Daily Brief Financials: JM Financial, NIFTY Index, Agung Podomoro Land, BlackRock Latin American Inves and more

• Recent RBI and SEBI actions unveil irregularities in JM Financial (JM IN) Products IPO financing, exposing risks in NBFC-led subscriptions.
• Ensuring market integrity and investor protection, regulatory scrutiny highlights governance lapses, urging transparency and accountability.
• Prompts investor caution, demanding rigorous scrutiny of financial intermediaries, and reinforcing the need for robust regulatory oversight.

• The NIFTY Index this week suddenly stopped its rally and started to correct.
• This week should close down and the next week may be also down, but if it is the odds are great for a LONG trade.
• Re-Enter the rally at prices between 21800 and 21150, this week or the next.

Lucror Analytics Morning Views comprise our fundamental credit analysis, opinions and trade recommendations on high yield issuers in the region, based on key company-specific developments in the past 24 hours. Our Morning Views include a section with a brief market commentary, key market indicators and a macroeconomic and corporate event calendar.

• Agung Podomoro Land
• China Vanke

BlackRock Latin American Investment Trust’s (BRLA’s) lead manager Sam Vecht and deputy manager Christoph Brinkmann remain optimistic about the prospects for the region. Interest rates are coming down as Latin American central banks have been more proactive than those in developed markets in raising interest rates to combat higher inflation, which should be supportive for economic growth and asset prices. Latin America has remained relatively isolated from global geopolitical conflict, enabling trade with both eastern and western nations. The region has been overlooked by global investors, which has led to very attractive valuations on both absolute and relative terms.