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03

May,2021

Karvy KSTREET - 139

Will FY21 be the year of equities?

Every investor wants to invest in the best investment options in such a way that he can achieve maximum return with minimal risk in a given tenure. The investment options that you choose should depend on your risk appetite, investment horizon, financial goals, investment objective, and liquidity needs. Historically, retail investors in India were exposed to very limited options including gold, real estate, equities, mutual funds, and fixed income products like bank FDs. Public Provident Fund (PPF), and Bank RDs. With the passage of time, thanks to financial engineering, investors today have a wide range of investment options including exchange-traded funds (ETFs), real estate investment trusts (REITs), and sovereign gold bonds. Given low financial literacy levels, a large section of the public switch in between fixed income products and equities depending on the euphoria in the markets Now that stock markets are at all-time highs and fixed deposit (FD) and recurring deposit (RD) interest rates are at low levels, it is advisable for investors to focus on equities. Because of declining returns, fixed income assets have become unprofitable and unattractive for risk[1]averse investors and retired employees - who rely on such products to get a steady income. In an environment of high inflation, such low returns on capital tend to undermine capital and thus the aces dwindle. Although volatility is consistent and unavoidable in equities, in this scenario equities can be considered as investment options provided investors tread carefully." href="http://content.karvyonline.com/contents/Content_20215217248.pdf">Read More

26

Apr,2021

Karvy KSTREET - 138

Will FY21 be the year of equities?

Every investor wants to invest in the best investment options in such a way that he can achieve maximum return with minimal risk in a given tenure. The investment options that you choose should depend on your risk appetite, investment horizon, financial goals, investment objective, and liquidity needs. Historically, retail investors in India were exposed to very limited options including gold, real estate, equities, mutual funds, and fixed income products like bank FDs. Public Provident Fund (PPF), and Bank RDs. With the passage of time, thanks to financial engineering, investors today have a wide range of investment options including exchange-traded funds (ETFs), real estate investment trusts (REITs), and sovereign gold bonds. Given low financial literacy levels, a large section of the public switch in between fixed income products and equities depending on the euphoria in the markets Now that stock markets are at all-time highs and fixed deposit (FD) and recurring deposit (RD) interest rates are at low levels, it is advisable for investors to focus on equities. Because of declining returns, fixed income assets have become unprofitable and unattractive for risk[1]averse investors and retired employees - who rely on such products to get a steady income. In an environment of high inflation, such low returns on capital tend to undermine capital and thus the aces dwindle. Although volatility is consistent and unavoidable in equities, in this scenario equities can be considered as investment options provided investors tread carefully." href="http://content.karvyonline.com/contents/Content_2021425134442.pdf">Read More

19

Apr,2021

12

Apr,2021

Karvy KSTREET - 136

FY21 Auto Volumes

Dent not as deep as expected Finally, the FY2021 has come to an end for the auto industry. The fiscal was unprecedented and memorable for many reasons, be it supply shortages or near zero growth for couple of months due to the pandemic and consequent lockdown. The year was challenging for the industry and has taken it back to more than 5 years. However, some players have ended the fiscal on a positive note for variety of reasons. The dent has been much lighter than expected at the start of the fiscal. This was possible due to factors including a) low base effect b) easy finance and low interest rates c) preference to personal mobility over public transport due to the pandemic and d)launch of new models increasing the range of new and affordable models across the segments. When it comes to March monthly volumes, all the segments reported robust growth due to base effect. The notable fact is that CVs continued to post growth in volumes.All the PV makers reported robust volume growth for the month of March 2021 on account of low base. Key notable trend is that the growth in SUV segment has continued to remain higher due to increased demand led by launch of new models and availability of easy finance. India’s largest car maker Maruti Suzuki reported a growth of 99% during the month of March 2021. YoY, Maruti’s sales growth was 1.5%. Maruti has been reporting high volume growth in the past few months driven by high growth in SUVs. For Maruti, growth has been due to demand for its successful models and preference for personal mobility, its sales volumes for mini segment is much higher than March 2019 units.

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22

Mar,2021

Karvy KSTREET - 133

Vehicle Scrappage Policy – A booster dose?

India’s automobile industry has several long-pending demands which have not been met despite being among largest providers of employment in the country. However, the government on Mat 18 announced vehicle scrappage policy, which has been a long -pending demand from the industry. While the vehicle scrappage policy has been in the works for long, it has been finally announced. As per the policy the fitness of the vehicle will be determined based on emission tests, braking, safety, equipment and many other tests as per the Central Motor Vehicles Rules, 1989. The government currently lacks basic infrastructure in the form of registered vehicle scrappging centres and automated fitness centres and it is encouraging setting up of such infrastructure through PPP model.Rules for fitness tests and scrapping centres would be applicable from Oct 1 2021 and scrapping of government and PSU vehicles which are older than 15 years would come into effect from April 1 2022. The mandatory fitness testing for HCVs would come into force from April 1 2023 and the same will be in place in phased manner for other categories from June 1 2024. The government with an object to encourage owners of age-old vehicles to dump the vehicles and discourage them to go for re-registration has increased the re-registration fees for vehicles older than 15 years. Such vehicles should be de-registered and scrapped and declared ‘End of Life Vehicle’ in case such vehicles fail to get fitness certificate.

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14

Dec,2020

Karvy KSTREET - 119

Credit offtake continues to decelerate

Credit offtake in the economy continues to remain subdued despite availability of ample liquidity with banks. YTD gross bank credit growth continues to remain in negative territory as Q1 was affected due to lockdown and the next two quarters were lost in transition. YTD bank credit grew at -0.5% vs. 0.7% during previous fiscal. Active credit markets due to record low bond yields also contributed to this de-growth. This is further evident in declining share of industry credit in total outstanding credit, which has further come down to 30% from 32% in October 2019. Credit growth for October month slowed down to 5.5% vs 8.4% during Oct 2019. Credit growth continued to hover around 5.5% to 6.0% levels for the third consecutive month in this fiscal. Despite transition of RBI rate cuts by banks, credit growth is yet to pick up. Banks continue to remain selective in extending loans as they continue to conserve capital to absorb unexpected additional stress due to covid and uncertainties created by regulatory dispensation and Supreme Court injunction. We continue to believe that going forward credit growth continues to remain subdued around these levels as banks continue to remain risk averse till clarity emerges on asset quality picture. We expect banks would continue to adopt selective approach by focusing on AAA rated corporate clients and top quality retail customer base even if it means sacrificing yields as declining cost of funds across the board would help them to offset it.

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