The Indian markets are not cheap, and it seems certain that growth is going to slow in India, Global Equity Strategist, Christopher Wood told in an interview. He however, said that Indian real estate is the top investment idea for next five years.
Key highlights of the conversation:
Top investment idea for next five years is Indian real estate sector.
Indian markets not cheap; seems certain that growth is going to slow in India.
U.S. tax reform and not economic growth is the key driver for world equity markets going ahead.
Oil remains the biggest concern for India over the next one year.
Material risk of oil moving significantly higher over the next one year.
Believe there is huge opportunity in property space in the long term.
Demonetisation, RERA and liquidity-led triple whammy presents an investment-opportunity for Indian realty.
Base case of U.S.-China Trade deal happening, will lead to market rally.
Not out of the risk aversion phase due to U.S. tightening scenario.
Kotak Mahindra Bank Gains After Block Deal
Shares of the Uday Kotak-led private sector lender rose as much as 1.81 percent to Rs 1,150.30 after 1.27 crore shares changed hands in a block deal on the National Stock Exchange at Rs 1,130 per share in pre-market session.
BloombergQuint had reported yesterday that Kotak Mahindra Bank is likely to see block deals as ING Group had plans to sell its remaining stake in the bank worth about $1 billion.
PC Jeweller Falls Most In 4 Months On Cut In Export Sales Target
Shares of the Delhi-based jewellery retailer fell as much as 19.19 percent to Rs 69.90 after the company cut its export sales target to Rs 2,000 crore in the financial year ending March 2019, compared with Rs 2,700 crore in FY18.
“The export business is a credit based business and the company wants to rationalize exports business as the credit availability is getting squeezed,” the company said in a statement on Thursday.
Yes Bank Falls After Chairman Ashok Chawla Steps Down
Shares of the Mumbai-based private sector lender fell as much as 6.68 percent to Rs 207.55 after its Chairman Ashok Chawla stepped down with the immediate effect.
Chawla had been non-executive, independent, part-time chairman of the bank since Oct. 30, 2016. He has been on the board of the bank since March 2016.
In its statement, the bank said that Chawla was stepping down as the bank would need a chairman who can devote more time to the lender during the upcoming management transition.
Rana Kapoor, chief executive officer of the bank, is set to step down by the end of January after the RBI declined him a third term.
Grasim Industries Slumps Most In Two Years On Reporting Surprise Loss In Q2
The shares of the Madhya Pradesh-based Aditya Birla Group company fell as much as 9.09 percent, the most in two years, to Rs 796.70 after it reported surprise loss in second quarter of current financial year after paying a one-time non-cash exceptional item worth Rs 2,003 crore.
Net loss stood at Rs 1,446 crore in the July-September period versus the company’s Rs 525 crore profit in the year-ago period, the Aditya Birla-group said in an exchange filing.
The exceptional loss is linked to the Vodafone-Idea merger, creating India’s largest telecommunications company. Vodafone Idea Ltd. ceased to be an associate of the company from Aug. 31, which led to Grasim excluding it as a part of its profit after tax.
Segmental Breakup (Year-on-Year)
Chemical business revenue rose 38 percent to Rs 1,612 crore.
Better realisation, higher sales volume led to 60 percent growth in Ebitda of the chemical business to Rs 456 crore.
UltraTech Cement registered revenue of Rs 8,151 crore, a 20 percent rise.
Cement sales volume grew 18 percent to 16.6 million tonnes per annum.