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India's current world-beating economic growth rate on the back of an investment boom resembles that of 2003-07 when growth averaged more than 8 per cent, according to economists at <keyword id="48670" type="General" weightage="20" keywordseo="Morgan-Stanley" source="Orion">Morgan Stanley</keyword>. In a report '<keyword id="20990538" type="General" weightage="20" keywordseo="The-Viewpoint-India" source="Orion">The Viewpoint: India</keyword> - Why this feels like 2003-07', Morgan Stanley said after a decade of investment to GDP steadily declining, <keyword id="46930" type="General" weightage="20" keywordseo="capex" source="Orion">capex</keyword> has emerged as a key growth driver in India. "We think the capex cycle has more room to run, therefore the current expansion closely resembles that of 2003-07. The current cycle is driven by investment outperforming consumption, <keyword id="3567420" type="General" weightage="20" keywordseo="public-capex" source="Orion">public capex</keyword> leading initially but <keyword id="3896912" type="General" weightage="20" keywordseo="private-capex" source="Orion">private capex</keyword> rapidly catching up, the urban consumer leading consumption followed by catch-up in rural demand, market share in global exports rising and macro stability risks kept in check. "We think the defining characteristic of the current expansion is the rise in the investment-to-GDP ratio. Similarly, in the 2003-07 cycle investment to GDP rose from 27 per cent in F2003 (fiscal year ending March 2003) to 39 per cent in F2008, which was close to the peak. "Investment to GDP then hovered around those levels until it peaked in F2011. 2011 to 2021 then registered a decade of decline - but the ratio has now inflected again to 34 per cent of GDP and we expect it to rise further to 36 per cent of GDP in F2027E," it said. In 2003-07, the capex boom led to an acceleration in productivity, job creation and income growth. As more labour was absorbed into employment by the strengthening economy, savings to GDP also rose from 28 per cent in F2003 to 39 per cent in F2008. During 2003-07, GDP growth averaged 8.6 per cent and headline CPI inflation averaged 4.8 per cent. The current account balance stayed within the central bank's comfort zone, ranging between 2.8 per cent to -1.4 per cent of GDP on a 4Q trailing sum basis. Even when oil prices shot up to USD 145 per barrel in July 2008, the current account deficit only widened to 2.4 per cent of GDP the following quarter, the research report said. Gross fixed capital formation (GFCF) growth in India accelerated sharply from 8.2 per cent in 2002 to 17.5 per cent in 2004, and the pace of growth held firm at 16.2 per cent in 2005-07. In that cycle, the fiscal deficit was already consolidated, the banking system's non-performing loan issues were cleaned up and the economy was poised for a capex upswing. "However, the initial pick-up in private consumption growth was more modest, averaging just 4.8 per cent in 2003-04," it said. In the current cycle, real GFCF growth continued to hold strong at 10.5 per cent in October-December, staying above the pre-Covid 2017-18 average of 9.6 per cent. "This has been mainly driven by public capex so far, as the corporate sector has been working through multiple shocks from previous years that have weighed on its ability to invest," it said adding now that corporate profit (based on bottom-up company data) to GDP has picked up from a trough of 1.1 per cent in F2020 to 5.4 per cent in F2023, early signs of private capex gaining momentum are being seen. On the flip side, private consumption is still relatively weak, tracking at just 3.5 per cent in the December quarter, below the pre-Covid 2017-18 average of 6.5 per cent. Morgan Stanley said policymakers' concerted policy push on supply-side reforms in recent years has meant that real government fixed capex growth inflected higher from F2020. Government fixed capex as a percentage of GDP rose from a trough of 3.6 per cent in F2019 to 4.0 per cent in F2021, again picking up ahead of private capex. "A capex-led growth cycle can extend expansion, as rising investment to GDP ratios drive capital deepening and boost productivity growth. The deployment of surplus labor as capex creates employment opportunities can lead to higher income and savings in an economy and ensure the current account balance remains in a manageable range, even as investment to GDP rises," it said adding the public capex-led nature of the present cycle in India plays an even more important role for the sustainability of the overall capex cycle. Infrastructure projects tend to face long gestation periods but generate large positive externalities. "In that sense, we believe it is important for the public sector to undertake such spending to ensure a clearer runway for private capex to take off by eliminating supply-side bottlenecks ahead of time," it added.

India's economic boom feels like 2003-07: Morgan Stanley

<ul><li>Market watchers have been hoping that India might head to a <keyword id="1067776" type="General" weightage="20" keywordseo="capex-cycle" source="Orion">capex cycle</keyword> as seen in 2003-08.</li><li>While there are similarities, the global demand scenario is different, say economists.</li><li>In terms of announcements, most of them relate to airlines where the benefits flow to the manufacturers outside India. </li></ul>The Indian markets are hitting new highs every day and the government is hopeful that this will translate to a higher capital expenditure (capex) cycle starting soon. However, even as hopes build for a repeat of 2003-08, the early indicators are mixed, as per economists. “There have been affirmative statements made by several companies on investment in FY24 which is positive as it is premised on a recovery in consumption demand. The picture for the first quarter of the year is, however, quite expectedly mixed. Therefore the announcements are definitely not broad-based and are restricted to a handful of sectors,” say economists at Bank of Baroda. What’s common with 2003-08? Most experts say that levers are in place for a repeat for the 2003-2208 high capex phase, which was led by private investment. Tailwinds for a capex recovery are similar — like higher utilisation levels which are also expected to pick up in demand. Strong bank and corporate balance sheets, an infrastructure push by the Indian government in the form of highways, railways, rural infra, Jal Jeevan Mission and defence spending should augur well for this. Moreover, the Production Linked Incentive (PLI) is also another added positive for domestic manufacturing, in addition to the push for energy transition. The amplified need for data centres and China+1 strategy are providing a fertile ground for revival of the capex cycle, says India Strategy report by Prabhudas Liladher. “This is likely to be the first industrial led capex cycle after the 2003-08 cycle was led by power and infra,” says the Prabhudas Lilladher report. A Kotak Institutional Equities report agrees that the levers are in place but remains cautious, it believes that the space for a sustained pace of <keyword id="4875151" type="General" weightage="20" keywordseo="government-capex" source="Orion">government capex</keyword> is limited. “Private capex cycle would require visibility of long-term high demand growth (including global growth), which is still missing. For now, even as the long-term growth fundamentals remain strong, we remain cautious in calling out for a broad-based sustained capex cycle,” Kotak says. Without a global impetus and visibility of medium to long-term demand, the capex cycle over the next 5-7 years may be much narrower and slower than 2003-08, the report adds. Airlines invest, but where? As much as ₹5.96 lakh crore worth of investments have been announced for Q1FY24 – of which 74% share comes from the airlines sector. “Investments in this industry are unique in so far as it involves purchase of aeroplanes which are imported. Hence while it does add to the capital stock of the country it would not be generating backward linkages with other sectors and hence other related industries may not benefit much from such purchases. The boost is more for the global manufacturers of these aircrafts,” says Bank of Baroda. The share of power sector is 10%, and is from the conventional space. The chemicals sector has a share of 8% followed by machinery with 3% and the auto sector with 2%. ‘Optimism in the long-term’ Data from the funds raised in the corporate bond market also provides a clue into the mood of private investments. As per BoB data, the total amount of funds raised was impressive at ₹2.33 lakh crore as against ₹0.97 lakh crore in the last year. Here too, 89% of the funds mobilised was from the financial sector of which asset financing companies accounted for 72% – indicating limited fund raising by non-finance companies. “Therefore, the investment story looks blurred when looked at from the point of view of the debt market. There could be reasons to be optimistic of the future. However, in the short to medium term the heavy lifting has to be done by the government on investment,” say BoB economists.

India on the brink of witnessing a 2003-08 kind of capex push but challenges remain

If things do not go substantially southwards for the closing days of 2022, Indian bellwether equity indices would end the year with a small gain. This will mark the seventh successive year of positive return. Sensex achieved this once during 1988-1994 and Nifty 50 never saw this, says <keyword id="166529" type="General" weightage="50" keywordseo="sujan-hajra" source="Orion">Sujan Hajra</keyword>, Chief Economist and Executive Director, Anand Rathi Shares and Stock Brokers. "We expect positive equity return to continue during 2023," <keyword id="353796" type="General" weightage="80" keywordseo="hajra" source="Orion">Hajra</keyword> said. Valuation concern-led equity market correction looks unlikely in 2023. Indian mutual funds are receiving annualised $20 billion net SIP inflows. The rising trend remained unscathed despite market volatility. A substantial dip in SIP during 2023 looks unlikely. In each of the three episodes since 2000, when Indian equities registered a net outflow of FII money, the next couple of years witnessed large inflows. The current trends also suggest the possibility of substantial FII equity inflows in 2023, Hajra added. The combination of reasonable fundamentals and valuations coupled with the possibilities of large inflows suggest that equity returns in <keyword id="3658" type="General" weightage="50" keywordseo="india" source="Orion">India</keyword> would be positive in 2023. In view of global concerns, we expect the return to be in line with the long-term averages i.e., 10-13 per cent, Hajra said. Emkay Institutional Equities expects Nifty to attain a level of 19,500 by December 2023 given the current situation. Barring any major change in the global macro-economic and geo-political set-up, Sensex at 64,500 indicates a 7-8 per cent increase from the current levels. Largely, the increase in Nifty-50 profit after tax (PAT) in CY23 will be led by Banks, Auto OEMs and Ancillaries, Oil &amp; Gas, and IT companies. Sanjay Chawla, Head of Institutional Research, Emkay Global Financial Services said, higher-for-longer interest rates and a sudden rise in Brent crude oil prices are potential challenges for the market in the next 6-12 months. A capex-intensive budget by the government may spur investment; however global and domestic growth uncertainties may act as an impediment. Given the current scenario, we see Nifty-50 fair value of around 19,500 by the end CY23; we expect aggregate profit growth of Nifty-50 to be fairly resilient at around 15 per cent in CY23. ICICI Direct said in a note that India fared well both relatively and in absolute terms with respect to economic and stock market performance. "Going ahead, we believe H1CY23 may turn out to be volatile as investors around the globe would seek answers to key puzzles such as (1) How fast interest rate hikes come to a halt globally; (2) Damage to economic growth, more so in developed economies; (3) Lag effect of a rise in interest rates on demand cycle &amp; corporate EPS in India, etc," it added. "However, we believe such volatility will throw up attractive opportunities in domestic-oriented sectors like banks, capital goods, infrastructure and logistics, which will continue to be the beneficiaries of massive <keyword id="46930" type="General" weightage="80" keywordseo="capex" source="Orion">capex</keyword> spend by the government/private sector and recovery in margins/profitability. Apart from these, domestic sectors like retail, real estate, and auto ancillaries (domestic focused) will also provide good opportunities for the medium to long term," ICICI Direct stated. We also highlight the key risks for CY23 that may get manifested in the form of (a) any negative surprise from Covid erupting once again and (b) the continued hawkish stance of central banks, which may derail growth prospects, it said. V.K. Vijayakumar, Chief Investment Strategist at Geojit Financial Services said three major trends are emerging as the New Year approaches: (1) the impressive credit growth is sustaining; (2) capex is gaining momentum; (3) real estate is picking up. Therefore, financials, capital goods and construction-related stocks are well-positioned to outperform in 2023. In financials, the leading private sector banks have the potential to move up further and PSU banks are short-term trading plays. Axis Securities said in a note that Banking &amp; Financials will be major themes to watch out for in 2023 on account of their improved economic outlook and the pick-up in credit growth. Rural recovery is expected in 2023 led by moderation in inflation, softness in commodity prices, better farm income expectations, and higher government spending. Capital expenditure (especially railway Capex) and Infrastructure spending are likely to be overarching themes. Home improvement theme: With the pick-up in the real estate and housing demand, the home improvement theme has bolstered and would continue to be robust in 2023. The note said a rebound is expected in the <keyword id="6363818" type="General" weightage="50" keywordseo="pharma" source="Orion">Pharma</keyword> sector on account of new launches and gaining market share. High-quality retail play will continue to remain in focus. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/news/gold-silver-markets-most-likely-to-see-signs-of-exhaustion-in-2023/articleshow/96598428.cms">Gold &amp; silver markets most likely to see signs of exhaustion in 2023</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/finance/news/indias-current-account-deficit-widens-to-4-4-of-gdp-in-q2-due-to-high-trade-deficit-rbi-data/articleshow/96599506.cms">India's current account deficit widens to 4.4% of GDP in Q2 due to high trade deficit: RBI data</a>

For 2nd time after 1988-94, Sensex on track for 7th successive year of gains

<ul><li><keyword id="6484187" type="General" weightage="80" keywordseo="ril" source="Orion">RIL</keyword> is now entering its fourth capex cycle, says <keyword id="48670" type="General" weightage="50" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>. </li><li>It has pledged a massive ₹75,000 crore (approx. $9.4 billion) investment into the new energy ecosystem. </li><li>RIL’s investment cycles provided 2-3x value creation for shareholders in the last two decades, says Morgan Stanley. </li><li>“We see up to $60 billion value creation in the new energy business by 2025,” the report says. </li><li>However, if refining margins are hit, <keyword id="10926" type="General" weightage="50" keywordseo="reliance" source="Orion">Reliance</keyword>’s annual debt will go up by $3 billion per annum and impact cash flows. </li></ul>Reliance has always gone big – and every capex cycle it undertakes is bigger and ‘newer’ than the last. The oil to telecom to retail major is now entering into the fourth capex cycle, according to Morgan Stanley, after the company pledged a massive ₹75,000 crore (approx. $9.4 billion) investment into a new energy ecosystem. In his own words, RIL’s chairman <keyword id="3820" type="General" weightage="50" keywordseo="mukesh-ambani" source="Orion">Mukesh Ambani</keyword> called it the most ambitious ever, at the 45th annual general meeting. In its latest report, Morgan Stanley says that every time RIL re-imagined its business, it has executed above investor expectations. “Investment cycles have unwound with around two to three times value creation for shareholders in the last two decades with every decade seeing around $60 billion in market cap creation,” the report says. This fourth cycle will also produce higher value quickly as its new energy pivot is integrated with its chemicals business and its own large captive use. “RIL’s integrated approach on solar panels and mobility/storage batteries, and focus on providing an alternative to China does stand out and we see up to $60 billion value creation in the new energy business by 2025. We raise our base case new energy valuation to $32 billion to account for quicker monetization,” the report says. RIL, which is a net energy consumer at Jamnagar, will make the green choice by putting more solar and green hydrogen projects that can help reduce its own energy costs. Moreso, it will also focus on producing high value added chemicals from its petcoke gasifiers. It will also enter the engineering, procurement and construction business for selling panels and sell panels with solutions on the back of multiple investments in technology to global customers. “We estimate the business to contribute to around $1 billion in EBITDA by 2027,” the report said. How did the past RIL capex cycles work? Starting in 1997 with Jamnagar refinery commissioning, RIL has gone through three important capex cycles so far. These pertain to gas fields at KGD6, the Jamnagar expansion in 2012 and the great re-entry into telecom. While they did create value, it did not come at no cost to the organization in the form of write-offs, impairments and ‘challenged capex’. “In every capex cycle, RIL also had its share of challenges, such as the write off of investments for petcoke gasifiers, telecom spectrum and upstream shale investments,” the report said. RIL had invested in three shale gas assets in 2010 and 2013 but exited them in 2017. In addition to investing in KGD6 block in the Krishna Godavari which is producing over 25 mmscmd of gas, RIL had also invested in Cauvery and Mahanadi basins over the years. RIL also had to rejig its investments in retail between 2006-2010 and emerged stronger in 2015-16, the report said. RIL capex that was challenged <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Year </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Challenged capex </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY03-FY10 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$12.5 billion upstream exploration and production -Includes $2.7 billion impairment taken on shale investments </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY12-FY16 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$8 billion capex into petcoke gasifier </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$2 billion spectrum writeoff </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">FY22 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">$4 billion impact on petcoke gasifier value during hiveoff </td></tr></tbody></table>Source: Morgan Stanley Telecom and retail businesses are ‘settling’ Morgan Stanley believes that the timing for new energy investments is ripe. Its other businesses are unwinding and expected to unwind faster in the future. After kick starting the business with ‘free data’ and still retaining the tag of providing the cheapest data offerings, <keyword id="2003276" type="General" weightage="50" keywordseo="jio" source="Orion">Jio</keyword> is on the verge of reaping benefits. Telecom business has become a three-player market and the report expects the average revenue per user to grow by over 50% over the next four to five 5 years. That means Jio’s revenues can expand to 1.6 times its FY22 levels. It also expects its 5G investments to yield quicker monetization than 4G did. The biggest advantage that new energy investments bring is the global and national support as India pledges to move towards Net Zero emissions by 2070. However, green hydrogen, solar panels and battery technology is a fast evolving sector with new changes afoot. “Policy support in this cycle is also increasing for the new energy vertical and the government recently approved a bill in parliament to raise the use of alternative fuels, provide incentives for investments in new energy and start carbon trading also points to rising total addressable market for RIL – something we saw less of in previous cycles,” the report said. But there is a catch. For its new energy business to run smoothly, RIL needs its refining business to hold steady. Refining margins fund nearly a third of RIL's investment plans and if margins were to decline to cycle low as the business is cyclical — it will reduce operating cash flows by 20% and annual debt would rise by $3 billion, as per Morgan Stanley’s calculations. “While cycle low gross refining margins are not sustainable as there would be a supply response, we do see a net impact of 15% hit to our net asset value as RIL would see its multiple de-rate as well,” the report said. SEE ALSO <a href="https://www.businessinsider.in/business/corporates/jamnagar-is-going-green-but-on-the-back-of-its-oil-and-chemicals-business/articleshow/93859168.cms">Jamnagar is going green but on the back of its oil and chemicals business</a> <a href="https://www.businessinsider.in/business/corporates/news/gautam-adanis-overly-ambitious-growth-plans-can-spiral-into-a-massive-debt-trap-fitch/articleshow/93725014.cms">Gautam Adani’s overly ambitious growth plans can spiral into a massive debt trap: CreditSights report</a> <a href="https://www.businessinsider.in/finance/news/worst-of-times-can-also-be-the-best-of-times-says-anand-mahindra/articleshow/93376032.cms">Worst of times can also be the best of times, says Anand Mahindra</a>

RIL’s fourth capex cycle will unwind with $60 billion value creation, says Morgan Stanley

<ul><li>While Nifty 50 has gained over 9% in the last 30 days, Nifty <keyword id="44530" type="General" weightage="20" keywordseo="psu" source="Orion">PSU</keyword> Bank has surged twice as much — over 17% during the period showing strong investor interest into the sector.</li><li>Not only investors, analysts are also bullish on the sector that is quickly recovering from its bad non-performing asset (NPA) phase.</li><li><keyword id="6358007" type="General" weightage="20" keywordseo="bank-of-baroda" source="Orion">Bank of Baroda</keyword>, <keyword id="6357132" type="General" weightage="20" keywordseo="canara-bank" source="Orion">Canara Bank</keyword> and Indian Bank are the top gainers in the public sector banking space in the last one month.</li></ul>Public sector banks are among the top performers on the stock exchanges with valuations reaching all time high as asset quality improves and credit offtake of corporates is also improving. While Nifty50 has gained over 9% in the last 30 days, Nifty PSU Bank has surged twice as much — over 17% during the period, showing strong investor interest into the sector. Analysts too are also bullish on the sector that is quickly recovering from the bad non-performing asset (NPA) phase. <div type="javascript" title="Custom" contenttype="Image"><cdata><![CDATA[]]></cdata></div> “We are right now bullish on the overall sector because most of these companies are still trading at decent valuations. And now the corporates are either expanding or investing in capex, all these funds that they are going to borrow will be from PSU banks. All the credit offtake thing is going to improve. Also, recovery is better than expected as NPAs are coming down with provisions also decreasing,” Shrikant Chouhan, head of equity research (retail) at Kotak Securities told Business Insider India. He highlighted the fact that a similar capex cycle happened during 2004-05, which led to banking valuations going up sharply ending up giving multi year returns. Bank of Baroda, Canara Bank and Indian Bank are the top gainers in the public sector banking space in the last one month. <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;" class="redcator-table-advance"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PSU Banks </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">% change in last 30 days </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Current market price </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">52 week high </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Baroda </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹121.85 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹123.55 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Canara Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">23% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹233 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹272.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Indian Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">17% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹177.40 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹194.95 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Union Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">15% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹39.95 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹54.80 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">PNB </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹34.40 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹48.20 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">SBI </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">14% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹542.40 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹549 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of Maharashtra </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹18 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹22.85 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bank of India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">13% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹51.65 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹76.65 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UCO Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">7% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹11.95 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15.30 </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Punjab &amp; Sind Bank </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">5.8% </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹15.35 </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">₹20.20 </td></tr></tbody><tbody></tbody><tbody></tbody><tbody></tbody></table>(Data source: NSE) “There are multiple reasons for the rally in PSU banks stocks -- the government's increased focus on privatization, cheaper valuations and ratings, positive quarterly results,” Manoj Dalmia, founder and director at Proficient Equities. Some of the public sector banks that have already released their earnings – which reflect the healthy growth momentum in the industry. Last week, Bank of Baroda reported a 79% jump in net profit on the back of strong loan growth, fall in provisions and improvement in asset quality. Analysts say that PSU banks are all outperformers and all their earnings have beaten estimates. As the economy opens, PSUs will enjoy a monopoly on the advantages that come with a growing economy, according to Sanjiv Bhasin, director at IIFL Securities. “The list of PSU companies doing well is endless -- Bank of Baroda, Canara Bank and so on. Valuations of public sector companies have always been cheap but it’s just the realization that they can make money and they have transformed themselves,” Bhasin told Business Insider India. SEE ALSO <a href="https://www.businessinsider.in/finance/news/the-worst-of-the-rupees-decline-might-be-over-as-market-expects-us-fed-to-dial-down-pace-of-hikes/articleshow/93290895.cms">The worst of the rupee's decline might be over as market expects US Fed to dial down pace of hikes</a> <a class="tout-title-link" href="https://www.businessinsider.in/stock-market/news/markets-on-a-wait-and-watch-mode-as-they-await-cues-from-rbi/articleshow/93290015.cms">Markets on a wait and watch mode as they await cues from RBI</a> <a href="https://www.businessinsider.in/business/auto/news/as-new-cars-get-pricier-pre-owned-bmws-audis-and-porsches-get-more-attractive/articleshow/93275786.cms">As new cars get pricier, pre-owned BMWs, Audis and Porsches get more attractive</a>

PSU banks near all time high as analysts expect a rerun of 2004-05 corporate capex cycle

<ul><li>Finance minister Nirmala Sitharaman’s <keyword id="12743893" type="General" weightage="20" keywordseo="Budget-2023" source="Orion">Budget 2023</keyword> has set the tone for the Indian economy’s longer-term future, or the <keyword id="13005152" type="General" weightage="20" keywordseo="Amrit-Kaal" source="Orion">Amrit Kaal</keyword>, as the government put it. </li><li>The broad consensus amongst analysts is that the government’s focus on capital expenditure and conservatism on welfare schemes has improved the quality of spending. </li><li>Going forward, analysts expect cyclical and capital-intensive sectors like infrastructure to benefit from the government’s economic direction. </li></ul>Finance minister Nirmala Sitharaman’s<a href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms"> Budget 2023</a> has set the tone for the Indian economy’s longer-term future by making room for fiscal consolidation while still boosting the government’s capital expenditure investments, made possible by cutting down on populism, say analysts. This is crucial especially at a time when the global economy is expected to slow down – according to the International Monetary Fund’s latest<a href="https://www.imf.org/en/Publications/WEO/Issues/2023/01/31/world-economic-outlook-update-january-2023"> World Economic Outlook</a>, the global economy is projected to grow at 2.9% in 2023, significantly lower than the historical average of 3.8%. “The <keyword id="6358021" type="General" weightage="100" keywordseo="budget" source="Orion">Budget</keyword> has tried to strike some balance between fiscal consolidation and growth, by continuing its focus on capital expenditure and creating fiscal space for that by cutting revenue expenditure,” said a report by CRISIL. Fiscal discipline is an easy casualty in pre-election budgets, since public interest and desire to engage in populism to curry favour with the electorate is at its highest during these times, as far as budgets are concerned. However, analysts expected the government to keep its fiscal consolidation policy on track, and as such, the announcements to cut revenue expenditure did not come as a surprise. “The government continued with its thrust on <keyword id="46930" type="General" weightage="20" keywordseo="capex" source="Orion">capex</keyword>, in-line with our expectation, and did not increase welfare spending,” said a report by Goldman Sachs. <cmsannotation type="cmsannotation" annotationid="Populism out, fiscal prudence in: On expected lines, say analysts" comment="subhead" text="Populism out, fiscal prudence in: On expected lines, say analysts">Populism out, fiscal prudence in: On expected lines, say analysts</cmsannotation> Amongst the populist measures which have seen a cutdown in Budget 2023 are food and fertilizer subsidies, which have been reduced by 31% and 22% year-on-year to ₹1.97 lakh crore and ₹1.75 lakh crore in FY24 respectively. In sharp contrast, capital expenditure outlay has been increased by 33% to ₹10 lakh crore for FY24. When compared to FY19, this is a three-fold increase. Sitharaman said that the government will meet the fiscal deficit target of 6.4% of the gross domestic product (GDP) in FY23, while the FY24 target has been set at 5.9%. Subsequentially, its target for FY25-26 is more ambitious, with the fiscal deficit projected to be less than 4.5%. The claw down on populism has been received well by economists and experts, who have called this year’s budget a “force multiplier”. “In keeping with its focus on inclusive growth, the Union Budget has hiked outlays on infrastructure and agriculture which in our view would have a force multiplier impact on the economy,” said S Ranganathan, head of research at LKP Securities. Sitharaman also announced that the gross borrowings are estimated at ₹15.43 lakh crore in FY24, lower than the Economic Survey 2023 estimate of ₹15.77 lakh crore. This should also lead to a moderation in the 10-year bond yields to 7-7.1% in FY24, according to Abheek Barua, chief economist, HDFC Bank. <cmsannotation type="cmsannotation" annotationid="Preparing for a world with slower economic growth" comment="subhead" text="Preparing for a world with slower economic growth">Preparing for a world with slower economic growth</cmsannotation> With analysts expecting a slowdown in the world economy, analysts say the Budget has been set with this in mind – this is evident from the government’s smarter allocation of funds to capex while trimming down welfare schemes. The government also expects a moderation in the GDP growth going forward – the Indian economy is projected to grow 7% in FY23, further moderating to 6-6.8% in FY24. However, brokerages are relatively conservative in their estimates, pegging GDP to grow between 6% to 6.5% in FY24. “Slower global growth will hit India’s exports, while tight financial conditions in the country could weaken domestic demand, cumulatively leading to lower revenue growth compared with this fiscal,” said the CRISIL report. On the flip side, moderating inflation will help the government in reducing its food and fertilizer subsidy bills, the report added. The slowdown in exports, combined with the thrust on capex mean that the Indian economy’s growth will be aided by domestic demand instead, according to the analysts at KPMG. “The lending capacity of banks having cleaner balance sheets, the ability of companies with lower debt to borrow, and the government’s digital investments are three key growth magnets for the coming years,” the financial advisory firm said in its report. <cmsannotation type="cmsannotation" annotationid="Fiscal deficit targets ‘ambitious’, but ‘quality’ of spending better" comment="subhead" text="Fiscal deficit targets ‘ambitious’, but ‘quality’ of spending better">Fiscal deficit targets ‘ambitious’, but ‘quality’ of spending better</cmsannotation> However, analysts at Motilal Oswal noted that the government’s fiscal deficit target of 4.5% in FY25-26 could prove to be a challenge. “It is possible only and only if the government keeps its spending growth extremely muted for the subsequent two years, thus restricting its ability to support economic growth,” the brokerage said. It added that the ambitious spending cuts could result in the government falling short of its target in FY24 – either in terms of fiscal deficit, or the market borrowing target it has set for itself. “Government continues to focus on better spending quality,” the brokerage said, given that the focus was on capex over welfare measures. <cmsannotation type="cmsannotation" annotationid="‘Positive for infrastructure and capex-sensitive sectors’" comment="subhead" text="‘Positive for infrastructure and capex-sensitive sectors’">‘Positive for infrastructure and capex-sensitive sectors’</cmsannotation> The broader consensus amongst analysts is that the spending allocations have been done in a smart manner. A moderation in subsidies and allocation of more funds for capex are expected to hit two targets with a single stone, being lower fiscal deficit, and keeping the economy chugging along. “Our equity strategists view the budget as positive for infrastructure and capex-sensitive sectors, given the large capex outlays in the budgets. Our sector analysts also think that the budget is positive for industrials and infrastructure,” said a Goldman Sachs report. The government’s capex push will benefit infrastructure and capex-sensitive sectors. As far as the markets are concerned, analysts believe<a href="https://www.businessinsider.in/stock-market/news/capital-intensive-cyclical-and-value-stocks-to-continue-their-outperformance/articleshow/95659482.cms"> cyclical and capital-intensive stocks will benefit the most</a>. “We prefer BFSI, IT, Industrials, Auto and Cement while we are underweight on Energy in our model portfolio,” said Motilal Oswal, adding that going forward, factors like the upcoming policy meet of the Reserve Bank of India will be important to understand the monetary direction in the near-term. Earlier, a report by ICICI Securities had outlined how cyclical and capital-intensive stocks have outperformed since FY21. The central bank’s expectation of a revival of India Inc’s capital expenditure cycle, and now the government’s capex push has aligned the stars for cyclical and capital-intensive stocks to continue performing well. SEE ALSO: <a href="https://www.businessinsider.in/business/corporates/news/gautam-adani-says-it-would-not-have-been-morally-correct-to-continue-with-adani-enterprises-fpo/articleshow/97542675.cms">Gautam Adani says it would not have been ‘morally correct’ to continue with Adani Enterprises FPO</a> <a href="https://www.businessinsider.in/budget/news/income-tax-bonanza-capex-push-emerge-as-the-stars-of-budget-2023-24/articleshow/97521646.cms">Income tax bonanza, capex push emerge as the stars of Budget 2023-24</a> <a href="https://www.businessinsider.in/budget/news/indian-economy-projected-to-grow-between-6-6-8-in-fy24-says-economic-survey-2023/articleshow/97489284.cms">Indian economy projected to grow between 6-6.8% in FY24; private capex necessary for job creation: Economic Survey 2023</a>

Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation

Bankers welcomed Finance Minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword>'s budget proposals as being growth accretive, and hailed the focus on capital expenditure while continuing with fiscal consolidation. On the critical question of revival in private capital expenditure, which has been lagging for several years now, private sector lender <keyword id="13918428" type="DOMAIN" weightage="20" keywordseo="kotak-mahindra-bank" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="kotak mahindra bank" meta.entityname="Kotak Mahindra Bank Ltd." meta.entityid="12161" meta.seoname="kotak-mahindra-bank-ltd">Kotak Mahindra Bank</keyword>'s whole time director <keyword id="818755" type="General" weightage="80" keywordseo="kvs-manian" source="Orion">KVS Manian</keyword> opined that it will take another 12 months to revive even though corporates have been investing off and on lately. “No bad news is good news. It is a fairly decent budget. The FM has maintained a fair balance on fiscal prudence, sustainability and ease of doing business,” Manian told PTI after the presentation of the budget. <keyword id="13222" type="DOMAIN" weightage="20" keywordseo="sbi" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="sbi" meta.entityname="State Bank of India" meta.entityid="11984" meta.seoname="state-bank-of-india">SBI</keyword> chairman <keyword id="2003868" type="General" weightage="80" keywordseo="dinesh-khara" source="Orion">Dinesh Khara</keyword> said the budget is growth accretive, fiscally prudent and consumption supportive. “The huge emphasis on capital expenditure could be the perfect recipe for a private investment cycle that is already visible. Support for MSME and Agriculture will broad base credit growth,” Khara added. He also said that the “reasonable Government borrowing numbers” will support lower interest rates and the move towards a clutter free new tax regime will significantly spur consumption. Banking industry's lobby grouping Indian Banks Association's chairman A K Goel said the increased capital expenditure could help in further increasing the demand for bank funds and the Agriculture Accelerator Fund woill also be helpful. <keyword id="686923" type="General" weightage="80" keywordseo="umesh-revankar" source="Orion">Umesh Revankar</keyword>, the executive vice chairman of <keyword id="12730794" type="DOMAIN" weightage="20" keywordseo="shriram-finance" botkeyword="" source="ET" sourcekeytype="COMPANY" meta.keywordsubtype="EQ" meta.aliasname="shriram finance" meta.entityname="Shriram Finance Ltd." meta.entityid="13106" meta.seoname="shriram-finance-ltd">Shriram Finance</keyword> said the income tax benefits announced will boost purchasing power for middle-class consumers. "I believe the announcements made will trigger a pick-up in credit off take for small enterprises, the consumption-driven two-wheeler business and lending to transportation," he added. Non-bank lender Tata Capital's managing director and chief executive <keyword id="128186" type="General" weightage="80" keywordseo="rajiv-sabharwal" source="Orion">Rajiv Sabharwal</keyword> said the strong agricultural credit outlay, support measures, ease of doing business, and digitization drive across various sectors will improve multiple clusters within the economy. American lender Bank of America's country head Kaku Nakhate said allowing foreign banks to conduct acquisition financing from GIFT City is a welcome step and also hailed the dual budget proposal for a single window clearance for IFSCA, SEZ, <keyword id="30067" type="General" weightage="80" keywordseo="rbi" source="Orion">RBI</keyword>, SEBI and GSTN at GIFT City. KPMG's national head of tax, <keyword id="309284" type="General" weightage="80" keywordseo="rajeev-dimri" source="Orion">Rajeev Dimri</keyword>, also welcomed Finance Minister Nirmala Sitharaman's measures for ensuring that the relaxations given to common taxpayers have not derailed fiscal math, and the government has stayed on the path of fiscal consolidation. Pointing out to the Goods and Services Tax revenue accretion over the last few months, he said the taxpayers should be credited for the performance. The budget rightly “rewards” the taxpayers for their commitment, Dimri said. LuLu Financial Holdings Managing Director Adeeb Ahamed said the budget is focussed with equal focus on traditional and emerging sectors. Adeeb, who has significant investments in India's financial services sector through LuLu Forex and LuLu Finserv, said the move to ramp up the credit guarantee scheme for MSMEs will give a fillip to enabling faster access to financial services. SEE ALSO: <a href="https://www.businessinsider.in/tech/news/first-impressions-samsung-galaxy-s23-s23-plus-and-s23-ultra-go-heavy-on-photography-and-gaming/articleshow/97532856.cms?utm_source=social_sticky_amp&amp;utm_medium=social_sharing&amp;utm_campaign=Click_through_social_share">First Impressions: Samsung Galaxy S23, S23 Plus, and S23 Ultra bet big on photography and gaming</a> <a href="https://www.businessinsider.in/tech/mobile/news/new-patent-suggests-that-apple-could-bring-a-foldable-iphone-with-a-self-healing-display-in-the-future/articleshow/97302738.cms">New patent suggests that Apple could bring a foldable iPhone with a self-healing display in the future</a>

Bankers say private capex will take one more year to revive

<ul><li>PI Industries, <keyword id="62685" type="General" weightage="20" keywordseo="kei-industries" source="Orion">KEI Industries</keyword> and Bajaj Finance are <keyword id="18911945" type="General" weightage="20" keywordseo="top-100-bagger-stocks" source="Orion">top 100-bagger stocks</keyword> that gave over 100-fold returns in 20 years.</li><li>The list includes companies from sectors like industrials, consumer discretionary, pharma etc and more.</li><li>Most of these <keyword id="6354298" type="General" weightage="20" keywordseo="stocks" source="Orion">stocks</keyword> have a focussed business approach, prudent capital allocation and generated more cash than it consumed. </li></ul>While multibagger stocks are those that gave 100% returns in one year — <keyword id="14878031" type="General" weightage="20" keywordseo="100-bagger-stocks" source="Orion">100 bagger stocks</keyword> are those which gave 100 fold returns over 20 years. These stocks with focused business models, sharp growth strategies and good valuations have delivered millionaire-making returns to investors over time. The stock that gave spectacular returns in the last 20 years is PI Industries. The stock has delivered a massive 6,845 returns – compounding at a rate of 55% over the years. Next in the list is KEI Industries that too compounded at a rate of 50% to give 3,315 times the returns. The third stock which compounded over 1,000 times is Bajaj Finance and gave 1,336x returns over 20 years. Over four stocks gave over 500x returns, with over 25 stocks that gave over 100x returns — over the years ahead of two economic cycles. The last 20 years saw two cycles — an upcycle from 2003 to 2010. After seven years of good luck, the downcycle that started in 2011 lasted till 2020. These stocks compounded by a minimum of 25% over 20 years. “Business models that flourish during economic upcycles and preserve value during downturns can be labelled as ‘through-the-cycle’ (TTC) compounders.,” said ICICI Securities. Most of the stocks that constitute this list hail from traditional manufacturing – commodities like chemicals and cement, building materials, home appliances, capital goods, engineering, discretionary consumption, staples, pharma, etc. A few of them are from the services sector such as financials and rating agencies. Here is the list of top 100-baggers and their returns <table style="border-width: initial; border-style: none; table-layout: fixed; width: 468pt;"></colgroup><tbody><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Sector </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">No of returns over 20 years </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">P I Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Materials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">6,485x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">KEI Industries </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">3,315x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Bajaj Finance </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Financial Services </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">1,336x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Titan Company </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cons discretionary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">859x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Relaxo Footwear </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cons discretionary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">584x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Havells India </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cons discretionary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">568x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Deepak Nitrite </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Materials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">501x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Balkrishna Inds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">435x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Navin Fluorine </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Materials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">433x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Hatsun Agro </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Consumer Staples </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">366x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">UPL </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Materials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">324x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Kajaria Ceramics </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Materials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">321x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Shree Cement </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cement </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">291x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Supreme Inds. </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Industrials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">233x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Ajanta Pharma </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Healthcare </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">220x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Eicher Motors </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Auto </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">214x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Berger Paints </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Cons discretionary </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">214x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Phoenix Mills </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Real Estate </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">207x </td></tr><tr><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Pidilite Inds </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">Materials </td><td style="border-left:solid #000000 1pt;border-right:solid #000000 1pt;border-bottom:solid #000000 1pt;border-top:solid #000000 1pt;vertical-align:top;padding:5pt 5pt 5pt 5pt;overflow:hidden;overflow-wrap:break-word;">167x </td></tr></tbody></table> Source: I-Sec The success secrets of 100-baggers The report also analyzed what made these stocks provide consistent returns over the years – and the answer lies in a focussed business model. “None of the stocks had a diversified business approach while there was a sharp focus on core business. This factor also speaks volumes about the quality of the management and the sharp focus they bring to the business strategy,” the report said. The second success secret is focus on value creating growth with good return on equity. “This is again a virtue of the management quality and indicates prudent capital allocation decisions while the tailwinds of economic cycles propelled earnings growth,” said I-Sec. The third is generating more cash than it consumes. These 100-bagger stocks’ cumulative operating cash flow (OCF) exceeded cumulative capex over the past two decades for most of the stocks. The only exceptions being one-off acquisitions.

The 100-bagger stocks that survived the test of time and market cycles over 20 years

<keyword id="19951168" type="General" weightage="20" keywordseo="RBI-governor-Shaktikanta-Das" source="keywords">RBI governor Shaktikanta Das</keyword> announced no change in prevailing interest rates and maintained the withdrawal of accommodation stance in the ongoing <keyword id="20456086" type="General" weightage="20" keywordseo="Monetary-Policy-Review" source="keywords">Monetary Policy Review</keyword> (MPC) meeting, which was held between August 6th and August 8th, 2024. This was the 50th MPC meeting since its inception. <h2>What is MPC meet? </h2>The <keyword id="19899810" type="General" weightage="20" keywordseo="Reserve-Bank-of-India" source="keywords" meta.keywordsubtype="org" meta.entityname="Reserve Bank of India" meta.hostid="261" meta.entityid="Reserve Bank of India">Reserve Bank of India</keyword> (RBI) held its third <keyword id="22709762" type="General" weightage="20" keywordseo="bi-monthly-MPC-meet" source="keywords">bi-monthly MPC meet</keyword>, which began on August 6th, 2024 and concluded today. Experts were widely of the view that there would be no significant changes in the <keyword id="22709761" type="General" weightage="20" keywordseo="benchmark-repo-rate" source="keywords">benchmark repo rate</keyword> during this MPC meet, and that the MPC would keep it unchanged at 6.5%. This is the ninth time the <keyword id="20094323" type="General" weightage="20" keywordseo="repo-rate" source="keywords">repo rate</keyword> has been left unchanged, since it was last increased from 6.25% to 6.5% on 8th February 2023. MPC includes 6 members, three from RBI, and three external experts. Together, they are responsible for setting the benchmark interest rate, or repo rate. This is the rate at which the central bank of the country i.e. RBI lends to other banks of the country. If it is increased, the same translates into higher borrowing costs for consumers as well. <h2>What was the decision? </h2>MPC decided, by a majority of 4:2 members, that the repo rate will be left unchanged at 6.5%. This was done to align both market expectations and monetary policies. The MPC has decided to focus on maintaining price stability to ensure growth, and that inflation progressively aligns with the target. Notably, the RBIs inflation target is around 4%, with a tolerance band of about 2%. This target was last met in January 2021, when inflation stood at 4.06%. Per the governor, "PMI services stood strong at 60.3 in July, and have been above 60 for seven constitutive months, indicating robust expansion of services. On the demand side, household consumption is supporting a turnaround in rural demand and steady discretionary spending in urban areas is also being observed". As Das noted, sustained buoyancy in services activity is expected to support urban consumption. Moreover, government's thrust on capex, and signs of pickup in private investment would drive investment activity in the current year. Taking all these factors into consideration, the real GDP growth for 2024-25 has been projected at 7.2% . This is distributed as 7% in Q1, 7.1% in Q2, 7.2% in Q3 and 7.3% in Q4. Explaining the moderation of growth projections for the first quarter of the current FY, as compared to information given during previous MPC in June, Das explained that this was primarily due to updated information on certain high frequency indicators which show lower than anticipated results. These include corporate profitability, central government expenditure and core industries output, among others. As for CPI inflation for current FY, it has been pegged at 4.5%. Accordingly, Q2 projections stand at 4.4%, Q3 at 4.7% and Q4 at 4.3%. CPI inflation for the first quarter of next financial year i.e. Q1FY26 is projected at 4.4%. <h2>Is high food inflation a key concern? </h2>In June 2024, food inflation surged, pushing overall CPI (consumer price index) inflation to 5.1% during the month, from 4.8% in May. It may be noted that food inflation forms a significant part of CPI. That is why, even with a supportive base effect from the previous year, food inflation jumped to 9.4%, driven mostly by high vegetable prices, which have remained in double digits for eight months. "The inflation trajectory has been moderating, and we do expect it to moderate, but the pace of modulation has been uneven and slow. So, we need to be watchful to ensure that we move closer to target, and CPI inflation gets aligned to the target on a durable basis", continued Das. <h2>Some segments of personal loans are excessively leveraged, notes Das </h2> Going ahead, there will be a public repository of digital lending apps deployed by the regulator. This comes amidst a spike in number of unauthorised lending apps, and certain segments of personal loans witnessing excess leverage through retail loans, most of which are for consumption purposes, the governor noted. Additionally, the current UPI transaction limit for tax payments is being enhanced from Rs 1,00,000 to Rs 5,00,000 per transaction. Also, the clearance cycle is also being shortened and made almost continuous, with cheques being cleared on the same day, within just a few hours of being presented, benefiting all stakeholders. <h2>What are the experts saying? </h2>Says Anuj Puri, Chairman - ANAROCK Group, "The RBI's decision to keep repo rates unchanged at 6.5% for ninth consecutive time aligns well with yesterday's announcement on indexation benefits. It sets a positive tone for the housing industry. Maintaining interest rates offers consistency in borrowing costs, which will prompt more aspiring homebuyers to consider taking the plunge - and thus drive demand in the housing market. With interest rates staying steady, EMIs will remain manageable for current and potential homeowners, potentially leading to increased home sales - particularly in the price-sensitive affordable segment". <h2>When is the next MPC scheduled?</h2>The upcoming RBI MPC meets are scheduled to take place between October 7th and 9th, December 4th an 6th, 2024, and February 5th and 7th, 2025.

RBI MPC Meet: Repo rates unchanged at 6.5%, inflation moderating, albeit slowly

<ul><li><keyword id="7347353" type="General" weightage="20" keywordseo="Capex-revival" source="Orion">Capex revival</keyword> and increased infrastructure spending by the government are likely to be among the key drivers of the <keyword id="6356076" type="General" weightage="20" keywordseo="Indian-economy" source="Orion">Indian economy</keyword> in 2023, according to analysts. </li><li>Analysts say they are already seeing multiple green signals of higher capacity utilisation levels, higher capital spending and de-leveraged balance sheets which point to a capex cycle revival. </li><li>While India’s economy will be punctuated by global headwinds, it is still estimated to grow in the 4.8-5.9% range in 2023, outpacing the 1.8% projected global growth. </li></ul>The Indian economy’s growth expectations in 2023 will be punctuated by global headwinds – mainly a demand slowdown and geopolitical overhangs, according to analysts at <keyword id="1575218" type="General" weightage="80" keywordseo="kotak-economic-research" source="Orion">Kotak Economic Research</keyword>. While India’s GDP growth is projected to be between 4.8-5.9% next year by global agencies, these “negative surprises” remain a risk factor. According to analysts, <a href="https://www.businessinsider.in/business/corporates/news/india-on-the-cusp-of-the-post-covid-capex-boom-say-analysts/articleshow/93726444.cms">multiple green signals</a> like capacity utilisation levels, higher capital spending and de-leveraged balance sheets give strong indications of a revival in the capex cycle that will be a big spur to the economy. The Indian government has also accelerated capex spends – in the first half of FY23, the government’s capex spends stood at ₹3.2 lakh crore. This is equal to 60% of the capex spend for the whole of FY22, which was ₹5.5 lakh crore. Together, these factors paint a relatively optimistic picture for the Indian economy heading into 2023 – it is set to outpace the global economic growth average of 1.8%. Despite a slowdown in the Indian economy due to elevated inflation and the post-Covid boost wearing off, the World Bank also recently<a href="https://www.businessinsider.in/india/news/world-bank-revises-indias-gdp-growth-forecast-upwards-to-6-9-for-fy23/articleshow/96023459.cms"> upgraded</a> its FY23 projections for India’s GDP growth to 6.9% from 6.5% , saying the economy was showing higher resilience to global shocks. Analysts highlight a few key factors that underscore the resilience of the Indian economy – robust tax collections, capacity utilisation reaching a 17-quarter high and forex reserves crossing the $550 billion mark once again. <cmsannotation type="cmsannotation" annotationid="Here are some factors that will shape India’s growth trajectory in 2023" comment="subhead" text="Here are some factors that will shape India’s growth trajectory in 2023">Here are some factors that will shape India’s growth trajectory in 2023</cmsannotation> <cmsannotation type="cmsannotation" annotationid="Revival of the capex cycle" comment="subhead" text="Revival of the capex cycle">Revival of the capex cycle</cmsannotation> Of the key indicators mentioned by analysts, capacity utilisation level has already shown an improvement – at 75%, it has hit a 17-quarter high. Capex spending by the government and listed companies has now hit an all-time high on a trailing 12-month (TTM) basis, and according to analysts at <keyword id="46909" type="General" weightage="80" keywordseo="icici-securities" source="Orion">ICICI Securities</keyword>, it will<a href="https://www.businessinsider.in/india/news/government-listed-private-companies-capex-to-touch-21-lakh-crore-in-fy23-icici-securities/articleshow/95858117.cms"> touch ₹21 lakh crore</a> in FY23. “The analysis clearly highlights multiple engines of growth starting to fire together, which would lend stability and visibility to capital outlay in the economy over FY22-26,” said a report by HDFC Institutional Research. <cmsannotation type="cmsannotation" annotationid="Rise in government’s infrastructure spends" comment="subhead" text="Rise in government’s infrastructure spends">Rise in government’s infrastructure spends</cmsannotation> In FY23 alone, the budget for infrastructure spending rose 35.4% when compared to FY22. The share of capex spending as a percentage of India’s GDP is projected to increase to 2.9% in FY23 from 2.5% in FY22. Two schemes – the <keyword id="8508344" type="General" weightage="80" keywordseo="national-infrastructure-pipeline" source="Orion">National Infrastructure Pipeline</keyword> (<keyword id="1238925" type="General" weightage="80" keywordseo="nip" source="Orion">NIP</keyword>) worth ₹111 lakh crore, and the PLI (production-linked incentive) scheme worth ₹2 lakh crore – will be the key drivers of the government’s capex growth, according to a report by Prabhudas <keyword id="150609" type="General" weightage="80" keywordseo="lilladher" source="Orion">Lilladher</keyword>. The NIP was announced for the 2020-25 period. Now, a report by the<a href="https://economictimes.indiatimes.com/news/economy/finance/high-capex-budget-likely-in-bid-to-offset-global-slump/articleshow/95868086.cms"> Economic Times</a> says that the critical sectors of railways, roadways and ports are expected to see a “significant” increase in Budget 2023 <cmsannotation type="cmsannotation" annotationid="Return of the foreign investors" comment="subhead" text="Return of the foreign investors">Return of the foreign investors</cmsannotation> While the first half of 2022 saw foreign investors fleeing the Indian market, the trend<a href="https://www.businessinsider.in/stock-market/news/foreign-portfolio-investors-flows-in-2022-in-india/articleshow/96223765.cms"> reversed</a> in the second half. Foreign portfolio investors (FPIs) had withdrawn ₹2.32 lakh crore from India’s equity and bond markets until June 2022. Since then (July-November), they have pumped in ₹92,763 crore, according to data from NSDL. “FIIs are now pouring money in domestic-facing sectors like banks and consumption stocks which are immune to global shocks and traction is apparent in terms of India’s credit growth and consumer spending,” said Hitesh Jain, lead analyst – institutional equities at <keyword id="2969453" type="General" weightage="80" keywordseo="yes-securities" source="Orion">Yes Securities</keyword>. <cmsannotation type="cmsannotation" annotationid="Rural revival and broad-based recovery in demand indicators" comment="subhead" text="Rural revival and broad-based recovery in demand indicators">Rural revival and broad-based recovery in demand indicators</cmsannotation> India’s rural economy is now showing signs of a revival, according to the readings of four key indicators – employment, credit offtake, auto sales, and trade, according to a<a href="https://www.businessinsider.in/finance/news/rural-recovery-underway-says-morgan-stanley/articleshow/94935646.cms"> report</a> by <keyword id="48670" type="General" weightage="80" keywordseo="morgan-stanley" source="Orion">Morgan Stanley</keyword>. “High-frequency data suggest that overall economic activity has been normalising over the past three months after remaining sluggish in the trailing 12 months. Our consolidated rural activity tracker shows a pickup in YoY terms over the last 3-4 months,” the report said. Another key driver of India’s economic growth next year will be a demand uptick. “We expect domestic demand indicators to exhibit broad-based recovery and to be the key driver of India’s growth trajectory amid global headwinds,” said Upasana Chachra, chief India economist, Morgan Stanley. (With inputs from PTI) SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/foreign-portfolio-investors-flows-in-2022-in-india/articleshow/96223765.cms">FPI flows in 2022 – a tale in two parts</a> <a href="https://www.businessinsider.in/stock-market/news/best-and-worst-performing-ipos-of-2022-in-india/articleshow/96160391.cms">Best and worst performing IPOs of 2022</a> <a href="https://www.businessinsider.in/business/corporates/news/two-adani-group-companies-rule-as-the-top-all-round-wealth-creators/articleshow/96109684.cms">Two Adani Group companies rule as the top all-round wealth creators – here are a few other unexpected entries</a>

Indian economy to outpace world average growth in 2023 – Can it duck global headwinds?

<keyword id="19895282" type="General" weightage="20" keywordseo="mumbai" source="keywords">Mumbai</keyword>, <keyword id="19895063" type="General" weightage="20" keywordseo="india" source="keywords">India</keyword> can sustain 8 per cent annual GDP growth and the conducive macroeconomic configuration may become a launching pad for a step-up in the country's growth trajectory, said an article on the 'State of Economy' in the central bank's March <keyword id="21015227" type="General" weightage="20" keywordseo="bulletin" source="keywords">Bulletin</keyword> published on Tuesday. Over the period 2021-24, gross domestic product (GDP) growth has averaged above 8 per cent. The global economy is losing steam, with growth slowing in some of the most resilient economies and high frequency indicators, pointing to further levelling in the period ahead, said the article authored by a team led by <keyword id="19899808" type="General" weightage="20" keywordseo="rbi" source="keywords">RBI</keyword> Deputy Governor <keyword id="20244361" type="General" weightage="20" keywordseo="michael-debabrata-patra" source="keywords">Michael Debabrata Patra</keyword>. In India, real GDP growth was at a six-quarter high in the October-December period of 2023-24, powered by strong momentum, robust indirect taxes, and lower subsidies. The high visibility of structural demand and healthier corporate and bank balance sheets will likely be the galvanising forces for growth going forward. "The world is confronted with large shifts in structure and sentiments, which are either underway or impending," it said. The article noted that the outlook is shrouded with layers of uncertainty, exacerbated by geopolitical and extreme weather risks as well as fragmenting forces. By contrast, it said the Indian economy is experiencing a conducive macroeconomic configuration that can be its launching pad for a step-up in its growth trajectory. "Over the period 2021-24, growth has averaged above 8 per cent; and the underlying fundamentals indicate that this can be sustained and even built upon," the authors said. The current account deficit is modest, external buffers are resilient and fiscal consolidation is into its third consecutive year even as corporations are deleveraging and improving their debt servicing capacity. According to the article, balance sheets in the financial sector are sound and healthy, providing the wherewithal for intermediating the productive credit needs of a resurgent economy. "Financial markets are reflecting these favourable formations. Capital inflows have resumed strongly as investor interest floods back into India," it said. The authors further said technology is offering new growth opportunities to seize by becoming more competitive and efficient. "The time has come to build world class infrastructure, strong manufacturing bases, a high-quality labour force and global leadership in services to convert these favourable factors into opportunities and strengths over the next few decades," they added. The article further said the aggregate demand in the third quarter of 2023-24 was investment-driven, with some indications of a revival of the private capex cycle. Capacity utilisation in several sectors has reached a point where there has to be new investments. "The current financial year will likely see the highest ever length of four-lane roads being constructed, along with the highest ever length of speed or access-controlled highways -- on course to create a world-class road network by 2037," it said. It also noted that the demand outlook for premium consumer businesses is robust and the growth rhythm is expected to persist into the medium-term. This suggests that there are significant per capita income shifts underway, it said, adding that small town opportunities are leading to growth of business across lifestyle segments, with companies that entered these markets enjoying the fruits of being first movers.

India can sustain 8% growth, even higher: RBI bulletin

<ul><li>Mid and <keyword id="20977709" type="General" weightage="20" keywordseo="small-cap-stocks" source="keywords">small cap stocks</keyword> are the best representatives of a growing and changing India says <keyword id="20481613" type="General" weightage="20" keywordseo="LIC-MF" source="keywords">LIC MF</keyword>'s <keyword id="21278424" type="General" weightage="20" keywordseo="equity-head" source="keywords">equity head</keyword>.</li><li>‘Some small caps are overly valued, but investors with a three-year horizon can make money’.</li></ul>Fear of froth has hit two of the most rewarding classes of stocks since last month — mid and small caps. <keyword id="21278423" type="General" weightage="20" keywordseo="Yogesh-Patil" source="keywords">Yogesh Patil</keyword>, head of equity at LIC Mutual Fund advises investors to keep a slightly long-term horizon, pick stocks carefully and hold on to good companies to generate solid returns. In an interview with Business Insider India, Patil said mid and small cap stocks can’t be ignored as they are best representative of a growing and changing India. “Nifty is not representative of the Indian economy. Core manufacturing is not present in the index, which too largely veers towards engineering, procurement and construction (EPC),” he says. On the other hand, many industry-leading companies in power, capital goods and manufacturing space are classified as mid and small-cap companies. Like CG Power, Hitachi, GE T&amp;D, Bharaj Bijli etc. Blue Dart too, despite being an industry leader in air cargo, is a small-cap company. “A lot of industry-leading companies in auto ancillaries are mid and small cap companies,” Patil says. A lot of consumption themes like travel-related business be it portals, luggage companies, or hotels are also covered in mid and small cap indices. Vocal for local Between 2002-08, there was a huge capex cycle driven by the power sector. However, back then, companies were importing equipment from abroad. This time around the benefits are flowing to Indian manufacturers. “Most of the capex is driven by power (renewable and coal), followed by defence, railways, data centres and Production Linked Incentive-related capex,” he adds Small caps also represent turbine companies, apart from railways, defence companies and other themes like PLI schemes. The government’s thrust on local manufacturing is adding to the order books of these companies. “Indian companies’ addressable market has increased globally and domestically. After Covid, many people want to change vendors due to China+1 or cultural issues,” says Patil. While few of the top listed companies are making investments, mid and small cap stocks have been making capex investments. As per a report by the Bank of Baroda, the investment announcements in the manufacturing sector have made investment announcements to the tune of ₹11 lakh crore in FY24, with chemicals leading the growth. The electricity sector’s announcements are at ₹8.98 crore and services are at ₹6.6 lakh crore with transport services making up for a lot of it. Are valuations frothy? Due to strong fundamentals, a lot of investors are betting on mid and small cap stocks. Even after the recent fall, the Nifty 500 has given 40% returns in the last one year. Nifty Small Cap 100 also gave 76% returns. The bull run that markets in general saw in 2023, has seen good retail investor participation, both directly and indirectly (via mutual funds). The exuberance has brought back fears of over-valuation and these stocks running ahead of consensus. Small cap stocks in particular are amongst the first to fall, and slow to recoup, unlike their ‘bigger peers’. Low liquidity and free float hit these stocks. “Some small caps are highly valued but show promising growth. Investors with a three-year horizon can make money, One needs to choose the bucket and pick stocks. It’s not exactly beta, you need to generate alpha,” says Patil. Investing in small and mid caps is a volatile journey, and investors must not be swayed by short-term returns, he advises. He also says that rewards lie in risk-taking ability. Investors who are willing to risk more can earn more. ‘MF investors are not panicking’ Mutual fund investors have been bullish on mid and small cap schemes. As of FY24 until February, mutual funds net inflow into mid and small cap funds were over ₹21,000 crores and ₹40,000 crores respectively, as per the Association of Mutual Funds in India (AMFI). In mid-March, markets regulator SEBI asked mutual fund houses to come up with a policy to protect investor interests. The idea behind AMFI's stress test, initiated by SEBI, is to instil resilience within mutual funds against various adverse scenarios. The stress test tells if a certain class of funds are going through very high valuations, and if their valuations fall, how will fund managers sell the portfolio to pay off the investors. Subsequent to releasing stress test data, most mutual funds tweaked exit load rules to discourage early redemptions. An exit load is the fee charged by mutual funds when investors leave a scheme. In spite of these developments, MF investors are holding still, insists Patil. "Over the past decade, a vast majority of mutual fund investors have reaped significant benefits. Enhanced transparency and strict regulations have bolstered investor confidence in mutual fund investments, prompting increased participation in this financial vehicle,” he says. Moreso, with more women participation in the workforce, there is ‘room’ within household budgets for equity investments and there is a long-term case of mutual funds and equities, the market expert says. Disclaimer: The content on this website is for informational purposes only and should not be construed as investment advice. We recommend readers consult certified, qualified and registered advisors for professional and personalised financial advice.

India's growth story lies in mid and small caps: Yogesh Patil of LIC MF

<ul><li>The <keyword id="16206547" type="General" weightage="20" keywordseo="Economic-Survey-2023" source="Orion">Economic Survey 2023</keyword> also projected Indian GDP to grow at 7% in FY23, down from 8.7% in FY22. </li><li>Finance minister <keyword id="129243" type="General" weightage="80" keywordseo="nirmala-sitharaman" source="Orion">Nirmala Sitharaman</keyword> credited the revival in capital expenditure spendings by the central government and the private sector as one of the drivers of economic growth in FY23. </li><li>The survey also underlined that capital expenditure investments from the private sector are now essential in creating jobs, as exports and pent up demand are now plateauing. </li></ul>The pre-budget <keyword id="6354872" type="General" weightage="20" keywordseo="Economic-Survey" source="Orion">Economic Survey</keyword> 2023 released on Tuesday projects India’s gross domestic product (GDP) will grow 6-6.8% in the financial year 2023-24, the slowest since 2021-2022. In its first advance estimate, the Survey has projected a GDP growth of 7% for FY23, ahead of the Reserve Bank of India’s <a href="https://www.businessinsider.in/finance/news/rbi-downgrades-fy23-gdp-growth-projections-to-6-8-percent/articleshow/96047963.cms">projection</a> of 6.8%. “The optimistic growth forecasts stem from a number of positives like the rebound of private consumption giving a boost to production activity, higher capital expenditure (capex), near universal vaccination coverage enabling people to spend on contact-based services,” said the Economic Survey 2023. The return of migrant workers to cities to work at construction sites also led to a “significant decline” in housing market inventory, the Survey added. “As expected of a nation of this size, the Indian economy in FY23 has nearly recouped what was lost, renewed what had paused, and re-energised what had slowed during the pandemic and since the conflict in Europe,” the Survey said. <cmsannotation type="cmsannotation" annotationid="Government &amp; private capex revival key growth driver in FY23, says FM" comment="subhead" text="Government &amp; private capex revival key growth driver in FY23, says FM">Government &amp; private capex revival key growth driver in FY23, says FM</cmsannotation> The Survey credited the revival in capital expenditure spendings by the central government and the private sector as one of the drivers of economic growth in FY23, while tabling the Economic Survey 2023 in the Parliament on Tuesday. “The capital expenditure of the Central Government and crowding in the private capex led by strengthening of the balance sheets of the corporates is one of the growth drivers of the Indian economy in the current year,” the Survey said. Larsen &amp; Toubro, which is often seen as a proxy for India’s infrastructure development, also sees positive trends in capex spending in the private sector. “We are possibly amidst a synchronous capex recovery in India and the GCC (Gulf Cooperation Council). With the revival of private capex investments, India should witness a multi-year capex cycle in the current decade, which augurs well for us,” <a href="https://www.businessinsider.in/business/corporates/news/lt-reports-2553-crore-q3-net-profit-sees-boost-from-major-private-capex-investments/articleshow/97448298.cms">said</a> SN Subrahmanyan, chief executive officer and managing director, L&amp;T, on Monday. The government is also bullish on credit offtake, and said it will usher in a virtuous investment cycle going forward, in combination with an increase in capex by the private sector. The micro, small and medium enterprises (MSME) sector also witnessed healthy growth in credit uptake at 30.6% between April and November 2022, thanks to “well-capitalised public sector banks ready to increase the credit supply and the credit growth to the MSME sector,” the Survey said. <cmsannotation type="cmsannotation" annotationid="Unemployment rate falls to 9.8% in July-Sept 2022, but private capex needed for job creation going forward" comment="subhead" text="Unemployment rate falls to 9.8% in July-Sept 2022, but private capex needed for job creation going forward">Unemployment rate falls to 9.8% in July-Sept 2022, but private capex needed for job creation going forward</cmsannotation> On the jobs front, the Survey pointed out that the unemployment rate for people aged 15 years and above has fallen from 9.8% in the quarter ended September 2021 to 7.2% in June-September 2022. However, the Survey said that with exports and the release of pent-up demand plateauing, the onus is now on the private sector to step up with capex investments to create jobs going forward. “Since export growth is plateauing and the ‘pent-up’ release of demand will have a finite life, it is essential that capex continues to grow to facilitate employment in the economy,” the Survey said. However, Rumki Majumdar, economist, Deloitte India, said that India needs to move up the global value chain if it wants to put the emphasis on creating jobs. “This would require manufacturers to leapfrog to newer technologies and transition to a new and exacting definition of competition, both of which will have implications on job creation, especially for the unskilled,” Majumdar said. <cmsannotation type="cmsannotation" annotationid="‘Financial contagion emanating from advanced economies’" comment="subhead" text="‘Financial contagion emanating from advanced economies’">‘Financial contagion emanating from advanced economies’</cmsannotation> Earlier today, the International Monetary Fund <a href="https://www.businessinsider.in/india/news/indian-economy-retains-its-crown-as-a-bright-spot-imf-report/articleshow/97472027.cms">said</a> it expected the Indian economy to grow at 6.1% in 2023, as against 6.8% in 2022. It’s not just India which has seen a downward revision in its growth outlook – according to the IMF’s latest <a href="https://www.imf.org/en/Publications/WEO">World Economic Outlook</a>, the global economy is projected to grow at 2.9% in 2023, significantly lower than the historical average of 3.8%. “Slowing global growth apart from monetary tightening may also lead to a financial contagion emanating from the advanced economies,” the Survey said. RBI projects inflation at 6.8% in FY23, which is still above its upper tolerance limit of 6%. However, the Survey remained optimistic about the inflation scenario in the country, saying, “India’s inflation rate did not creep too far above its tolerance range compared to several advanced nations and regions.” The Survey added that the inflation expectations of both businesses and households have moderated now. <cmsannotation type="cmsannotation" annotationid="Services sector to lead growth in FY23" comment="subhead" text="Services sector to lead growth in FY23">Services sector to lead growth in FY23</cmsannotation> The Economic Survey underlined that the services sector is expected to far outpace the agriculture and industrial sectors in terms of growth. In its first advance estimate for FY23, the Survey projects the services sector to report a growth rate of 9.1% in its gross value add, up from 8.4% in FY22. In contrast, the industrial sector is projected to grow at 4.1% in FY23, significantly lower than 10.3% in FY22. The agriculture and allied activities sector is expected to grow slightly faster at 3.5% in FY23, up from 3% in FY22. SEE ALSO: <a href="https://www.businessinsider.in/stock-market/news/adani-enterprises-fpo-subscription-details-stock-price/articleshow/97476824.cms">Adani Enterprises FPO subscribed 80% so far on the last day</a> <a href="https://www.businessinsider.in/finance/news/rupee-may-remain-under-depreciation-pressure-says-economic-survey/articleshow/97484894.cms">Rupee may remain under depreciation pressure, says Economic Survey</a> <a href="https://www.businessinsider.in/india/news/gautam-adani-drops-out-of-top-10-richest-people-list-just-2-2-bn-ahead-of-mukesh-ambani/articleshow/97482642.cms">Gautam Adani drops out of top 10 richest people list: Just $2.2 bn ahead of Mukesh Ambani</a>

You Searched For "India capex cycle" and got 13 results

India's economic boom feels like 2003-07: Morgan Stanley

PTI

India on the brink of witnessing a 2003-08 kind of capex push but challenges remain

Katya Naidu

For 2nd time after 1988-94, Sensex on track for 7th successive year of gains

IANS

RIL’s fourth capex cycle will unwind with $60 billion value creation, says Morgan Stanley

Katya Naidu

PSU banks near all time high as analysts expect a rerun of 2004-05 corporate capex cycle

Bhakti Makwana

Budget for the Amrit Kaal: Powered by capex, rooted in fiscal consolidation

Rounak Jain

Bankers say private capex will take one more year to revive

PTI

The 100-bagger stocks that survived the test of time and market cycles over 20 years

Katya Naidu

RBI MPC Meet: Repo rates unchanged at 6.5%, inflation moderating, albeit slowly

Ira Alok Puranik

Indian economy to outpace world average growth in 2023 – Can it duck global headwinds?

Rounak Jain

India can sustain 8% growth, even higher: RBI bulletin

PTI

India's growth story lies in mid and small caps: Yogesh Patil of LIC MF

Katya Naidu

Indian economy projected to grow between 6-6.8% in FY24; private capex necessary for job creation: Economic Survey 2023

Rounak Jain

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