Aequitas: NSE Pre-IPO - Peer Comparison
National Stock Exchange (NSEIN IN) is looking to raise upto US$2.5bn in its India IPO. In this note, we undertake a peer comparison.
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India: Surging Tax Revenue Helps Lower PSBR, Ensuring Capex-Led Growth
CGST revenue up 30%YoY & income taxes 16%YoY in Apr-Dec'22, enabling 33% boost to public investment for FY24 but still lowering the fiscal deficit....
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India: Growth on Track Even as Inflation Abates; No More Rate Hikes Likely
Real policy rate of +0.55% ensures no rate hikes are likely this year, as food & energy inflation recede. Rebounding capital goods output & imports...
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India: Investment-Led Growth Crowded-In as Government's Fiscal Deficit Is Contained
With the fiscal deficit well-contained, GFCF is being crowded-in -- now 21% higher than the pre-Covid quarter 3 years ago. Lower Brent will allow...
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FOMC Acknowledges Its Policy Error and Will Front-Load Rate Hikes
FOMC has tightened 300bp in Mar-Sep'22 & is set to tighten another 125bp by end-22. US recession will likely begin Q2CY23. Avoid stagflationary...
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