India no longer leader of the pack

D-Street may lose sheen as higher commodity prices eat into margins and forex earners face headwinds

Krishna Kant  |  Mumbai 

India, the favoured destination of global foreign investors since the 2013 currency crisis, could lose some of the charm to other emerging markets (EMs) in the current global reflation trade. Higher commodity prices will accelerate earnings growth in emerging markets such as Brazil, Russia, South Africa and Indonesia, even as it will hurt corporate India’s margins by way of higher prices of energy and industrial metals. This will make it difficult for Indian markets to preserve their valuation premium over other EMs.   The Indian equity market has been on steroids since the ...

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India no longer leader of the pack

D-Street may lose sheen as higher commodity prices eat into margins and forex earners face headwinds

D-Street may lose sheen as higher commodity prices eat into margins and forex earners face headwinds India, the favoured destination of global foreign investors since the 2013 currency crisis, could lose some of the charm to other emerging markets (EMs) in the current global reflation trade. Higher commodity prices will accelerate earnings growth in emerging markets such as Brazil, Russia, South Africa and Indonesia, even as it will hurt corporate India’s margins by way of higher prices of energy and industrial metals. This will make it difficult for Indian markets to preserve their valuation premium over other EMs.   The Indian equity market has been on steroids since the ... image
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