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Thought for the day “Never accept ultimatums, conventional wisdom, or absolutes.” -Christopher Reeve (American, 1952-2004) Word of the day Calorifacient (adj) (of foods) producing heat. (Source: Dictionary.com) Shri Nārada Uvāca After bank license, now Tata’s do not want airport! Will we see Tata House shifting from Mumbai to Dublin in next one decade? Positioning for May 2014 As suggested yesterday , expecting any substantial improvement in macro fundamentals of the economy in 2014 could lead to disappointment. In our view, the best thing that could potentially occur in 2014 due to change in government is improvement in execution of existing plans, programs and projects. We however do not agree with the consensus that the improvement in execution would completely depend on the outcome of the elections. In our view, irrespective of the constitution (UPA, NDA or third front) or nature (minority or majority) o...

Thought for the day “Old age and treachery will always beat youth and exuberance.” -David Mamet(American, 1947- ) Word of the day H ardihood (n) Boldness or daring; courage. (Source: Dictionary.com) Shri Nārada Uvāca Should Congress take solace from the fact that its 3/5 for BJP and not 4-0 as many pools projected! Will Congress become a “Party of smaller states” – HP, UK, Mizoram, Haryana, Arunachal, Manipur and Meghalaya – post 2014-15 elections. Assam, AP, and Karnataka are the only larger states where Congress is in power on its own. It shares power in J&K, Maharashtra, Jharkhand and Kerala. What to expect from the new government post 2014 election The general mood in Indian financial markets had been rather optimistic since announcement of Mr Narendra Modi as PMship candidate of principle opposition party BJP. The results of recently concluded state assembly elections have provided further impetus to the...

Thought for the day “Most of us spend too much time on the last twenty-four hours and too little on the last six thousand years.” -Will Durant (American, 1885-1981) Word of the day Largesse (n) Generous bestowal of gifts. (Source: Dictionary.com) Shri Nārada Uvāca Morarji Desai (1977); V. P. Singh (1989); NTR (1982); Praful Mahanta (1985) Arvind Kejariwal (2013)? A quick telephonic survey of 28 young finance professionals   - 16 were not aware if V. P. Singh is dead or alive; 13 thought Morarji Desai was a RSS colleague of Atal Bihari Vajpayee and no one remembers who were three main leaders who founded AGP! Congress losses semi final; captain retired hurt The results of recently concluded four state assembly election, though not unexpected, would have surprised most. The key highlights of the results are (a) The people have mostly continued with the trend seen in past 3-4years by giving a decisive mandate at the st...

Thought for the day “In a world where every event is identical to a previous event no change would ever occur.” Peter L. Bernstein (American, 1919-2009) Word of the day P okelogan (n) Marshy or stagnant water that has branched off from a stream or lake. (Source: Dictionary.com) Shri Nārada Uvāca Is it healthy for democratic traditions to presume a “demand for debate” as “opposition”? Investment strategy - II As the world endeavors to slither out of the fiscal crisis, a new global economic order takes shape and India’s socio-economic transition to a truly federal governance structure that is transparent, accountable gets established over next decade or so, Indian businesses will face numerous challenges. Historically, a large majority of Indian businesses have grown on government patronage and/or resource arbitrage opportunities and have been low on innovation, productivity and scale. The politically advantageous social...

Thought for the day “All you need is ignorance and confidence and the success is sure.” Mark Twain (American, (1835-1910) Word of the day Twain (adj) Two. (Source: Dictionary.com) Shri Nārada Uvāca Why the Mint Street is not celebrating the victories over current account and fiscal deficits? Is Dalal Street missing something which Mint Street could see clearly? Investment strategy The rays of optimism emanating from slight stabilization in macro fundamentals and above expectation 2QFY14 corporate performance has attracted foreign investors’ interest in Indian equities; though the domestic investors have mostly remained on the sidelines. Despite low participation and late rise in volatility, Indian equities have been rather resilient. Nifty has averaged ~5900 in YTD 2013, much higher than 2010 (5468), 2011 (5352) and 2012 (5363). The collective wisdom of the market therefore appears to be much more sanguine about t...

Thought for the day “Who can love to walk in the dark? But providence doth often so dispose.” Oliver Cromwell (English, 1599-1658) Word of the day Pilcrow (n) A paragraph mark. (Source: Dictionary.com) Shri Nārada Uvāca 8 gang rapes in 8months in Mumbai!                                                                            As we approach the first anniversary of notorious Delhi rape case (16 Dec), do we need to reassess the corrective and preventive measures taken so far? …but harvest time may still be 2-3years away The trend growth decline that began...