Navneet Singh

Today's Headlines from : *Economic Times* 📝 3,638 FDI proposals cleared in sensitive sectors since 2019 📝 NARCL ups offer for Jaiprakash Associates debt to Rs 12,000 crore 📝 Festivals take e-toll collections to a record ₹6,000 crore in October 📝 Railways switches to fast track for Kavach rollout 📝 India tops global diabetes list with 212 million cases in 2022: Lancet Study 📝 Nokia to roll out 3,300 new 4G sites by March for Vi expansion 📝 Morgan Stanley, 2 others pick 6.8 pc stake in PNB Housing Fin for Rs 1,664 crore 📝 Nalco Q2 Results: Profit rises multi-fold to Rs 1,046 crore; Rs 4 per share dividend announced 📝 NBCC Q2 Results: Profit jumps 53% to Rs 125.13 crore 📝 Kalpataru Projects International bags orders worth Rs 2,273 crore 📝 Ecommerce AI startup BiteSpeed raised USD 3.5 million 📝 SaaS startup Zeplyn raises $3 million from Leo Capital, others 📝 Space startup Firefly valued at over $2 billion in latest funding round *Business Standard* 📝 Brigade Enterprises Q2FY25 results: Reports 46% increase in sales value 📝 Marriott International, Samhi Hotels ink pact to open 3 properties in India 📝 India's Adani Group to invest $10 billion in US energy following Trump win 📝 Dilip Buildcon Q2 results: Net profit rises threefold to Rs 235 crore 📝 ONGC to soon open 5 wells in KG basin to boost gas, crude output in H2FY25 📝 NCLAT directs IL&FS to complete resolution of remaining firms by March 31 📝 ICAI to knock on MCA door against proposed audit standard revision 📝 India's outward FDI rises to $3.7 billion in October 2024: RBI data 📝 Mkt regulator Sebi mulls action for lapses in Artificial intelligence usage 📝 Festive season stabilises PV sales, 2Ws jump 14%; over 393K vehicles sold *Financial Express* 📝 Economists revise FY25 CPI inflation estimates to 4.7-5 per cent 📝 IN-SPACe taps DoT to cut spectrum price for Spacetech startups 📝 Eicher Motors Q2 profit rises 8 per cent to Rs 1,100 crore 📝 Power ministry readies interest subvention scheme for MSMEs 📝 Karnataka to organise venture capital connect with $17 billion investment potential 📝 IPO-bound NTPC Green plans to invest Rs 1 lakh crore by FY27 📝 Indebtedness of states expected to remain rangebound at 31-32% this fiscal, says CRISIL *Mint* 📝 US October inflation rises 2.6% YoY in first annual acceleration since March 📝 UN to come up with solutions to support countries cope with extreme heat 📝 BII, Norfund, IndiGrid form $300 million business for battery storage 📝 AstraZeneca Q2 net profit declines 10%, revenue up 31% 📝 Torrent Power Q2 Results: Net profit falls 8.6% YoY to ₹496 crore 📝 RBI retains SBI, HDFC, ICICI as India's too-big-to-fail banks 📝 Prosus offers to invest $100 million in Mintifi Finserve at unicorn valuation

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I’ve been turning down all media requests for a post election analysis but talk of whether alliances will hold post elections reminded me of something I wrote 26 years ago - before a Lok Sabha Election result.   The basic premise: one who holds 30 seats may have the same power, or even more, as compared to someone who holds 245 seats.   A mathematical Power Index explains how   Quote Let’s get on with the “Power Indices” of the various political parties.   Think of it this way : suppose you require a 50% plus majority to form a government and there are 3 parties in the parliament with the following seat tally : 44%, 39% and 17%.   Now, any two of these can join together to form the government and therefore all three of them have exactly equal power, no matter that Party 3 has got less than half the number of seats that the first two have. This is a concept that is of use in any ‘majority wins’ decision rule from shareholder resolutions to jury decisions.   Suppose there are 4 parties in the fray this time around: A, B, C and D parties, having 35%, 34%, 17% and 14% of the seats resp. Again if a simple majority is needed to form a government, any two out of A, B & C can form a government whereas the Party D’s support is never really crucial to anyone.   If this party’s 14% is added onto the percentages of any of the first three parties, the sum does not exceed 50% and any larger coalition of parties doesn’t require its support anyway. Party D is therefore called a ‘dummy’ - an apt term for someone whose vote can never change a losing coalition into a winning one or vice versa.   The dummy has no power, while all the other three parties i.e. A, B and C have equal power.   This is inspite of the fact that Party C has far fewer seats than A and B and only a few more than the smallest one i.e. Party D   For those interested, there is a technical concept called the Banzhaf Power Index (BPI) of a group, party or person which is defined as the number of ways in which that group, party or person can change a losing coalition into a winning one or vice versa.   In the preceding example, the BPI of parties A, B and C are equal and that of Party D is zero.    In fact as an individual MP, you are better-off being a part of Party C than Party A or B because as part of the government you get a disproportionate share of the goodies. This is exactly what happened in U.P. where virtually every MLA of a marginal party who joined the BJP government was made a minister - something that was a remote dream for most BJP MLAs.   Unquote (First Global's weekly 'Markets, Majorities and Maths', January 1998)   Thus if a few smaller partners can hold whichever coalition government to ransom, it introduces uncertainty.   “The more things change, the more they stay the same” Hence, I can repeat a 1998 piece which has contemporary parallels   We may be in for some interesting times.   History also shows coalition governments have been pretty good for the economy and markets.

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*News Headlines from Business News Agencies:* *Business Standard* 📝 FM reviews housing and urban affairs ministry capex with focus on PMAY 📝 New housing supply in Delhi-NCR triples in Q2 to 13,311 units: PropEquity 📝 Indian steel firms under pressure from rising imports, drop in exports 📝 Greenfield boom: Hotel investments in India return to pre-pandemic high 📝 Intel shares climb on report that Qualcomm made takeover approach 📝 Finance Ministry urges DRTs, banks to expedite loan recovery processes 📝 NBFC Aye Finance raises $30 million in series G round led by ABC Impact 📝 Moglix to invest $50 million in Credlix for expansion in USA, Mexico 📝 NCLAT rejects tax claim against RCom after initiation of insolvency 📝 India, Germany conclude development policy negotiations successfully 📝 Cement makers may end H1FY25 with higher raw material costs, weak pricing 📝 GM recalls 449K SUVs, pickups over faulty low brake fluid warning light 📝 India, Korea discuss upgrading of trade pact, promoting investments 📝 Leela hotels owner Schloss files IPO papers to raise for $599 million *Economic Times* 📝 Garuda Aerospace to set up dedicated defence drone facility near Chennai 📝 AAHL reports lounge access issues at multiple airports after DreamFolks suspension 📝 Plan to open offices abroad to assist foreign investors looking to invest in India: Piyush Goyal 📝 NCLT rejects Philips India’s plea to buy out minority shareholders’ stake, again 📝 SEC approves BlackRock's spot bitcoin ETF options listing 📝 NCLT directs IRP to respond to 26,000 homebuyers of Supertech 📝 India can become $10 tn economy by 2032; beat US, China in manufacturing: Report 📝 Bombay HC grants temporary relief to CEATin case against Apollo Tyres’s ads 📝 UPI transaction value surges to Rs 1669 lakh crore in first five months of FY 2024-25 📝 Uco Bank IMPS issue: Slim chance of full recovery this fiscal, says bank MD 📝 RBI extend tenure of IDFC First Bank MD V Vaidyanathan for another 3 years 📝 Top bankers urge govt to initiate disinvestment process in banks 📝 Government seeks explanation from edible oil companies on rising prices 📝 Nirala World to invest Rs 400 cr to build luxury housing project in Greater Noida *Mint* 📝 Oil logs second weekly gain after US Fed rate cut; Brent, WTI gain 4% in 5 days 📝 IGREL Renewables eyes fresh ₹300 crore equity fundraise next fiscal 📝 Linde India moves SC against SAT order in related-party transactions case 📝 BSNL gains 2.9 million customers in July after private telcos raised tariffs 📝 Blinkit, Zepto to face CCI scrutiny after complaints from local retailers 📝 US CFTC issues first guidelines for carbon credit markets 📝 OYO to acquire Motel 6, Studio 6 from Blackstone paying $525 million cash 📝 SEBI permits mutual funds to buy, sell credit default swaps. 📝 Govt pushes for indigenous technologies in animal husbandry, dairy sectors 📝 Crude oil sizzles after US Fed rate cut: Brent nears $74 on demand optimism

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Case Study: Portfolio (mis)management by a reputed wealth management firm We onboarded a client with a portfolio of around INR 50 Crores, earlier managed by a big & reputed wealth management company. The portfolio was constructed for retirement purposes with 12 years of investment horizon. The risk profile of the client is moderate. When we did the portfolio health check-up, we found that there were close to 50 products in the portfolio. 40% allocation in AIFs and 20% average in debt. The annualized returns were around 10% over the last 5 years. All investments were in commission-based regular plans generating a commission of at least INR 50 LAKHS ANNUALLY for the wealth management company & client had NO idea of the hefty commissions going out every year. What's wrong with this portfolio? - Over-diversification: An ideal portfolio shouldn't have more than 15 products (max. 20 depending upon certain cases). When you invest in mutual funds, PMSs, or AIFs, the fund managers will spread the investments across multiple securities. A concentrated portfolio with high-conviction products brings better results. This is a simple understanding then why so many products? Usually, a new product offers a higher commission to distributors. This becomes a strong incentive to keep introducing new products to the portfolio. - Low returns: The underperformance was due to poor-performing equity investments across portfolio. Why these schemes were not changed could be due to the lack of focus of the relationship manager on the portfolio or higher trail commission. - Low liquidity: Excessive exposure to AIFs and some locked-in debt products offered no liquidity to swiftly change allocation in the portfolio if any opportunity arises. - Unsuitable portfolio construction: Despite a moderate risk profile, the portfolio consisted of high-risk AIFs and only around 20% in debt. This is certainly not aligned with the client’s interests. Again, reason could be that AIFs pay higher commissions than PMSs which pay higher commissions than MFs. Our solution: - Asset allocation alignment: Created a broader level asset allocation strategy across equity, debt, and gold to align with the risk profile and investment objective of the client. -Shift to zero-commission Direct Plans: Created a plan to shift all the investments gradually to direct plans of MFs, PMS, and AIFs. This will save the client upwards of INR 50 lakhs in commission payout and will be added to the portfolio gains. For our services, the client pays fees directly to us which is less than 25% of the commissions saved. - Minimize shifting costs: We removed all the underperforming funds by minimizing tax and exit load impact. - Focused portfolio: Reduced the number of products to 14 after thorough research.  The exercise took some time to complete but it was worth the effort to see a satisfied client who knows his retirement portfolio is in reliable hands. #casestudy #wealthmanagement #truemindcapital

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Today's news flow (in Economic Times) about Govt. of India's proposal to hike the pay of Senior Management /Executives of CPSEs (Central Public Sector Enterprises) upto 100% based on the performance is a welcome move. Metrics Drive Behaviour: CPSEs would be rewarded based on their competitive play in the market place, which would lead to significant improvement in operational efficiencies. Enhanced Trust by Investors: Many of the CPSEs are already listed in Indian Stock Markets. Investors would have more trust in the ability and CPSE ecosystem to generate margins / profits/ ROEs in line with their private sector counter-parts. Discovery of Hidden Value of CPSEs: Govt. would eventually be in a position to realise bonanza from gradual privatisation of public sector enterprises. This could also encourage more and more business partnerships on PPP basis between Public and Private sector enterprises, particularly in large capex oriented projects. Non-executive staff (labour force etc) are equally important in the performance of the CPSE organisation. They should also move to performance linked pay hikes gradually, in order to have alignment between Organisation's strategy , Structure , People and Systems. Overall, its a welcome move. Lets hope for the best.

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Yes or No ❓ Will RBI cut or not on Dec 6th❓ First things first, 🚬 Sad news for Smokers : GST on 🚬 cig's will be raised to 35% so you will have to choose to manage a girlfriend or smoke, not both. Today, a new dimension, something we have missed out acknowledging : RBI and the Consistently 'Getting It Always Right' Governor Shakti. ✏️ RBI chief's Baton moved from hands of RaghuRajan to Urijit Patel and then to Dr. Shaktikanta Das. Each time we thought the transition would be a problem. ✏️ Yes, this was the #BEST Problem India has witnessed, in the transitions, we found the #NumeroUno Central Banker in the world, right in our own land. #Diamonds are found after a lot of sieving - laborious work. 📞 Dialing Back :  It is a known fact that Dr. Shaktikanta Das took over as RBI Gov only after Mr. Urjit Patel resigned. There were eyebrows twitching all over in anxiety but MANY were estatic & happy as they were sure that "India will FAIL".   Especially #some folks who moved back to the US seeking teaching assignments. 🤪 Backdrop : 📌 When Shakti was appointed as RBI Gov in 2018, it was one of the worst #economic #slowdowns in India and if you recall, there were several Triple AAA credit rated bonds that BOMBED. 📌 These corporate bonds like Reliance ADA Housing, DHFL, Altico, IL&FS etc became like toilet paper rolls. 📌 It is only commendable the way Dr Shaktikanta Das has maneuvered India in the worst ever seen pandemic, 2 1/2 Wars, 2019 and 2024 General Nationwide Elections, amongst some of the major events. 📌 We have never seen the rupee so stable ever, all this and more is only on account of this man's abilities. 📆 I'm rooting for the necessary extension of his term as the world is still reeling under a lot of DEBT stress that may unfold and create 2008 like matters. 💰 Now some market news : 🔥 Yesterday's late (positive) reversals in domestic market sentiments clearly puts bulls on an advantage. Any turnaround in the FIIs buying could alter the narrative from #caution to #buy mode. 🔥 Data of the season: Q2 collections of Corporate Income tax growth is at a four year low and the receipts have fallen by about 8% on a YoY basis. Disclaimer: Market Investments are subject to market risks, read all scheme related documents carefully. Information herein is only for reference purposes and does not constitute investment advice.

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After 10 years, it is hard to take Modi seriously about economic liberalization. He had so much promise when he burst on the scene in 2014. His slogan: "Red carpet, not Red tape" was particularly appealing to me. But we have seen red carpet rolled up and put away and red tape being used profligately. The resent chest thumping about boosting startups by doing away angel tax is an example. It is a case of not being stupid any more, not a case of doing smart things to promote startups. His latest budget is not inspirational in any sense of the word. Our experience shows that de-bureaucratization is the way to go. 1991 liberalization was the master stroke. The other experience is to let entrepreneurs take the lead and do their thing; this has been at the heart of IT revolution and telecom revolution. But under Modi we got a Startup India scheme with a definition of a startup that runs into over 100 pages. You can't have it both ways. You can either assert bureaucratic control or have a free wheeling entrepreneurial economy. To build a hot-house ecosystem for startups that will allow for millions of startups to flourish, you have to remove friction caused by current set of policies, especially a mistrust of free movement of capital and not add it. I guess it maybe time to kiss Viksit Bharat by 2047 a goody! 7% growth won't take you there. Modi is becoming as much of disappointment as Rajiv Gandhi was. It was a missed opportunity then and it would be a missed opportunity now.

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*News Headlines from Business News Agencies:* *Business Standard* 📝 Oil buyers, producers dialogue needed for market stability: Hardeep Puri 📝 India's semiconductor design sector booms despite Q2 hiring dip: Report 📝 Taj Gvk Hotels Q3 PAT jumps 39% YoY to Rs 17 crore 📝 SAT Televenture to acquire Tikona Infinet for Rs 669 cr in cash, stock deal 📝 Sebi allows MFs to invest in foreign funds with Indian securities exposure 📝 Kotak Alternate Asset Managers to raise Rs 1,600 cr via healthcare PE fund 📝 Coal Minister urges CIL to boost production and reduce import reliance 📝 TechEagle launches eight drone hubs with healthcare partners across India 📝 Fitch affirms IIFL Finance's rating after RBI lifts ban on gold-loan biz 📝 October weather did not favour Ukraine's winter crops: Scientists 📝 Exide Industries Q2 result: PAT falls 13.66% to Rs 233.4 cr on higher costs 📝 UAE opens its annual oil-and-gas summit, pledges to increase output *Economic Times* 📝 CIL should prioritise augmenting coal production, supplies to reduce import: Minister 📝 Aptus has appointed Atul Jain as Managing Director and Chief Executive 📝 China's Haier Group plans JV with JSW Group envisaging Rs 1K cr investment 📝 BFSI office leasing continues to surge as digital growth points to new record in 2024 📝 India to emerge as a Global South leader in AI global governance: Abhishek Singh 📝 India re-elected as President of International Solar Alliance till 2026 📝 Bajaj auto domestic 2-wheelers sales dropped 8 pc in Oct (YoY), exports surge 22 pc 📝 Ashok Leyland total sales fell 9% to 15,310 units in Oct 📝 Bangladesh fast tracks payment to Adani Power after supply cut 📝 Welspun Corp gets Rs 1,300 cr pipe supply order in US 📝 India to revamp power demand forecasting for better planning 📝 Crystal Crop acquires I&B Seeds to expand vegetable, flower seed business *Mint* 📝 RBI likely selling dollars to support rupee amid equity outflows: Report 📝 IRFC Q2 Results: Net profit rises 4% YoY to ₹1,613 crore, revenue up 2% 📝 Indian rupee touches all-time low due to equity outflows from domestic market 📝 Lulu Retail Holdings expects to raise $1.43 billion from its Abu Dhabi IPO 📝 DLF’s New ‘Ultra-Luxury’ Project to Have the Costliest Apartments in India 📝 Reliance Jio IPO may hit Indian market in 2025: Report 📝 NBFCs brace for slower growth as asset stress, fund costs pinch 📝 Skillmatics likely to go for India listing in 3 years: CEO Dhvanil Sheth 📝 SBI Mutual Fund average AUM surges to record ₹11 lakh crore in Q2 📝 Bosch to cut over 7,000 jobs as it lowers growth forecast for 2024 📝 InCred plans insurance, mutual fund arms as it seeks to diversify offerings

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Today's Headlines from : *Economic Times* 📝 DPIIT gives nod to Hinduja Group firm IIHL for acquisition of Reliance Capital 📝 NSE Investments to offload 20% stake in Protean eGov via OFS, sets floor price at Rs 1,550/share 📝 Ahead of IPO, Enviro Infra Engineers mobilises Rs 195 cr from anchor investors 📝 Crizac, Belrise Industries file draft prospectus papers to raise funds through IPO 📝 RBI, Maldives Monetary Authority sign pact to promote use of local currencies 📝 GNFC, INEOS UK to form 50:50 JV to build major acetic acid plant in India 📝 BEML gets Rs 246.78 crore truck supply order from Central Coalfields 📝 SaaS firm Taqtics raises $1.2 million seed fund from Sprout Venture Partners, Capital-A, others 📝Insurtech startup Zopper bags $25 million in round led by Elevation Capital, Dharana Capital 📝 CredFlow secures $3.7 million in funding from Inflexor Ventures, others 📝 OneCell Diagnostics raises $16 million in round led by Celesta Capital, others *Business Standard* 📝 NGEL to invest Rs 1.87 trillion in Andhra for renewable energy projects 📝 Hyundai Motor targets 100% renewable energy by 2025, to set up two TN units 📝 Microfinance lending jumps 10% to Rs 40,840 crore in Uttar Pradesh 📝 CEA advises India Inc not to seek protective cover of weak currency 📝 Ficci seeks PLI 2.0, tariff review to boost electric vehicle growth 📝 Karnataka Milk Federation launches Nandini products in Delhi-NCR market 📝 ECBs net inflows rise to $7.9 bn in H1FY25 from $6.8 bn in H1FY24: RBI data 📝 Rupee hits new low of 84.50/$ amid equity sell-off, geopolitical tension 📝 Zepto raises $350 million at flat $5 billion valuation ahead of IPO 📝 Govt lists 5 new, 13 pending Bills for winter session starting Monday 📝 Refined petroleum product export rose 12% in October, shows PPAC data 📝 Indian carriers projected to add 600 planes in next 5 yrs: Aviation Secy 📝 Tariff impact: Reliance Jio loses 7.96 mn users in Sep, shows Trai data *Financial Express* 📝 Tata Power, ADB sign $4.25-billion pact for project financing 📝 After Shipway, Unicommerce in talks for more acquisitions 📝 PharmEasy halves loss to Rs 2,533 crore in FY24, revenue shrinks 15 per cent 📝 SEBI to probe disclosure violation against Adani 📝 Bikaji Foods announces extension of investment timeline for its US subsidiary *Mint* 📝 Medical supply firm Medline aims to raise over $5 billion in 2025 IPO, sources say 📝 Egypt Begins First IPO Since 2021 in IMF-Backed Sale of Assets 📝 Belrise Industries files draft papers with SEBI to raise ₹2,150 crore via IPO 📝 Vedanta Resources postpones planned dollar bond offering: Report 📝 Elon Musk’s startup xAI valued at $50 billion in new funding round 📝 Govt may include e-commerce data, expand coverage to calculate retail inflation

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Budget 2024 This budget delivers on most counts. 1. Key aspect has been realisation that employment is the key issue facing today's India. Hopefully focus on skill development & sops on formal employment will have a big impact. 2. Lower fiscal deficit not only for this year but guidance of 4.5% for the next year augers well for upgrading India's sovereign credit rating. 3. Good to hear lot of 'in partnership with state'. 4. Simplification of GST & Capital Gains is good though it led to increase for equity LTCG. Hike in equity STCG should curb short term trading. #indiabudget #indiaequity #indiaeconomy

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Was nice to share some thoughts with Akshata Gorde and Financial Express (India) on SEBIs new proposed fixed price mechanism as an alternative to reverse book building for voluntary delisting schemes. Read on to know more: https://lnkd.in/g25YCj_D #SEBI #delisting #law

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*Economic Times* 📝 IHCL acquires majority shareholding in operating company of Tree of Life 📝 Company registrations on downhill trek, down 22% in October 📝 Swiggy raises Rs 5,085 crore from anchor investors ahead of IPO launch 📝 Govt to sell up to 2.5% stake in Hindustan Zinc through OFS 📝 Salesforce India FY24 profit jumps 40% to Rs 888 crore 📝 GAIL Q2 Results: Profit rises 11% to Rs 2,672 crore, revenue up 3.5% 📝 NBCC secures Rs 500 cr contract from BIS 📝 India, Kazakhstan to set up a JV in critical minerals sector 📝 Marut Drones raises $6.2 million from Lok Capital 📝 QubeHealth raises pre-series A funding from UIV, CanBank 📝 Deep-tech startup CastNX raises ₹ 23.22 cr from Arpit Khandelwal 📝 Wealth fund INA and VC firm Granite plan to invest $1.2 billion in Indonesia tech *Business Standard* 📝 L&T to acquire 21% stake in E2E Networks in two-part Rs 1,406 crore deal 📝 Manappuram Finance Q2 results: PAT up 2% at Rs 571 cr on gold loan boost 📝 Will launch 3 biosimilars globally in 2-3 years: Biocon Biologics CEO & MD 📝 Shriram General Insurance eyes listing in 3 years, Q2 net profit up 17% 📝 Oil India Q2 results: Net profit rises multi-fold to Rs 2,016 crore 📝 Fidelity increases IPO-bound Lenskart valuation by 12% to $5.6 billion 📝 Apollo Green Energy prepares for IPO, eyes Rs 10,000 cr portfolio by 2025 📝 CBDT allows tax officials to waive or reduce interest due from taxpayers 📝 Bharat Connect clocks Rs 1 trillion in transaction value in October 📝 India joins race to host 2036 Olympics with formal letter of intent to IOC 📝 India's domestic air tariff up 43% in 5 years, just behind Vietnam *Financial Express* 📝 Morgan Stanley opens new GCC in Mumbai 📝 Udaan’s growth stalls, losses down 19 per cent in FY24 📝 Energy demand in India to jump 35 per cent, power capacity triple by 2035 📝 Vanguard cuts Ola’s valuation to $2 billion 📝 Kharif output seen up 5.4 per cent, to boost rural income *Mint* 📝 US yields mixed as election risks rise after solid 10-year note auction 📝 L&T boosts AI, data centre ambitions with E2E Networks deal 📝 US trade deficit widens to over two year-high in September 2024 on import boost 📝 Dr. Reddy’s to expand GLP-1 portfolio eyeing obesity and diabetes drug markets 📝 DCGI frames rules for imported cosmetics 📝 JSW Steel and Korean steel-maker eye $7.7 billion investment in Odisha plant 📝 Titan Q2 Results: Net profit falls 23% to ₹704 crore; revenue rises 25.8% YoY 📝 NMDC board to consider bonus issue for first time in 16 years on November 11 📝 Muthoottu Mini Financiers launches NCD issue to raise ₹150 crore 📝 UN report calls for trillions in climate finance to aid developing countries

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Thanks so much Sakshi Bajaj and NDTV for having me and Mitali Nikore over to this interview pre MPC meeting and the ensuing CRR cut to aid liquidity in the system. Some Salient Points: ✨ Companies are willing to invest capital and set up factories, ports, power stations and so on only when the flow of credit has been healthy and at a reasonable price. A tight monetary policy and the struggle to get cheap funds through deposits has kept bank lending rates elevated in the past year, making it a challenge for firms to borrow. ✨ Consumption Growth and Consumer sentiment remains muted (if one were to follow macro consumption indicators such as festive spending, home loan growth, two wheelers and four wheelers offtake) and high interest rate regime shall just not make the cut in spurring urban demand (rural demand is showing greenshoots with better agriculture outputs) and this is reflecting in the poor Q2 earnings numbers in the listed space. ✨ Credit offtake, lower interest rate regime and an adequate liquidity is critically important if one were to achieve GDP growth through Infrastructure Spending! India needs to spend $2.2trillion on infrastructure to achieve a $7 trillion economy by 2030. Various government officials have indicated time and again that infrastructure spending is the only way for a high economic growth rate to be sustained. Hence, it's very important for the government to really spend on public capex on roads ports power and railways to kickstart the virtuous cycle of investment and GDP growth and private capex to follow suit. ✨ Monetary policy has its limitations to controlling food inflation in anycase. Also, the November footprint on inflation has come down vis a vis the Oct numbers on a y-o-y basis with CPI coming down to 5.5 from a 6.2 in Oct and food inflation to 9% from a 10.9% in October y-o-y! This should ideally set the stage for a February rate cut. (m-o-m numbers on inflation are down as well) ✨ With Trump coming to power, India too faces headwinds from potential Trade and Tariff wars. Combined with geopolitical tensions and now Syria, India will benefit by focusing on its own domestic capabilities and go all guns blazing to spur domestic manufacturing, services and tertiary sectors focussing on job creation, consumption and a virtuous cycle of investment and growth. This can only be achieved in a low interest rate regime. #businesseconomics #mpc #economicanalysis #economyandgrowth #indiangrowth #inflation #infrastructure #consumption #consumersentiments #manufacturing #agriculture #services Disclaimer: this is a general discussion and to be interpreted for education purposes only. This is not an investment advice. Please connect with a registered investment advisor for any further questions and for investment advice if any.

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A series where we highlight Gemba Capital's Portfolio companies' every week. Simple post - no gyaan and no bakwaas :) This week meet Pramod Rao and Abhishek Nalin from Threado AI Kamini Shivalkar Aditya Vargante Govind Lohia Vipul Rawal ↗️ ️Anupreet Singh 📈 Sujoy Chakravarty #meetourportfolio #earlystage #venturecapital #startups #tech #india #portfolio

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The pollution sucks, the politics over it sucks even more ! I try and avoid being in Delhi in November, but this year have ended up spending the entire month here. Thankfully was out of town early last week when I am told pollution levels were at its peak. My parents live in this hamlet in South Delhi which is surrounded by parks, so we are relatively better off. But I have had to step out to other parts of Delhi & NCR (Gurgaon/Noida). And have had this scratchy throat and running nose for a week, like many folks in this area. Not very bad though, but I hear that many have had it really bad! When I see the debates / discussions in media (print/TV), I am not sure if this issue is getting addressed any time soon. While, a growing economy, with increasing levels of construction and industrialisation, will have its share of pollution, that is not an excuse for governments and policy makers to not do something about this issue. And if any one of us give latitude to them on this count, we might be playing the role of a cheerleader of a politician /political party, and are not playing the role of a responsible citizen. Media is the medium between us and governments/policy makers. And they need to rise above all considerations (as this issue affects them and their family) and ask the right questions. They are our voice and have the reach & resources. I have tried summarising the key points below, which can be a good framework to operate within - be it us, media, and governments - both state and central. 1. Air has no borders - if a certain source is in China or Pakistan, India can at best make diplomatic efforts. But India or the central government cannot be held accountable about it. 2. The issue is multi-state. Hence a central authority needs to step in and (a) set a regular cadence for reviews and tracking progress done by each state. (b) ensure an adequate incentive & disincentive structure. (c) allocate resources from the annual budget. The cost of not doing so are way too high - be it health and overall productivity. 3. There are sources of pollution on which a state has control on, and there are sources on which the state has no control on. Media (and judiciary) needs to hold states responsible for the former, and the centre for the latter. For ex if a state has taken steps on one source and other states have not, they need to be asked what their constraints are. The centre needs to step in and give necessary carrots (to the state which has taken steps) & wield the stick (to those which haven't). When, in the Top 100 most polluted cities of the world, your country has 86 cities, it should be a matter of grave concern for its citizens. And not a matter of doing politics. Let each of us be responsible. Go into the nuances and ask the right questions. If we don't, our kids, when they grow up with deformities & imbalances, will be well within their rights to hold us guilty ! https://lnkd.in/dnze_eGs

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WhiteOak Capital Mutual Fund has launched its latest new fund offer (NFO), the 'WhiteOak Capital Digital Bharat Fund,' an open-ended equity scheme that focuses on technology and technology-related companies. The NFO is open for subscription till on October 4, 2024. The primary objective of the fund is to offer long-term capital appreciation by investing primarily in equity and equity-linked instruments of technology-focused companies. * Our reliance on technology continues to grow as we seek innovative solutions to everyday challenges.  * Technological advancements are revolutionizing business operations, driving efficiency and innovation across industries.  * In India, new-age businesses are leading 'Digital Bharat' by leveraging cutting-edge technology to enhance innovation, efficiency, and inclusivity. These agile and digital-first companies are transforming traditional industries with AI, ML, and IoT.  * They redefine customer experiences, streamline operations, and expand market reach. From fintech firms improving access to financial services through digital platforms to e-commerce giants reaching remote areas, these businesses play a crucial role in creating a connected digital economy.  * Advancements in cloud computing, data analytics, and automation further foster innovation in healthcare, education, agriculture, and logistics, contributing to the vision of ‘Digital Bharat’.  * The ‘WhiteOak Capital Digital Bharat Fund’ aims to capitalize on this trend by investing in technology and tech adjacent companies, aiming for long-term wealth generation. As India's digital economy expands, the fund is poised to leverage the evolving tech landscape, offering investors a pathway to benefit from ongoing digital transformation The WhiteOak Capital Digital Bharat Fund is designed to capitalize on the rapid growth of India’s digital economy. Here are some key reasons why it might be an attractive investment: Focus on Technology: The fund primarily invests in technology and tech-adjacent companies, which are expected to drive significant growth in India’s economy. Long-term Wealth Generation: By targeting sectors poised for expansion, the fund aims to generate long-term wealth for investors. Experienced Management: The fund is managed by a team of experienced professionals, including Ramesh Mantri, Trupti Agarwal, Dheeresh Pathak, and Piyush Baranwal, who bring a wealth of knowledge and expertise. Diversification: While the primary focus is on technology, the fund also has the flexibility to invest in other sectors, debt securities, and money market instruments, providing a balanced approach to risk and return. N J Fin Plan recommends to invest- Insure, based on your financial goals & risk appetite. To open E-wealth account with N J Fin Plan http://p.njw.bz/55096 N J Financial Planning Off No.15, Kappeesh Mall, Near Mulund Railway Station, M G Road, Mulund West, Mumbai 400 080 +98924 22480 / [email protected] www.njfinplan.com

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