Enam's Manish Chokhani has an interesting thesis for India investing: If you disaggregate India into three buckets, there is a 2% of India which is like Australia and has one-third of GDP; there is a 20% of India which is like the Philippines and has another one-third of the GDP, and then there is an 80% of India which is like sub-Saharan Africa and has the remaining one-third of GDP. The first 2% can expand 10x to become the 20%, the 20% can expand 4x to become the 80%. And that's how India can get you a crazy growth number
STREET PULSE: Where we stand Asian shares pulled ahead on Thursday with corporate earnings buffeting trading.
Here's what to watch  | SGX Nifty traded 27 points higher at 7 am (IST), signalling buoyancy ahead on Dalal Street. MSCI index for Asia-Pacific shares outside Japan rose 0.2% while Japan's Nikkei gained 0.5% to hit a one-year high. Australian shares climbed 0.5% while South Korea's KOSPI inched 0.4% higher. |
| US stocks edged higher on Wednesday. Dow rose 45.85 points, S&P500 8.53 points and the Nasdaq 15.50 points |
Oil prices dipped amid lingering concerns about a weak demand outlook, after surging more than 2% in the previous session. Brent crude futures fell 39 cents, or 0.6%, to $60.78 a barrel, while WTI crude futures dropped 46 cents to $55.51.
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Good Show… L&T on Wednesday reported strong growth in consolidated profit, sales and order inflows in the second fiscal quarter, which the management referred to as a "contrarian performance" in a challenging economic environment. Analysts said the heavy-lifting done by the engineering giant in a tough economic environment might prompt potential investors to buy into it.
Read More Revival Package... The government has approved a Rs 70,000 crore-plus package for reviving BSNL and MTNL that involves merger of the two state-run telecom operators and a voluntary retirement scheme. The CCEA has approved the revival package that includes raising Rs 15,000 crore via government-guaranteed bonds, allocation of 4G spectrum worth Rs 20,140 crore, and a Rs 38,000 crore asset — mainly land bank — monetisation plan over four years.
Read More | Entry barrier in fuel retailing gone >>> |
| Steep hike in MSP for rabi crops >>> |
Dream Run!... Shares of IRCTC have nearly trebled in less than two weeks of listing as investors continue to take advantage of the attractive pricing and monopolistic nature of business. The stock ended up 6.5% at Rs 900 on Wednesday after touching a high of Rs 909 during the session. Some market participants say a reversal in this bullish momentum may be on the cards for the stock as it has run up "too much, too fast".
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Infy Futures Trade… Sebi is probing an unusual build-up of derivative positions in Infosys before the whistleblower letter alleging unethical practices surfaced last week, said two people familiar with the matter. The regulator will examine whether people with prior knowledge of the matter looked to profit from a fall in the share price sparked by the accusations.
Read More | US law firm files class action suit against Infosys >>> |
DHFL in a Soup... The special audit of DHFL by KPMG has noted the alleged misuse of funds by the stressed home financier beyond specific applications previously approved by its financial lenders. Bankers aware of the contents of the report said the audit exercise found that DHFL disbursed loans and advances to inter-connected entities that appear to be linked to its promoters. Repayments by 28 such entities worth Rs 12,541 crore are not traceable.
Read More Meanwhile...Warren Buffett's second investment in a listed Indian company has hit a rather rough patch, underscoring the challenges of investing in an economy where bonds are yet to become the main corporate borrowing source. The Buffet-owned Berkshire Hathaway recently purchased 6.1 lakh shares of RBL Bank, the price of which has crashed more than 60% and 45% in the past six and three months, recently. Berkshire's first major India investment Paytm has nearly tripled its losses in FY19.
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