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Building Materials – An Alpha Play

Oct 20, 2021

Most of us would recall the heady days of real estate that dominated the first decade of this century. At the time, almost anybody with a large enough piece of land turned into a ‘developer’ as the business was extremely lucrative. A massive demand surge was followed by prices skyrocketing year after year, arguably to…

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Inflation Taxing Bond Investors

Oct 19, 2021

• Bond market appears to be discarding the transitory narrative in favour of a high inflation outcome • Equities, nevertheless, appear to have an upper hand at the moment as they brush off growth concerns • News out of China has not been encouraging, where the property sector is facing potentially existential issues The fight…

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Inching Towards Normal – But Not Without Risks

Oct 12, 2021

• Global equities holding in as bonds feel the pressure. • Investors will need to see downgrades to global growth abate for equities to push on. • Further signs of a re-opening of global travel bode well for renewed growth momentum. • The key risks are less than transitory inflation, particularly in energy prices and…

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Rates Unchanged, but gradual liquidity withdrawal

Oct 11, 2021

The RBI monetary policy committee (MPC) met in the backdrop of global central banks indicating taper. While the rates were expected to remain unchanged, which they did, eyes were on RBI’s liquidity stance. The RBI reaffirmed its commitment towards a gradual, calibrated withdrawal of excess liquidity by increasing the variable rate reserve repo VRRR auction…

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