Economy Financial News

₹8,600 crore, that are disrupting various sectors and attracting global investors. In 2022, India added 14 new unicorns, taking the total count to 100, ranking third globally behind the US and China. However, unlike their counterparts in other countries, most of these unicorns have not gone public yet, preferring to raise funds from private sources.

Beaming at every turn, North Korean dictator Kim Jong Un toured the jewels of Russia’s military industries in September. A guest of President Vladimir Putin, he gawked at the plant making Su-35 jet fighters, inspected a Russian Navy frigate and examined the Kinzhal missiles at the Vostochny spaceport. Soon thereafter, trainloads of North Korean artillery shells started rolling to Russian troops in Ukraine—by American calculations, as many as one million munitions, or roughly three times what European nations had been able to supply in a whole year.

South Asian nation, according to a report by Bloomberg. Hironori Kamezawa, the CEO of the bank, expressed confidence in India's economic growth, stating, "For India, economic growth is not something that will be a challenge; it's a sure thing," as quoted by the Bloomberg report.

At a time when major economies globally are facing growth headwinds, India is in a sweet spot, and foreign investors are looking to India for their growth portfolios, says Rajesh Bhatia, chief investment officer at ITI Mutual Fund. The key industries beckoning foreign investors in India in 2024 include healthcare and insurance, fintech, renewable energy, automobiles, real estate and infrastructure, among many others, Bhatia said in an interview with ETMarkets. “These have all been on a hot streak in 2023, as foreign direct investment (FDI) policies have relaxed in recent years, and production-linked incentive (PLI) schemes have promoted industry-wise capacity building,” he said. Edited excerpts: How has the year 2023 largely been for the funds managed by you? If we look at the financial year, then FY23 was a flat year for the indices. However, it was also a “stock-pickers” market, meaning analysts who could diligently assess the prospects of individual companies and businesses, did better.

new-age companies that use technology to do things differently and better, and a soaring stock market. The latest ET 500 rankings, the definitive list of the biggest publicly traded companies operating in the world’s fastest-growing economy, reflect the changing face of India Inc. At the aggregate level, the incumbent companies show manageable debt and improving ability to service it, adequate equity and healthy top-line and bottomline growth.

“We continue to champion the key theme of old economy sectors, which we believe will drive the market for at least the next two years," says Anirudh Garg, Partner & Fund Manager, INVasset, PMS In an interview with ETMarkets, Garg said: “The theme includes sectors like railways, defence, infrastructure, power, capital goods, and PSU banks,” Edited excerpts: Sensex touched 70K while Nifty50 was above 21K — we got a Fed boost towards the close of the week. What is your view on the market? Our stance remains firm on the ongoing secular bull market. Reflecting on our previous conversation, we highlighted the potential for market corrections down to the 200-day moving average, a scenario exemplified by the Sensex’s dip to 63k on October 26th.

Mitsubishi UFJ Financial Group Inc., Japan’s biggest bank, is looking to further expand in India after making key investments to tap the south Asia nation’s growth potential. “For India, economic growth is not something that will be a challenge,” Hironori Kamezawa, the bank’s chief executive officer, said in an interview.

equities. These institutional investors typically take a long-term view of target markets. Their investment horizon may also offer a perspective to investors concerned over the rising benchmark indices and whether the rally can be sustained in the medium to long term. SWFs typically search for a macro opportunity in an economy. A case in point is India’s electronic manufacturing services (EMS) sector.

AMFI)'s small-cap stock classification formula is likely to face challenges in the upcoming semi-annual reclassification, especially given the significant uptick in stock prices and the listing of new companies. The market capitalisation of stocks in the small-cap category, as per the existing formula, surpasses $3 billion (₹25,000 crore), deviating from the global average range of $300 million to $2 billion, said a report by ICICI Securities. «As the economy expands along with more new listings in the large- and mid-cap space, the 251st ranked stock's market cap (upper threshold for small-caps) will continue to expand and may not conform to global standards,» said a note by ICICI Securities. «Globally, small-caps are classified as stocks within the market cap range of $300 million to $2 billion irrespective of their market cap rank.» The broking firm suggests that the current methodology of the rank-based approach may need to transition to a fixed interval method based on judgment at some point in time. At present, certain stocks featured in AMFI's small-cap lists, such as Mazagon Dock, Suzlon Energy, Lloyds Metals, SJVN, and Kalyan Jewellers, among others, exhibit a market capitalisation ranging from ₹24,500 to ₹41,800 crore.

companies could spill over into the New Year as the US Federal Reserve's signal to cut interest rates in 2024 has partly eased concerns over higher-than-average stock valuations. While Accenture's latest growth guidance is indicating a subdued near-term outlook for the sector, fund managers and analysts said the US central bank's dovish tilt has reduced the risk of earnings downgrades. The next big trigger for the sector would be signs of deal wins by IT firms, they said. Since the Fed's latest meeting on December 13, the Nifty IT index has jumped 5.4%; the Nifty 50 gained 1.6% during this period. Investors have been cautious about the IT sector's prospects on account of the uncertainty over the US economy's outlook.

China’s prospects for 2024 look uncertain, as a year that opened free of COVID-19 lockdowns winds down without the dreamed of robust recovery for the world’s No. 2 economy

Asian shares have slipped after Wall Street slammed the brakes on its big rally following disappointing corporate profit reports and warnings that the market had simply gone too far, too fast

The European Union has paid the final tranche of a multibillion-euro support package to Ukraine to help keep its war-ravaged economy afloat this year

The number of Americans applying for unemployment benefits rose slightly last week but still remained at historically low levels despite high interest rates

The Czech Republic’s central bank has cut its key interest rate to help the country's struggling economy

The World Bank says the ripple effects of the war in Gaza are likely to knock Lebanon’s fragile economy back into recession

Angola says it’s leaving the OPEC oil producers cartel, coming after it battled with the group over lower production quotas this year

Argentina’s Minister of Foreign Affairs, Diana Mondino, has announced that the South American country will allow contracts to be agreed upon in cryptocurrency.

The Bank of Canada held its key overnight rate at five per cent on Dec. 6, a move that was widely expected by economists and markets. On Dec. 20, the central bank released a summary of the deliberations that led to that monetary policy decision. Here are five things the governing council said affected the decision:

FOX Business' Gerri Willis reports on a new Federal Reserve study which found more than 70% of the nation's wealth is owned by those over the age of 55.

Council of Economic Advisers Chair Jared Bernstein tells ‘FOX News Sunday’ that ‘real wages’ are rising and the job market is 'as tight as it’s ever been.'