GLOBAL MARKET VALUATIONS
Industrials strong, but be careful about valuations: Hiren Dasani of Goldman Sachs Asset Mgmt
"Emerging market equities, as an asset class, are not seeing inflows. They have seen outflows. The US is doing much better than the broader emerging market. The other dynamic is there is also a very strong AI (artificial intelligence)-driven theme that is driving the markets like Taiwan, which is a global supply chain for the entire AI-related and semiconductor segments"
Promoters on a selling spree amid red hot D-Street valuations
As the question of stretched valuations continues to swirl through Dalal Street, promoters seem to be firmly on course toward breaking the hitherto all-time calendar-year stock dilution record - set in the 2020 Covid era. So far in 2024, both domestic and overseas promoters have sold shares worth nearly ₹65,000 crore - not far from the 2020 high watermark of ₹78,500 crore.
Counter-questions for the asking
India's growing population, coupled with higher disposable incomes and consumption, has already begun to devastate our carefully constructed cocoons without our realising it. Competitive manufacturing (leveraging economies of scale, procurement, branding and digitalisation) may be enticing more people to consume more (double effect), accelerating planet-stripping.
India story strong but vulnerable to bit of profit taking in short term: Jonathan Schiessl
I think the underlying India story still looks very strong and so that yes, it is at the moment just the market is probably vulnerable to a bit of profit taking in the very short term.
2 top stock recommendations from CA Rudramurthy BV
So, you have to be in the right sector and yes, there are lot of good stocks in these sectors which I can give as input and I am very clear this market is a buy on every dip, no shorting whatsoever but however I will also tell you managing leverage, managing your quantity and being in the right stock and sectors is very-very important because the trigger should not wash you out of the market. Being in the game is very important to win the game.
Hyundai’s IPO Is Poised to Boost Indian Automakers’ Valuations
Hyundai Motor India Ltd. plans a significant share sale, potentially valuing its Indian unit at $25 billion. Analysts believe this could elevate the nation's auto sector valuations further.
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ETMarkets Smart Talk: FMCG & IT stocks provide valuation comfort compared to historical valuations: Vipul Bhowar
Populist policies will likely take precedence to secure victory in a coalition setup. Key cabinet portfolios, particularly those related to finance, defence, and infrastructure, will be closely monitored.
Global traders flood American markets in search for safety
International investors are flooding American markets with $30 billion in stock funds, mainly targeting US tech shares. The S&P 500 and long-dated Treasuries are outperforming global markets amid economic and political uncertainties.
Services export boom is most unheralded story of India in last five years: S Naren
And I do not like to name companies, but most of the financial services companies in the world are dependent on their Indian global competency centres to do all kinds of work for them and that is the biggest positive that has happened and due credit to India for having achieved it over the last five years because 10 years back we had IT services companies, we did not have GCCs of the scale.
What does the earnings growth outlook look like for next year? Sahil Kapoor answers
Very few countries have been able to do it and our data tells us that no more than two to three countries have been able to deliver 5% to 6% real returns even for investors who have been the most disciplined.
Capital goods, defence, railways segment should continue to do well in PSU space: Mihir Vora
See, the good part is that the election has voted for continuity. So, there is no change in the ruling regime, so that is a big positive because what the market and the economy were expecting is continuation of the growth policies for various segments that the earlier government had been working on.
Stocks to buy after Lok Sabha Elections Results 2024: 5 stocks with up to 23.2% upside potential
While the 4 June crash eroded investor wealth, it may have eased stretched valuations. Experts believe the BJP-NDA government’s economic agenda will largely remain unchanged, though some priorities will be adjusted. Even before the election-induced jolts, the markets had been witnessing volatility. To counter the near-term shocks, invest in companies that have shown stability in the past.
FPIs take out Rs 14,800cr from equities in Jun on poll results, attractive Chinese stock valuations
Foreign investors withdrew nearly Rs 14,800 crore from domestic stocks in the first week of this month, influenced by India's Lok Sabha election results and attractive valuations of Chinese stocks.
World stocks at record high after cautious ECB rate cut
It was enough to snip the pan-European STOXX 600's gains back to 0.6%, while the euro inched up to almost $1.0890 against the dollar and government bond yields - which reflect borrowing costs and move inversely to price - ticked up too.
A welfare reset can erode India's valuation premium
India's market valuation may decrease due to potential increase in government spending on social welfare schemes. Nifty 50 index trades at 19 times forward earnings, 20% above its long-term average, while S&P 500 and Taiwanese benchmark index are also highly valued.
Hindalco defers Novelis’ $945 mn US listing
Hindalco Industries has postponed the proposed $945-million listing of Novelis Inc due to concerns about potentially below-premium valuations for the US subsidiary impacting the valuation of the Indian entity listed in Mumbai.
India’s premium valuation may come under pressure amid fractured election mandate
Nearly half of the Nifty 50 constituents currently trade at a premium to their historical averages. Among major global indices, the S&P 500 trades at a forward price-earnings (P/E) of 20.6, 29% higher than the long-term average
There is a rebound in FMCG today, IT stocks could be next, don't write them off: 10 IT stocks with upside potential of up to 43%
It is not only that nifty it has been changing color in every second day, In the last two days FMCG stocks have seen a strong price action and a couple of up-grades have also come. There is literally a 360 degree change in the narrative about the sector and its fortune that was being heard . What happens in reality will be known later but this just highlights two things. First a business which has survived for long, there are phases where they are ignored by the street and then make sudden come back, just due to reason that they have size. Second, never write off a good balance sheet. Now the same thing applies to the IT sector, they have been ignored by the street for a good reason, lower growth and business challenges which AI is bringing to table. But the fact is that they also have strong balance sheets and the fact that they cater to demand where the market size is big and is global in nature and have a track record of adapting well to changes.
Rs 31,09,459 crore m-cap loss! Correction the start of a stock picker’s market
Lower-than-expected BJP seats erase Nifty gains. Nifty falls by 5.93%, still trades expensively. India and Japan rally on economic growth and reforms. Overseas investors sell Indian shares, moving to cheaper markets like China.
Election results may trigger India de-rating, Modi stocks to be worst hit
"We expect a market derating in the short term, as the risk on India has gone up. PSUs and Capital goods are the most vulnerable sectors, from which we would stay away for the time being. On the other hand, consumption should come back and we see FMCG and value retailers making a strong return. We are also constructive on Healthcare," said Seshadri Sen of Emkay Global.
Energy transition, electrification theme to provide big investment opportunity: Nirav Sheth
We need to look forward to the next big critical event which is budget and I believe that that will set the tone for what India needs to do for the next 5-10 years and I believe that you are likely to see a reasonable level of indirect reforms.
Capital goods, utilities, infra & real estate sectors can see further re-rating: Mihir Vora
I think the more the uncertainty reduces, the higher the markets can go in terms of valuations and that applies to stocks specifically and that applies to the markets in general also.
Baron Capital marks up Swiggy valuation by 25% to $15.1 billion
Swiggy Valuation: Baron Capital, which participated in Swiggy’s $700 million funding round in January 2022 at a valuation of $10.7 billion, has raised the fair value of its holding in Swiggy for the fourth straight time. Crossover funds, i.e. funds which invest in publicly traded and privately held companies, review the valuation of their portfolio companies periodically.
If BJP loses power Nifty valuations can crash to pre-NDA levels, warns UBS
In case the ruling BJP fails to retain its single majority but forms a govt with the NDA with a majority (> 272 seats), then the market can be slightly less confident about policy stability as fiscal consolidation could be slower than envisaged. Historically, any underperformance triggered by poll results tends to reverse in the medium to long term, as Street and businesses adapt to new government policies.
Hindalco shares surge 2% after company arm Novelis files 45 million shares in IPO
Hindalco Share Price: Hindalco's shares surged 2% on the BSE during Wednesday's trading session, reaching a peak of Rs 695 for the day. This rise followed news that its subsidiary, Novelis, had filed to offer 45 million shares in its US initial public offering (IPO), with a price range of $18 to $21 per share.
Hindalco's Novelis files papers for US IPO, targets up to $12.6 billion valuation
Novelis is offering 45 million shares, and aims to raise $945 million in its US public offer, and has fixed the price band at $18-21 per share.
2 sectoral bets from Ganeshram Jayaraman for next 2 years
This has led to a very positive capex cycle, likely to start private sector capex cycle. This very good profit growth also led to strong government capex because tax collections were buoyant. So, it was a very strong demand, supply, earnings and valuations cycle.
View: The paradox of foreign investors neglecting India’s booming stock markets
India, with a GDP growth exceeding 8% in 2023-24, is the fastest-growing major economy. Despite being recommended by Morgan Stanley and other investment houses for investors in emerging markets, foreign investment in Indian stock markets remains low.
ETMarkets Fund Manager Talk: Valuation of PSU stocks isn't as attractive, says Franklin Templeton’s Akhil Kalluri
Akhil Kalluri, VP at Franklin Templeton, discusses PSU stocks, retail liquidity impact, and broader market valuation risks. He also comments on tech stocks, consumption names, and industrial sectors' performance in the March quarter. Kalluri points out that the aggregate topline & EBITDA growth for Nifty 50 names in 4QFY24 so far are relatively muted, in high single digits.
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