into the markets with
their papers.
◌ः There have been offers for sale (OFS) where stocks are◌ः There have been offers for sale (OFS) where stocks are
being offered at a discount ranging from 10-40%.
◌ः Rs 13,500 crore worth of OFS to flood the market over
the next few weeks.
29. N: Strong supply of paper caps
possibility of upside gains
◌ः70 odd private companies have to sell at least 25%
of their equity capital worth Rs 9,500 crore till
June 3.
◌ःPSU companies have to divest shares worth Rs.◌ःPSU companies have to divest shares worth Rs.
4,000 crore by August 8.
◌ःFIIs have pumped in about Rs 83,205 crore so far,
yet the Sensex is up only 1.72% year to date.
◌ःThe deluge of OFS is likely to cap any upside gains
for the markets.
30. N: Weak corporate earnings
◌ः Nirmal Jain, chairman of India Infoline, said in a recent
interview that almost half of the 180-odd companies covered
by his firm have disappointed.
◌ः Sectors like consumer, pharma, IT, telecom and private banks
have done well.
◌ः But sectors like capital goods, infrastructure, cement, utilities,◌ः But sectors like capital goods, infrastructure, cement, utilities,
energy and PSU banks have disappointed.
◌ः Consensus estimate for year-on-year earnings growth in FY14 is
currently 16%. This is optimistic in view of the fact that it is
twice the likely y-o-y growth for FY13.
◌ः Downgrades of FY14 earnings estimates are likely to continue.
◌ः No upgrades are expected in the near term.
31. N: Revival of private capex still distant
◌ः In India it is conventional wisdom to blame the growth
slowdown on local factors, such as lack of environment
clearances, lack of reforms in land acquisition, etc.
◌ः But capex has slowed down across all BRIC countries due to
the global business downturn.the global business downturn.
◌ः The capex cycle will not turn until the general elections in
May 2014 are over and the global business cycle bottoms out
(by 2015).
◌ः Private capex will also not happen so long as capacity
utilisation remains subdued. Many companies also have to
reduce their level of debt.
32. N: Weakening rupee
◌ः The rupee has weakened against the dollar.
◌ः But the euro, yen, Brazilian real, South African rand
and Korean won have also weakened against the dollar.
◌ः We are entering a strong dollar environment which will
be difficult on all emerging market currencies.
◌ः
be difficult on all emerging market currencies.
◌ः A weakening rupee makes imports more expensive for
India.
◌ः It also affects FIIs’ returns adversely and could
potentially lead to a pull-out of funds.
33. N: Political stagnation
◌ःSeveral state elections are scheduled in the
near term, culminating in the general elections
in May 2014.
◌ःProgress on critical reforms like land acquisition
is unlikely in the near term.
◌ः
is unlikely in the near term.
◌ःMining and infrastructure will continue to suffer
due to lack of decision-making.
◌ःMarket volatility will be high in the run-up to
the general elections.
34. Other negatives
◌ःConsumption is moderating, as is evident
from declining retail sales.
◌ःAuto sales, credit card usage, and domestic◌ःAuto sales, credit card usage, and domestic
travel are all declining.
◌ःThese factors limit the likely upside gains
for the Indian equity markets.