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SumanSpeaks Independent Capital Markets & Geopolitical Intelligence POLITICAL ECONOMY | PART 1: THE TELECOM TEST The Sangh’s Costliest Blunder: Keeping Narendra Modi in the Chair After Demonetisation and a Trail of U-Turns Two private giants, one state-propped survivor, roughly ₹3.22 lakh crore in announced BSNL revival and support packages (spectrum allocation included), and ₹1.41 lakh crore of AGR dues still on the books: telecom shows what happens when one man’s brand becomes the party’s only policy. This is an argument against Narendra Modi, not against the BJP. SYNOPSIS India’s telecom market has narrowed from a messy but real plurality into two dominant private networks, one weak private survivor kept alive by government equity, and a public operator that has needed about ₹3.22 lakh crore in announced support packages and spectrum allocations, not all of it cash. The 2010 spectrum auctions that started the debt spiral were a UPA-era event, and we say so plainly. But a ...
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 Key Factors

An interest rate hike is pushing up the USD.  The Dollar ($) and the risky assets such as emerging markets are inversely proportional. 

But companies like Wockhardt Ltd (Rs.257.05) which gets major export revenues stands to benefit. The Net debt-equity ratio of Wockhardt Ltd as on September 30, 2021, stood at 0.54 -- this is likely to improve further.

[Exports accounts for major portion of Wockhardt Ltd's revenue --- revenue from exports stood at Rs.2,282 crore (approximately 83% of total revenue) in FY21 compared with Rs.2,329 crore (approximately 73% of the total revenue) in FY20]. Photo: Live Mint

Unfortunately, in these kinds of pessimistic environments, no trigger generally works.

The Chief Causes of Market Fall:

🌟The rise in interst rates in US and UK to highest levels in the last one decade.

🌟The Bank of England giving a future inflation projection of 10%.

🌟The rise in Repo rate and the CRR in India.

🌟High crude price is pushing up manufacturing Cost.

🌟 Uncertainties surrounding Russian Oil and Gas.

🌟The impending threats of a nuclear war as EU prepares fresh sanctions against Russia.

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There is an old adage:

Sell in May and Go Away.

The month of May is generally challenging for the Bulls. But at the end of the day, markets generally follow fundamental.

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However, these are just temporary issues and is expected to wither out slowly, by next month. 

The markets at the moment across the world is reacting to the sovereign governments' inflation tackling measures.

The prudent investors can use SIP, to make their portfolios more attractive.

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