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1800 200 5577
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The first half of the February was dominated by news of a possible Greek exit from the Euro zone, however investor sentiment did not turn negative. Rather, investors focussed on improving economic indicators especially in US. Currently there is a divergence in monetary policies across major central banks worldwide. The Bank of Japan (BoJ) remained unchanged on their monetary decision. The People’s Bank of China (PBoC) announced a cut in the Reserve Requirement Ratio (RRR) of 50bps. At home, Reserve Bank of India cut the SLR by 50bps.
Indian equities closed up 1.1% up in February positive during the month. In the monetary policy review, the Reserve Bank of India (RBI) kept the benchmark rate unchanged but reduced the Statutory Liquidity Ratio (SLR) further by 50bps to 21.5% of NDTL (net demand and time liabilities).The Union Budget was presented in February. It was aimed at giving an investment boost to the economy while continuing on the process of fiscal consolidation. The Government proposed to reduce the corporate income tax rate from 30% to 25% over the next four years while removing deductions available so as to simplify tax compliance and ensure overall tax revenues remain resilient. The budget attempted to set policy direction with a timeline to implement GST, direct tax reforms, direct benefit transfers to cut subsidies, a new bankruptcy code, measures to curb black money, GAAR clarification. Before the Union Budget , the railway budget too was appreciated as forward looking as it urged for establishing a regulator for fare reviews while providing an impetus to capital expenditure. Information Technology and Metals sectors turned out to be the outperforming sectors while Telecom and, Energy underperformed the market. FIIs were buyers of Indian Equities have invested around $1.1bn during the month. DIIs were buyers over the month led by Mutual Funds.
BJP Government presented its first full year budget on February 28th. The Finance minister has maintained a tight balance between fiscal consolidation and providing adequate resources for sustained growth. The Budget projected the Fiscal Deficit target for FY16 at 3.9% of GDP, higher than last year’s projection of 3.6%. Days after budget announced RBI delivered 2nd inter-meeting Repo rate cut of 25bps to 7.5% and highlighted that future rate cuts would be dependent on upcoming data. The RBI and Government has agreed to lay down inflation targeting framework (Monetary Policy Framework). With this India has moved to format inflation targeting. RBI’s target is to bring inflation measured as CPI down within the range of 4% +/- 2% by FY17.
The Wholesale Price Index (WPI) inflation for January 2015 came in at -0.39% vs. 0.11% in December 2014. It was mainly on account of manufactured product softening to 1.1% and double digit deflation of -10.7% in fuel and power. While food inflation quickened in Jan’15 to 5.9% (vs. 4.1%), fuel deflation gained momentum, to -10.7% (vs. -7.8%). The softening in manufactured product inflation pushed down core inflation to 0.9%. The CPI inflation rose to 5.1% in January 2015 from 5.0 % in December 2014. However, core CPI came in significantly lower at 3.9% as compared to 5.2% for the previous month. Overall, the CPI data also reflects a relatively disinflationary trend in the economy. Govt. bond prices ended lower in the month, with the yield of the 10-year benchmark paper ending at 7.73% on 28 Feb 2015 compared to 7.69% on 31 Jan 2014.
Our aggregate Traditional portfolio witnessed a growth of 34.51%, and overall portfolio grew by 25% over the last one year till June 2014
Investment newsletter - December 2014
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