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In summary: higher consumer savings will be a positive for domestic recovery, in particular FMCG (fast moving consumer goods), which in turn will boost corporate profits other positive earnings came from Private banking, NBFC and IT sectors expect a 15-18% GDP growth in earnings for next year believes that as the economy rebounds, the cyclical sectors, especially banking and autos will benefit banking sector will…
In an effort to reduce gold imports and prevent the drain of foreign currency used to acquire gold, India is planning to introduce a Sovereign Gold Bond as an alternative to purchasing gold. The government also plans to offer Indians who currently hold gold the option to monetize their holdings through an interest bearing gold monetization program. While details of the plan have not yet…
China’s Central Bank, the Peoples Bank of China (PBOC), cut its benchmark deposit and loan interest rates by 25 basis points, effective March 1, 2015 the second cut in less than three months. China previously cut interest rates, also by 25 basis points, on November 21, 2014 in a move that caught the market by surprise. As a result of the cuts, the benchmark one-year…
Good balance of fiscal discipline and targeted spending to benefit equity markets The Modi administration's first annual budget, presented on February 28th, reaffirmed the government's commitment to maintain aggressive pro-growth and development policies, enabling India to remain on the path to become fastest growing economy in the world. The budget forecasts that the economy will grow by 8% - 8.5% in Fiscal 2016, compared to…
A very positive and a growth-oriented budget with a strong focus on infrastructure development, with a secondary emphasis on manufacturing, in order to build the nation. India Budget Fiscal 2016 Excel Investment Counsel Inc. A very positive and a growth-oriented budget with a strong focus on infrastructure development, with a secondary emphasis on manufacturing, in order to build the nation. Economy seen growing 8%-8.5% in…
Quick summary of the points made by JP Morgan’s Adrian Mowatt India offers the prospect of accelerating earnings growth with low inflation. It is a growth-oriented market and the medium-term outlook is attractive. Indian government debt has the potential for an upward re-rating with the prospect of accelerating earnings growth. The re-rating drivers mainly are the high GDP growth expectations, low inflation rates combined with…
Indian companies are expected to issue more corporate bonds in 2015 and are projected to surpass 2013 and 2014 levels, with a number of new issuers entering the market space.   According to Thomson Reuters data, Indian firms have raised US$5.40 billion* through short and long-term corporate debt in a little over a month and a half this year and are well on their way…
India's foreign exchange reserves have hit a new high, rising by approximately US$2.956 billion to USD 333.169 billion** in the week of February 13th, 2015, with the help of healthy increases in foreign currency assets. In the previous week, the reserves had increased by US$2.329 billion to USD 330.213 billion.** According to analysts, India now has foreign reserves to cover its import bill for almost…
India’s Fiscal 2016 budget, to be presented on February 28th, 2015, is being regarded as the most important budget for its stock market since the early 1990s when the country first embarked on its economic liberalization program. Given that this is the country’s first full-year budget under the Modi administration, investors will be using it as a gauge to measure the government’s reform momentum. As…
Emerging markets play a large role on the global economic stage Improve your portfolio performance with Emerging Markets! Why Indian stocks keep soaring as optimism surges over the country’s growth potential EXCEL INDIA FUND Reforms can go a long way in boosting the equity values of two of the world’s fastest growing consumer markets - India and China EXCEL CHINDIA FUND Emerging market bonds is…
While companies in developed countries continue to focus on rationalizing costs, Korean conglomerates plan to spend 34.4 trillion won (USD31 billion) building new plants and expanding capacity domestically in 2015.  The largest investment will be Samsung Electronics building a new semiconductor production line in Pyeongtaek for 15.6 trillion won. This capital spending will be positive for job creation and income growth in Korea. http://english.hankyung.com/news/apps/news.view?c1=04&nkey=201502121753311  …
In a recent interview in “Les Affaires”, Sergei Strigo, portfolio manager of the Excel High Income Fund, discusses his preference for emerging market bonds denominated in US dollars and Euros because of the attractive yields.  One of his preferred regions is Eastern Europe. Within Eastern Europe, Sergei discusses owning Russian bonds, which are very attractively priced, because the Russian government actually has very strong foreign…

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