Product Manager

India has overtaken China in the MSCI AllCountry World index, with a weighting of 2.33% compared to China's 2.06%.  This shift makes India the sixthlargest weighting in the index, driven by strong ...

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- India has overtaken China in the MSCI All-Country World index, with a weighting of 2.33% compared to China's 2.06%.
- This shift makes India the sixth-largest weighting in the index, driven by strong demand in India's stock market.
- Indian companies are capitalizing on the booming market, with significant IPOs like Ola Electric and Bajaj Housing Finance.
- Over $38bn has been raised in India's equity market this year, the highest in Asia.
- Analysts caution that India's high valuations could reverse if Chinese company valuations recover. 

 Source: [Financial Times](https://www.ft.com/content/72864f6a-8b48-4638-84e1-1da5f03d3484)

India overtakes China in world’s biggest investable stock benchmark

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India overtakes China in world’s biggest investable stock benchmark- Grapevine

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- India is rapidly catching up to China in the MSCI emerging markets index, raising questions for global investors about where to allocate their capital.
- Indian stocks have surged, now making up nearly 20% of the index, while China's share has dropped significantly since 2020.
- An upcoming MSCI review could see India's weighting surpass 20%, putting it just behind China and ahead of Taiwan.
- Investors face a dilemma: invest in India's expensive but high-performing market or China's cheaper stocks amid an economic slowdown.
- Domestic investment in Indian equities has been strong, countering foreign outflows and driving up valuations, despite concerns about sustainability. 

 Source: FT

India Closes in on China as Largest Emerging Market

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The tailwinds are here now. This is probably the most optimism I have seen for India in the last decade.

Investors are paying close attention to the contrasting trajectories of two of Asia’s greatest powers.

Wall Street Snubs China for India in a Historic Markets Shift

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As we bid farewell to the challenges of the past, let's delve into why 2024 is poised to be a game-changer for the Indian Startups! 🚀

In 2020, the world weathered the storm of COVID, followed by unprecedented quantitative easing. We then saw that in 2021 the bull run came soaring. Investors, fueled by the appetite for riskier assets led to a funding boom for startups as salaries soared.

Fast forward to 2022, and the music is about to stop. The realization that the Fed would hike rates to curb inflation means that funding is about to dry up as big money will be invested away into debt/T-Bills. Though demand remained robust, the stock market felt the impact as JPow raised the interest rates. 

Late 2022 and 2023 saw the tech landscape experiencing layoffs, and startups facing significant headwinds. It’s a wonder  if anyone raised this year.

But here's the twist—2024 looks brighter. The stock markets have rebounded to all-time highs, signaling that things may be on the rise. Despite geopolitical tensions in Ukraine and Iraq, the macro outlook for India shines bright. 

For Indian Startups? VC Funding is still here to stay. So keep your heads down and keep building. From what I am hearing, it is set to make a roaring comeback. There is now significant rationality in the funding ecosystem leading to realistic valuations.

However, this revival will come with a plot twist. Newer companies, fueled by fresh funding, are set to rise, while most of the lofty valuations of those who raised in 2021 are about to crash and burn.

So buckle up folks. Let’s see where it takes us.

What do you think? 🤔

[Thread] Why 2024 is going to be a massive hit for the ecosystem?

Hero has revenue of Rs. 35,000 crore & profit of rs. 4000 crores.Ola Electric has revenue of Rs 373 crore and loss of Rs  784 crore... OLA Electric (OE) aims 7-8 Bn $ IPO Valuation while Hero has 10 Bn $ valuation

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How is India IT sector for stock investment now ?

Project manager

MARKET CAP OF BSE-LISTED COMPANIES HITS $5 TRILLION FIRST TIME EVER;CLIMB OF OVER $633 BILLION SINCE THE START OF THE YEAR.

StockMarket 📈

Both indexes began diverging sometime close to when Fed started to aggressively hike rates. It appears that the post-COVID rally was more favourable to the S&P but NIFTY is currently outperforming on absolute returns.

My idea is fundamentally simple. Financial prudence during the raging recovery paid off for us, the economy appears resilient and poised to do well in the near to mid-term. It also reflects that markets are pricing recessionary risk very differently to both markets.

Any ideas by others?

[Thread] Why is the Indian Public Market outperforming the US Public Market?

- India's Nifty 50 index rose to record highs on Monday, driven by strong performance in the IT sector.
- The NSE Nifty 50 climbed 0.4% to a record high of 24,598, while the S&P BSE Sensex added 0.2% to 80,654 points.
- Strong buying in IT stocks, particularly after TCS's positive results, provided a significant boost to the market.
- HCLTech saw a 3.5% rise in shares after reporting increased revenue and growth projections for the ongoing quarter.
- Indian IT companies have benefited from expectations of a U.S. rate cut, with the odds of a 25 basis point cut rising to 90%. 

 Source: Reuters

IT Stocks Lead Rise in India's Nifty 50 to Record Highs

- 360 One Asset, an investor in India's National Stock Exchange (NSE), has increased its valuation of the stock exchange to $29.9 billion.
- This new valuation is significantly higher than the $18 billion to $19 billion price tag from private transactions last year.
- The wealth manager disclosed this updated valuation in June, reflecting growing confidence in India's economic prospects and a surge in public listings.
- NSE reported a revenue of $1.94 billion for the financial year ending in March, a 28% increase from the previous year.
- The increase in valuation highlights India's growing prominence in global financial markets, with NSE being the world's largest derivative exchange. 

 Source: [Techcrunch](https://techcrunch.com/2024/08/23/360-one-lifts-its-valuation-of-indias-national-stock-exchange-to-29-9b/)

360 One Lifts Valuation of India's National Stock Exchange to $29.9B

As usual, Vivek Kaul covers all nuances. 
He argues that the current rally and GDP growth is attributed to the affluent consumers (<6Cr) whereas the broader economy is still struggling. If in case there is a demand shock, it will lead to a slowdown and inflation.

Insightful article

https://www.livemint.com/market/affluent-india-is-fuelling-the-equities-surge-but-that-story-has-gaps-11708257723485.html

Current euphoria on Stocks and Economy

Investment Manager

There are essentially four parties in the startup economy:

1. The Consumer
2. The Enabler(read, Startup)
3. The Service Provider
4. The Investor

Now let's look at Game Theory motivations:

1. The Indian Consumer wants to minimise money spent per unit value extracted, the Western Consumer wants to maximise value extracted per unit money spent. (There's a massive difference.)

2. The Startup depending on the stage wants to maximise User Growth and Free Cash Flows.

3. The Service provider wants to maximise financial incentives.

4. The Investor is wants to maximise the XIRR of their fund. For this they need to reach a multibagger liquidity event.

Now let's look at what happens when:

1. The Consumer gets f'ed over: 

The startup attains pricing power through deep competitive moats allowing for monopolisation. They can jack up the prices to ensure nice FCF, greater rewards for Service Providers and great returns to their investors. (Think, Uber can charge anything to you now)

2. The Startup gets f'ed over: 

The users get bang for their buck, the service providers get good incentives, the investors push for higher growth but unfortunately the startup does not have enough capital to service their Cost of Operations through their unit economics, so they will either run out of cash or investor patience. Either ways, they are doomed. (Think every legit startup that failed)

3. The Service Provider get f'ed over: 

This is the likeliest scenario as they have the least power in this dynamic. Rewards will be reduced over time or made harder to achieve. They have no option because they got no option for sustenance. (Think any on-demand service providing app)

4. The investor gets f'ed over: 

Now imagine there is a startup that can balance the act very well. They have a service that users are willing to pay a margin on. They pay their service providers fairly and have decent unit economics. Now, the investor will do halla about destruction of shareholder value from little growth. (Is this the case with BluSmart?)

Maybe that's why building in India is tough.

[Rant] Here's why someone usually ends up f'ed over, for a startup to get successful in India

Was catching up with a friend of mine in Gurgaon for lunch today. Afterwards, his uncle joined us because they had to get some work done for his cousin's wedding. So, I came to know that he manages an equity fund for a popular wealth management fund in the country. 

He was commenting on the recent rise in the market after quite some time now. According to him, we are maybe in the midst of a good bull run with good capital inflows already in the market. He mentioned that there will always be naysayers until the markets get overbought and then naysayers will start screaming that we're in a bull run when it is already too late by then to buy anything.

However he did mention two of his major concerns. FIIs combined hold a very significant amount of holdings in the Indian market when compared to DIIs, this means that there is some risk when they decide to book profits.

Secondly, he commented that it fine to trade as a hobby but remember that there are players in the market who will hunt stop losses during a bull run. You will never know when that happens. So avoid trading and buy and hold was his advice.

Talked to an investor today who manages >100M+ USD fund in India

Indian stock market hits new highs: 

->BJP-led NDA leads pre-poll surveys
->Strong global cues,ECB rate cut expectations
->FII buying activity
->Anticipated RBI rate cuts
->Broad-based rally in small/mid-cap stocks

Market ATH

Missed the last COVID rally but this time it has rewarded.

How many of you are invested in Bitcoin?

My biggest regret is not to invest in Bitcoin in 2012 when I got introduced to it by a good friend!

Bitcoin is a must in portfolio

Is this over diversification? Age:22

Nifty50 ETF: 20%
Sensex ETF: 20%
Nasdaq: 20%
Nifty Next 50: 20%
Nifty 50 EQL W: 10%
Small Cap Fund: 	10%

Emergency fund, gold and bonds are separate, please suggest a better approach.

Need Advice on Personal finances

- IndiQube is in advanced talks to finalize merchant bankers and aims to file its DRHP within three months.
- The startup plans to raise INR 1,000 Cr – INR 1,500 Cr from its IPO, mainly through fresh share issuance.
- IndiQube posted a profit of INR 60 Cr in FY24 on an operating revenue of around INR 850 Cr.
- Founded in 2015, IndiQube offers managed office spaces and counts WestBridge Capital and Helion Ventures among its backers.
- The company competes with Awfis and Smartworks, with the latter also filing its DRHP recently. 

 Source: [Inc42](https://inc42.com/buzz/exclusive-coworking-space-provider-indiqube-in-talks-with-bankers-for-inr-1500-cr-ipo/)

India overtakes China in world’s biggest investable stock benchmark

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