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Every year on September 9, many countries celebrate World EV Day to encourage the transition to e-mobility and sustainable transportation among consumers, businesses, and policymakers. The day assumes significance in the Indian context, particularly in light of the nation's commitment to achieving net zero emissions by 2070. Modern <keyword id="6354973" type="General" weightage="100" keywordseo="electric-vehicles" source="Orion">electric vehicles</keyword> (EVs) are raising the bar regarding the usage efficiency of alternate fuel sources. As global electricity production gradually transitions to renewable energy, EVs herald a new future of sustainable mobility. Even <keyword id="3658" type="General" weightage="80" keywordseo="india" source="Orion">India</keyword> has pledged to meet half its energy needs with non-fossil energy sources by 2030 by reaching 500GW of installed capacity. Moreover, the updated NDC of India to the <keyword id="6355833" type="General" weightage="50" keywordseo="united-nations" source="Orion">United Nations</keyword> promises to reduce emissions intensity (GHG emission per unit of GDP) by 45% by 2030, from 2005 levels. To achieve this milestone, the country has to reduce its anticipated carbon emissions by billions of tonnes and needs to promote versatile policies, incentives, and awareness. One significant step towards this is the favourable policy environment by the government for an EV-dependent India. The global automotive industry is undergoing a paradigm shift as it tries to switch to alternative, less energy-intensive options. The rise in oil import prices, rising pollution, and international commitments to combat global climate change are some of the main reasons behind India's recent actions to quicken the switch to e-mobility. At the United Nations Climate Change Conference 2021 (COP26), India vowed to work toward the aspirational goal of having at least 30% of private vehicles be electric by 2030. India faces a complex challenge on this front, with costs, accessibility, actual usage, lithium battery disposal, and numerous other issues acting as roadblocks. Therefore, it is essential to start a dialogue on all such topics about EV adoption in India, including climate change, carbon emissions, EV leverage, potential risks, and market challenges. Whether EVs can help reduce emissions significantly and how government and automobile industries can collaborate to achieve these challenging emission reduction goals remains a puzzle. The Business Insider India's virtual panel, "Shifting Gears: Evaluating the road to <keyword id="49089" type="General" weightage="20" keywordseo="sustainability" source="Orion">sustainability</keyword>", took place on September 9, initiating a discussion on the EV road to sustainability. The panel highlighted the challenges and opportunities of EV adoption, as well as the initiatives of the government, Indian automobile and Indian infrastructure capabilities to accelerate the transition to EV transition in India. <div type="Youtube" id="ndDL-6NBFGM" title="Shifting Gears: Evaluating The Road To Sustainability" thumbUrl="https://i.ytimg.com/vi/ndDL-6NBFGM/mqdefault.jpg"><url><![CDATA[https://www.youtube.com/watch?v=ndDL-6NBFGM]]></url></div> The panel was moderated by <keyword id="15004090" type="General" weightage="50" keywordseo="malini-bhupta" source="Orion">Malini Bhupta</keyword>, Editor-in-Chief of Business Insider India. Dr <keyword id="15004089" type="General" weightage="50" keywordseo="reji-mathi" source="Orion">Reji Mathi</keyword>, director of the Automotive Research Association of India (ARAI), started the conversation by saying, "One of the key things we all look towards EV is the cleaner part. As rightly pointed out by many forums, 40% of ambient air quality pollution comes from the transport sector. So, locally, yes, EV is going to play a very key role in pollution reduction, but far more has to be done, and there is a lot of focus by the government on this sector." Anmol Jaggi, CEO of the ride-sharing company BluSmart Mobility, said that, "Over the last three years, we have seen an exponential rise in the charging infra created by private and public entities due to EVs. At BluSmart, we have taken the baton and said that this is not a threat but one of the biggest opportunities to create non-existent infrastructure and move the whole economy and country to a low carbon intensity platform." <keyword id="11158054" type="General" weightage="50" keywordseo="suhas-rajkumar" source="Orion">Suhas Rajkumar</keyword>, founder &amp; CEO of Simple Energy, explained that, “It’s not just infrastructure, it's more of a supply chain issue and the OEM part of it. If you see the India road map of EVs in the last ten years, most of them are outsourced, and most of them are based out of China. This is because China has already figured out the supply chain, but the problem with that is that you don’t get a quality product out here, so people are not really going forward and buying EVs.” <keyword id="3107107" type="General" weightage="50" keywordseo="anshul-khandelwal" source="Orion">Anshul Khandelwal</keyword>, chief marketing &amp; revenue officer at <keyword id="6354720" type="General" weightage="50" keywordseo="ola" source="Orion">Ola</keyword> group, said that, “Consumers are not just hungry for EVs, but also great quality products. One difference we need to understand is it’s not just about adopting EVs. It's about how EVs actually make the product fundamentally better. In addition to sustainability, EV technology fundamentally changes the vehicle’s nature, which gets people more excited — the performance and the range, and the features that the EV offers, internal combustion engine vehicles cannot offer.” Recommended stories: <div type="Article" hostid="261" msid="94098938" title="World EV Day: In conversation with actor, entrepreneur Gul Panag on India’s transition to electric mobility" mstype="2" mssubtype="0"><payload><![CDATA[alsosee]]></payload></div>

Sustainability forum: Shifting gears — ‘EV’aluating the road to sustainable mobility

Markets like consistency and predictability, which is why companies like HDFC Bank, TCS and Infosys have ruled the roost for decades now. The new year is going to be all about uncertainty – what with India headed for general elections and world’s central banks evaluating the direction of their rate cycles. In the midst of this uncertainty, Pranav Haridasan, MD &amp; CEO of Axis Securities tells Malini Bhupta that he expects 14% CAGR growth in <keyword id="6354813" type="General" weightage="80" keywordseo="nifty" source="Orion">Nifty</keyword> earnings over FY23-26. In its base case, Axis Securities foresees the December 2024 Nifty Target at 23,000. Edited Excerpts: What is your view on the market as we head into 2024 after another turbulent year? The <keyword id="725142" type="General" weightage="40" keywordseo="fpi" source="Orion">FPI</keyword> holdings in India have hit a decadal low? Determining the market direction based on FPI behaviour may not be prudent. Sometimes, relative valuations influence FPI behaviour, and India’s relatively high valuations last year could be a factor. We believe that both <keyword id="44528" type="General" weightage="40" keywordseo="fdi" source="Orion">FDI</keyword> and FPI flows into India are structurally strong. More so, the retail story and SIP numbers remain consistent, which reflects confidence in Indian markets. While FPIs may remain volatile in the short term, we believe India is a great investment story and will continue to see a steady stream of flow domestically and internationally over the long run. High interest rates in the US have contributed to outflows. How do you expect the rate cycle to play out in India and the developed world in 2024? A common assumption is that interest rates will reverse with a growth slowdown. However, we believe higher interest rates will be more persistent than expected, creating pressure on global equity allocation. While the consensus is that we will see cuts in a few quarters, we think rates are likely to stay elevated. In my opinion, we are currently reaping the benefits from our policy stance a few years ago. The effective management by the RBI and the government during COVID-19 added a layer of stability and confidence to the economy, which we are currently leveraging. India’s weightage has gone up rather sharply on MSCI Indices in the last year even as China’s has come down. How can one interpret this? This rise is a function of the overall market cap going up. Given our growth trajectory and demographics, our weightage will continue to increase in the long run. Midcaps have had a great run this year. Do you think this is due to long term structural changes in the economy that will lead to higher growth for smaller companies or is it a cyclical thing? The underlying structural factors are propelling this growth in mid-caps. In earning terms, there are some phenomenal stories in this space, yet not all companies fit that description. “Liquidity” should be a critical barometer when making allocation decisions. Though liquidity has improved considerably with increased participation, it is wise to be discerning. That said, we do see more long-term investments flowing into the mid and small-caps over the next few years. Why are large caps struggling so much? Looking at a long-term performance chart, we see that large caps typically catch up on the underperformance in subsequent years. The subdued performance of large caps can be due to the relatively lower flow from FPIs – especially in sectors such as financials. We think this trend could reverse quickly, and in the last few months, we have seen early signs of such a reversal. We are most excited about Banking and Manufacturing in the large-cap universe. What is your target for the markets next year? Next year will be eventful due to elections, and the rates cycle will be in focus. We are optimistic about the midcap story and believe the market will see about 15% upside. We firmly believe in India’s long-term growth story, supported by the emerging favourable structure, as increasing capital expenditure enables banks to improve credit growth. These factors will ensure that Indian equities deliver double-digit returns in the next 2-3 years with the support of double-digit earnings growth. We anticipate 14% CAGR growth in Nifty earnings over FY23-26. In our base case, we foresee the December 2024 Nifty Target at 23,000. The RBI has increased its growth forecast for India in its latest policy announcements? RBI surprised the market with a 50 bps upgrade to earlier GDP growth estimates. We think it is due to structural reasons on the back of strong support from the government and better balance sheets of Indian corporations and banks. We may see more such upgrades in the coming quarters. Hopefully, with the supply-side constraints easing, this strong growth should not be inflationary. What kind of sectors do you expect would perform well in 2024? We are bullish on domestic consumption and infrastructure. Consumer staples, ignored for a while, should start picking up, with hopefully spending picking up in Tier 2/3 cities. Another play from a macro perspective is financials, as mentioned earlier. Do you expect real estate stocks to perform given that demand remains strong through 2023? We continue to like real estate. We tend to look at the outperformance in the last couple of years, but from 2010 to 2020, the sector did little, and hence, we think the catch-up trade is definitely not over. India’s power story is another theme that has done well. Do you expect this power story to continue to play out in 2024? Our country is on the cusp of a new cycle in the power sector, likely to last at least for the next 3 to 5 years. Revival in thermal capex, expansion in renewable energy capacities, and revival in the transmission capex will create substantial opportunities. We have seen the YoY growth in the power demand, and the rising demand will continue to be the driving force for the sector. Power demand will continue to rise in upcoming years with more push from manufacturing and capex activities. Investors can engage in this theme through power generation, transmission, and financing companies. How do you expect gold to perform in 2024? A few years ago, when alternate currencies were gaining attention, everyone wondered if gold would have the sheen. However, gold remains a haven during volatile times and should be an integral component of an investor’s portfolio. Investors now have products like digital gold and sovereign gold bonds, making investments easier. While it may not be an alpha-generating play, gold is crucial for portfolio diversification. How can retail investors look at fixed income investments as part of asset allocation strategy? Regulatory changes have reduced the ticket size, making investments in fixed-income instruments more accessible and democratic for small investors. However, we think there is still a need to drive investor education here and demystify the rate and credit risk in a simplified manner.

Base case for Nifty50 by Dec 2024 is 23,000, says Pranav Haridasan of Axis Securities

<ul><li>In an interview with Malini Bhupta, <keyword id="249323" type="General" weightage="50" keywordseo="debasish-purohit" source="Orion">Debasish Purohit</keyword>, co-head, <keyword id="5249605" type="General" weightage="50" keywordseo="india-investment-banking" source="Orion">India Investment Banking</keyword>, <keyword id="6374849" type="General" weightage="80" keywordseo="bank-of-america" source="Orion">Bank of America</keyword>, says financial sponsors are sitting on a lot of dry powder and willing to deploy capital. </li><li>Good businesses will find investor interest irrespective of sector orientation, says Purohit. </li><li>‘Public market corrections haven’t yet reflected in the private market yet.’</li></ul>Ever since the <keyword id="6355253" type="General" weightage="50" keywordseo="federal-reserve" source="Orion">Federal Reserve</keyword> kickstarted it's rate hike cycle earlier this year, financial markets have gone into a tailspin. While foreign portfolio investors sold Indian equities heavily till June, a funding winter seems to have set in for private markets too. There’s no doubt that the era of easy money is over, but good businesses will still find takers. In an interview with Malini Bhupta, Debasish Purohit, co-head, <keyword id="3658" type="General" weightage="100" keywordseo="india" source="Orion">India</keyword> Investment Banking, Bank of America, says bulge bracket private equity players are flush with cash and will look at deals. Edited Excerpts: Is there a funding winter for start-ups after a record 2021, which saw large capital flows at sky high valuations? Return thresholds have gone up as capital turned costlier and currencies depreciated. Investors also demand higher margin of safety for execution risk and longer path to profitability as the case may be. On the positive side, financial sponsors are sitting on a lot of dry powder and willing to deploy capital. Public market corrections haven’t yet reflected in the private market yet. It’s inevitable that we would see some down rounds in certain pockets – either in multiples or in relation to the last absolute value. What do you mean by the colour of money is changing? If last year private markets were a broad mélange of investors across all spectrums, this year we see more traditional and longer term money come to private space. We are also seeing pockets of interest among Sovereign Wealth Funds (SWFs) and large family offices. What kind of companies will see down rounds? It is hard to generalize but companies in the top quartile or two will be reasonably fine. A lot of companies, let us not forget, have raised a lot of capital in the last few years and are sitting on cash. They can tune down growth aspirations, preserve cash and stick to the core and focus on profitability. And we are already seeing that discipline play out. The secondary market has really picked up in the last few weeks with big exits by institutions. Can you explain how large stakes of existing institutional investors have been lapped up? Last year was a much easier market to put deals together. This year, one had to earn one’s stripes. We have had almost $30bn flow out of Indian markets. As a market participant, you get a sense of when things turn. Portfolio investors are paid to deploy capital and not sit on cash. We saw signs of life come back in July with flows turning net positive. The Zomato block, which we sole led, was the first sizeable secondary trade to test out the strength of the market. It was the first major equity transaction to be led by foreign investors and in hindsight gave confidence to the market about opening of a window. We saw a flurry of (equity capital markets) ECM activities in the subsequent two weeks. It was a reversal waiting to happen, the key is to be alive to market turns and structure transactions well. Is there a preference that global investors have in terms of sectors? There will be shorter-term sector rotations. But fundamentally speaking, good businesses will find investor interest irrespective of sector orientation. Having led four transactions within a week, across sectors, we can certainly vouch for that. Markets are usually opened up by top and liquid names. As the market gains confidence, longer lead products like IPOs follow in quick order. What about private markets? The PE infusion worth $1.1 billion into Yes Bank is a great sign of a thriving private market. India is a prime spot for all bulge bracket PEs and valuations, on a growth adjusted basis. What is the role of M&amp;A in corporate India now that deleveraging of balance sheets has happened? Mergers and acquisitions will continue to be a very strategic tool for corporate India. M&amp;A will be as much corporate led as it will be sponsor led. Inbound activities have largely centered around renewables. Next leg of inbound capital will be driven around manufacturing and energy transition. India’s massive emphasis on “Make in India”, energy security, asset monetization will drive inbound M&amp;A thematics going forward. We expect IT services and healthcare to be very active too. SEE ALSO: <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/stock-market/news/for-every-100-pulled-out-by-foreign-investors-from-the-indian-equity-markets-domestic-investors-have-ploughed-back-89-this-year/articleshow/94220904.cms">For every ₹100 pulled out by foreign investors from the Indian equity markets, domestic investors have ploughed back ₹89 this year</a> <a target="_blank" class="c-link c-message_attachment__title_link" href="https://www.businessinsider.in/business/ecommerce/news/explained-how-video-commerce-is-helping-online-shoppers-try-before-they-buy/articleshow/94227299.cms">Explained: How video commerce is helping online shoppers try before they buy</a>

India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit

<ul><li>The <keyword id="11924074" type="General" weightage="20" keywordseo="shark-tank-india" source="Orion">Shark Tank India</keyword> judge says gatekeepers of the app ecosystem – Apple and <keyword id="19902762" type="General" weightage="20" keywordseo="google" source="keywords">Google</keyword> – are the new East India Company and they operate with complete arrogance and impunity.</li><li>Just as startup founders are coming under pressure, venture capitalists and auditors too need to be held accountable for their behaviour.</li><li><keyword id="20225195" type="General" weightage="20" keywordseo="shark-tank" source="keywords">Shark Tank</keyword> India has become a catalyst for driving entrepreneurship and giving it legitimacy. </li></ul> <keyword id="127971" type="General" weightage="100" keywordseo="anupam-mittal" source="Orion">Anupam Mittal</keyword> is India’s original internet entrepreneur, who is the founder and CEO of People Group. Way before platform economy became a buzzword, Mittal built a platform for Indians seeking life partners. And even today one million Indians find their partners on shaadi.com every year. Call him the OG of startups or a serial entrepreneur, he is a man who does not mince words. In a free wheeling chat with Business Insider’s Malini Bhupta, Mittal talks about unfair trade practices of Google, his investment in Ola’s Bhavish Aggarwal and what he thinks is the biggest achievement of Shark Tank India. Edited Excerpts: With some high profile startups like Paytm and Byju’s coming under lens, what do you think is wrong with the startup ecosystem? I think the Paytm issue is a little different. There are two issues there in my view – one is valuation. The company came out with its IPO at the height of the unicorn boom and as a result, their valuation was corrected when the pvt. market corrected. This is part of the pricing game and one can hardly blame them for it. Eventually, they would have grown into their valuation is what I believe. However, the second issue which is regulatory in nature is far more serious. Whether it is justified or not I don’t know. I think there is a little heavy-handedness here as what you are talking about is a payments bank KYC stuff being the reason to shut them down, which could be seen as over-reach since they are not a significantly important lending institution. Talking about what is wrong with India’s ecosystem and why founders are behaving badly is a common issue that occurs when there are high levels of greed. When there is massive liquidity in the system people think they can take advantage of the situation. In the US you have seen Theranos, crypto frauds and an industry that was created around SPACs. Billions of dollars have been lost on that. What is happening in India is a small reflection of that. Greed manifests in two ways – one is the founders who are ambitious who see the ecosystem celebrating unicorns and that gets weaponised. Over time a few start with minor refractions and very soon they start fabricating revenues and manipulating auditors to keep up with the image that has been created. They are riding tigers they can't get off. The venture capitalists too want to see their investments being marked up as their future fund raises depend on the portfolio's net asset value and so they play along and at times actually drive the founders at a velocity that is unsustainable. I think they need to be held accountable by their LPs. Auditors have a very important role here and are perhaps the ones who need to pay the highest price through government censures. They are market participants who have been entrusted with a certain job for which they get paid hefty fees. When they start looking the other way, the system breaks. You have been waging a pitched battle against the unfair trade practices of Big Tech companies in India. What, in your view, are the steps that need to be taken by the government to prevent such unfair practices by large global players? Fundamentally the experience of the internet is through apps – two companies control the entire app ecosystem Google and Apple. Both operate with complete impunity. Two years ago the CCI passed an order against Google around <keyword id="963171" type="General" weightage="20" keywordseo="google-play" source="Orion">Google Play</keyword> Billing System (GPBS). Now they have changed the name to User Choice Billing. If you look at the order CCI says there will be no discrimination at all. Being on the App Store means nothing unless you advertise on Play Store. Startups spend anywhere between 10-50% of revenue on advertising on these platforms already. Essentially, the app store is worth nothing if you don’t have content. What choice does a company have but to adhere to their unfair practices… Now they say that any transaction that happens on apps downloaded via the store will be subject to 15-30% tax/commissions. What this means is that they want 50% of the revenues of the startups. It is the new East India Company and they operate with complete arrogance and impunity. The problem is in getting these companies to comply. Their strategy is to stretch out the legal process and tire the system. Our government and regulators have the right intent but sometimes democracies are messy. As a government, we have to ensure that nobody becomes the gatekeeper to our economy which is what these companies are trying to do. There should be penal provisions for anybody who abuses the law or twists and turns it while violating the very spirit of it. Non-compliance with judicial orders is contempt of court and so there is an opportunity to send a very strong message. These bullies need one arm chopped off in the form of penalties, a rap on the knuckles will not work as they are too big to care about a couple of hundred million in penalties. What is the biggest achievement of Shark Tank, which has now become a huge hit in India? In life timing is everything. Shark Tank’s first season was in December 2021, which was the peak of the startup hype cycle, and it demystified the whole conversation around startups and funding. Shark Tank has become a catalyst for driving entrepreneurship and giving it legitimacy. India is a land of entrepreneurs with every second person running some small business, many from home. A decade ago, if you told someone you are an entrepreneur, you would be told to come back when you get serious. The show has played an amazing role in celebrating entrepreneurship and the startup ecosystem. A lot of companies have done very well. About 8-10 companies that got funded in Shark Tank are doing very well out of 180 companies that came to the show. This is an early stage game and will play out the same way. When you invest in 100 early stage companies, 4-5 will do very well and help recover the investments and some will become very big. A majority will fail. What I found amazing was that the companies that came to the show were not the elites who came from IIT or IIM. These are small businesses founded by housewives and family members. Entrepreneurship is not the reserve of the few. The next decade will be defined by Indian entrepreneurs globally and so there is no better time to be an entrepreneur than now. Shark Tank has put belief in every Indian that they can do it and that changes the game. Many of the founders that come to Shark Tank can do even better than the founders who have come from an IIT or an IIM. I believe that these people understand commerce and ‘dhandha’. The elitist founders are used to being served everything on a platter. Many professionals who come out of large companies or consulting firms cannot start without large funding. Out of the 100 unicorns we have, many will spectacularly fail in 2024 as they were built on the wrong foundations. These companies were built on a template of Ivy League founders and old school networks and so they got funded. Of the businesses that come to Shark Tank, what sectors can do well and stand a better chance of being funded? Indians now have the same aspirations as people in other parts of the world. Anybody who comes in and can bridge the gap between aspiration and affordability will do well especially in lifestyle. For example - Companies in the clothing and jewellery space will do well if they can deliver high aspiration at a value pricing. Last year a company called Snitch came with a revenue of Rs 60 crore and is now doing Rs 250 crore in sales. A company called Skippy, which makes ice pops was funded on Shark Tank too and has a run rate of Rs 50 crore from a few lakhs before ST. I funded a company called Sharmaji Ka Atta which has a revenue run rate of Rs 20 lakh a month in less than 12 months from less than 1 lakh. Another one called Whatsapp Wellness just got funded by HUL. Fundamentally, companies that can build premium products but don’t break the bank on affordability in categories like fashion, lifestyle and food will do well. People read labels now and the young generation is focused on what they are eating. Beauty and wellness products will do well as a secular trend for most of our history Lakme meant beauty, that’s how unbranded we were. Do you feel Shaadi.com is still relevant after Tinder and other dating apps came about? Let’s understand why Tinder is used, it is for hookups and is struggling to grow its revenue in India. Shaadi.com is not an arranged marriage platform. Shaadi.com is a planned marriage platform. Indian culture has four stages of life and marriage is one of the life stages. When you are planning to marry you look for compatibility and it is not about a chemical reaction. On Shaadi.com the family and parents collaborate to find a partner. The old community networks are now dying and we replace those networks. We are bringing together people in the same life stage to find a like-minded partner. The hook-up sites don’t do that and don't understand the Indian ethos. They are applying the same global model to India which does not work beyond a certain point. You were the original internet entrepreneur with a disruptive product. Why did you not create a large business that went on to become a decacorn or a unicorn? It depends on how you define success. If the definition is labels such as decacorn and unicorn, then that's not the game we are playing. Those are vanity labels that I would rather not pursue. Our definition of success is value creation and we are long-term compounders, much like Berkshire &amp; LVMH, so in a sense our ‘overnight’ success story is still waiting to become obvious to the world. From that lens, our ROCE is perhaps the best in the industry we have only ever raised about $20 mn but created several billion in value between our operated and invested cos. Our investee companies employ thousands, have raised over $20 bn and will go on to create $100 bn in value over time, in the bargain generating tremendous wealth for the country and hopefully for us too. We boast an IRR of 52% consistently for more than a decade which is extraordinary by any standards and a testament to our approach and story. Many people build businesses but we were fortunate to create entire industries such as online matchmaking via Shaadi.com, which we still run; proptech company Makaan.com which we sold to NewsCorp very handsomely; India’s first &amp; still the largest digital ad agency, Interactive Avenues, which we sold to IPG at a benchmark price that is yet to be crossed; India’s first mobile gaming company, Mauj Mobile which spawned a massive industry. So, whether it is our customers, employees, shareholders, the country or society at large, I think we have already impacted 10s of millions and while we don’t have a market listed entity like Jio or TCS to show for it, we have delivered massive national and global level impact. Keep in mind that we are most often the first to check into investee cost and every company we have founded has been the first in its industry. Our innovations have generated billions of dollars in wealth and given rise to innumerable founders and entrepreneurs who have learnt at our companies and gone on to build massive companies of their own. Further, I am still very young and the Indian opportunity is only now unfolding. In the next couple of years, you will see some of our other bets in space exploration, mobility real edtech, &amp; sustainable fintech come into the limelight besides something very special we are building on our own. So, in short, I still remain the OG and if you force me to use your labels we have birthed not one or two but several Unicorns &amp; Decacorns and that too with very limited capital. It is perhaps one of the most spectacular untold stories of value creation in the digital economy. Ola is one company that is headed for an IPO and you own 2% in the company. How did that happen? When we invested in Ola, there was not much of a concept of venture funding and the company did not have any suitors so we were able to get in at a very attractive valuation and hold an extremely healthy minority stake which obviously has been diluted over time. I think the network effects are so large that it is hard for others to get into it. I am still a shareholder and looking forward to the initial public offering. I invested in 2012 and when I met Bhavish first, I did not understand the problem he was solving as I live in Mumbai where cabs are available. So I did not think there was a problem. A few days later when I was in Delhi and needed a cab, I was told that they would call a taxi stand. After I came back from Delhi, I realised there was a problem everywhere. And I used to call the call centre and Bhavish used to answer the call centre, which showed me his commitment and reminded me of myself when I had started and so I invested.

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

<ul><li>We are bullish on gold and silver as a fund house due to 2 reasons – recession and under ownership, says Balasubramanian. </li><li>There may not be any further rate hikes as we are near the peak of the interest rate cycle, he adds. </li><li>An investor should look at passive investing as an additional investment avenue and not at the cost of large cap funds, he says. </li></ul>The start of the earnings season has been mixed, with IT services players disappointing the markets. Going forward too the trend is expected to remain mixed. While lower commodity prices will impair earnings of producers, the benefits will be reaped by consumers of energy and other commodities. In conversation with Business Insider India’s Malini Bhupta, A Balasubramanian, CEO of Aditya Birla Sun Life Mutual Fund, says that even though FY24 earnings could remain volatile due to a possible recession and high interest rates across the globe, but that does not mean all companies will be impacted in the same way. Domestic-driven sectors will fare better than exporters. Edited Excerpts: Markets have gone nowhere in the last 12-18 months. Will this dry run continue much longer and what should investors do? Markets keep going through bullish, bearish and consolidation phases at various intervals of time. We have been in a consolidation phase for the last 12-18 months. However, investors should invest for the long-term and the attractiveness of India remains very high in that context compared to the rest of the world. Indian equities have been resilient despite the interest rate movements. Valuations would get adjusted as rates start coming down and as a result equities will start reflecting momentum once again. Earnings trajectory has been on the upswing, but this fiscal year has already started seeing downgrades. What will impact earnings in FY24? FY24 earnings could remain volatile due to a possible recession and high interest rate scenario across the globe. Earnings volatility will impact stock prices but that does not mean all companies will be impacted in the same way. Some companies will benefit from lower energy prices, some will gain from rural recovery while export driven industries are likely to face some headwinds. From a returns point of view, ETFs are beating most large cap actively managed funds. What does this trend portend for investors? Index based investing is on the rise and has been gaining popularity. However, it should be looked upon from an allocation perspective. An investor should look at passive investing as an additional investment avenue and not at the cost of large cap funds. What kind of returns can investors expect this year? Returns should not be measured on a one-year basis as a good year can be followed by a bad year and vice versa. One should look at the cumulative returns delivered by equities over the long-term as an asset class. Equities tend to return nominal GDP + 3% and I expect good returns to be generated over the next 3 years. A lot of thematic funds have been launched. Are these funds launched to garner AUM or are these opportunities that fund houses are seeing in the market? Thematic funds should be looked at opportunities to invest in a particular theme and from an asset allocation point of view. Themes can be structural or cyclical in nature and go through their fair share of volatility. IT, banking, manufacturing, consumption and MNC are some of the themes offered by Aditya Birla Sun Life Mutual Fund. Average age of benchmark indices have been coming down. What is the reason for that and how does it impact stock picking? New technologies are coming and acceptance of these on both the investor and consumer side has grown significantly. Companies get included or excluded from an index basis the methodology followed by the exchanges. Some of the long-lasting businesses have been part of the index for over 2 decades while some companies that have survived have still been excluded from the index. It does not mean that those that are removed are bad except that they have not grown as much as others or those that are included are good. The large groups in business will remain relevant. Given that interest rates have gone up, is this the right time to invest in fixed income? The current attractiveness of debt is higher if you compare the yield to the earnings yield of equities. A higher yield implies high cost of capital which is unfavourable for equities. However, I believe both will co-exist. Given the long-term tax benefits have been removed for debt funds, the question to be asked is whether investment is being made for tax benefit or for asset allocation purposes. Do you expect flows into debt to be impacted by the recent tax changes? It will have some impact as those who have been considering these instruments for the long-term will be impacted. However, 70-80% inflows have been coming in for 1-2 years and not just for tax benefit. Those flows will continue. Secondly, mutual funds fixed income recognition is different from others, which is short-term capital gains accrual. Therefore, it gives some leeway to adjust against short-term capital losses. Also in growth funds, you can accrue the gains and not withdraw it so that you only pay tax on withdrawal. Will the Reserve Bank of India’s pause on rates be a prolonged one? There may not be any further rate hikes as we are near the peak of the interest rate cycle. I expect the rates to hover near the current levels for the next one year and interest rate cuts may only start next year onwards. Moreover, the rate cuts may not be as aggressive as the hikes. Is the inflation battle under control? Energy prices are a true indicator of inflation and the recent correction in gas and energy prices has arrested the fear of inflation going up further. On one hand, the production cut from OPEC will prevent a further fall while on the other hand, the government of India has ensured there are no supply side disruptions which can lead to higher prices. Given the geopolitical risks and what’s happening to the dollar, what is your view on gold and silver? We are bullish on gold and silver as a fund house due to 2 reasons – recession and under ownership. We have been advocating a multi-asset allocation strategy which invests in equity, debt and gold.

Earnings to remain volatile in FY24, but some sectors will benefit from lower energy prices, says Aditya Birla Sun Life MF’s CEO A Balasubramanian

<ul><li>Investors are bullish on India and FPIs are regular buyers</li><li>An arbitrage fund is the Shikhandi of Mahabharat </li><li>Lacking in some areas like garments, auto components and soft toys and other manufactured goods</li></ul> India is the toast of the world at this moment. From steady macros to foreign investments, the interest in India has never been higher. In conversation with Malini Bhupta of Business Insider India, Nilesh Shah, Managing Director of Kotak Asset Management Company, says that India is delivering solid growth that is green and with superior governance standards. If foreign portfolio investors want to come back after their selling spree, it won’t be at cheap valuations. Shah also has very good money advice for those who want to get rich. Edited Excerpts: . <cmsannotation type="cmsannotation" annotationid="Where are the markets headed? Can the dream run continue?" comment="subhead" text="Where are the markets headed? Can the dream run continue?">Where are the markets headed? Can the dream run continue?</cmsannotation> From here on markets are fairly priced. Investors are bullish on India and FPIs are regular buyers. In other markets, entry is easy and exit is difficult. In India, entry is difficult but exit is easy. If you want to take out $35 bn from the market, please be my guest, but if you want to buy then please join the party and pay double the price. Investor momentum is positive but you are buying into a fairly-priced market. There will be events like Fed pivot, RBI’s pivot, corporate earrings and election results that will impact markets in the near term. But if you cut out the noise and take a five or ten year view, this market is doing in one year what we used to do in 50 years - creating a GDP of $1 trillion. If we are going to become a $5 trillion economy and then $10 trillion then this is the journey to participate in. Unlike China, which also went from a few trillion dollars in GDP to $15 trillion, the governance standards of India are better. This growth will happen as India’s governance standards are comparable to the developed world. We are the only country adhering to COP26 targets. We are giving growth that is green with good governance. This is the deadly 3G. <keyword id="17815609" type="General" weightage="80" keywordseo="mutual-funds" source="Denny">Mutual funds</keyword> have plummeted in May. What happened to net equity inflows last month? I think retail investors have matured a lot. Whenever markets are cheaper it is SIP plus subscription and our inflows go to 15-25k, whenever markets are expensive then it is SIP minus some redemption and our monthly inflows look like Rs 2k-3k. So, this is the maturity of investors. God forbid if markets go down tomorrow, I am sure money will flow. Earlier when markets used to correct, I used to call investors and reassure them. Now, when markets go down I get calls from distributors that more money will be sent. Hats off to mutual fund distributors, who have drilled the asset allocation principle into the minds of investors. Many have blamed mutual funds in the past that the demand for even luxury cars have been impacted thanks to mutual fund inflows. Do you agree? I don’t buy this because I have seen many people buy Mercedes after doing an SIP but rarely have I seen people defer buying a car to put money into mutual funds. Given that you don’t own a Mercedes or a BMW, what money advice would you give to investors? The first thing I tell people is that it should be income minus savings that should equal expenses, not income minus expenses equal to savings. I tell my staff and high networth investors the same thing. Make regular investments because timing the market is of no use and nobody has succeeded in doing that. And third, be a disciplined asset allocator. Everyone wants to have a look back option. Asset allocation always delivers better returns. When people ask me to demonstrate this, I show them my Kotak Multi Asset Allocator Fund of Fund, which is up 4x in 10 years. We divided between debt and equity. But now it also has gold. We do these 3 things; 10 years we did it 4 times and in 17 years 15 times. How do you expect India’s key export sectors to do that many parts of the world are in recession? India is doing extremely well on services exports. I think 45% of all global captive centres are now in India. Their growth rate is even higher than IT and BPO services growth rate. Most people are realising that it is better to do business with India than China because IPRs are protected and there is value for money. There is delivery and professionalism. So, services export will continue to do well. On the goods export, we missed the bus in the ‘60s with Korea, ‘80s with China and in 2020 with countries like Bangladesh and Vietnam. We have to find our niche. In 2-wheelers and generic pharma we are world class players. We are developing seeing the same strength in mobile phones and toys. But there are areas where we are lacking, like readymade garments, auto components, and other manufactured goods including soft toys. The PLI scheme is a step in the right direction. We are incentivising manufacturers to set up their base in India and become part of the global supply chain management. We are lacking in some areas like garments, auto components and soft toys and other manufactured goods. It is a slow process but we are on the right track. Despite the world slowing, our market share in exports – both goods and services – will continue to rise. What about IT services? Our IT businesses today are doing well but the base has become big. The base is no longer a few billion dollars; it is a couple of hundred billion dollars. How do you grow on that base? If TCS has to grow by 10% it has to add 60,000 jobs on an employee base of 6 lakh. It is not going to be easy. We are now becoming part of the global macro. If the American banking system or insurance suffers, our IT order will suffer. But by investing for the future we’ll be able to overcome this. Earlier we were into – let’s say - Y2K 2000. Then we moved into application and infrastructure management. Then we went into product development, then cyber security, cloud computing, digital solutions. We have to keep increasing value-add in IT services in order to retain a major part of this business opportunity. It is a long story but we have to keep chugging along. You had asked during the pandemic as to why no Indian company had developed a Zoom like app for video conferencing. Has Indian IT missed the innovation bus? Let me give you a cricket analogy. If you see most Indian cricketers were not playing hook shots and we used to duck against bouncers. Now our players don’t mind hooking – it was an evolution and we copied from others. Similarly Silicon Valley is willing to fund risk and innovation. Now Indian companies are getting into it. I think core banking will be driven world over by a TCS or Infosys product. In payment, if UPI goes out, it is better than anywhere in the world. Slowly our IT companies will pick up pace in products too. What we did in core banking solutions we can do across sectors. The Reserve Bank of India has paused rate hikes. Do you think that rate cuts will begin this year? I think that the RBI has done better than any other central bank. And the Governor getting the Central Bank of the Year award is testimony to that. They have all the options available to them. I think RBI will be driven by data. The central bank will ensure there is enough liquidity so that growth does not falter. It will keep short term interest rates high to deter inflation and rate cuts will begin after FOMC starts cutting rates. I think the rate cut cycle is a 2024 question and not a 2023 question. Do you think it is a good time to look at debt? Investors have to look at their asset allocation and then decide. If you are under-invested in debt then it is a good time to invest in debt. But investors must keep in mind that the returns will not be the same over the next six months as seen in the last six months. Please don’t invest in debt funds because last six months returns were good. Please don’t invest in debt funds because you are worried about what will happen in equity markets. Take a call based on asset allocation. Over the next three years, rates will come down. Hence, it is important to lock into a longer duration debt fund with a three year plus horizon. Before March there were some tax advantages, but now debt funds are at par with bank fixed deposits. But the longer-term yield curve is still steep so investors can grab that opportunity. A lot of thematic funds are being launched. What is the reason for that? Most of us have completed the nine categories of large cap, mid and small cap funds. Now the only option available is thematic. We have seen that some thematic funds play out over a longer period of time. IT and Pharma were ones which started this thematic game. Now it’s moved into concepts like manufacturing &amp; infrastructure themes. Compared to normal equity funds, these are exotic funds - higher risk, higher return. They give concentrated exposure to a particular theme. And all themes are cyclical. You can’t expect a straight line because IT has done well. They come with higher risk and higher return. Thematics are higher risk compared to normal equity funds. If you have tasted the normal equity funds, then you can try the thematics for something extra. Arbitrage funds are now also being talked about. What is the advantage of investing in these funds? An arbitrage fund is the Shikhandi of Mahabharat. It is an equity fund in the eyes of the regulator but has the risk and return profile of a debt fund. We achieve this paradox by buying equity in the cash market and we sell futures. No matter what happens to equity prices I am hedged. I make my spread on arbitrage. That’s why investment is an equity but because you are not impacted by the price movements and your returns are always locked in, it has a debt kind of return and risk profile. Put together this is a fantastic product which gives you equity kind of taxation benefits and debt kind of risk/return profile. This creates an ideal opportunity for investors. It is a short-term product and money can be parked for 3, 6 or 9 months. This is a parking fund, it is not for investors.

The deadly 3G of Indian equities – FPIs will have to pay double the price to join party again, says Nilesh Shah of Kotak AMC

<ul><li>Empirical evidence shows that <keyword id="6354813" type="General" weightage="100" keywordseo="nifty" source="Orion">Nifty</keyword> has an 80% probability of closing in the green.</li><li>IIFL Securities expects foreign institutional investors to continue to be net buyers in the coming months as India continues to be an attractive investment destination.</li><li>Expects the Federal Reserve to reduce the pace of hikes in future, after a lower inflation print for the month of October. </li></ul>The Santa Claus rally has taken many by surprise, but research done by IIFL Securities shows that December, on an average, has given monthly returns of 3.2%. After selling India heavily to recover some of the losses made in China and Russia, foreign institutional investors are back as the new year is expected to see many developed economies slip into recession. Even though the Nifty at a multiple of 19.5x offers little upside, R Venkataraman, chairman of IIFL Securities, tells Malini Bhupta that India’s relatively superior investability will keep multiple premiums intact. Edited Excerpts: <cmsannotation type="cmsannotation" annotationid="As markets continue to hit new highs, what is the outlook for the rest of 2022?" comment="subhead" text="As markets continue to hit new highs, what is the outlook for the rest of 2022?">As markets continue to hit new highs, what is the outlook for the rest of 2022?</cmsannotation> Nifty has seen a sharp rally of ~13% since the beginning of October. The return seasonality trend of the last 20 years for the month of December based on empirical evidence shows that Nifty has an 80% probability of closing in the green. In this study, we also found that December has also given the highest average monthly gains of ~3.2%. Thus, we expect Nifty to end the December series on a positive note and even reach a target of 18,900-19,000. <cmsannotation type="cmsannotation" annotationid="Are foreign institutions back in India?" comment="subhead" text="Are foreign institutions back in India?">Are foreign institutions back in India?</cmsannotation> As we have been mentioning earlier, going back as early as July, FIIs (foreign institutional investors) &amp; FPIs (foreign portfolio investors) had been selling in India only due to them suffering huge losses in countries like Russia and China. FIIs have, since August, made a comeback in India and have invested ₹26,000 crore in the cash market. Even their speculative long positions in the index futures are significantly higher compared to their historical average. As India continues to be the largest investable market with other countries like the US and the EU feared to be in recession in 2023, China is under lockdowns and Russia continues to be at war. Thus, we expect the FIIs to continue to be net buyers in the coming months. <cmsannotation type="cmsannotation" annotationid="Many global investment banks have said while India’s long-term fundamentals are intact, near-term valuations are elevated?" comment="subhead" text="Many global investment banks have said while India’s long-term fundamentals are intact, near-term valuations are elevated?">Many global investment banks have said while India’s long-term fundamentals are intact, near-term valuations are elevated?</cmsannotation> Corporate India’s PAT (profit after tax, aggregated over ~31,500 companies, of which 80% are unlisted) has bounced back smartly to levels of ~5% of GDP in FY22 after bottoming out at 1.2% in FY20, following a decade-long profitability erosion phase. Also, a series of reforms/cleanups and inherent growth momentum makes for a favourable Indian growth outlook. However, global growth risks are all too real, given monetary winter setting in, and geopolitics worsening (Ukraine, Taiwan, chip wars), and earnings will see cuts globally. Nifty at 19.5x apparently offers little upside, but India’s relatively superior investability will keep multiple premiums intact. We expect domestic growth stories to outperform. <cmsannotation type="cmsannotation" annotationid="What about the Federal Reserve’s rate hike momentum? Do you see it slowing down?" comment="subhead" text="What about the Federal Reserve’s rate hike momentum? Do you see it slowing down?">What about the Federal Reserve’s rate hike momentum? Do you see it slowing down?</cmsannotation> Globally, the interest rate cycle is reaching its peak with the Federal Reserve indicating less aggressive rate hikes going forward. The aggressive rate hike cycle may see moderation, aided by a high base effect leading to inflation print being lower in the next few months. We expect the Fed to reduce the pace of future rate hikes after a lower inflation print for the month of October. <cmsannotation type="cmsannotation" annotationid="Economic growth is estimated to slow down sharply in 2022-23. Will that affect markets?" comment="subhead" text="Economic growth is estimated to slow down sharply in 2022-23. Will that affect markets?">Economic growth is estimated to slow down sharply in 2022-23. Will that affect markets?</cmsannotation> The economic growth is likely to slow down in 2023, due to a higher base effect. This will definitely have an impact on the market, but a long-term investor should look at it as a breather before the next move in the market. Capex cycles are global and to a large extent synchronous with commodity cycles. Global factors such as green energy investing, de-globalisation, and supply chain redundancy requirements can keep commodities and capex strong in the medium term. A capex cycle coupled with the Centre and States’ strong fiscal due to higher tax collection is likely to bode well for an expansionary period in the coming months. <cmsannotation type="cmsannotation" annotationid="What is your forecast for Sensex and Nifty50 in 2023?" comment="subhead" text="What is your forecast for Sensex and Nifty50 in 2023?">What is your forecast for <keyword id="6484188" type="General" weightage="20" keywordseo="sensex" source="Orion">Sensex</keyword> and <keyword id="2931774" type="General" weightage="20" keywordseo="nifty50" source="Orion">Nifty50</keyword> in 2023?</cmsannotation> Nifty50 is currently trading at a 1-y forward PE multiple of 22.4x and is now approaching the 1 Standard deviation from its mean of 18.9. If we cap the multiple near the +1SD of ~24x, we can expect Nifty to hit 20,000. However, an extraordinary upside is likely to be difficult as we have seen during the 2017 to 2020 phase that when the index approached the +1SD levels, the Nifty traded in a broad range with moderate returns. We expect the Nifty to continue to trade with a positive bias, but extraordinary returns are likely to be difficult. <cmsannotation type="cmsannotation" annotationid="What sectors appear suited to cope with the slowdown?" comment="subhead" text="What sectors appear suited to cope with the slowdown?">What sectors appear suited to cope with the slowdown?</cmsannotation> Listed developers seem to be on track to report 15-20% YoY pre-sales growth for FY23, based on the strong momentum in 2Q and 1HFY23. Developers have been able to largely pass on the input cost inflation; collections and OCF (operating cash flow) margins were healthy in 2Q. Net debt was flat QoQ, while borrowing costs went up marginally. Developers have, so far, not witnessed any meaningful impact on demand due to rising mortgage rates, though it remains the single most prominent concern among investors. We prefer real estate developers with high finished unsold inventories, high margins, and low leverage. <cmsannotation type="cmsannotation" annotationid="Financials have emerged as stars of Q2, do you expect the rally in bank stocks to continue?" comment="subhead" text="Financials have emerged as stars of Q2, do you expect the rally in bank stocks to continue?">Financials have emerged as stars of Q2, do you expect the rally in bank stocks to continue?</cmsannotation> Financial companies’ (banking, asset financiers, securities, MFs, diversified – listed &amp; unlisted) PAT as % of GDP was stable through the cycle at 1.3%-1.5% from FY06-15. During this period, corporate debt/GDP rose from 25% in FY05 to 41% in FY13 and stayed there for 3 yrs, before a deleveraging cycle in the last 5 years brought it back to ~32% (FY21). For the listed financials, provision and write-offs as % of PPOP (pre-provision operating profit) increased from 44% in FY15 to 102% in 2018-19. It has fallen back to ~47% in 2021-22 and accordingly, the PAT/GDP has risen again to 1.2% currently, from being negligible in 2017-18 and 2018-19. With most of the banking clean-up behind us, prospects of re-leveraging by non-finance companies coupled with rising rates should increase banking sector profitability going forward. <cmsannotation type="cmsannotation" annotationid="What about slow deposit growth? Is that likely to impair credit off take?" comment="subhead" text="What about slow deposit growth? Is that likely to impair credit off take?">What about slow deposit growth? Is that likely to impair credit off take?</cmsannotation> Yes. Slow deposit growth has been a concern. Credit growth has been robust, growing at 18%, while deposit growth has been in single digits, amidst the tightening of liquidity. The primary reason for this is that the loans linked to repo rates have increased by 190 basis points on par with the current rate hike cycle, but the deposit rates haven’t gone up. Hence, although the deposit growth has improved Q-o-Q, on a Y-o-Y basis, (it) has remained moderate. We expect chase for deposits is likely to intensify in the coming quarters. <cmsannotation type="cmsannotation" annotationid="What are the next triggers for the market?" comment="subhead" text="What are the next triggers for the market?">What are the next triggers for the market?</cmsannotation> We feel optimistic that in the coming years, the PAT/GDP ratio will comfortably breach its previous peak in FY08 of 7.2%, given that 1) we have yet to see any operating leverage begin to play out since GDP (in real terms) has just about reached FY20 levels 2) services sector has emerged stronger with one-off hits like telecom AGR (adjusted gross revenue) behind, and e-commerce having taken flight 3) banks and NBFCs have seen a substantial cleaning up of NPAs (non-performing assets), are governed by a much stronger regulatory framework, and are substantially better capitalised than 3 years ago 4) corporate debt/GDP has fallen from 41% to 32% in the last 9 years thanks to chronic underinvestment 5) policy environment is supportive with the government having cut corporate taxes, introduced PLI (production-linked incentive) schemes and driven up tax collections, etc. and 6) other domestic clean-up/speed bumps like GST/RERA, Covid are behind us. These factors can drive a strong domestic growth cycle. <cmsannotation type="cmsannotation" annotationid="Should RBI go slow on rate hikes now?" comment="subhead" text="Should RBI go slow on rate hikes now?">Should RBI go slow on rate hikes now?</cmsannotation> Yes. RBI is likely to opt for a 35bps hike in the December policy meeting, after three consecutive 50bps hikes. Post the 35bps hike, we expect the benchmark to be raised by 25bps in Feb, which is likely to mark the end of the current rate hike cycle. The RBI wants to restrict the inflation figure within its tolerance limit. We saw the inflation cooling down in October and the Manufacturing PMI hitting a 3-month high as a result of lower inflation. Hence, we expect the RBI not to overdo the rate hike and wait for the impact of the hikes to be seen for a few months, thus avoiding a slowdown of the economy. SEE ALSO <a href="https://www.businessinsider.in/business/startups/news/jio-haptik-aims-to-turn-profitable-before-listing/articleshow/95975823.cms">With an eye on listing in the future, Jio Haptik trains guns on growth &amp; profitability</a> <a href="https://www.businessinsider.in/finance/banks/article/its-not-just-mercedes-even-bank-deposits-are-competing-with-equities/articleshow/95879457.cms">It’s not just Mercedes, even bank deposits are competing with equities</a>

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Sustainability forum: Shifting gears — ‘EV’aluating the road to sustainable mobility

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Base case for Nifty50 by Dec 2024 is 23,000, says Pranav Haridasan of Axis Securities

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India is a prime spot for all bulge bracket PEs, says Bank of America's Debasish Purohit

Malini Bhupta

Anupam Mittal hits out at Google — 'Tech bullies need one arm chopped off in the form of penalties'

Malini Bhupta

Earnings to remain volatile in FY24, but some sectors will benefit from lower energy prices, says Aditya Birla Sun Life MF’s CEO A Balasubramanian

Malini Bhupta

The deadly 3G of Indian equities – FPIs will have to pay double the price to join party again, says Nilesh Shah of Kotak AMC

Malini Bhupta

Expect Nifty to end the December series on a positive note, reach a target of 18,900-19,000, says R Venkataraman of IIFL Securities

Malini Bhupta

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