The Federal Reserve is also very conscious of the impact Mr Bernanke’s words had in 2013, and the fact that markets were not prepared adequately. They will not make the same mistake again. Signalling will be better.
Real yields have already moved up from extreme levels and some of the yield adjustment has been done.
While there will be volatility and some choppiness in markets, only to be expected, given how well financial assets have done and the level of valuations, the reaction should be more moderate than in 2013.
As for emerging markets, the external balance of most of the countries is far better today. Among the countries of the erstwhile fragile five, all except Turkey have dramatically improved their current account balance and forex reserves and reduced their dependence on external capital. There should be no run on their currencies this time. While fiscal deficits are much higher, as are public debt burdens, this is true globally.
The bad news for the asset class is on growth. Given the differential on vaccines and their roll-out, immediate short-term growth in emerging markets will lag the developed world. However, the harsh truth is that if we look at emerging markets ex-China/India, growth in per capita incomes has lagged the developed world since 2014. The growth story has just not played out, especially ex-Asia. This may now change if we are in a commodity super cycle as some EM bulls now believe.
The other big difference between today and 2013 is in the dollar. In 2013, the dollar was low and rising against all EM currencies, while today most experts believe the dollar is poised to continue weakening. A weaker dollar favours emerging markets.
While a reduction in bond buying by the Federal Reserve is inevitable, a consequent big selloff in the EM asset class is not necessarily a given. A repeat of the taper tantrum seems unlikely. EM assets are normally a derived play on global demand. The year 2021 will be one of the strongest years for global growth in history. It seems unlikely that investors in the asset class will get spooked out of their positions by taper talk.
The writer is with Amansa Capital
Real yields have already moved up from extreme levels and some of the yield adjustment has been done.
While there will be volatility and some choppiness in markets, only to be expected, given how well financial assets have done and the level of valuations, the reaction should be more moderate than in 2013.
As for emerging markets, the external balance of most of the countries is far better today. Among the countries of the erstwhile fragile five, all except Turkey have dramatically improved their current account balance and forex reserves and reduced their dependence on external capital. There should be no run on their currencies this time. While fiscal deficits are much higher, as are public debt burdens, this is true globally.
The bad news for the asset class is on growth. Given the differential on vaccines and their roll-out, immediate short-term growth in emerging markets will lag the developed world. However, the harsh truth is that if we look at emerging markets ex-China/India, growth in per capita incomes has lagged the developed world since 2014. The growth story has just not played out, especially ex-Asia. This may now change if we are in a commodity super cycle as some EM bulls now believe.
The other big difference between today and 2013 is in the dollar. In 2013, the dollar was low and rising against all EM currencies, while today most experts believe the dollar is poised to continue weakening. A weaker dollar favours emerging markets.
While a reduction in bond buying by the Federal Reserve is inevitable, a consequent big selloff in the EM asset class is not necessarily a given. A repeat of the taper tantrum seems unlikely. EM assets are normally a derived play on global demand. The year 2021 will be one of the strongest years for global growth in history. It seems unlikely that investors in the asset class will get spooked out of their positions by taper talk.
The writer is with Amansa Capital
Government released instruction to file ITax return सरल ( Simple) .
The instruction sheet is 988 pages.
🤣🤣🤣🤣
The instruction sheet is 988 pages.
🤣🤣🤣🤣
*TATA POWER: INDIA CCI APPROVES ACQUISITION OF 51% OF THE EQUITY SHARE CAPITAL IN THE THREE ELECTRICITY SUPPLY COMPANIES OF ORISSA, VIZ. CESCO, WESCO AND SOUTHCO BY CO*
Suven Pharma Q4 (YoY)
🔸Net profit up 12.1% at ₹83.2 cr vs ₹74.2 cr
🔸Revenue up 38.1% at ₹262.5 cr vs ₹190.1 cr
🔸EBITDA up 18.4% at ₹97 cr vs ₹81.9 cr
🔸EBITDA margin at 37% Vs 43.1%
🔸Net profit up 12.1% at ₹83.2 cr vs ₹74.2 cr
🔸Revenue up 38.1% at ₹262.5 cr vs ₹190.1 cr
🔸EBITDA up 18.4% at ₹97 cr vs ₹81.9 cr
🔸EBITDA margin at 37% Vs 43.1%
https://youtu.be/Zb7Ou6Xhv0o
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Currency Strategies By Ms. Riya Singh, Technical Research Analyst, Currencies, Nirmal Bang
Buy EURINR above 89.09 with stoploss at 88.78 and target at 89.40/89.55
Buy JPYINR above 66.78 with stoploss at 66.58, target at 67
Buy USDINR above 73.08 with stoploss at 72.83, target at 73.30
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Buy JPYINR above 66.78 with stoploss at 66.58, target at 67
Buy USDINR above 73.08 with stoploss at 72.83, target at 73.30
Here are our social media handles. Request you to follow…
*Galaxy Surfactants Ltd.* | *CMP* Rs. 3060 | *M Cap* Rs. 10849 Cr | *52 W H/L* 3060/1201
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 783.5 Cr (16.1% QoQ, 19.3% YoY) vs expectation of Rs. 754.7 Cr, QoQ Rs. 674.7 Cr, YoY Rs. 656.7 Cr
EBIDTA came at Rs. 117.4 Cr (-1.7% QoQ, 14.4% YoY) vs expectation of Rs. 123.5 Cr, QoQ Rs. 119.5 Cr, YoY Rs. 102.6 Cr
EBITDA Margin came at 15% vs expectation of 16.4%, QoQ 17.7%, YoY 15.6%
Adj. PAT came at Rs. 78.7 Cr vs expectation of Rs. 82.9 Cr, QoQ Rs. 85.2 Cr, YoY Rs. 62.8 Cr
Quarter EPS is Rs. 22.2
Share is trading at P/E of 34.5x FY22E EPS
(Nirmal Bang Retail Research)
*Result is marginally below expectations*
Revenue from Operations came at Rs. 783.5 Cr (16.1% QoQ, 19.3% YoY) vs expectation of Rs. 754.7 Cr, QoQ Rs. 674.7 Cr, YoY Rs. 656.7 Cr
EBIDTA came at Rs. 117.4 Cr (-1.7% QoQ, 14.4% YoY) vs expectation of Rs. 123.5 Cr, QoQ Rs. 119.5 Cr, YoY Rs. 102.6 Cr
EBITDA Margin came at 15% vs expectation of 16.4%, QoQ 17.7%, YoY 15.6%
Adj. PAT came at Rs. 78.7 Cr vs expectation of Rs. 82.9 Cr, QoQ Rs. 85.2 Cr, YoY Rs. 62.8 Cr
Quarter EPS is Rs. 22.2
Share is trading at P/E of 34.5x FY22E EPS
*Max Financial Services Ltd. - C* | *CMP* Rs. 1015 | *M Cap* Rs. 35027 Cr | *52 W H/L* 978/401
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
APE came at Rs. 1916 Cr vs expectation of Rs. 1713.5 Cr, YoY Rs. 1376 Cr, QoQ Rs. 1226 Cr
Value of New Business (VNB) came at Rs. 461 Cr vs expectation of Rs. 463.5 Cr, YoY Rs. 113 Cr, QoQ Rs. 350 Cr
Value of New Business Margin (%) came at 24.1 % vs expectation of 27.1 %, YoY 23.3 %, QoQ 28.5 %
Margins declined QoQ due to adverse product mix as the share of protection and Non-Par products reduced slightly while that of ULIP and Participating products increased. Although on annual basis, the share of high margin products like Individual Protection continued to increase from 8% to 9% and Non-Par also increased from 18% to 30% YoY.
13th month persistency came at 84 %, YoY 83 %, QoQ 83 %
61st month persistency came at 54 %, YoY 52 %, QoQ 54 %
Pvt. Market Shares came at 10.8 %, YoY 10.0 %, QoQ 10.6 %
AUM came at Rs. 90407 Cr, YoY Rs. 68471 Cr, QoQ Rs. 84724 Cr
During FY21 company experienced Rs.121 Cr of net claims on account of COVID-19 which were neutralized by provisions held at the start of the year
Provisions in excess of Rs. 500 Cr exist to neutralize any adverse impact of COVID in wave 2 during FY22.
Quarter EPS is Rs. 2.2
Share is trading at Mkt Cap/EV of 3.0x
(Nirmal Bang Retail Research)
*Result is in-line with expectations*
APE came at Rs. 1916 Cr vs expectation of Rs. 1713.5 Cr, YoY Rs. 1376 Cr, QoQ Rs. 1226 Cr
Value of New Business (VNB) came at Rs. 461 Cr vs expectation of Rs. 463.5 Cr, YoY Rs. 113 Cr, QoQ Rs. 350 Cr
Value of New Business Margin (%) came at 24.1 % vs expectation of 27.1 %, YoY 23.3 %, QoQ 28.5 %
Margins declined QoQ due to adverse product mix as the share of protection and Non-Par products reduced slightly while that of ULIP and Participating products increased. Although on annual basis, the share of high margin products like Individual Protection continued to increase from 8% to 9% and Non-Par also increased from 18% to 30% YoY.
13th month persistency came at 84 %, YoY 83 %, QoQ 83 %
61st month persistency came at 54 %, YoY 52 %, QoQ 54 %
Pvt. Market Shares came at 10.8 %, YoY 10.0 %, QoQ 10.6 %
AUM came at Rs. 90407 Cr, YoY Rs. 68471 Cr, QoQ Rs. 84724 Cr
During FY21 company experienced Rs.121 Cr of net claims on account of COVID-19 which were neutralized by provisions held at the start of the year
Provisions in excess of Rs. 500 Cr exist to neutralize any adverse impact of COVID in wave 2 during FY22.
Quarter EPS is Rs. 2.2
Share is trading at Mkt Cap/EV of 3.0x
Bulk Deal as on 08-06-21
Astra Microwave
+ 6.02 Lk @ 159.14 Quant Mutual fund
Costal Corporation
- 1 Lk @ 267.84 Satyashree Achanta
Den Networks
- 24.58 Lk @ 57.8 Icicibank Ltd
Kalyani Investment
+ 25 K @ 1961.52 Ajinkya Investment & Trading Co
- 25 K @ 1961.61 POONAWALLA Avitation Pvt Ltd
Magadh Sugar
+ 1.14Lk @ 246.85 Singh Man Mohan
Man Industries
+ 5 Lk @ 111.78 Solidarity Advisors Pvt Ltd
McLeod Russel
+ 5 Lk @ 41 Olga Trading Pvt Ltd
NIIT Ltd
+ 8.54 Lk @ 279.29 Societe Generale
Ufo Moviez
- 4.36 Lk @ 94.11 P 5 Asia Holding Investment
Zuari Global Ltd
+ 2 Lk @ 105.5 Adventz Finance Pvt Ltd
- 2 Lk @ 105.5 Aum Capital Market Pvt Ltd
Astra Microwave
+ 6.02 Lk @ 159.14 Quant Mutual fund
Costal Corporation
- 1 Lk @ 267.84 Satyashree Achanta
Den Networks
- 24.58 Lk @ 57.8 Icicibank Ltd
Kalyani Investment
+ 25 K @ 1961.52 Ajinkya Investment & Trading Co
- 25 K @ 1961.61 POONAWALLA Avitation Pvt Ltd
Magadh Sugar
+ 1.14Lk @ 246.85 Singh Man Mohan
Man Industries
+ 5 Lk @ 111.78 Solidarity Advisors Pvt Ltd
McLeod Russel
+ 5 Lk @ 41 Olga Trading Pvt Ltd
NIIT Ltd
+ 8.54 Lk @ 279.29 Societe Generale
Ufo Moviez
- 4.36 Lk @ 94.11 P 5 Asia Holding Investment
Zuari Global Ltd
+ 2 Lk @ 105.5 Adventz Finance Pvt Ltd
- 2 Lk @ 105.5 Aum Capital Market Pvt Ltd