VIKASH JAIN
Govt will continue to focus around power & capex themes: Vikash Kumar Jain
This time when the verdict is less strong and there are relatively more doubts whether there is going to be some dilution on the policy path as compared to being unequivocally focused on capex, I think there is even more reason we could be towards the fag end of this index, if I may choose to call it that, that is the Modi index.
Just $2 billion of domestic inflows not enough; handholding needed for markets to do much more from here: Vikash Kumar Jain
Vikash Kumar Jain, an Investment Analyst at CLSA, discusses the impact of domestic inflows and the upcoming elections on the Indian market. He highlights the limited impact of a couple of billion dollars of inflows and emphasizes the need for further market support. He also mentions that the potential importance of the budget and post-election flows for driving market excitement.
Cautious in shorter term but bullish in medium term; India to be big beneficiary of an EM rally: Vikash Kumar Jain, CLSA
Vikash Kumar Jain, Investment Analyst at CLSA, discusses the underweight on IT and overweight on banks. Banks offer interesting valuations and are closely linked to India's medium-term story. The PSU rally needs selectivity. There are various reasons to believe that the Indian market would gain significance in the global investing scene over the coming years and an emerging market rally will be a key opportunity.
What to expect from markets going ahead? Vikash Jain answers
In the last two years there has been a kind of a de-rating in multiples. For example, if you were to look at two-year returns on Nifty,
BharatPe probe finds invoice discrepancies, vendor linkages to Grover’s family members
The bank accounts of at least eight human resource (HR) consultancy firms involved with BharatPe for recruitment services have been found linked to relatives of former head of controls, Madhuri Jain, with some of these firms established to siphon funds from the fintech unicorn.
How far are we away from a real bounce in IT? Vikash Kumar Jain answers
If sentiment towards China does not change, we are now seeing money coming not through the EM basket. Now, imagine 94% of the FII AUM still is not India dedicated, that is either EM or some global fund, etc. so, there is not really investors putting directly money into it. That could start changing.
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Chinese market falling further may eventually have an impact on our market: Vikash Kumar Jain
Let us see the unemployment numbers that come out as they will define what the Fed will do later in the month and then our own monsoons which also we should get more clarity on in terms of how they are progressing in the coming days.
Yields need to fall more for market to have a stronger rally: Vikash Kumar Jain
I would say that there is a balance here. In our discussions with fund managers, we find two more popular trades, particularly for people dealing money with India. I think there is a bigger population of fund managers who are far more micro and stock specific. And on the other hand, there is also a section of fund managers who want to avoid being tactical at all.
In case of recession, can IT perform better than banks? Vikash Kumar Jain answers
“A soft landing or a very mild recession means the market has already absorbed a large part of the pain and would lead to a lot of those growth stocks coming back quickly. Nonetheless, whenever we get to that point of terminal rate, there will be a trade where core economy sectors like banks would start showing bigger underperformance compared to many in the technology space.”
Migration of money from equity into debt is the biggest theme of 2023: Vikash Kumar Jain
“We find that in the US and India, equity is significantly more expensive than debt. In fact, in the case of the US, the differential between earnings yield and bond yield is at a level which it has not been in the last 15-16 years at least. In India also we are well above what I would call the danger zone in terms of that differential.”
Valuations suggest impatient market expects fast and large follow through: Vikash Kumar Jain
“We are pretty much in sync with the view of India being one of the key growth drivers of the world. But we need to think about market expectations and the problem is that valuations to some extent at times are suggestive that expectations have got a little bit more impatient and some reality check could play out in the near term.”
Time for a reality check? Why India bull Vikash Kumar Jain of CLSA turned cautious on India
“We might feel that India is being noticed significantly by everybody but the FII buying which happened in August shows that surprisingly that India dedicated ETFs or India dedicated funds did not really see any big inflows. All of the inflow in August largely came from non-India dedicated which makes up nearly 95% of the FII money which comes into India. ”
Is there light at the end of the tunnel in this bearish market? Vikash Kumar Jain answers
“The valuations have now come within 5% of historical average levels of 17 years. There would be some more correction if retail were to give out. There is a risk that retail investors will start shunning equity markets and if that leads to some selling, foreigners investors could start smoothening that fall as they are already significantly underweight India.”
Snap bulks up India team as current head Durgesh Kaushik leaves
The former head of India growth at Facebook’s parent company Meta, Gaurav Jain has joined the Snap team as head of Asia Pacific (APAC) business expansion to lead partner and direct sales teams.
Market will fall dramatically when economic growth disappoints in a big way: Vikash Kumar Jain
“This market will start falling more dramatically when the worry on economic growth becomes much bigger and starts disappointing in a big way. That has not happened yet. Only when that starts happening, will we have the next level of rotation.When economic growth is picking up, when people are talking of infrastructure spending, then it is really the old economy which comes back and which after years of underperformance had become value.”
Focusing on banks & commodities to beat the Street, says CLSA’s Vikash Kumar Jain
“This will be a year where benchmark returns would be rather difficult to get but it is a year where sector rotation will be far more important and that is what we need to focus on. Rising yield is a reality, rising commodity prices is a reality, we will have to guide our portfolio through these worries and maybe look at potential winners.”
Defensives will be relevant as this is a year of sectoral rotation: Vikash Kumar Jain
“It is going to be a year of big sector rotation and not a runaway move on the benchmark. So there will be periods when defensives will get relevant and among those, we prefer pharma and utilities to IT and consumer stocks.”
What will drive the market in 2022? CLSA’s Vikash Kumar Jain answers
“The setup for us is positive on banks, positive on commodities and a little bit of worry around IT on a relative basis and trying to stay away from consumption in general from that perspective. ”
Market has to give a reality check next quarter; elevated valuation can lead to exaggerated impact: Vikash Kumar Jain
“Limited downgrades over the last few quarters are a welcome change from almost given downgrades that we used to see after every quarterly results over the last 10 years.”
Bull rally to resume post taper; commodities, banks to outdo defensives: Vikash Kumar Jain
“If the bull run continues, then the growth linked sectors should continue to do well after this temporary blip. That is how one needs to approach the market.”
Two continuous quarters of Nifty EPS upgrades rare
Vikash Kumar Jain explains why 70% companies may show healthy earnings growth in Q3.
Avoid index, go for stocks linked to economic recovery theme
India is one of the two markets, which have doubled their earnings over three years, says Vikash Kumar Jain.
Crude prices likely to continue around $60: Vikash Jain, CLSA
“Indian gas production which fell by 40% in the last six years, will rise by 60% in the next six years.”
High Court takes govt to task on cheating in matric exam
Another 515 students faced same punishment in the previous two days taking the figure of students barred to 786.
RIL gains 4.4% as CLSA upgrades it to ‘Buy’
RIl jumped 4.4% on Tuesday — its biggest intra-day rise in a year — after brokerage CLSA upgraded its rating on the stock to buy.
Prefer upstream oil companies compared to downstream companies: Vikash Kumar Jain, CLSA India
The general view is that amongst the emerging markets and to top it up with what happened with Brazil yesterday, reminds everyone that India is possibly one of the most exciting place.
Court pulls up police for flip flop in IPL scandal probe
Delhi Police was today pulled up by a court here for its flip flop in the handling of the IPL spot-fixing case and hiding the arrest of Abhishek Shukla.
IPL spot fixing: 3 sent to police custody till tomorrow
2 businessmen and a bouncer, arrested for their alleged involvement in IPL spot-fixing, were today remanded to a day's police custody.
Most foreign brokers retain Reliance Industries ratings, some play safe
While a majority maintained their ratings on the stock, HSBC downgraded RIL to 'Underweight' from 'Neutral', CLSA advised investors to cut their 'Underweight' rating on the stock.
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