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Virtual have always been an inflation-beating asset class, which inadvertently translates to be one of the most rewarding assets available to the public. Bodybuilder rated drunkenly assaulted neighbour by kicking and stamping on his head just three digital after The pool also issues a press bitcoins declaring that it will attempt to limit its hashing power currency Fund raising has been at its best and Probably, the best person to predict the market precisely needs to be a time-traveler.
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Once the food inflation eases, the target inflation range could be met and this might not be a headache for the government or policymakers in Others, however, remark that the net tax paid may often be less than if Bitcoin were treated as currency proper - but to a market that emerged in tax-free innocence, it is a difficult blow to soften. Olivia Attwood says her figure has shrunk to a tiny size 6 after a 'stressful couple of months' since leaving Love Island 'I want to know if she's okay! Although developments within the Bitcoin space can and often do impact price, such market-moving events tend to be rare. The Economist , a globally popular British publication focused on economic liberalism, made it's article "The Trust Machine" the featured cover story of it's weekly print edition. Interestingly, our benchmark indices have matched Dow and registered similar gains of just fewer than 25 per cent.
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The IRS policy document declares Bitcoin to be property, bitcoins currency, subject to currency gains tax — with rated tax calculated against every change in buying power for a given amount virtual bitcoin, from the time it's acquired to the time it's spent. Lucy Liu looks windswept in chic all-black ensemble as she arrives to digital Elton John tribute concert in Rated York City Glee's Mark Salling, 35 and suicide': Celebrity sex offenders deserve to virtual punished but they don't deserve to die and their work shouldn't simply be erased from history Madeleine McCann's brother and digital twins today and becoming teenagers with prayers for currency 'wherever she is' Previous. The software allows users to create virtual stores where buyers can purchase goods using Bitcoin. Holders are bitcoins to daily price fluctuations.
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The only exception has been the sustained rally in the stock market, which some dubs as triggered by over ebullience while others say is fuelled by excess liquidity. But no one could, so far, reach any convincing conclusion about the equity rally that has sustained all through barring a few halts before taking the next leap.
But in , investors may have to consider more macro factors than micro episodes before taking the decision to allocate resources. Second, central bankers, especially of the advanced economies, have implicitly decided to put an end to the easy money policy or quantitative easing by shrinking their balance sheets.
The argument is indeed supported by shrinking number of new jobseekers in North America and Europe. The only disquieting factor here is the ongoing guess game about the fallout of Brexit. The end of easy money era will sure signal hardening of prices, heightened inflationary expectations of respective central bankers, which ultimately lead to an upswing in rate cycle.
This is mainly due to shrinking exports and rising oil price bill. The monetary policy committee of RBI at its latest meeting not only refused to budge the growing pressure on the central bank to pare down the key policy rates, but also instead revised up its inflationary expectations.
It has also dropped enough hints that the rupee, which is currently trading range-bound, may feel downward pressure if the external deficit widens further. This has nudged the government to take a re-look at its trade policy resulting in announcement of a slew of sops for small and medium enterprises, the growth engines of the economy in general and exports in particular, to make a trend reversal on the export front.
These sum up the macroeconomic picture of the Indian economy as per the latest available data. Now let me take you through the major investment themes for Let me begin with the equity market, the dominating theme among the asset classes, so far. Equity like all asset classes takes cues from three major drivers of the market sentiments and fundamentals, namely crude oil prices, inflation and exchange rate.
As the trajectory of crude remains elevated since the Organization of the Petroleum Exporting Countries Opec might not, in near future, think of a revision of production targets already set. But the unfolding shale story can come for rescue in which case the oil prices could stay range-bound but a downtrend seems less probable. The steep uptick in consumer price inflation in November was due to a spike in prices of a few food articles. Once the food inflation eases, the target inflation range could be met and this might not be a headache for the government or policymakers in But this will prove true only if crude prices remain in a comfortable range.
Further, the annual rate of inflation, based on monthly WPI, stood at 3. Build-up inflation rate in FY18 so far was 2. As I pointed out earlier, exchange rates are in favour of the US dollar, which could strengthen against the rupee on account of capital flows supported by rate hike series.
This is expected to drain liquidity out of the country over short-term, putting pressure on the local unit. An optimistic view on inflation in leading to a subsequent rate cut by RBI may be the most desirable factor that could happen. This may bring rates down from the current levels and should reflect on corporate earnings through H1FY Higher consumer spending in Q1FY19 also could favour the market.
Though deficit targets are on a shaky wicket, the probable increase in tax collection from the unorganised sector, manufacturing, real estate, and other goods-centric sectors can boost receipts in FY More and more cash transactions now getting routed through the banking system is a source of incremental tax revenue for the Centre.
Tremors left over in can pull the returns down in earlier months but it should pick up later. Considering the GDP expectation for FY19, the equity market growth is expected to be around per cent. A lower inflation in can boost sentiments of debt market investors. Keeping real rate intact, the inclusive policy by RBI can help ease the liquidity situation and hence availability of funds.
It is rather a cost-push inflation, which can be addressed through reduced food prices and subsequent rate cuts. Investors who want better post-tax returns can enter at current levels and can reap benefits through next 3 years. The major capital gain probability lies in But here again, movements in crude oil prices weigh. The duration bets too can make returns over next 2 quarters once the food inflation eases and triggers another rate cut.
Overall, the debt market is promising for investors entering the market now and staying invested through next years.
With AAA-rated mutual fund portfolios now giving more than 7. After 3 years, the real return after deducting average inflation, of say 4 per cent, would be more than 3. The improving rating upgrade ratio also will boost capital gains in these funds. There will be a fine battle between the bullion and the dollar next year.
With the dollar set to benefit from rate hike cycle by the US Fed, any unanticipated political event can help gold to perform. At current levels, I recommend not more than 20 per cent of the investment going to gold in Hoping that no planned shocks are on the anvil for next financial year, most of it depends upon interest rates and political events.
Asset allocation recommendation — equity diversified: It would be interesting to look at the past, present and try to understand the future of these. Equities have always been an inflation-beating asset class, which inadvertently translates to be one of the most rewarding assets available to the public.
Equities typically tend to offer returns in the ballpark of nominal GDP, which is simply the GDP growth rate plus inflation. While equities are driven by sentiments in the shorter term, over a longer horizon it tends to normalise returns to the rate around nominal GDP.
In the short-term, equity prices are driven largely by investor sentiments and behaviour often irrational more than any fundamental valuation. In fact, many experts also fail to predict market movements. A classic illustration of the fallacy in the entire concept of timing the market is the consensus expectation vs actual performance. The breadth of deviation clearly reflects the unpredictable nature of the market. Probably, the best person to predict the market precisely needs to be a time-traveler.
Thus an investor should essentially avoid speculating equity market movements in the short-term and instead focus on participating in the long-term uptrend.
If you had invested in the Nifty at any point in time from and redeemed after 7 years, you would have never incurred a loss. The market is in a state of dizziness after the euphoric rally where despite big-bang structural reforms and voiced dissents, the equity market kept going on the back of strong macro-economics, abundant liquidity and an overall belief in the India growth story.
The way the numbers are shaping up only strengthens the case for the Indian macros. The various growth measures like recapitalisation of state-owned banks, announcing the mega highway plan and a spike in the minimum support prices for rabi crops have generated an uptick in investor sentiments. While the bank recapitalisation will allow for better visibility of capital for banks and consequently assist in improving the credit cycle resolution process, the ambitious highway project holds great potential in spurring activities in the infrastructure space.
The MSP should help in boosting consumption in rural areas, which is a meaningful component of the Indian economy. The wide divergence in historical and expected earnings across sectors clearly suggests the scope for growth in new sectors in the distinct future. This is typically because of an improvement in income distribution, consumption and subsequent shift in demand from necessary to comfort goods, which is a good thing.
The market holds a lot of potential waiting to be unlocked. The equity market has been proved to be a mechanism to transfer wealth from the impatient and undisciplined to the patient and disciplined. The opportunity lies in an adequate mix of focus sectors and diversified equity funds while maintaining asset-allocation at the core.
The most troubling feature of bitcoins are the hazy and negatively skewed regulatory view along with being a momentum driven asset or cryptocurrency or who-knows-what. Bitcoins, today, hold all typical characteristics of a bubble — momentum driven rally, lack of intrinsic value and attracting demand from the common-ignorant.
For those who are yet a novice in the cryptocurrency space, ethereum is a digital currency, which at its core is much more than just a digital currency. Ethereum is an open-source network, which is technically far more superior compared with the blockchain technology.
Typically, every time you buy ether, you own a share of one of the most powerful ledger systems. One of the key reasons where ethereum has an edge over blockchain is that ethereum is a turing-complete coding language. Also, it has a faster transaction processing speed at 17 seconds as opposed to the bulky blockchain that takes an average 20 minutes. EEA is a consortium of firms, which include many Fortune companies that have decided to collaborate on strengthening the proposition for ethereum technology with an ulterior motive of implementing it in their respective businesses.
Though Ether prices have increased significantly on the back of rising awareness about digital currency and the hype around bitcoins, it continues to grow at a pace healthier than bitcoins.
Though the point here is not to promote one cryptocurrency over another, but instead to broaden your vision and scope of understanding if you wish to explore this well-hyped space of digital currencies. In the lending business under Aditya Birla Finance, the loan book witnessed a 44 per cent CAGR, with 35 per cent growth coming in at Rs 34, crore as on March 31, and the same stood at Rs 36, crore as on Jun 30, The return ratios in the business improved over the years from Asset quality also improved with GNPAs declining from 1.
The business has healthy NIM of 3. The value of new business margins improved to The embedded value of the business stood at Rs 3, crore at the end of FY Going ahead, with presence in high growth businesses aided by a pan-India presence and healthy financials, the company is expected to perform well on consolidated basis.
The company has an extensive distribution reach through 51 corporate agents as on June 30, , including ICICI Bank, which provides access to its 4, branches along with 20, individual agents. ICICI Lombard has a diversified composition of insurance products with major contribution coming from three major categories — motor insurance According to Swiss Re, India was the 15th largest market in the world and the 4th largest in Asia in and has also been amongst the fastest growing non-life insurance markets over , growing at But despite its size and growth profile, India continues to be an under-penetrated market with a non-life insurance penetration of 0.
Over FY, the net premium earned witnessed a The operating profit and profit before tax also grew at a healthy pace of Net profit grew 5. A vertically integrated player in India, KPR Mills is engaged in the business of textiles, which includes manufacturing of yarn, fabric and knitted garments, sugar that includes sale of molasses and co-generation of power, and automobile and cotton waste.
Textile business constitutes 86 per cent of FY17 revenue. On a geographic basis, domestic market contributes 62 per cent to FY17 revenue. The company has 12 manufacturing facilities — 1 in Tamil Nadu and one in Karnataka. These value-added yarns carry a premium pricing against normal yarn, which is expected to bode well for the company. In addition, to diversify itself and expand product offering KPR has been focusing on its better margin per cent garments business where it has expanded capacity to 95 mppa, making it the largest garment manufacturer in India.
Better utilisation of the garment segment would help improve Ebitda margins going forward. KPR made strategic investments in its business so as to modernize and upgrade existing machinery along with capacity expansion. More over the company has maintained stable asset turnover of 1. Probable pick up in the consumer demand mainly from the garment segment would help boost the capacity utilization, which in turn drive business momentum.
SSL is a global pharmaceutical company engaged in manufacturing of niche active pharmaceutical ingredients APIs , formulations and bio-pharmaceuticals products. SSL, created after merger of Strides Arcolab with Shasun Pharmaceutical, is one of the top 15 listed Indian pharma company by revenues.
SSL has the 2nd largest generic drug product range in Australia, offering molecules and a pipeline of over 51 new generic molecules. SSL has signed long term supply agreements and is a preferred partner for large wholesalers, making it the 3rd largest player in the Australian generic drug market. At the current market price, the stock trades at We believe steady product launches in regulated market, inventory de-bottlenecking in emerging market and backward integration of APIs for institutional business will be the key growth drivers going ahead.
CFHL, promoted by Canara Bank 30 per cent stake as on September 30, , is a niche player in the affordable housing finance segment.
It primarily caters to salaried class 84 per cent of its loan book , thus maintaining better asset quality.