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Stagflation dents consumer confidence to lowest ever
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  As per the latest survey conducted by RBI, the Consumer Confidence in India remained at an all-time low level in September with the general economic situation worsening during t..

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MPC Oct'20 Meeting Minutes review – Growth reviving gradually
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  The RBI’s Monetary Policy Committee (MPC) published the minutes of its meeting on the fourteenth day after the MPC was held from October 7 to 9, 2020. The meetin..

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Market Moving in Circles
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In past one month, we have read a lot of commentary about the smart investing, sectoral shifts, trade rotation, reflation trade, emergence of old economy etc. in the India equity market..

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Bretton Wood is Just not about Gold
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In the aftermath of devastation that took place due to the second world war (WWII), some key global institutions were created and multilateral agreements signed to: avert chances of ..

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This Winter May be Longer than Usual
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With each passing day, the realization is growing that it will “years” not months or quarters before the normalcy returns to the global economy. Regardless of the statistics..

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Festivities Missing from this Festival Season
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Last weekend we did our annual festival market check. This year, besides the main markets of Delhi, we visited some local markets in predominately lower middle-class areas; and some mar..

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Equitas Small Finance Bank - IPO Note
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                                        Offer Details  Price..

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Wipro Buyback
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  The Board of Directors of Wipro Limited at its meeting held on October 13, 2020 has approved a proposal of third buyback along with the results of Q2FY21. Buyback Details ..

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Don't count the chickens yet
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  After showing some reluctance in the month of September, Nifty has resumed its uptrend and is sprinting rather quickly to regain the Mount 12K. Many global markets are also with..

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India IIP Aug'20 Analysis – Sixth straight month of contraction
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The industrial production contracted by 8 per cent in August, mainly due to lower output of manufacturing, mining and power generation sectors. The IIP had contracted by 1.4 per cent ..

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Sovereign Gold Bond 2020-21 – Series VII Launched
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  Government of India, in consultation with the RBI, has issued Sovereign Gold Bonds (SGB), 2020-21 Series VII. Applications for the bonds will be accepted between October 12, 202..

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GOI announces new measures to boost consumer demand and capital expenditure
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  In order to boost the demand side of the economy, the government today proposed measures to stimulate consumer demand along with additional capital expenditure that could cushio..

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Life Insurance September’20 - Sector is moving towards recovery
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  The sector had seen their first year premium decrease at 18.6 per cent to Rs. 49,335 crore in Q1FY21 from Rs. 60,637 crore in Q1FY20, and on the other hand, Q2FY21 reported an i..

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RBI MPC Oct'20 meeting review - No rate cut but longer end to remain supported
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The Monetary Policy Committee decided to keep rates unchanged whilst maintaining its ‘accommodative’ stance to stimulate growth in the economy. The speech by the governor ..

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Adroit PMS Oct'20 Newsletter - Economic recovery taking shape
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  Expectations of a stimulus package from the government and firm global cues helped Indian markets to recover from the sell-off in September-2020. The BSE-30 and Nifty-50 indices..

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RBI Oct'20 Meeting Preview - MPC likely to maintain status quo
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  The Reserve Bank of India is holding its delayed policy meeting for 3 days, beginning from today after the government belatedly appointed new members economists Ashima Goyal, Ja..

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Vedanta (VEDL) Delisting
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  Vedanta Resources Limited (VRL) and its wholly owned indirect subsidiaries namely, Vedanta Holdings Mauritius Limited and Vedanta Holdings Mauritius II Limited, have issued a pu..

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Fertilizer subsidy reforms: DBT is the way forward
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  The Commission for Agricultural Costs and Prices (CACP), the Indian government’s advisor on the minimum support price for major farm products, has recommended (see he..

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Fiscal Deficit August Update – full year target achieved in the first five months
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  India’s fiscal deficit reached 109% of the full-year target of the ongoing financial year as the coronavirus pandemic continued to be a drag on the government’s fina..

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USDINR a better trade
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  In past few months, the rally in stocks markets, bonds, precious metals and resilience of energy prices despite diminishing demand due to lockdown have been subject matter of in..

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Understanding Market Fluctuations via FOMO
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  We always wondered why the stock markets fluctuate? One day it goes down like it will never rally again and the next day it would surge like anything. The reason of this behavio..

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UTI Asset Management Company Ltd - IPO Note
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  Offer Details Price band Rs. 552 - Rs. 554 Offer Open Date Sep 29, 2020 Offer Close Date Oct 01, 2020 Credit of Shar..

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Trends in Education and Healthcare
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  A few weeks ago, National Statistical Organization (NSO) released results of two important social sector surveys, i.e, Health and Education. The surveys conducted as part of 75t..

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Nominal more important than real
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  The precipitous fall in 1QFY21 GDP has attracted attention of most people. The economic managers of the government have sought to pass 23.9% YoY contraction in real GDP as an ex..

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Steel, Oil and CNY
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In recent days the following three global trends have evoked much interest amongst market participants: The production, consumption and import of commodities in China have increased ..

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SEBI move is positive for stock markets, mutual fund investors
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  The article was first published in ET, See here Mutual funds must comply with the Sebi directive on portfolio composition of multi cap funds by January..

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Health Insurance Policy Guidelines - all set to change 1st Oct’20 onwards
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  IRDA issues Guidelines on Standardization of Exclusions in Health Insurance Contracts that every Insurer shall comply with. All existing health insurance products that are not..

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What Powell Statement means for Indian investors?
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  US Federal Reserve Chairman Jerome Powell tried to set many speculations aside in his statement post the recent meeting of the Federal Open Market Committee (FOMC) and made the ..

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Dilemma : Stay with TINA or run towards hills?
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  The September 2020 Global Fund Managers' survey conducted by the Bank of America research team found that 58% of the global fund managers believe that global equities are now in..

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CAMS- IPO Note
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  IPO Details: Offer Details Price band Rs. 1,229 - Rs. 1,230 Offer Open Date Sep 21, 2020 Offer Close Date Sep 23, 2020 ..

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Margin Pledge Online Mechanism
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As per SEBI guidelines, client can mark pledge in favour of Trading Member for availing the Margin Facility against the securities available in your Demat Account. &n..

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FOMC Sept'20 meeting review - Fed says it would be prepared to adjust if risks emerge
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Highlights of the September 16, 2020 FOMC statement: Statement adopts nod to average inflation target Fed funds rate held in 0.00-0.25% range, as expected Overall financial condi..

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Two cents on Multi-cap fund chaos
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  The last weekend was unusually hectic for most participants. Friday evening, the market regulator issued fresh guidelines for asset allocation by the mutual fund schemes operati..

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India Aug'20 CPI Analysis - Inflation remains above RBI's target
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  Gradual lifting of coronavirus-related restrictions, led to the improvement in the overall inflation reading. Retail inflation in August stood at 6.69%, lower than the forecast ..

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India IIP July'20 Analysis - On the path of recovery
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  Industrial Production contracted at a more moderate pace in July’20 at -10.4% YoY vs. a decline of 15.8% in June’20. With easing of the lockdown restrictions, produc..

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SEBI suggests new asset allocation rules for Multi-cap funds
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  SEBI on late Friday came out with a circular to restructure Multicap Funds. As per the circular – Multicap Funds need to have a minimum 25% in Small Cap, 25% in Mid Caps a..

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Life Insurance August’20 - Growth seems to be returning
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  1. Continuing with the encouraging performance, Private life insurers reported 13.74% y-o-y growth in total first-year premium for August 2020, indicating revert to normalizatio..

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Correcting the investment decision matrix
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  Two inquiries from readers in the past few weeks have kept our mind occupied for most of the week. The questions are not new; rather these are the most routine questions we..

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Fresh Updates at Adroit
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  We hope you are doing well and coping up with the Pandemic during the Unlock Phase. While, we have been giving our best efforts for better client satisfaction, here are a few ..

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Resolution Framework for Covid-19 related Stress
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  The KV Kamath, five-member RBI committee formed to oversee debt recast, submitted their report to the RBI on September 4, 2020 for the resolution of stressed assets. The Report ..

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Route Mobile- IPO Note
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IPO Details: Offer Details Price band Rs. 345 - Rs. 350 Offer Open Date Sep 9, 2020 Offer Close Date Sep 11, 2020 Credit ..

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Happiest Mind- IPO Note
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  IPO Details:                           ..

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How to apply for an IPO using ADROIT Demat account?
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In order to apply to an ongoing IPO using ADROIT Demat account, you may choose the Online mechanism of- a) Net Banking Portal – You can simply apply from your ASBA (Applicati..

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Withdrawal of MEIS impact can be severe if delayed beyond Jan-2021
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The government on 1st September, 2020 capped the benefits under the Merchandise Export from India Scheme (MEIS) at Rs 2 crore per exporter on exports made between 1st September to 31st ..

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Adroit PMS Sept'20 Newsletter - Oh, its all happening in markets!
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  Despite last day sharp fall in the markets due to MSCI rebalancing and new margin norms, the benchmark NIFTY 50 was up 2.6% for August, but the NIFTY midcap 100 and NIFTY smallc..

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India Q1 GDP FY21 Analysis - Worrisome on many counts
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  The economic growth in first quarter of current fiscal year (FY21) contracted ~24% as compared to 1QFY20. The data released on Monday evening was not shocking as this quarter wa..

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Sovereign Gold Bond 2020-21 – Series VI Launched
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  Government of India, in consultation with the RBI, has issued Sovereign Gold Bonds (SGB), 2020-21 Series VI. Applications for the bonds will be accepted between August 31, 2020 ..

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New Margin trading norms - effective 1st Sept, 2020
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  This is an update about the changes in the margin and trading exposure applicable from 1st September 2020. In addition to margin and related penalties applicable in the Derivat..

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Reliance taking over Future Group business
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  Reliance Retail Ventures (RRVL), a subsidiary of Reliance Industries is acquiring Future Group's retail, wholesale, logistics, and warehousing businesses on all-cash deal b..

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SEBI Changes in PMS Regulations so far
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  Portfolio Management Services (PMS) in India are governed by the SEBI (Portfolio Managers) Regulations, 1993. SEBI has proposed lots of changes time to time (latest announced in..

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Robinhood Investors may not last long
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  It is important to note that investors moving away from passive investing to active investing is NOT an India specific phenomenon, rather it is a global shift. For example, ther..

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Investment strategy review - Aug 2020
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  In April, we had shared our investment strategy for post COVID-19 world (see here). The strategy was based on the assessment of the situation and the information available ..

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GST Reforms in India
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  GST, which subsumed about 17 local levies, was rolled out on July 1, 2017 when Late Mr. Arun Jaitley was the finance Minister. Before Goods and Services Tax (GST), the combinati..

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ICICI Lombard acquires Bharti AXA General Insurance in an all-stock deal
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  ICICI Lombard has entered into a definitive agreement to acquire Bharti AXA’s general insurance business through an equity swap for an implied value of Rs46.16bn, resultin..

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Fed July'20 meeting minutes review - accommodative stance reiterated, USD bounces
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  Minutes of the July 28-29 FOMC meeting: Participants observed that uncertainty surrounding the economic outlook remained very elevated Only saw modest benefits from yield ca..

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Adroit PMS Aug'20 Newsletter - Market sentiment boosted by monsoon and liquidity
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  Indian economy is currently reeling with the ongoing Covid-19 pandemic severely impacting the economic activities as the country was under complete lockdown from the last couple..

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India WPI July'20 Update - Food prices rise but WPI in negative zone
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  The wholesale price-based inflation declined 0.58 per cent July, even as food items turned costlier. This is contrary to recently released retail inflation based on consumer pri..

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India June’20 IIP Update – Output Shows Slower Contraction
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  India’s industrial production contracted at a slower pace of 16.6% in June on the back of a modest recovery in manufacturing while in June fell over a base of 1.3 per cent..

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Nifty Re-balancing Review Sept'20
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  The NIFTY 50 is the flagship index on the NSE. The Index tracks the behavior of 50 blue-chip companies selected from the universe of NIFTY 100 based on free-float market capital..

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Atmanirbhar Bharat push in India Defence
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  The Ministry of Defence has planned to put an import embargo on 101 defence items to boost local defence production. Embargo on imports is planned to be implemented from Decembe..

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Notes on RBI's new restructuring program
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  The restructuring program provides a window to enable the lenders to implement a resolution plan in respect of eligible corporate exposures without change in ownership, and pers..

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Sovereign Gold Bond 2020-21 – Series V Launched
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  Government of India, in consultation with the RBI, has decided to issue Sovereign Gold Bonds (SGB), 2020-21 Series V. Applications for the bonds will be accepted between August ..

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Highlights of RBI Governor Shaktikanta Das' address after MPC meeting
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  Key Takeaways MPC voted to leave repo rate unchanged at 4.00% Reverse repo rate also left unchanged at 3.35% MPC voted unanimously in favour of resolution MPC voted to con..

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India Aug'20 MPC meeting preview - to cut rates or not is NOT the question!
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  The three day periodic review meeting of the Monetary Policy Committee of RBI started yesterday. The Committee may review the monetary policy of RBI, in light of (i) the prevale..

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LIC IPO is not a cakewalk
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  Since Budget 2020, LIC IPO has been in the news for being the largest IPO in Indian capital markets. The noise has again picked up as the company appoints advisors.However, acco..

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Highlights of India's April-June FY21 fiscal deficit
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  Revenue Receipts remained sluggish at 7% of BE vs. 14% last year. Tax revenue declined to 8.2% of BE vs. 14.7% last year led by lower direct taxes, Indirect taxes recovered w..

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FRS Bonds - A risk free investment
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  GOI has recently launched the Floating Rate Savings (FRS) bonds 2020 (taxable) scheme on 1st July that provides an attractive 7.15% interest currently and is risk-free i..

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FOMC Jul'20 Meeting review - Unchanged stance
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  Highlights of the FOMC interest rate decision Fed funds rate left at 0 to 0.25%, as expected IOER left at 0.10%, as expected Says will keep USD swap lines and repo facility..

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New Margin norms for retail investors signify lack of framework
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  The new margining norms proposed to be implemented from 1 August 2020, in respect of the equity market trades done on stock exchanges are a cause for worry for one simple reason..

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Executive order to reduce generic drug prices - Much ado about nothing
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  US president Trump has signed four executive orders aimed at reducing drug prices substantially for US citizens. This has been going on for several years and these orders seem t..

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Upfront margins in cash segment from clients - effective 1 Aug, 2020
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  SEBI has issued a circular in Nov-19 and have made it compulsory for brokers to collect and report all margins in the cash segment.Till now, this rule was applicable only in the..

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India monsoon July'20 update - Kharif sowing remains upbeat
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  India’s cumulative rainfall surplus has continued to abate over the month of July-20, but remains in the ‘above normal’ range at 107% of LPA (long period avera..

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PVR Ltd- Rights Issue Note
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Offer Details Issue Price ₹ 784.00 Offer Open Date 17th July 2020 Offer Close Date 31st July 2020 Record Date 10th July 2..

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Gold and Silver to continue their journey northwards
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  Both Gold and Silver have moved up sharply in the past few weeks and there is a tremendous buzz now.There are solid reasons for them to keep moving higher. The EU just approved ..

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M&M Finance- Right Issue Note
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  Offer Details Issue Price ₹ 50.00 Offer Open Date July 28 2020 Offer Close Date August 11 2020 Record Date July 2..

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India June'20 trade balance - surplus once again!
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  India’s monthly trade balance swung into its largest monthly surplus on record in June.Data show that the monthly goods trade balance flipped from a deficit of $3.2bn in M..

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India June'20 CPI Analysis - Core Inflation at 16-month high
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  Top takeaways from June CPI CPI 6.1% vs. 6.3% last month, Core inflation at 5.2% vs. 4.8% last month. CSO estimated the April & May indices as the data was not collected..

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India WPI June'20 Analysis - Core deflation contracts
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  WPI contracted by 1.8% in Jun’20 from 3.2% in May’20 led by 13.6% decline in fuel and power index in Jun’20 compared with 19.8% in May’20  Food ..

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Adroit PMS July’20 Newsletter - The market rallies ahead of itself
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  The global equity markets started the month of July 2020, on a high note driven by continued monetary & fiscal support (~$10 Trillion), improvement is select US economic ind..

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Lending rates remain stable in May
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  As per latest RBI data, the weighted average lending rate (WALR) on fresh rupee loans sanctioned by public sector banks (PSB) declined 26bps MoM to ~8.2% in May, whereas that fo..

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India May'20 IIP Review - Strutting on its feet
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  IIP growth in May-20 recovered from Apr-20’s record low to underscore a resumption in industrial activity in the economy as COVID-19 induced lockdown restrictions were gra..

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Sovereign Gold Bond-FAQ's
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1. What is Sovereign Gold Bond (SGB)? Who is the issuer? SGBs are government securities denominated in grams of gold. They are substitutes for holding physical gold. Investors must pay..

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Aditya Birla Fashion & Retail- Right Issue Note
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ISSUE DETAILS:   Offer Details Issue Price ₹ 110.00 Offer Open Date July 8 2020 Offer Close Date July 22 2020 Record Da..

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India current account - post surplus in 13 years
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  The Indian economy reported a current account surplus for the first time in 13 years.   For FY20 the trade deficit was nearly 15% lower than FY19. This can be partly attrib..

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Nifty real test lies in demand sustainability
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  Nifty has now rallied over 40% since the March 23 bottom. The rally has been largely driven by rate-sensitive sectors like private banks and Autos in the hope that Indian econom..

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AMFI Semi Annual Review, July 2020 – Stock Mcap Classification revision
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  The Association of Mutual Funds in India (AMFI) has released the latest list of stocks as per market capital (m-cap) classification. It may be recalled that in Oct 2017, AMFI cl..

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Impact of Stamp Duty on Liquid Funds
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  With the recent SEBI circular about stamp duty changes, since 1st July, 2020... all money market and debt securities are being valued daily on a market to market (MTM)..

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FAQs on Amendments in Indian Stamp Act, 1899
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  What are the expected key benefits of amendments? “In the extant scenario, stamp duty was payable by both seller and buyer whereas in the new system it is levied only on ..

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SEBI board meeting - plugging in the loopholes
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  SEBI in its last week board meeting took many decisions to improve the flow of information and investment as follows:Insider trading databaseAll companies will be required..

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Uniform Stamp Duty
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Stamp duty will be charged uniformly irrespective of the state of residence effective from July 1st, 2020 via this notification. Till date, stamp duty was charged at diverse rates ..

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GOI free floating bonds - A good option?
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  Recently, GOI announced the launch of its floating rate bonds with 7.15% coupon rate. In a way, this is a replacement for the 7.75% taxable bonds that were discontinued. However..

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Investment lessons from the Covid-19 rout
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  This article first appeared on RupeeIQ on 25 June The new web series on Hotstar - Aarya starring Sushmita Sen starts with a visual of working out on gymnastic rings with her li..

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RBI new guidelines for HFCs : non-disruptive to listed companies
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  RBI has proposed draft guidelines to modify existing regulations for Housing finance companies (HFCs) proposing to define fine edges of this segment and streamline regulati..

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VIX and Nifty Coorelation
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  One of the most important relationships to understand is the one between the VIX & the Nifty levels. Historically, the Nifty & the VIX charts have moved exactly opposite..

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India May'20 Trade balance review - exports recover faster
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India’s trade deficit narrowed sharply to US$ 3.2bn in May’20 from US$ 6.8bn in Apr’20. The MoM improvement was driven by a sharp recovery in exports from a decline ..

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India May'20 WPI review - Lower fuel prices leads to sharp reduction
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  Headline WPI fell by 3.2% in May’20 led by a 19.8% drop in fuel inflation. Within the fuel group, minerals index declined by 37.4% compared in-line with international pric..

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RIL rights issue: New Alternative to participate in trading
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Reliance Industries rights issue was listed yesterday (on June 15). The rights shares present an option to participate in the company's equity because of the staggered payment plan divi..

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India May Food inflation falls, April IIP contracts sharply
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IIP growth plummets   Industrial output declined by 55.5% in Apr’20 from a decline of 18.3% in Mar’20 on the back of nationwide lockdown. The decline was led by the m..

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Adroit PMS June’20 Newsletter - Market hope rise along with Covid-19 cases
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  When Covid-19 started across the globe it shook the entire financial system as countries announced lockdown, uncertainty increased as the duration of lockdown was not determined..

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FOMC June'20 Meeting Review - Lower rates forever!
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Highlights of the June 10, 2020 FOMC interest rate decision Will increase holdings of bonds 'over the coming months' at least at the current pace to smooth markets Buying will conti..

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OPEC+ extends supply cut by 2 months
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Since the last meeting convened by OPEC and its allies popularly known as the OPEC+ group there have been certain changes in the dynamics of crude oil prices.Originally as per March 202..

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MPC May'20 Meeting Minutes review - Growth at the forefront for Covid-19
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The RBI’s Monetary Policy Committee (MPC) published the minutes of its unscheduled meeting held over May 20-22, 2020 in view of the COVID-19 pandemic. The meeting was fo..

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May'20 US non farm payrolls surprise amid controversy
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Highlights of the US May employment report Change in Nonfarm payroll 2509K vs -7500K estimate. Prior month revised to -20687K vs -20537K estimate two month Prior month revised -642K..

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ECB June'20 meeting Review - Delivers more than expected PEEP
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Key features of the ECB Decision Deposit facility rate -0.50% (unchanged) Main refinancing rate 0.00% (unchanged) Marginal lending facility 0.25% (unchanged) Adds €600 billio..

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IMD 2nd Monsoon update - Off to a good start, on track
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IMD in its second forecast update, upped the forecast of this year’s Southwest monsoon to 102% of Long period average (LPA) compared to 100% announced earlier in April. Implying a..

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Moody cuts India ratings - Further downgrade unlikely
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Moody’s has just cut India’s rating to Baa3 from Baa2 (while retaining negative outlook), on low growth and rising fiscal risks. The current slowdown can be attributed to ex..

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GOI FY20 Fiscal Update - likely to widen due to Corona measures
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As per the provisional estimates for FY20 released last Friday, the central government has breached fiscal deficit target for FY20. The fiscal deficit as a percentage of GDP stood ..

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RBI extends moratorium - Should you avail the benefit?
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RBI announced measures to further ease financial stress and improve debt management in response to the COVID-19 crisis. The earlier moratorium which was ending on 31st May 2020, ha..

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Layoffs and Paycuts abundant for startups
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In the past, an unpopular thing to say on social media is to talk about the kind of NPAs which will eventually be generated due to start-ups in this consumer driven economic cycle. Some..

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India April'20 trade balance Analysis - Covid-19 restrictions impact, gradual recovery ex..
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Exports plunged by 60% yoy in Apr’20 and except iron ore and drugs & pharma, all the categories reported a decline. 61% of the fall in headline numbers came from a 64.8% decli..

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RBI cut rates, relief measures extended
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Policy rates reduced by 40bps    Providing comfort via interest rate measures, the central bank has reduced the policy repo/reverse repo rates by 40bps each to 4%/3.35%.&n..

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April 2020 FOMC meeting minutes - Covid-19 to weigh heavily on economic activity
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Highlights of the April 28 – 29 FOMC committee meeting minutes: mulls outcome based or data based forward guidance FOMC could later clarify intentions on rate policy Fed was ..

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GOI orders ban of 27 pesticides - Industry likely to appeal for review
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The government has issued a draft order (click here), proposing a ban on import, manufacturing, sale, transport and distribution of 27 insecticides. The government has given 45 day..

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Reliance Industries Ltd. : Rights issue
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On April 30,2020, the board of directors of Reliance approved Rs 53,125 crore rights issue of Reliance Industries Limited (RIL) will open for subscription on May 20.The closing date for..

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Economic Stimulus Day 5 - MGNREGA gets a boost
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he FM concluded yesterday with the final set of measures that will help create job opportunities for displaced migrant workers, provide temporary relief on bankruptcy front, enhance the..

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Day 2 Economic Stimulus Package - More on credit, little on stimulus
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The second tranche of COVID-19 package (announced yesterday evening) focuses on relief measures for migrant workers, farmers, street vendors and housing sector (first tranche focused on..

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Economic Stimulus Package (Day 1) - Provides the required Oxygen
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Union Finance Minister Nirmala Sitharaman on Wednesday announced a set of stimulus measures of nearly Rs 5.94 trillion to provide relief to various constituents of the Indian economy.Th..

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20L crore fiscal stimulus announced - Devil is in details
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The headline no of the gross fiscal package of Rs20 L crore / 10% of GDP is impressive. A part of this package ( around 5% GDP) is already under implementation through RBI's pre-announc..

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Understanding RBI Monetary Policy Terminology
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Repo Rate: RBI which is a central bank lends money to banks on an interest rate basis which is called “Repo rate”. Technically, repo stands for ‘Repurchasing Option&rs..

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Bond market auctions
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How does government raise money? Bond auctions play a huge role here. When governments want to raise money, they do through a bond auction by issuing bills (typically short-term) and b..

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Way and Means Advances (WMA) limits
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The Reserve Bank of India (RBI) gives temporary loan facilities to the central and state governments. This loan facility is called Ways and Means Advances (WMA). Such loan facilities ar..

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Gulf anti-dumping levy to hit ceramic tile producers
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The Gulf Cooperation Council (GCC) last week imposed anti-dumping duty on ceramic tile imports from India and China from 6 June 2020 for five years. The duty on India is ..

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Special Situation – Temporary disruption: An Opportunity in Disguise
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What is distress in stock markets? By definition, distress is temporary pressure on the company due to obstacles arising in its functioning. This type of distress can be of various..

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Adroit PMS May’20 Newsletter - India's opportunity in the post Covid-19 world
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  We would like to share some thoughts on what this outbreak of COVID-19 could potentially mean for India, particularly in the short to medium term. The present state of affairs ..

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Forex reserves – A primer
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The Foreign exchange reserves of India consists of below four categories: 1) Foreign Currency Assets, 2) Gold, 3) Special Drawing Rights (SDRs) and 4) Reserve Tranche Position. Special..

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Max Financial Services proposes JV with Axis bank-Uncertainty removed, regulatory hurdles..
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Max Financial Services (MSFL) and Axis Bank have agreed to enter into a definitive agreement, under which former shall sell 29% (secondary sale) of its stake in Max Life to Axis Bank. P..

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The Franklin Fiasco - Full details
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The Trustees of Franklin Templeton Mutual Fund in India after reviewing the recommendations submitted by Franklin Templeton AMC announced to voluntarily wind up six of their debt funds,..

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How Buyback by promoters add value to investors
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On 26 December 2017 Pidilite board approved share buyback of 50 lakh equity shares at a price of Rs 1000 for the stock that closed at 926.10 on the date of announcement. This provided a..

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Facebook to invest 9.9% in JIO, win-win for both
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Reliance Industries (RIL), Facebook (FB) and Jio Platforms Ltd (JIO) announced a binding agreement for an investment of INR435.7bn by FB in JIO. This investment values JIO Platforms (ho..

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MOSL S&P 500 Index - Should you invest for international diversification?
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Introduction The S&P 500 index having a track record of over 63 years is widely tracked/ benchmarked globally. The index is widely regarded as the best single gauge of large-cap U...

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India Power Utilities - Draft Amendments to Electricity Act 2020
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  The Ministry of Power (MoP) has unveiled the draft amendments to the Electricity Act 2020 (see here), it has also invited feedback within 21 days.Cross SubsidyThis is the s..

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RBI Bazooka 2.0 - New measures announced, more promised
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RBI governor announced second round of emergency measures this time addressing much needed support to NBFC’s, relief on classification of bad loans and ensuring bank credit flows...

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India Mar'20 trade balance Analysis - contraction shows Covid-19 impact
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India’s trade deficit remained steady at US$ 9.8bn in Mar’20 on a MoM basis. Both exports and imports came off sharply showing the impact of lockdowns. Notably, non-oil-non-..

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India Mar'20 WPI Analysis - Deflation in core continues
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WPI inflation moderated to a 4-month low of 1% in Mar’20 from 2.3% in Feb’20. This was led by lower food inflation which eased to 5.5% in Mar’20 from 7.3% in Feb&rsquo..

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RBI March'20 MPC minutes - Room to cut rates again remains
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RBI’s Monetary Policy Committee published the minutes of its meeting held over Mar 24-27 that was advanced in the backdrop of COVID-19 pandemic. RBI reduced repo rate by 75 bps to..

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Downgrade of banks is a bad precursor for Equity markets
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Moody’s recently downgraded the outlook for Indian banks from Stable to Negative. This downgrade assumes significance as it comes at a stage when markets are already under pressur..

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Taxation norms change in Mutual funds - A Primer
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A. Old Tax Regime (Applicable for FY 2019-20) 1. What is the tax treatment of dividend received from Mutual Funds in the hands of unitholders? Presently, dividend income received from..

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India Feb'2020 IIP Analysis - Acceleration before the storm
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India’s IIP growth accelerated to a 7-month high of 4.5% YoY in Feb-20 from 2.1% in Jan-20 and 3.5% street estimates . While the improvement provides comfort and is in line with e..

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FOMC minutes: Trading conditions across a range of markets were severely strained
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Comments in the minutes of the March 15 meeting: In Treasury market: Market participants reported an acute decline in market liquidity A number of primary dealers found it esp..

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RBI 3-month moratorium - Should you avail?
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To fight the ongoing COVID-19 crisis, RBI recently announced a 3-month moratorium on all term loans outstanding as of 1st March, 2020, to relax the financial burden on individuals and c..

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Feb’20 natural gas consumption surges
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Low prices lead to surge in consumption Natural gas consumption in Feb’20 increased 10% YoY to 160mmscmd as offtake climbed across sectors (except power) – fertiliser (47mm..

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Government H1 borrowing calendar - Burden lies on RBI
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The Government has announced its borrowing calendar for H1 FY2021, pegging gross borrowing at INR 4.88 tn (~62.5% of gross borrowings for the fiscal), which is slightly lower than marke..

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Adroit PMS April’20 Newsletter - Let's not forget the economic positives of Pre-Covid era
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  The past few weeks have been most horrific period for investors in financial markets since the five week period in September-October 2008. A colossal destruction of investors' w..

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RBI policy response - A more than expected Bazooka
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RBI brought ahead its scheduled MPC review on Apr 3, 2020 and in an emergency meeting voted for a 75 bps cut in the repo rate  with immediate effect. As such, the ..

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The flight to safety is cash
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There has been considerable turmoil in the global financial markets in last 4 weeks since Covid-19 started spreading outside China. The markets are hit by a liquidation wave in ..

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Fed cut rates to zero, Introduces 700 bn$ QE
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Headlines from the emergency FOMC meeting  Fed cuts interest rates to near zero in response to coronavirus crisis, risks to economic outlook says expects target interest ..

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Houston, we have a problem (in the markets)!
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Global markets have got ugly in a hurry this morning. Here is a quick check up on what's leading the riot across all asset classes: (a) OPEC and the Russian cartel has finally fallen ..

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Fed cut rates by 50bps in an emergency move since GFC
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The Federal Reserve cut rates by 50 basis points to 1.0-1.25% after an emergency meeting of the FOMC.   The full  statement read: The fundamentals of the..

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Global markets correct on virus fears
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U.S. equities suffered a significant selloff last week with the benchmark indices - S&P 500 & Dow Jones Industria..

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SBI Cards-IPO Note
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IPO Details:                            &..

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Adroit PMS March’20 Newsletter - Viral Markets
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  Covid-19- Sickens the investors After initial round of denial and complacency, the global markets seems to be waking up to the grave threat that the spread of coronavirus pose..

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India Q3 GDP - revisions galore, growth recovery hope prevails
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India’s GDP and GVA growth moderated to 4.7% and 4.5% in Q3FY20 from a revised growth of 5.1% and 4.9% in Q2.  As per GOI estimates, GDP growth is likely to bottom out in FY2..

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Markets Witnessed Global Sell-off On Fear Of Prolonged Impact Of Coronavirus
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The global markets have crashed further overnight with S&P correcting over 10% from the top. Indian and other Asian markets have followed with 300+ point gap down. In the present c..

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Investment Strategy Review - Feb 2020
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  Since we shared our investment strategy last (see here), few critical developments have occurred which warranted a review of the strategy.  The following three factors are..

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High Import Duty on CPVC Pipe Industry imposed
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The Indian government has imposed an anti-dumping duty (ADD) on CPVC resin/compound imports from China and Korea for a period of five years (valid up to February 2025). The quantum of d..

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RBI Feb'20 Meeting minutes - policy option to turn accommodative remains
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Global slowdown continues... MPC members noted that slowdown persists. RBI Governor pointed out that economic activity has slowed since Dec’19. Some green shoots are visible in t..

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FOMC Jan'20 meeting minutes: Current policy stance to 'remain appropriate for a time
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Highlights of the Jan 28-29, 2020 FOMC meeting minutes: Conditions expected in Q2 for T-bill tapering Saw risks to economic activity as 'somewhat more favorable' than at previous ..

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Investment slump in India may have bottomed out
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A slump in investment has been the key factor behind the sharp economic slowdown over the past year. There are of course several caveats when it comes to the quality of India’s na..

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India Jan'20 Trade deficit - expands to 7-month high
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India’s trade deficit expanded to US$ 15.2bn in Jan’20 from US$ 11.3bn as exports fell at a faster pace than imports. Some improvement in domestic demand is also seen with n..

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India Jan'20 WPI Analysis - Touches 9-month high
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WPI inflation inched up to 3.1% in Jan’20 from 2.6% in Dec’19 led by fuel & power inflation (3.4%) and manufactured inflation (0.3%). Food inflation on the other hand fe..

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India CPI Jan’20 Analysis- Inflation hardens further but food provides comfort
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India’s Retail or Consumer price index (CPI) inflation surged to 68-month high of 7.59% in Jan’20 vs. 7.35% in Dec’19. The rise in CPI is entirely led by expensive foo..

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RBI Policy Feb'20 Review - Easing of regulatory set-up
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Even as the action on monetary policy was on expected lines, the RBI announced a host of measures on the regulatory front to support credit flow, sentiment, and overall growth environme..

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Asset Allocation – Age based changes key in financial planning
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Wealth Creation isn’t an overnight activity rather requires continuous monitoring. It is a gradual process that persists through the entirety of one’s life and demands consi..

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Budget 2020 review - Fiscal impact & Rupee outlook
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The fiscal deficit roadmap The scene so far was of a slowing economy and declining revenues. The deficit was increasing and it was expected to be 3.6 percent of GDP for FY20 as against..

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Highlights of Union Budget for 2020-21
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*FY21 ESTIMATES* * Fiscal deficit seen at 3.5% of GDP * Net market borrowing pegged at 5.36 trln rupees * Gross market borrowing at 7.8 trln rupees * Pegs nominal GDP growth at 10% ..

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Budget 2020 Review - Infrastructure funding reduced
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Overall fund allocation for key infrastructure sectors has declined 4% YoY in Union Budget FY21 to Rs 5.5tn, with gross budgetary support (GBS) at Rs 2.7tn (+10% YoY) – the latter..

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Economic Survey 2020 - Outlook and Key risks
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The year 2019 was a difficult year for the global economy with world output growth estimated to grow at its slowest pace of 2.9 per cent since the global financial crisis of 2009, decli..

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Do-it-yourself (DIY) Portfolio management
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The crucial question that plagues the mind of any new investor is whether to self-manage his/her savings or hire an investment advisor. This dilemma derives its importance from the fact..

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Highlights of government’s Economic Survey for 2019-20
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Following are the highlights of Economic Survey for 2019-20 (Apr-Mar) tabled in Lok Sabha by Finance Minister Nirmala Sitharaman today: FISCAL HEALTH May need to relax fiscal gap ai..

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Budget 2020 expectations - Fiscal Deficit
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It is absolutely clear that government has already breached the fiscal deficit target of 3.3% for this financial year 2020-21. Some leeway is bound to be there in a year when outlays ar..

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FOMC meeting Jan'20 Review - Keeps rate unchanged as expected
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Highlights of the FOMC meeting statement Target rate remains at 1.5% to 1.75% Interest rate on excess reserves 1.6% versus 1.55% The decision is unanimous Fed says labor market st..

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FOMC Jan'20 Preview: All eyes on Chair Powell’s press conference
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The US Federal Reserve will have its first monetary policy of 2020 this Thursday. After cutting rates three times in 2019, policymakers adopted a wait-and-see stance, comfortable with t..

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Budget 2020 expectations - Mutual funds preview
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Mutual funds have been disappointed over the last few years as there has been little respite in the Budget. Following measures are there on markets wish list this time : 1. While ELSS..

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ECB Jan'20 Meeting review - Status quo, maintains accommodative stance
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The ECB maintained status quo on all fronts-- policy rates, Quantitative easing program, forward guidance and the two tiered policy rate structure— that was on expected lines. Th..

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Why to Hire a Financial Advisor?
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  Understanding the complex world of investment and money management requires years of experience, quest for continuous knowledge and a lot of practice. Making important financial..

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ECB Jan'20 Meeting preview - likely to be a non-event, watch for hawkish tone change
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The ECB meeting is not so much about policy as that seems set for the coming months. Instead, the focus is on the strategic review that is being launched. Most discussions are on how th..

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Budget expectations - Equity & Commodity markets
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Equity markets are built on hopes of a brighter future. These hopes are always built before the announcement of a Union Budget. This time its no different. Let's point out some of the ..

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Budget 2020 expectations - Personal taxation front
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Following 5 things are expected in the current economic context to reduce personal income tax to boost consumption demand.The Budget 2019 had made incomes up to Rs.5 lakhs tax free but ..

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Choose your financial advisor wisely
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Entrusting an unknown person with the responsibility of handling one’s money is not easy. There is apprehension and risk of loss due to carelessness, incapability or misunderstand..

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Indian Pharmaceutical Market (IPM) Dec'19 review - Anti-diabetic leads growth
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IPM grew by 9.8% in Dec-19 versus 9.2% Dec -18 and 9.8% Nov-19 on Moving Annual Total (MAT) basis. This was mainly due to price growth of 5.3%, volume growth of 2% and new product growt..

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India Dec'19 WPI Analysis - rises in-line with CPI
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WPI inflation edged up to 7-month high of 2.6% in Dec’19 from 0.6% in Nov’19 led by food inflation which rose to 11% in Dec’19 (9% in Nov’19).   Foo..

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India Nov'19 IIP Analysis - Growth sees revival
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Industrial growth rose to 4-month high of 1.8% in Nov’19 from (-) 4% in Oct’19. While manufacturing PMI did hit a 7-month high of 52.7 in Dec’19 (51.2 in Nov’19)..

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Take Hold of your Investing Journey
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Nobody can become an investor overnight. This journey involves patience, commitment, time and a tolerance for failure. One should be prepared to not just invest their financial savings,..

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Semi Annual Review – Stock Mcap Classification (AMFI Release-Jan-2020)
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The Association of Mutual Funds in India (AMFI) has released the latest list of stocks as per market capital (m-cap) classification. It may be recalled that in Oct 2017, AMFI classified..

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Adani Ports and SEZ acquires 75% stake in Krishnapatnam Port (KPCL) - Strengthens port po..
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KPCL is an all-weather deep draught port on the east coast of India. It is promoted by Hyderabad-based C V R Group (Navayuga Engineering Company Ltd. (NECL) is the group’s flagshi..

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Maharashtra farm loan waiver approved - Yet another first aid.
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Maharashtra government recently approved a farm loan waiver scheme for short-term crop loans provided loans outstanding (including penalty and interest) do not exceed Rs2..

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Nifty semi-annual review - 2 changes expected but with a clause
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Following are the current eligibility requirements for a stock to be included in Nifty 50 : The security should have traded at an average impact cost of 0.50% or less during the past..

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SEBI proposes to ban pool accounts for Mutual fund transactions
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SEBI has floated a discussion paper on banning the use of pool accounts for Mutual fund (MF) transactions by stockbrokers and MF distributors.    It may be recalled that inv..

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New SEBI regulations for RIAs - Unwarranted pain!
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SEBI declared new regulations for Registered Investment advisors (RIA) in last week.  These regulations will come into place from 1 Jan, 2020 virtually giving no time to imple..

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India Fiscal Data Dec'19 Analysis - CAD compression, BoP expansion continues
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India’s current account deficit narrowed to 0.9% of GDP (USD 6.3 bn) in Q2 FY20 from 2.9% of GDP (USD 19.1 bn) in Q2 FY19. After netting out capital account flows, the accompanyin..

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National Infrastructure Pipeline disclosed - less than 10yr average growth
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The taskforce which was set up to give recommendations on National Infrastructure Pipeline (NIP) has submitted its report. The report unveils infrastructure project pipeline of Rs102t..

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Gateway Distriparks sells Snowman to Adani
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Gateway Distriparks (GDL) has sold its entire stake of 40.25% in Snowman Logistics (SLL) for ~Rs. 296 crore to Adani Logistics (subsidiary of Adani Ports) in a deal valued at Rs. 4..

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Real-Time Market (RTM) to offer flexibility to power players
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The Central Electricity Regulatory Commission (CERC) is expected to launch a new product – Real-Time Market (RTM) – from April 01, 2020, following which consumers including ..

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Hill stations - Are the new concrete jungles?
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I spent last few days in the hills of Uttarakhand for vacation. One is suddenly reminded of the fact that there are roads where cars are not engaged in battles and where people still ha..

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Another Year Of Earning Disappointment Despite FPI Buying
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If 2018 was a tough year for investors in Indian in financial markets, the year 2019 has been even tougher. YTD return of ~11% on Nifty may not be reflecting the pain and agony tha..

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RBI Dec'19 MPC meeting minutes review - Wait and watch mode activated before Union Budget..
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The December policy minutes released last Friday reflects the RBI MPC’s cautious approach of letting the growth-inflation dynamics evolve with an eye on the Union Budget. Most mem..

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RBI launches Operation twist - Yield curve likely to flatten
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RBI recently announced the simultaneous purchase and sale of government securities under Open Market Operations (OMO)—a tool closely resembling the ‘Operation Twist’ u..

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India Nov'19 WPI Review - Food inflation inches up
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WPI food inflation surged to more than 5-year high at 9% in Nov’19 from 7.6% in Oct’19 on the back of uptick in vegetable prices which edged up to 45.3% in Nov’19 from..

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Prince Pipes and Fittings Ltd. IPO Note
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  Offer Details Price band Rs. 177 – 178 Per Equity Share Offer Open Date Dec 18, 2019 Offer Close Date Dec 20, 2019 ..

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India CPI Data Nov’19 Analysis- Rate cut in Feb’20 meeting is unlikely
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India’s Retail or consumer price index (CPI) inflation surged to 40-month high of 5.54% in Nov vs. 4.62% in Oct. The rise in CPI is entirely led by food while core inflation furth..

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Stagflation conditions continue - IIP growth subdued, CPI at 40-month high
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IIP growth subdued   Industrial output in Oct'19 surprised positively at (-) 3.8% compared with consensus estimate of (-) 5%. It also improved sequentially from (-) 4.3% in Sep&r..

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ECB Dec’19 Meeting Preview: All eyes on Lagarde’s debut
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In the final ECB meeting of the day, new chief Christine Lagarde will be overseeing her first monetary policy announcement as ECB president. She is likely to maintain status quo on bein..

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FOMC Dec'19 Meeting Review - Keeps rates unchanged, signals no hurry
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Fed kept rates unchanged as expected within the band of 1.50-1.75%. The dot plot projected no rate changes in 2020 and a single rate rise in 2021 and 2022. Highlights of the FOMC decis..

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Fed Preview: Set to leave interest rates unchanged
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We are waiting for the Federal Reserve’s FOMC meeting which is set to conclude tonight. Fed Chairman and Co. are widely expected to keep interest rates unchanged and evaluating in..

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UK Elections Preview - Conservatives win can make Brexit smoother
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UK will vote on December 12 in the General Elections Boris Johnson (conservative) and Jeremy Corbyn (Labour) will be contesting the election. Earlier the Parliament was gridlocked over..

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Bharat Bond ETF : should you invest?
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About the product Bharat Bond ETF is an exchange-traded fund (ETF) which will be listed on a stock exchange from where its units can be bought and sold post launch. This fund will trac..

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Hiking GST rates is not the solution!
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  Since the launch of GST in July 2017, the government has struggled almost every month to get close to the target. The shortfall on GST was Rs.1.25 trillion last fiscal and this ..

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Allcargo Logistics acquires controlling stake in Gati
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Allcargo Logistics (ALLCARGO) at its board meeting on 5th Dec’19 approved a share purchase agreement (SPA) and a share subscription agreement (SSA) with some of the existing mem..

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Adroit PMS Dec’19 Newsletter - Early Signs of Revival
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  Series of intervention by the Finance Ministry in the last two months has changed the mood of the market. After the reduction in corporate tax rate, earnings have picked up in Q..

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OPEC Dec'19 meeting Preview - Deeper production cuts unlikely
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OPEC will be starting their 2-day meeting from today in Vienna and will discuss about 2 key questions - deepening output cuts and even extending them to Dec-2020. It may be recalled tha..

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RBI Dec'19 Meeting Preview - 25bps rate cut priced in, economy needs more
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RBI’s Monetary Policy Committee will be concluding its fifth Monetary Policy meet for FY20 on 5th of December and is likely to deliver another rate cut of 25bps. There remains an ..

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Ujjivan Small Finance Bank IPO Note
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  Offer Details Price band Rs. 36-37 Per Equity Share Offer Open Date Dec 02, 2019 Offer Close Date Dec 04, 2019 Credit ..

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Trump's new metal tariffs - Yet another Hoax?
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President Trump has accused Argentina and Brazil of deliberately driving down their currencies, hurting the competitiveness of US farmers in the process. As such, he ha..

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30% cap on margins for trade generics
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According to media report (link), stakeholders (pharma lobby groups, industry associations etc.) have broadly reached a consensus with the drug pricing regulator to cap trade margins fo..

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Electronic toll gets a boost
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The Ministry of Road Transport and Highways (MORTH) has directed National Highways Authority of India (NHAI) in July 2019 to make all lanes of all NH toll plazas as FASTag lanes. Exce..

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Adani Gas open offer - A special situation risk-free trade
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Acquirer Total Holdings SAS has announced an open offer to acquire upto 27.71cr shares (25.2%) of Adani Gas at an offer price of INR 149.63. The offer is subsequent to the acquirer ex..

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Business Responsibility report - a new regulatory norm for micro-cap companies!
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SEBI last week decided that it wants the top 1,000 listed companies by m-cap to provide a business responsibility report to investors along with their annual report instead of the earli..

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SEBI issues directions on upfront client margins for cash segment
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SEBI has issued a circular on Tuesday this week and have made it compulsory for brokers to collect and report all margins in the cash segment. Till now, this rule was applicable only i..

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ECB meeting minutes review: ECB On wait and see posture and Draghi urged unity on inflat..
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The European Central Bank released the minutes from their October meeting which suggested a wait-and-see stance and Mario Draghi signed off with a call for unity on its main aim of boos..

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FOMC Oct'19 meeting minutes review - To stay pat unless downside risk emerges
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Federal Reserve meeting minutes: Most judged level now appropriate barring a 'material' reassessment of the outlook 'A couple' said Fed should reinforce statement with communication..

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Telecom sector too big to fail?
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In the last few days, telecom sector has dominated media headlines. After incurring cumulative losses of over 100,000 cr in Q2 for Vodafone Idea and Bharti Airtel, these companies are..

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Passive inflows increasing but with a recency bias
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October'19 Mutual fund data threw an interesting statistic - Index funds and ETFs saw inflow of 6000 crore, almost equal to net inflows from other 'active' equity oriented schemes. The ..

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India CPI Data Oct- 2019
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India’s Retail or consumer price index (CPI) inflation surged to 16-month high of 4.62% in Oct vs. 3.99% in Sept’19, breaching MPC’s target of 4%. This is on the back ..

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India Oct'19 Trade balance analysis - Imports see a sharp dip, exports steady
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India’s trade deficit in Oct’19 remained steady at US$ 11.1bn versus US$ 10.9bn in Sep’19. Exports fell by (-) 1.1%. Pharma, gems & jewellery and engineering goods..

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India WPI Oct'19 analysis - Eases to 3-yr low, calls for more rate cuts
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WPI inflation cooled off to 0.2% in Oct’19 from 0.3% in Sep’19 led by fuel and power index which declined by (-) 8.3% in Oct’19. Manufactured product inflation too dro..

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Stagflation worries in India are premature
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Post Sept IIP and Oct CPI data this week, a case is being made that India is setting into a mild case of stagflation. The combination of the two--a rapid deceleration in growth and a gr..

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Government to bail out Private NBFCs - A tricky call!
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In the last few months, there have been calls from various market participants for the government to intervene and sort out the DHFL mess. It may be recalled that problems at DHFL start..

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Royalty Payments by Indian subsidiaries of MNCs – Detrimental for minority shareholders
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Royalty payments by Indian subsidiaries of multinational firms have been a sticky issue for many years. India-based MNCs transfer money as royalty to their parent company abroad dependi..

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MSCI semi-annual Nov'19 index review
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  MSCI indices are widely used as the benchmark for global equity portfolios. Various investment products like index funds and exchange traded funds (ETFs) follow these indices. T..

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Cabinet clears Rs 25,000 crore plan for realty revival
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Government of India has formally committed a sum of Rs 10,000 cr towards setting up a real estate fund that will lend for completion of stranded housing projects. Another Rs15,000 cr wi..

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GCC passes interim order for Anti-Dumping Duty on Indian Ceramics
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As per the recent news article, Gulf Cooperation Council (GCC) has passed an interim order to impose anti-dumping duty (ADD) ranging from 40%-106% on ceramic products imported from Indi..

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Adroit PMS Nov’19 Newsletter – Samvat 2075: Market Outlook
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  Indian stock market sentiment has cracked in the face of persistently rising crude prices and the prospect of a bloated current account deficit. The fiscal deficit worry has als..

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NSE likely to include more stocks in F&O segment
Comments0

NSE has not included any stock in F&O since last two calendar years. Two main reasons are responsible for it : (a) NSE was barred by SEBI in accessing securities market and int..

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Additional Margin On Stocks With High Promoter Pledge - List released by exchanges
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Both NSE and BSE, as per notification dated 25th Oct, 2019, decided to impose a minimum margin of 35% on stocks including those part of the F&O market if they satisfy the followin..

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FOMC Oct'19 meeting review - Fed cut rates, Powell put makes a comeback
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Highlights of the Federal Reserve interest rate decision on October 30, 2019: Rates lowered to range of 1.50%-2.00% Markets priced in a 97% chance of a cut before the decision Prio..

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FOMC Oct'19 meeting Preview: Time to cut again
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The Federal Reserve (Fed) decision is due later today and we expect the FOMC to cut its target rates by 25bps that would bring the rate to a range of 1.5% to 1.75% (currently at 1.75%-2..

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ECB Oct'19 Meeting review - Draghi brings no surprise in swan song
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Draghi as expected in his last press conference did not brought any changes in the monetary policy keeping the rates and QE unchanged from last month. During the press conference, ..

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ECB Oct'19 Meeting Preview - Draghi, one last time!
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European Central Bank (ECB) head, Mario Draghi is all set to deliver this last press conference later this evening. The expectations from the meeting is understandably low given the&nbs..

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The Regional Comprehensive Economic Partnership (RCEP) - Will it add to the economic grow..
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  The Regional Comprehensive Economic Partnership (RCEP) is a proposed mega free trade agreement between the 10 countries of the Association of Southeast Asian Nations (including ..

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MPC Oct'19 minutes analysis - Another rate cut in Dec likely
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RBI released the October 2019 MPC minutes which are dovish in tone thereby opening up space for another rate cut in the upcoming in Dec 2019. Key highlights of the minutes included: ..

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Fed's Beige Book Oct'19 Analysis: Economy expanded at modest pace
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Highlights of the Fed's economic summary in Beige Book: Businesses see expansion continuing, many have cut outlook Business activity varied across the country Districts in south an..

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New encumbrance norms - Short term pain for long term gain
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In June earlier this year, SEBI made an amendment to its substantial acquisition of shares and takeovers regulations act that tweaked the definition of encumbrance (read as a mortgage..

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India Sept'19 CPI analysis - RBI rate cuts remain on track despite rise in Food inflation
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  India Consumer Price Index (CPI), barometer for retail inflation, rose to a 14-month high at 4% in Sep’19 led by food inflation, particularly vegetable (15.4%) and meat an..

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IIP Aug'19 analysis - Broad based slowdown
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  IIP growth slipped to (-) 1.1% in Aug’19 vs 4.6% in Jul’19, lowest in this series. Manufacturing output contracted by (-) 1.2% and electricity by (-) 0.9%. Capital g..

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ECB Sept'19 meeting minutes - Many members opposed QE
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Highlights of minutes released for European Central Bank (ECB) Sept'19 meeting : Some members argued QE was not an efficient instrument given low yields Some members ..

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FOMC minutes review - Inflation cited as key reason for rate cut in Sept'19 meeting
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Highlights of the minutes of the September 17-18 2019 FOMC meeting: Officials pointed to economic outlook risk management and inflation objectives Several said models on likelihoo..

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Sovereign Gold Bond 2019-20 – Series V launched
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  Government of India, in consultation with the RBI, has decided to issue Sovereign Gold Bonds (SGB), 2019-20 Series V. Applications for the bonds will be accepted between October..

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Regulatory announcements by RBI in MPC meeting
Comments0

RBI has increased the household income limit for borrowers of NBFC-MFIs from Rs 1lakh and Rs 1.6lakh for rural areas and urban/semi urban areas respectively to Rs 1.25lakh and Rs 2lak..

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RBI MPC Review Oct'19
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The Reserve Bank of India in its bimonthly policy review, slashed the repo rate, by 25bps to 5.15% from 5.40% with immediate effect, for a fifth straight time this year. The RBI moved t..

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Vishwaraj Sugar Industries Ltd. IPO Note
Comments0

  Offer Details Price band Rs. 55 – 60 Per Equity Share Offer Open Date Sep 30, 2019 Offer Close Date Oct 4, 2019 ..

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Indian Railway Catering and Tourism Corporation Limited (IRCTC) IPO Note
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  Offer Details Price band Rs. 315-320 Per Equity Share Offer Open Date Sep 30, 2019 Offer Close Date Oct 3, 2019 Credit..

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India keeps H2 FY2020 borrowing calendar unchanged
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The Government in yesterday announcement has kept gross borrowings for H2 FY2020 unchanged at INR 2.68 tn. This will be done through 17 weekly auctions with 15 auctions to the tune of I..

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Exemptions need to taper off in coming years
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In India, there are four primary tax exemptions, which account for the bulk of incentives given to corporates:   1.  Companies operating in special economic zones (SEZ) th..

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Domestic investors getting a rough deal in F&O
Comments0

For the foreign portfolio investors (FPIs) there is a lot more of clarity on the tax front after last week announcement. There were concerns that the higher surcharge imposed in the bud..

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Physical Settlement in Equity Derivatives - Oct 2019 review
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 SEBI in 2018 had issued framework for making physical settlement of stock derivatives mandatory, and planned to enforce it in a phased manner. Traders have to compulsorily take ..

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GST cut on Hotels - a booster dose
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  The GST Council has approved the proposal to cut rates on hotel tariffs on last weekend. The tax on room tariff above Rs 7,500 has been slashed to 18% from existing 28%. The Cou..

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Corporate tax rate cuts - Impact on Debt markets
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Policy action from the government and the RBI up until now has been in response to weak economic factors both on the global and domestic sides as well as weak consumer sentiment. The li..

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Economic impact of Corporate tax cut
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We analyse the impact on various economic parameters after FM cut the corporate tax rates last Friday. Growth trajectory We do not expect any near term impact on GDP growth fro..

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Nirmala brings early Diwali
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In a hurriedly organized press conference this morning, FM Nirmala Sitharaman announced massive tax cut for companies. Domestic companies are to pay 25.17% all inclusive and no MAT. Ord..

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India CPI Data Analysis- August 2019
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India’s Retail or consumer price index (CPI) inflation surged 10-month high of 3.21% in Aug from 3.15% in Jul’19, due to higher prices of food items like meat and fish. Food..

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FOMC Sep'19 meeting review - Fed delivers a hawkish rate cut
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FOMC cut the Fed Funds target range by 25bps to 1.75-2.0% but not indicating that further cuts are planned. Additionally, it cut the interest rate on excess reserves (IOER) by 30..

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FOMC Sept'19 meeting Preview - Fed all set to cut rates by 25bps
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The Fed is expected to deliver a 25 bps rate cut tonight pushing the Fed funds rate to 1.75%-2.00% range from the current range of 2.00%-2.25%. Continued weakness in the supply-s..

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India’s IIP July’19 at Nine-Month High
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  India’s industrial output came in much better than expected and rose 4.3% in July on the back of an uptick in core sector growth. The strong growth in IIP can be attribute..

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Altico capital defaults - Yet another NBFC sinks
Comments0

 Altico Capital, an NBFC with more than Rs40bn of outstanding loans, has missed interest payments of Rs200mn on an overseas loan taken from Dubai-based Mashreq Bank. Clearwater C..

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Indian Households - Old Saviours or New Disruptors
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In general economic terms, we always state a simple equation which is derived from Harrod-Domar model.  Savings = Investment Level of savings equals the level of investment. In..

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India Aug'19 Trade balance data analysis - Global and domestic demand weakens further
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Exports decline sharply India’s exports fell by (-) 6.1% in Aug’19 compared with a 2.2% increase seen in Jul’19.  While a part of decline can be att..

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ECB Sept'19 Meeting review - Draghi initiates Infinite QE
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Draghi did not disappointed in yesterday's ECB meeting as we expected and delivered a strong accommodative package to target falling inflation and growth expectations i..

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ECB Sept'19 meeting Preview - Will Draghi deliver one last time?
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European Central Bank (ECB) are all set to announce their policy decision today.  Expectations are running high as the central bank will have limited opportunities moving forward..

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35,000 cr outflow challenge for NBFCs
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  September seems to be a favourite month of the year for surfacing of NBFC problems. Even last year, IL&FS and DHFL grabbed the headlines for all the wrong reasons. Historica..

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Decent US Job data keeps Powell consistent in Zurich
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  The pace of US payrolls moderated from 159K in July-2019 to 130K in August-2019 against expectations of 150K reading. The moderation in the pace of jobs growth is perhaps an ind..

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RBI makes it mandatory for Retail/SME loans to be priced on external benchmarks
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  In a late evening notification yesterday, RBI has asked banks to benchmark new floating rate personal loans and SME loans to external benchmarks from 1 October 2019.  The d..

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12 F&O Stocks to be excluded from Sept expiry – Impact and Full list
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  NSE, in three different exchange notices, has announced that 12 stocks will be excluded from the F&O segment for not meeting the enhanced eligibility criteria as s..

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Nifty Semi-Annual Review Announced - Includes Nestle, Excludes Indiabulls Housing finance
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As per the latest announcement from NSE, Nestle India (NESTLEIND) will be included in Nifty 50 index while Indiabulls Housing finance (IBULHSGFIN) will be excluded from the index. The c..

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Tax Loss Harvesting – Introduction and usage
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Introduction We may make capital gains whenever we invest in equity funds. These gains are taxable based on how long we have stayed invested in the fund. So we sell securities at a lo..

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RBI transfer to increase liquidity and cause volatility
Comments0

The much awaited Bimal Jalan Committee reports recommendations were accepted by the RBI board on August 26, 2019. The committee recommended a transfer of INR 1.76 tn, which includes INR..

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ULIP - Charges & Benefits
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Steps for choosing a ULIP: Choosing the right ULIP strategy is not that difficult if you have got your basics right. The below mentioned steps will guide you choose the best suited U..

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New STT rule in options comes on board - effective 1 Sept, 2019
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STT is levied only on the sell side in case of intraday and derivatives trade (F&O). It is charged at the concessional rate as it is calculated on the premium value rather than on t..

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New norms for DVR shares - Will it excite the corporates?
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Many corporate in India issue Differential voting rights (DVR) shares as a means to raise capital without diluting control.  Many companies like Tata motors, Jain Irrigation and ..

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Partial Credit Guarantee scheme for NBFCs - Too little for removing stress?
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Background  The Government officially notified guidelines on Partial Credit Guarantee (PCG) scheme announced during the Union Budget for PSU banks to purchase high-rated pooled a..

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India July 2019 trade deficit - Eases as demand struggles
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  India’s merchandise trade deficit narrowed to USD 13.4 bn in Jul-19 from USD 15.3 bn in Jun-19, coming in lower than our and market consensus of USD 14.5 bn and USD 15.0 b..

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India July 2019 CPI analysis – Expect another rate cut in Oct’19
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  India’s Retail or consumer price index (CPI) inflation fell to 3.15% in Jul’19from 3.18% in June, Due to softening fuel and light prices, even as overall food prices..

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Introduction to ULIPs (Unit Linked Insurance Plans)
Comments0

ULIP stands for Unit linked insurance plan, it’s basically a blend of insurance and investment. In this case, a policyholder can pay premium monthly or annually. The policyholde..

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India IIP Data – Jun’19
Comments0

  India’s industrial output – as measured by Index of Industrial Production (IIP) – eased to 2% in June 2019, as compared to 7% in June 2018 and from an upwardly..

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3 Central bank rate cuts & falling global yields
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  It was an interesting morning yesterday with 3 Central banks cutting rates in a span of around 4 hours.  Reserve Bank of NZ was expected to cut rates but did so for 50bps, ..

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Sterling and Wilson Solar Ltd IPO Note
Comments0

  IPO Details: Offer Details Price band Rs 775-780 Per Equity Share Offer Open Date 6-Aug-19 Offer Close Date 8-Aug-19 ..

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RBI Aug 2019 meeting preview - 25bps rate cut priced in but more required
Comments0

Market expects the August 2019 MPC to vote for a cut in Repo rate by 25 bps today, with a 6-0 voting pattern, driven by growing domestic and global growth concerns.  Any signal b..

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Spandana Sphoorty Financial Ltd. IPO Note
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  Offer Details Price band Rs 853-856 Per Equity Share Offer Open Date Aug 5, 2019 Offer Close Date Aug 7, 2019 Lot Size..

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China-US Tariff wars take another twist
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Global markets have taken a beating in the past two sessions led by fresh developments in China-US trade wars. Until now, China had been angling towards a strategy of slow-rolli..

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All about Equity Linked Savings Scheme (ELSS)
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  Equity linked savings scheme (ELSS) is the only tax saving mutual fund scheme which provides deductions under Section 80C of The Income Tax Act, 1961. This is an equity fund sch..

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FOMC July 2019 Meeting Review – Powell cut rates but reign in dovish expectations
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  The US Federal Reserve cut interest rates by 25 bps in line with expectations. The Fed also decided to shrink its $3.6 trillion in bond holdings (also known as Quantitative tigh..

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FOMC July’19 meeting Preview: Insurance rate cut certain, but what next?
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  Market expects the Federal Reserve to cut the Fed Funds rate by 25bp to the 2%-2.25% range from the current range of 2.25%-2.50%. We never thought the chances of a 50 bp move we..

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Affle India Ltd. IPO Note
Comments0

  Offer Details Price band Rs 740-745 Per Equity Share Offer Open Date Jul 29, 2019 Offer Close Date Jul 31, 2019 Lot Si..

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ECB July 2019 Meeting Review – Draghi takes market on a ride
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European Central bank(ECB) left its key interest rates unchanged at yesterday meeting and made dovish adjustments to the forward guidance and mentioned further easing measures. The pa..

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Nifty semi-annual review - No changes expected
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Following are the eligibility requirements for a stock to be included in Nifty 50 : The security should have traded at an average impact cost of 0.50% or less during the past..

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ECB July 2019 Meeting Preview – Will Draghi surprise with a rate cut?
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  The common thinking in markets ahead of European Central Bank (ECB) Meeting is that post dovish comments at Sintra, Portugal last month, Draghi will signal a rate cut move today..

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GOI eyes SEBI’s surplus funds – Yet another question on autonomy
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  During the Union Budget presented earlier this month, the finance bill 2019-20 has proposed amending the SEBI act to constitute a reserve fund into which 25% of the annual ..

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Convertible Securities – risky or risk averse?
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  Convertible securities are the one which can be changed into another form of security. These usually pay a fixed amount of payment at regular intervals and specify the price at ..

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NHB stops home loans with subvention schemes
Comments0

  National Housing finance (NHB) has asked companies to avoid giving home loans with subvention schemes. This circular released on late Friday is applied prospectively. Home loans..

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Auditors to be more accountable in resignation?
Comments0

SEBI released a consultation paper last week proposing few changes to help investors understand the auditor resignation process and make the companies more accountable and t..

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Physical Settlement in Equity Derivatives - July, 2019 review
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  SEBI in 2018 had issued framework for making physical settlement of stock derivatives mandatory, and planned to enforce it in a phased manner. Traders have to compulsorily take ..

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CPSE ETF FFO (Further Fund Offer) 5 - Details & Investment Rationale
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    Offer Details Scheme features For Anchor Investors For Non Anchor Investors Offer Open Date July 18, 2019 July 19, 2019 ..

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Gold Import Duty hike, what next?
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In Union Budget FY2019-20, government has proposed to increase import duty on gold and other precious metals from 10% to 12.5%.  The import duty on gold dore has been hiked to 11.8..

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Rationalization of Mutual Fund Schemes – June 2019 Review
Comments0

  In a circular dated October 6th, 2017, SEBI ordered to rationalise and categorise open-ended mutual fund schemes aimed at de-cluttering the industry by enhancing comparability w..

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India June 2019 Trade balance analysis - exports contract first time in 2019, imports mod..
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India’s trade deficit remained little changed in the month of Jun-19 coming in at USD 15.3 bn (vs. USD 15.4 bn in May) in line with market expectations. Both exports and..

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Dividend vs. Interest
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  Investment is allocation of savings with the main objective of gaining some returns. An investor decides to invest his/her earnings instead of keeping them in lockers with the a..

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India June 2019 CPI Analysis - Core Inflation moderates
Comments0

CPI marginally increased to 3.2% YoY in Jun’19 from 3.1% in May’19, in line with street estimates. Headline inflation continues to remain at lower than the target range of 4..

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India IIP May 2019 Analysis - Declines 3.1% while manufacturing output grows by 2.5%
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India’s industrial output – as measured by Index of Industrial Production (IIP) – grew by 3.1% YoY in May’19 from 4.3% in Apr’19, below street estimates ..

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FOMC minutes & Powell Testimony confirm Fed rate cut in July
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After two crucial events on Wednesday this week - (a) FOMC minutes for the policy meeting conducted on June 18-19 and (b) Fed Chair Powell testimony at the House of ..

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Public Provident Fund – Details and features
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  PPF is a fixed return investment savings scheme offered by Government of India, introduced in 1968 by the National Savings Institute of Ministry of Finance. One can open a PPF a..

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Union Budget FY 2019-20 : Divestment target increased
Comments0

The budget for FY19 by the FM also placed emphasis on disinvestment of CPSEs (Central Public Sector Enterprises), in order to raise revenue from non-tax sources, given the modest growth..

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Union Budget FY19-20- How increase in minimum public shareholding will affect investors &..
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The FM announced a desire in budget to increase minimum public shareholding in listed entities from 25% to 35%. This will impact all companies with 65% and higher promoter shareholding...

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Union Budget FY 2019-20 : General reforms for the corporate sector
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Deepening of corporate debt market   To deepen the corporate tri-party repo market in corporate debt securities, the government will work with the regulators, RBI/SEBI, to enable..

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India FY18-19 Q4 CAD Analysis - Reduction led by narrowing trade deficit
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CAD narrowed sharply on a sequential basis to USD 4.6 bn (0.7% of GDP) in Q4 from USD 17.7 bn (2.7% of GDP) in Q3 FY2019, and USD 13.0 bn (1.8% of GDP) seen in Q4 FY2018. The number was..

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Acharya's exit to bring in more rate cuts?
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The exit of RBI’s Deputy Governor Dr. Viral Acharya is not surprising. Though it was a rumor, but market had anticipated it after the resignation of former Governor Dr. Urjit Pate..

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Choosing Fund Manager under NPS
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  Pension fund managers under National Pension Scheme are responsible for managing the retirement savings of the investors under four asset classes – E, G, C and A. The pen..

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Budget expectations - 1 : Direct Taxation
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Interim Budget for FY20 will be announced on 5 July, 2019. Following items are market expectations on the direct taxation front: Make 80C exemption limit higher - Section 80C li..

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Types of NPS accounts & investment choices
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  There are two types of accounts under the NPS which are tier-I and tier-II. Tier-I is the default account and Tier-2 is a voluntary addition. Table below explains two types of a..

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SEBI tightens rules for usage of client funds by brokerages
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In April 2008, SEBI informed brokers through a circular that a client's unpaid securities and collateral in the form of securities shall NOT be used for purposes other than meeting hi..

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India Trade balance May 2019 Analysis - Lower oil prices to help CAD
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Trade deficit steady at US$ 15.4bn Though trade deficit remained steady in May’19, recent decline in oil prices and weak domestic demand implies imports will moderate. Export..

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IndiaMART InterMESH Ltd. IPO Note
Comments0

Offer Details Price band Rs.970 - 973 per equity share (discount of Rs.97 to eligible employees) Offer Open Date Jun 24, 2019 Offer Close D..

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June 2019 MPC meeting minutes - Another rate cut in Aug?
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The minutes of the June Monetary policy Committee (MPC) meeting, released by the Reserve Bank of India (RBI) last week shows that concerns about a slowdown in growth, illustra..

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FOMC June 2019 Meeting review - Rate cuts coming
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US Federal Reserve left its lending rates unchanged at 2.25%-2.5%, in line with street expectation. Fed statement was dovish primarily on inflation, neutral on growth; however, in the p..

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FOMC June 2019 Meeting Preview
Comments0

Fed will likely leave its current policy rate unchanged tonight. The Fed may downgrade its assessment of business investment but not of the jobs market, even as it notes the decline in ..

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National Pension System (NPS) - An Introduction
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  National Pension Scheme (NPS) is defined as voluntary contribution based pension system, introduced by Government of India through Pension Fund Regulatory and Development Author..

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India's April 2019 IIP Analysis: Spikes to 6-month high
Comments0

India's industrial output picked up pace, to a six-month high of 3.4% in Apr’19 as compare to the 4.5% in Apr’18 and a revised figure of 0.4% YoY for March 2019, mainly on..

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Asset Allocation in PMS
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  Determining the optimum mix of assets to get desired rate of returns is the primary purpose of investing in a PMS. Therefore, asset allocation becomes one of the most important ..

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Charges in PMS
Comments0

  The PMS charges various fees for the unique skills and knowledge they apply in managing its clients'portfolio and taking investment decisions on their behalf. The following are..

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FAQs on RBI's New circular on the framework for stressed assets
Comments0

The RBI on Friday issued a revised circular for lenders to deal with stressed loans, over two months after the previous framework was quashed by the Supreme Court.The new rules are appl..

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Introduction to Portfolio Management Services
Comments0

Portfolio Management Services help individuals and institutions to put their investible surplus to meet the investment objectives with certain amount of risk. It is primarily for High N..

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DHFL Default Crisis
Comments0

On June 4 DHFL missed its interest payments on certain NCDs. It downgraded to ‘default’ by all major rating agencies yesterday. CRISIL and ICRA assigned ‘D’ rati..

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India GDP growth slows down significantly
Comments0

India's GDP growth plunged to 20-quarter low to 5.8% in Q4 FY19. With this, the full year FY19 GDP growth comes to 6.8% (5-year low) compared 7.2% in FY18. GVA growth for FY19 stood at ..

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McLeod Russel’s Crash
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McLeod has been in troubled waters for a while now. Company’s shares continued to reel under pressure, hitting over a decade low on the BSE on back of heavy volumes due to it face..

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Performance Indicators of Insurance Companies
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In our previous blog, we have discussed the insurance premiums and its different types. Let us now understand some performance indicators of insurance companies which one should consid..

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Insurance premiums and its different types
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Insurance Premiums In our previous blog, we have discussed the operations of insurance companies and how these companies are able to make money. In this blog, we will discuss regardin..

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Retail investors – Catching Falling Knives?
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“Markets can remain irrational longer than you can remain solvent” ― John Maynard Keynes Human being is irrational but when this irrationality is at the cost of one’s..

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Portfolio Management Services Vs. Direct Investing
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Investors wishing for above-average returns from their savings (for example: above the FD rates), may opt for portfolio management services, or PMS, offered by various entities register..

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Insurance Companies - How do they generate revenue?
Comments0

In our previous blogs, we have discussed the different types of insurance which are available in the market. To read the first Blog (Insurance - Introduction) in this Series. Clic..

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NSE to cap sectoral indices weightage in India – Is it required?
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NSE is considering placing caps on sectoral weights in the benchmark Nifty 50 index in order to provide more diversity and reducing sector concentration. Nifty 50 represents 13 sectors ..

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Analysis of Aviation Data (Apr’19)
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Directorate General of Civil Aviation(DGCA) reported that Domestic air passenger traffic plunged by 4.5% consisted of 10.99 million passengers in Apr’19 as compared to 11.51 milli..

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New buyback norms by SEBI may safeguard NBFC from systemic risks
Comments0

Earlier this year, SEBI came under criticism for rejecting a proposed 90-bln-rupee share buyback of L&T on grounds that the debt-to-equity (D/E) ratio of t..

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Types of Insurance
Comments0

In the first blog of the series, we discussed why insurance is required. To read the first Blog (Insurance - Introduction) in this Series. Click here Let us now understand various types..

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Spencer acquires Nature’s Basket – Is it worth buying?
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Spencer's Board recently approved the proposal for acquisition of entire 100% stake in Nature’s Basket Limited (NBL) for cash consideration of Rs. 300 cr, subject to requisite app..

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FOMC April 2019 Meeting Minutes - No Rush to change rates
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The minutes from the May 1-2 Federal Open Market Committee (FOMC) May’19 monetary policy meeting showed policymakers remained firmly committed to a “patient” policy ap..

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Exchanges take first strong step on breach of disclosure norms
Comments0

Both NSE and BSE last week named 250 companies that were found to be non-compliant with the SEBI’s guidelines on disclosures. This list was based on a qualitative parame..

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PC Jeweller Demerges its Export Division
Comments2

What’s the deal? PC Jewelers recently announced that it would demerge its Export Division and merge with its wholly owned subsidiary - PCJ Gems & Jewellery Limited. Company c..

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India April trade deficit - Exports subdued while imports rise
Comments0

India’s trade deficit for Apr’19 stood at $15.33bn as against $10.89bn in Mar’19 above consensus expectation of US$13.5bn, widened to a five-month high in April due to..

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RBI cut coming in June despite subdued CPI?
Comments0

April CPI on Monday came in below RBI's medium-term target of 4% for the ninth consecutive month. At 2.92%, inflation in April was only 6 bps higher than in March and marginally lower t..

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Siemens Global demerges operations
Comments0

What's the deal?   Siemens AG's (global operations) last week approved the spinoff of its 'Gas & Power" business into a new independent entity - Siemens Gas & Power (SGP)..

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Mar’19 IIP Update – Output Shows Slowdown in Consumption
Comments0

Index of Industrial Production (IIP) – entered negative territory in March, contracting to 0.1% compared to 0.1% in Feb’19, below consensus expectation of 1.3%, the first mo..

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Insurance- Introduction
Comments1

Risk and uncertainty are associated with life in some of the other ways. These risks and uncertainties are increasing daily because of the increment in the speed of life. For example, i..

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New Insider Trading regulations and its impact on promoter pledging
Comments0

The new, 'tighter' insider trading regulations that took effect on April 1 are giving Indian companies a tough time in the ongoing earnings season. What has changed? SEBI has extended..

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Ruchi Soya - Patanjali Deal – Anything for minority shareholders?
Comments0

What’s the deal? Ruchi Soya is one of India’s largest manufacturers of edible oil and owns a large number of plants and top brands such as Nutrela, Mahakosh, Sunrich, Ruchi..

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FOMC Review - May 2019
Comments0

The Federal Reserve officials unanimously voted to keep interest rates unchanged in the target between 2.25% and 2.5% in the May monetary policy review. Moreover, the US Fed Chair comme..

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34 F&O Stocks to be excluded – Impact and Full list
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NSE announced that 34 stocks will be excluded from the F&O segment for not meeting the enhanced eligibility criteria as set up by SEBI in April 2018. This is the..

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US plan to end sanctions waiver of Iran, India to be impacted
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In a statement last week, the White House Secretary of State Mike Pompeo announced that five countries - India, China, Japan, South Korea and Turkey will no longer be exempt from U..

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Blackstone buys majority stake in Essel Propack, triggers open offer
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What's the deal? Blackstone has entered into an agreement with Ashok Goel Trust to purchase a majority stake (51%) in Essel Propack Limited (EPL) at a purchas..

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KPIT finally lists its engineering business, launches open offer
Comments0

Background...KPIT has listed its engineering business on the exchanges on 22nd April. It may be recalled here that merger took place in Jan 2019. Earlier this week, ..

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Neogen Chemicals Limited IPO Note
Comments0

   Offer Details Price band Rs 212-215 Per Equity Share Offer Open Date Apr 24, 2019 Offer Close Date Apr 26, 2019 ..

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Cement channel check - A series of increases
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The Cement demand growth in most regions has been better in April than in March. Another round of price hikes of 20-25 Rs/Kg was seen in all regions in first week of April. Even though ..

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Has FMP saga taught anything?
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Most investors thought of fixed maturity plans (FMPs) as something that was absolutely safe. After all, they were debt securities and the funds were locked in so there was no maturity m..

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India's Trade deficit - exports still disappointing
Comments0

India’s trade deficit for Apr’19 stood at $15.33bn as against $10.89bn in Mar’19 above consensus expectation of US$13.5bn, widened to a five-month high in April due ..

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Feb’19 IIP Update – Output Shows Sluggishness
Comments0

Index of Industrial Production (IIP) – grew by 0.1% YoY in Feb’19 compared to 1.7% in Jan’19, below consensus expectation of 2%. Manufacturing output contracted by 0.3..

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India CPI March 2019 Update - Rises to 2.86%
Comments0

Headline number    CPI accelerated to 2.9% in Mar’19 as against 2.6% in Feb’19 and market expectation of 2.8%.  Driven by food inflation...   Food..

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NIIT Technologies Ltd – Promoters exit, full valuations
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What’s the deal? Baring Private Equity Asia entered into an agreement with NIIT Ltd and other promoters to acquire their 30.2% stake in NITEC (NIIT Ltd: 23.22%, Pawar family: 3.4..

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Will Food inflation plays spoilsport?
Comments0

Retail inflation data for March will be one of the two new inflation prints available to the RBI's MPC when it meets next in early June. CPI data for which is scheduled to be released a..

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March 2019 AMFI data - ending year on a high
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MF AUM increased in Mar’19 despite outflow in liquid funds Overall, the mutual fund (MF) industry’s assets under management (AUM) increased by Rs63200 cr MoM, he..

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IBHSGFIN-LAKSHVILAS merger - Yet another transition of NBFC into universal banking license
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  In a strategic move, Indiabulls Housing Finance (IBULHSGFIN) has announced a merger with 569-branch strong south-India based regional bank Lakshmi Vilas Bank (LAKSHVILAS)  ..

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Polycab India Limited IPO Note
Comments0

  Offer Details Price band Rs 533-538 Per Equity Share Offer Open Date Apr 05, 2019 Offer Close Date Apr 09, 2019 Lot Si..

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Metropolis Labs-IPO Note
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   IPO Details: Offer Details Price band Rs 877-880 Per Equity Share Offer Open Date Apr 3, 2019 Offer Close Date Apr 5, 20..

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Rail Vikas Nigam Ltd. IPO
Comments1

  Offer Details Price band Rs 17-19 Per Equity Share Offer Open Date Mar 29, 2019 Offer Close Date Apr 03, 2019 Lot Size..

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External Benchmarking of Loans postponed
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In the Dec 2018 monetary policy announced by the RBI there was special mention of the banks shifting to an external benchmark for pricingloans. This was part of the policy sta..

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Vodafone Idea Rights issue - Leads to significant dilution
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What's the deal? IDEA has announced issuance of equity shares on rights basis with 87 equity shares for every 38 equity shares held and issue price of 12.50 per share (massive 57% di..

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Quick Heal Buyback
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The Board of Directors of Quick Heal approved a share buyback for its investors on Mar 5, 2019. The details of the buyback include: Ex Date: 25 April 2019 Buyback price: Rs. 275 Prem..

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Embassy Office Parks REIT
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  Offer Details Embassy Office Parks REIT Offer Size Rs. 4750 crore Offer Open Date 18th March, 2019 Offer Close Date 20th M..

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MSTC Ltd. IPO
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  Offer Details MSTC Ltd. Price band Rs. 121-128 Offer Open Date 13th March, 2019 Offer Close Date 15th March, 2019 ..

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Tech Mahindra Buyback
Comments2

The Board of Directors of Tech Mahindra Ltd. approved a share buyback for its investors on Feb 21, 2019. The details of the buyback include: Ex-Date: March 5th, 2019 Record Date: Marc..

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PSU banks capital infusion
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Recently Government approved capital infusion of Rs. 48,239 cr into 12 PSU bank. This step is taken to aid them in meeting capital requirements and accelerate lending to boost growth (e..

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Bharat 22 ETF
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Bharat 22 ETF (exchange-traded fund) has opened a window to allow in new investors on 14 February 2019 with an issue size of Rs. 3500 crore. The issue is being managed by ICICI Pru..

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Benefits of Power of Attorney
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  Every trader during the process of opening a demat account is liable to sign a Power of Attorney (POA). Such intricate named documents can result in rise of many questions and c..

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How Weather is Impacting Natural Gas Price….
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Introduction Natural gas(NG) is widely used in daily life. It supports the American economy and also is major producer for NG. Oil & Gas industry accounts for 7.6% contr..

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Nifty re-balancing
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50 companies of Nifty are selected from the universe of NIFTY 100 based on free-float market capitalisation and liquid companies having average impact cost of 0.50% or less for 90% of t..

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Prabhat Diary sells 98% of the business, uncertain times ahead
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Prabhat Dairy Ltd (PDL) announced on January 21, 2019 that the company has entered into definitive agreements with Tirumala Milk Products Private Limited (“Purchaser”), a wh..

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KPIT merger with Birlasoft - Scheme Details
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KPIT and Birlasoft are merging together to create two companies in the ‘Automotive Engineering and Mobility Solutions’ (KPIT Tech) and ‘Digital Business IT Services&rs..

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IIP weaker than expected
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The data... IIP growth surprised sharply to the downside growing by only 0.5% in November-2018 as compared to 8.4% in October-2018. The weakness was fairly broad-based with ma..

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Bank of Baroda – Vijaya Bank – Dena Bank Merger - What’s in it for you?
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In September’18, Government announced that 3 state-owned banks - Bank of Baroda, Vijaya Bank and Dena Bank will be merged to create country's third largest lender as part of eff..

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SEBI allows side pocketing in Mutual funds- this is how it works?
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SEBI in its board meeting today allows sidepocketing in debt and money market mutual funds to segregate bad / illiquid assets The concept of a side pocket is as follows: 1) If..

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BHEL Buyback
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The Board of Directors of BHEL approved a share buyback for its investors on Oct 25, 2018. The details of the buyback include:  Record Date: November 6th, 2018 Buyback price: Rs...

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Cochin Shipyard Buyback
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The Board of Directors of Cochin Shipyard Ltd. approved a share buyback for its investors on Oct 16, 2018. The details of the buyback include: Ex-Date: October 30th, 2018 Buyback pric..

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Making sense of the NBFC’s situation; What is RBI doing to support them?
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Nifty's down about 15% since its year high made in August end. Nifty bank is down by 12% and NBFC stocks down by 15% on average and 74% for a company like DHFL, since their year highs. ..

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CPI September 2018 review
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CPI data was released last week and the inflation was at 3.77% in September compared to 3.69% in August rising only by 8 basis points, against forecasted level of 4%.  The minor in..

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Just Dial Buyback
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The Board of Directors of Just Dial LTD. approved a share buyback for its investors on Jul 20, 2018. The details of the buyback include: Record Date: October 12th, 2018 Buyback price:..

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KIOCL Buyback
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The Board of Directors of KIOCL (INDIA) LTD. approved a share buyback for its investors on Sep 18, 2018. The details of the buyback include: Record Date: October 1st, 2018 Buyback pri..

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Redington Buyback
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The Board of Directors of REDINGTON (INDIA) LTD. approved a share buyback for its investors on Sep 17, 2018. The details of the buyback include: Ex Date: September 27, 2018 Buyback pr..

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Interaction between bond value, market interest rate, coupon rate
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Let us understand the variables which affect the value of the bonds. It depends on many factors such as coupon rate, market rate of return, maturity period, and redemption payment. As t..

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Types of Swaps
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This post is in continuation of our series on Introduction To Swap. Let us now understand some basic swap arrangements such as currency swaps and interest rate swaps. Currency Swaps ..

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Introduction to swaps
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Let us today discuss about ‘Swaps’ in finance. Swaps are simply financial agreements to exchange cash flows. These are simply private arrangements between parties to exchang..

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What has blockchain brought with itself?
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This post is in continuation of our series on crypto currencies. In the previous post, we discussed about the aspects that influence investor’s opinion on crypto currencies and..

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Option Strategies-2
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To Read the first Blog (Introduction to options) in this Series Click here.  To Read the Second Blog (Working of Options) in this Series Click here. To Read the Th..

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Option Strategies
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In our  blogs Series, we gave a brief introduction as to what options are & Working of Options. To Read the first Blog (Introduction to options) in this Series Click..

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Working of Options
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In one of our previous blogs, we gave a brief introduction as to what options are. To Read the first Blog in this Series Click here  Let us now understand how options work. Supp..

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Introduction to options
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Options are contracts which give the holder the right to buy/sell the underlying asset at a predetermined amount (strike price/exercise price) before/at the expiry (depending upon wheth..

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Physical Settlement in Equity Derivatives
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Recently NSE announced that some of the equity derivatives would be physically settled. This post tries to bring clarity over some blurred clauses regarding the same. A major query is ..

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Part 3: Current status of crypto currencies
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  This post is in continuation of our series on crypto currencies. Decoding Crypto currencies: (Part 1) Types of Crypto Currencies (Part 2)  In the earlier post, we talk..

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Impact of NSE’s extended trading hours
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NSE recently asked its clients to get ready for derivatives trading till 11.55 pm from October. Reports are that NSE has written to SEBI seeking approval to extend trading time for deri..

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VC and PE – A Comparison
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Earlier, in one of our blogs, we have discussed about Venture Capitalists (VC). Let us look further and understand the difference between VC and Private Equity (PE). There are several ..

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Introduction to Venture Capital Investment
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Let us first understand what is meant by ‘venture capital’. Venture Capital is nothing but a form of financing provided by firms/funds to early stage or emerging firms that ..

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Types of Crypto Currencies
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This post is in continuation of our series on cryptocurrencies.   In the earlier post we talked about the origin of crypto currencies, their features and drawbacks, how fun..

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Measures of Leverage
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  Let us today understand what does ‘leverage’ mean and its application in financial management. Leverage is nothing but the responsiveness or influence of one financi..

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Decoding Crypto currencies: Part 1
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Crypto currencies are a global phenomenon unknown to many people today. There is a lot said and understood and much left ignored or misunderstood due to lack of awareness. Let us try ..

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Rise in MSP – All you need to know!
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Let us first understand what Minimum Support Price (MSP) is. It is nothing but the price at which government purchases crops from the farmers, irrespective of the market price. This act..

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Introduction to ‘BSE Groups’
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The stocks that are listed on Bombay Stock Exchange (BSE) have been classified into various groups depending upon what they represent. Each series/group represents a different category ..

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Depreciation vs Devaluation of currency
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Drop in a currency’s value can be either due to market forces of supply and demand or monetary policy steps taken by central banks. When this fall is due to central banks, it is k..

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Impact of corporate actions
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Various corporate actions have different impact on the stock prices. While the actions of the company do certainly matter, the news about the company, its fundamentals and the technical..

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Corporate Action Types
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Corporate actions are events pertaining to a company that has an impact on its stock price movements. These actions may have a direct or an indirect impact on the share price. It affect..

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What exchanges do for investor protection?
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There is always a bleak chance for investors to not receive securities they have bought, or not receive proceeds from the sale of stocks from a defaulter/expelled broker member of NSE o..

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Types of Market Orders
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Placing a trade order seems easy enough: Click the ‘buy’ button to enter a trade and hit ‘sell’ when it’s time to get out. While it is possible to execute ..

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Understanding concepts of Price to Book-Value (P/B) Ratio
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  In this blog we try to understand the P/B ratio which we commonly called Price to Book Ratio. The price-to-book ratio or we can say P/B ratio is a financial ratio commonly used..

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Why PMS over Mutual Funds?
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Investment and risk taking go hand in hand. Whenever one is investing his/her hard-earned money in the hope of generating higher returns, there is a possibility of huge gains or even bi..

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Breaking down PPF
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Public Provident fund is a long term debt oriented investment scheme backed by the Government of India that offers attractive interest rates and returns that are exempted from tax. Intr..

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Bond yields and stock market
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Traders have two broad categories available to invest their money in – equity and debt. The two asset classes are always in competition to attract the maximum amount of funds. But..

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Ban Period - Concept and implementation
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What is open interest?   Open Interest is defined as total no of outstanding derivative contract (all positions in options and future contract for all expiries taken toget..

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Market timings extension
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The new SEBI circular allowed the stock exchanges to extend the timings for the Equity derivatives trading to be held till 11.55 pm as compared to 3.30 pm earlier w.e.f. October 1 this ..

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Jobless growth
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Growth with employment opportunities is important to sustain upswing in the GDP for a developing economy like India. With working age population expected to increase by 1.3 million eve..

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Types of Risk
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We recently discussed different sources of risk vis-à-vis market risk, interest rate risk, inflation risk, business risk and financial risk. The first three sources, i.e., m..

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Risk and its different sources
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  Investors invest for anticipated future returns, but these returns can rarely be predicted precisely. There may be difference between expected return and realized return and the..

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Anchoring Effect
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  The phenomenon which we are going to study is so common and simple that we just ignore how it can affect your day to day life decision. It is most solid tested phenomena in th..

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DOW THEORY
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Today the theory which we are going to study is the most basic and more than 100 years old, it still remains the foundation of Technical Analysis. This theory was developed by Charles H..

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Approaches to Equity Analysis
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Equity analysis involves a lot of technical and in-depth analysis of the expected behaviour of the risk and returns with respect to a security. An individual investor may undertake th..

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WHAT IS PORTFOLIO MANAGEMENT?
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It is occasional to find investor investing their entire savings in a single security. Instead, they invest in a group of securities. Such a group is called a portfolio. Creation of por..

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BENEFITS OF DIVERSIFICATION
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There is a proven investment quote:  Don’t put all your eggs in one basket. In this quote, the eggs are individual investments and the basket is your overall investment portf..

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Difference between Investment and Speculation and the factors that an investor should con..
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The terms ‘investment’ and ‘speculation’ are overlapping and used interchangeably; however, the two are quite different. Speculation is an investment of funds wi..

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