• Union Budget 2017: Push for consumption, a more transparent India and a brave front for global protectionism
    May 23, 2017,Ashok Wadhwa, Group CEO, Ambit
    On the heels of declining growth rate and disruption due to demonetization, the finance minister has provided for a balanced budget. This is one amongst the least volatile budgets that we have had. Both the benchmark indices remained flat throughout the speech of the finance minister which has been largely unprecedented.
  • Palliatives for dodgy state level data
    May 23, 2017,Saurabh Mukherjea, Chief Executive Officer - Ambit Capital
    India’s Central Statistics Office (CSO) has been churning out some very counterintuitive data over the past two years. For example, according to CSO data, GDP growth ‘accelerated’ in FY16 vs FY15. However, this makes little sense as the majority of real economy indicators (eg. non-oil bank credit, coal production, passenger vehicle production, Government revenue expenditure) decelerated in FY16.
  • The decadal drop in India’s RoE
    May 23, 2017,Saurabh Mukherjea, Chief Executive Officer - Ambit Capital
    Even as India is marked out as a ‘bright spot’ in the global economy, India’s RoE has actually been declining since FY07. After attaining a peak of 24 per cent in FY07, the Sensex’s RoE declined rapidly to 17 per cent in FY10. Post FY10, the Sensex’s RoE briefly improved to 19 per cent in FY12 after which the slide continued to its current level of 14 per cent. RoE for a broader measure of the market, i.e. the BSE100, has also been trending downwards after attaining a peak of 23 per cent in FY07.

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