Research

  • White Paper on Indian Non-Banking Finance Companies (NBFCs)

    NBFCs – The Next Frontier For decades, India has been a bastion of potential opportunity for investors: an emerging economy with an educated, English-speaking labor force; a rapidly growing value-added service and manufacturing center and, from an investing perspective, a vast and growing middle class of earners that has been a target for companies from

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  • Indian Currency Outperformance

    Indian Currency – Sustaining Outperformance! Continuing on from our last note “Indian Currency – Outperformance will sustain”, the Indian Rupee (INR) has remained stable against major global currencies on account of an improvement in macro-economic variables. Over the past year the US dollar (USD) has appreciated against all major global currencies. At the same time

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  • Indian Currency Outperformance

    Indian Currency – Outperformance will sustain! Indian Rupee (INR) has appreciated against major global currencies. Most of the global currencies have depreciated in the last one year against US dollar during the ongoing dollar rally, whereas INR has appreciated against US dollar (see table 1 below). This is a stark improvement as compared to the

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  • Indian Macros – Crouching Tiger

    Indian Macros – Crouching Tiger! Indian macros have reached a point where they look like a crouching tiger ready to jump and sprint. However, for economic energy to attain velocity, from the motionless state of the last few years, the Indian government will have to provide the stimulus in the form of structural reforms to

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  • Indian Macros – Final Inflexion Point

    Necessity is the mother of Invention! In continuation of our previous notes dates 30th November 2012 titled, “Indian macros–At an inflection point “part two and October 2011 titled, “Indian macros–At an inflection point” part one, where we talked about how the performance of the Indian economy has suffered in recent years. How rate of growth of the

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  • Indian Currency in a New Territory – Part Two

    Indian Currency in a New Territory – Part Two In reference to our research dated June 2012, amid high global volatility, Indian Rupee (INR) has been under relentless selling pressure we will highlight our views on the reason leading to fall in the currency and its implications in this note. The fall in the INR in

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  • Indian Macros – At an Inflection Point – Part Two

    In continuation of our previous note in early October titled, “Indian macros–At an inflection point”, this note is to update investors on the latest macro-economic developments. After remaining comatose for almost two years, the Government of India announced several long awaited economic measures and reforms in mid-September, such as diesel price hike, much anticipated divestments

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  • India Inflection Point

    After almost two years of a near policy inertia, policy logjam has broken in India. The government of India announced several long awaited reforms like fuel price measures including diesel price hike, FDI in many sectors including retail, Divestments in four Public Sector Undertakings (PSUs). We think these reforms are now irreversible given the changed political scenario.

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