BUSINESS
Economic fundamentals don't warrant continuation of stock market rally beyond current levels: Analysts
V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services, said the 15 per cent surge in Nifty from the low levels of March has given a bullish flavour to this rally; but it is difficult to describe this as a bull market since valuations do not permit a sustained rally and the evolving economic fundamentals do not warrant continuation of the rally much beyond the current levels.
India's economic scale, market potential enabling startups to flourish: Piyush Goyal
Addressing the ‘Startup20 Shikhar’ in Gurugram, Goyal, the Minister for Commerce & Industry, Consumer Affairs, Food & Public Distribution and Textiles, said that there must be a global effort to nurture inclusive, supportive and sustainable startup ecosystems in all parts of the world to address global challenges.
Foreign investors seem way more allocated to private equity markets over public markets
The cumulative net investments in public markets (public equity and fixed income) for the same period is about $250 billion, said Arvind Chari, CIO, Quantum Advisors. Private market is an important investment destination. Foreign investor seem way more allocated to private markets over public markets, Chari said.
Rated Indian companies are in good credit shape: S&P Global Ratings
"Solid earnings momentum over the next two years, by our forecasts, will make for one of the healthiest four-year stretches seen," said S&P Global Ratings analyst Neel Gopalakrishnan. Added to this is India's economic growth, which is the highest in the region, at 6 per cent for 2023 and 6.9 per cent in 2024, as per S&P Global Ratings forecast, the credit rating agency said.
India at lifetime high while other emerging markets are 30% away from their peaks
This is largely a result of strong FPI equity flows (highest among select EMs for four months in a row), pick-up in MF equity flow, benign crude oil prices, sharp progress in south-west monsoon, continued demand traction (with signs of rural and capex cycle recovery), and likely mid-teen corporate earnings growth (with minimal earnings downgrade), Antique Stock Broking said in a note.
Indian markets scaled new peaks on Tuesday
The Sensex of BSE touched a high of 65,672.97 points and Nifty of NSE 19,434.15 points. The Sensex opened at 65,503.85 points and raced up to reach a 52 week high of 65,672.97. On Monday, the Sensex had closed at 65.205.05. points. At the NSE, the Nifty opened at 19,406.60 and flared up to a 52 week high of 19,434.15 points.
Jio’s new launch could disrupt the 2G market
"We believe Jio's new product launch (announced 3rd July post market) should help it garner incremental wireless subscribers, which we would view as a positive catalyst for the RIL stock. However, with the industry feature phone base continuing to decline (50-60 mn total shipments in FY23), we see the potential revenue impact, while positive for Jio and negative for Bharti, as likely to be limited," Goldman Sachs said.
76% of total Rs 2,000 denomination notes in circulation returned to banks: RBI
The central bank said in a statement that most of these notes have returned through deposits. "According to the data received from the banks, the total value of Rs 2,000 bank notes received back from circulation after the announcement on May 19 is Rs 2.72 lakh crore up to June 30, 2023," RBI said.
IDFC Ltd, IDFC Financial Holding to merge with IDFC FIRST Bank
The new amalgamation comes soon after HDFC merged with HDFC Bank Ltd. The IDFC group rejig scheme is a two-step process. As per the amalgamation scheme, IDFC Financial Holding will be amalgamated with IDFC Ltd and then the IDFC Ltd which will amalgamate with IDFC FIRST Bank.
'Valuation gap between ICICI Bank and HDFC Bank may not widen in short run'
“Post merger of HDFC and HDFC Bank, we believe, the valuation re-rerating will be delayed factoring margin squeeze,” Ajit Kabi, Banking Analyst at LKP Securities said. "The impact on the return profile will be keenly watched in the coming period. Hence, in the short run, we don’t see the valuation gap widen between HDFC Bank and ICICI Bank," he added.
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