In today’s briefing:
- SEBI’s New “True to Label” Circular: End of Zero Fee Era
- Ohayo Japan | Markets in Celebratory Mood
- Asia Credit – HK Weakens More, Indonesia, Taiwan Remain Strong, and Improving
- #23 India Insight: Tata Hitachi Market Share, Patanjali Acquires Non-Food Business, ITC Exports
- Hardman & Co Monthly: July 2024
SEBI’s New “True to Label” Circular: End of Zero Fee Era
- SEBI asked Brokers to to be ‘true to the label’ in how they levy charges.
- This can impact 10% of Zerodha (ZERO IN) and 8% of Angel One (ANGELONE IN) Topline.
- Rationale behind this circular and its impact on the market.
Ohayo Japan | Markets in Celebratory Mood
- The S&P 500 and Nasdaq Composite hit new record highs in Wednesday’s shortened trading session
- The German Association of the Automobile Industry reduced its 2024 EV production forecast to 1 million units, citing declining sales due to subsidy cuts.
- Daikin Industries plans to boost home air conditioner production by 15% in FY2024 to a record 8.83 million units
Asia Credit – HK Weakens More, Indonesia, Taiwan Remain Strong, and Improving
- Domestic credit growth in Hong Kong weakened further in latest monthly release at -2.2% YoY. Weekly Centa City Leading Index grinds lower, a more HFD point relevant to credit
- The acceleration in domestic credit growth in Indonesia is unique, where growth is up to +11.2% YoY in most recent month vs +5.2% YoY in the same month last year
- We remain concerned about credit metrics for HK’s banks given contracting growth, worsening property, which is collateral. Many HK banks have done little in provisioning
#23 India Insight: Tata Hitachi Market Share, Patanjali Acquires Non-Food Business, ITC Exports
- Tata Hitachi Targets Increased Market Share Amid Chinese Competition, Plans Manufacturing Expansion
- Railways to Receive PLI Boost, Aiming to Reduce Import Dependency and Foster Local Manufacturing
- India’s Coal Production Surges 14% in June, Reaching 84.63 Million Tonnes, Boosting Sector Efficiency
Hardman & Co Monthly: July 2024
- In 2023, and for the second year running, the Hardman & Co sector index declined, by 3.7%, underperforming both the FTSE 100 and the FTSE All-Share indices.
- This is quite unusual for healthcare stocks. Our Index covers 52 companies, only 15 of which saw an increase in their share prices in 2023, and four of those were on account of M&A activity.
- Apart from the general economic influences, which have made institutions more risk-averse, there was a common knowledge that several companies were in need of additional working capital; so, share prices were marked down in anticipation of equity raises.
💡 Before it’s here, it’s on Smartkarma
Sign Up for Free
The Smartkarma Preview Pass is your entry to the Independent Investment Research Network
- ✓ Unlimited Research Summaries
- ✓ Personalised Alerts
- ✓ Custom Watchlists
- ✓ Company Data and News
- ✓ Events & Webinars
