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At the Indian Business Leader Awards 2024, veteran investor Ramesh Damani expressed optimism for the Indian markets, predicting a recovery with new highs potentially by the New Year. He attributed the recent correction to temporary factors and emphasized the importance of investing in high-quality businesses, particularly in sectors like pharmaceuticals, technology, and cement. Damani noted that the market's breadth and quality signal a strong rebound, encouraging investors to remain committed despite volatility.
MSTC is in the spotlight following the Cabinet's approval for the strategic divestment of its 100% subsidiary, Ferro Scrap Nigam Limited (FSNL), to Japan's Konoike Transport for Rs 320 crore, expected to close by mid-January 2025. The company, which manages various e-bidding portals and has secured contracts for FM radio wavelength allocation, is exploring new revenue models in infrastructure as a service for sectors like recycling, mining, and e-commerce, as stated by Bhanu Kumar during the earnings call.
At the CNBC-TV18 Global Leadership Summit, veteran investors emphasized the long-term potential of Indian equities, predicting significant growth over the next two decades. Manish Chokhani highlighted the risk of not investing in India, while Ramesh Damani noted a temporary market correction. Raamdeo Agrawal urged patience, anticipating improved earnings growth, and Ashishkumar Chauhan reflected on the evolution of Indian stock markets over the past 25 years.
Market veterans emphasize the importance of patience and the power of compounding for new investors. Ramesh Damani describes compounding as the "eighth wonder of the world," likening it to a snowball that grows over time, while Raamdeo Agrawal highlights the necessity of waiting for compounding to take effect, especially during market downturns.
Ramesh Damani expressed concerns about the implications of Donald Trump's presidential win for India and the global landscape. He noted that for the first time in 75 years, a U.S. president has unchecked power, with control over Congress and the Supreme Court, enabling potential sweeping changes.
Raamdeo Agrawal, Chairman of Motilal Oswal Financial Services, believes that the current slowdown in India Inc's earnings is temporary and anticipates a return of foreign institutional investors (FIIs) to the market. He predicts that when they return, the Nifty index could reach 30,000, urging patience and continued investment despite recent selling trends influenced by global market shifts.
Gautam Chhaochharia, Head of Global Markets at UBS, emphasizes that local policy decisions will be the primary drivers of Indian markets, overshadowing global influences like Trump's policies. He expresses cautious optimism about economic growth and earnings recovery, while highlighting the need for policy support and potential rate cuts in the coming months. Chhaochharia notes that consumer sectors linked to rural recovery are better positioned for growth amidst current valuation concerns.
Ramesh Damani
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Ramesh Damani Predicts Indian Market Recovery and New Highs Ahead
14:54 07.12.2024
MSTC Divests Ferro Scrap Nigam to Konoike Transport for 320 Crore
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veteran investors highlight long-term potential of indian equities at summit
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10:05 14.11.2024
trump's unprecedented power raises global concerns for future dynamics
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Raamdeo Agrawal predicts Nifty could reach 30000 with FII return
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