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Key highlights of last budget of Modi 2.0 & 5th presentation by FM Sitharam - Per capita income has increased to Rs 1.97 lakh 🟢 - Indian economy has increased in size from being 10th to 5th largest in last nine years 🟢 - FM says FY23 growth estimated at 7%, highest amongst largest economies. 🟢 - Increased capital expenditure by 33 percent to Rs 10 lakh crore, which would be 3.3 percent of the GDP. 🟢 - Railways capex outlay of 2.40 lakh crore, highest ever; 9x of what was in 2013 🟢 - Fiscal Deficit Target At 5.9% Of GDP For FY24 🔴 - Taxes on specific cigarettes hiked by 16 percent (ITC) 🟡 - Income Tax rebate limit increased from ₹5 Lakhs to ₹7 Lakhs, in new tax regime 🟡 - Highest income tax rate so far was 42% (One of the highest in world) is reduced which now result into maximum tax rate to 39% (new tax regime) 🟡 - No major reliefs to Income Tax payers under old tax scheme. 🔴 - No increase in deductions under section 80C, 80D, etc. 🔴 - No new introduction of capital gain taxes on long term capital gains. 🟢

Good morning. Key highlights: 1. FII net sold Rs 5439 crores in stocks yesterday; DIIs net bought Rs 4506 crores. 2. Two important events are lined up today - Union Budget 2023 and US Fed FOMC meet on rate hikes. Follow our Twitter on #Budgetkibaatein today for an exhaustive coverage. 3. Adani FPO gets fully subscribed despite market price trading 9% lower than FPO price. Saw investments from family offices of Mukesh Ambani (RIL), Sunil Bharti Mittal (Airtel), Sajjan Jindal (JSW Steel), Sudhir Mehta (Torrent Pharma), Pankaj Patel (Zydus). 4. SGX Nifty: 🔼 95 pts (0.54%) after US markets closed strong yesterday (Dow Jones 🔼 1.09% and Nasdaq 🔼 1.67%) 5. Indian Hotels Q3 Results: Profit zooms whooping 321% YoY to Rs 404 cr; revenue from ops at Rs 1,686 crore. MakeMyTrip reports highest ever gross booking, operating profit in Q3. 6. GST collection for Jan 2022 comes at Rs 1.56 lakh crore, second highest ever, after Rs 1.68 lakh cr collection in April 2022. 7. Electronics export likely to grow by 37% to cross Rs 1.6 lakh crore in FY23 versus 1.17 lakh crore in FY22: India Cellular and Electronics Association. 8. Cholamandalam reports strong Q3 earnings. Net profit at Rs 685 cr vs poll of Rs 609 cr. Gross loan book (AUM) crosses Rs 1 lakh crore. 9. Economic Survey: Capex share in total expenditure of Indian Government is up from 12.5% in FY20 and 12.1% in FY21 to 19.0% (estimated) in FY23. 10. Shriram Finance Q3 net up 161% to Rs 1,777 cr on higher net interest income (positive).

FULL list of market outlooks for 2023 from the world's largest investment banks and asset managers 🌎 Goldman Sachs https://lnkd.in/eKzF_2K4 J.P. Morgan https://lnkd.in/eHb6-622 Morgan Stanley https://lnkd.in/e2nAMjmM Bank of America https://lnkd.in/e8XFD8TW BlackRock https://lnkd.in/eYxCBRGj HSBC https://lnkd.in/eNfBiJvH Barclays https://lnkd.in/eRT4dsFY. NatWest https://lnkd.in/euftbUw6 Citi https://lnkd.in/eXwA-Y4X UBS https://lnkd.in/exudCU6V Credit Suisse https://lnkd.in/e4CEK5NZ BNP Paribas https://lnkd.in/ec4hWEdm Deutsche Bank https://lnkd.in/eAWCSV_7 ING https://lnkd.in/eNpdmVH8 Apollo Global Management, Inc. https://lnkd.in/ewwq_62M Wells Fargo https://lnkd.in/euMkQnKE BNY Mellon https://lnkd.in/ezMfVgND Fidelity International https://lnkd.in/eJwK6tVx Lazard https://lnkd.in/eku-xhqp

🌹**India Daybook – Stocks in News** Kalpataru Power: NCLT approves merger of JMC Projects with company (Positive) Bharat Forge: Company starts supply of forgings utilising Green Steel (Positive) Reliance Ind: Retail Ventures acquires METRO Cash & Carry India for Rs 2,850 cr (Positive) JB Chemicals: Company completes acquisition of Razel franchise from Glenmark Pharma (Positive) Torrent Pharma: Board approves merger of Curatio Health Care with company (Positive) GR Infraprojects: Infrastructure investment trust India Grid Trust and company have joined hands to bid for identified power transmission projects worth Rs 5,000 crore (Positive) Speciality: The company has received board approval for issue of 60 lakh warrants convertible into equity shares on preferential basis. (Positive) Lyka Labs: The company has signed an agreement to acquire animal healthcare business from Agilis Healthcare. (Positive) Kwality Pharmaceuticals: The company has received approval from Brazil's National Health Surveillance Agency ANVISA (Positive) Tata Comm: Company to acquire managed services provider, Switch Enterprises for ₹486.3 cr (Positive) Bandhan Bank: Receives binding bid from an ARC, amounting to Rs 801 cr for the written-off portfolio with outstanding of Rs 8,897 cr (Neutral) Jubilant Ingrevia: Company has raised Rs 150 crore via the issuance of commercial papers (Neutral) Adani Power: Company said it has received a B score for climate change transparency from CDP (Neutral) Adani Enterprises: Adani Begins Making Silicon Ingots to Localize Solar Modules (Neutral) Supriya Lifescience: The company has signed an agreement with Pune-based Enrich Energy to develop 4.68 MWp DC solar photovoltaic power project (Neutral) Union Bank: Considers issuance of Debentures with Base issue of Rs 200 cr (Neutral) Ajanta Pharma: Media Sources: Promoter Group entities to sell 4.56% stake worth Rs 650 cr via blockdeal shares (Negative) D-Link India: Ace investor Ashish Kacholia sold 2.13 lakh shares (0.6 percent) in the company (Negative) Max Financial: Max Ventures Investment Holdings sold 58.85 lakh shares (Negative)

Money Times Talk 18 December 2022 Competent Automobiles is an auto retailer with 49 outlets of Maruti Suuzuki & Nexa in Delhi, Haryana and HP with sales of Rs.1400 cr., EPS of Rs.34.6, PE at 7x and BV of Rs.464 and PB ratio of just 0.56. Stock quotes at throwaway valuation at mkt cap of only Rs.169 cr. Keep on radar. Sinclairs Hotels with 9 iconic hotels at beautiful locations is available cheap. It recently sold its land in Kolkata for Rs.27 cr. and is now cash surplus with Rs.87 cr. It posted bumper H1 profit of Rs.7.28 cr. on its small equity of Rs.5.43 cr. Buy for good gains. SKM Egg Products posted 312% higher H1 profit of Rs.18.93 cr. v/s Rs.4.59 cr. in H1FY22. It is expanding capacity 3-fold and is a beneficiary of low GM soya prices. Its Q3 & Q4 may be bumper due to the high winter demand overseas and depreciating rupee. Buy for very good returns.

US Fed 14th Dec Meeting Outcome – - 50 bps rate hike - Latest fed rate now stands at 4.25-4.5% - Projected Fed funds rate is 5.1% at the end of next year – 0.5% higher than projected in September - Median projection - 4.1% - 2024 end | 3.1% - 2025 end (above median estimates) - Recent indicators point towards modest growth of spending and production this qtr - Growth in consumer spending slowed down from last year’s rapid pace – reflecting lower disposable income + tighter financial conditions - Weak housing sector condition – higher mortgage rates - The median projection for real GDP growth stands at just 0.5% this year and next - below the median estimate of long-term growth rate - Employment rate near a 50-year low, job vacancies still very high & wage growth elevated - Price pressures evident across a range of products

Money Times Talk 11 December 2022 Asian Hotels East is available at price: book ratio of just 0.3x with market cap of only Rs.205 cr. against two 5-star properties Hyatt Chennai & Hyatt Kolkata. The promoters hold 65% stake. The stock has corrected from its highs and can give very good returns in the short term. IVP Ltd with huge capacity of foundry chemicals, coatings, composites & insulation resin is available at a PE of just 7x. It posted 175% higher H1 EPS of Rs.8.92. Stock may cross its 52-week high of Rs.202. BDH Industries is a cash rich pharma co. sure to be re-rated in future if it shifts its plant from Kandivali. It exports to 60 countries & posted 41% higher Q2 PAT. Buy for good dividend yield. Stock may cross its 52-week high of Rs.211.