JSW, POSCO Group to jointly explore setting up 6 million ton steel plant
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Economic Times
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Reforms, liquidity and GST cuts signal stronger second half for Indian markets: Sneha Poddar
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "With the festive season beginning, consumption should pick up. The recent GST cut will further boost confidence, as it is expected to reduce retail prices of basic consumption items by around 5–7%. This will give a strong push to demand. From the second half of the year, we believe the markets should start improving meaningfully," says Sneha Poddar , as you rightly said, we are now entering a good phase for India. Over the last year we were in a consolidation phase where we underperformed compared to global markets. But with the reforms we've seen since the start of the year—by the RBI, by the government, and with the recent announcements—the stage is being set. In the near term, markets may continue to consolidate with a slight positive bias, though some uncertainty remains regarding US tariffs. From a medium- to long-term perspective, however, things are moving in the right direction. The overall macro environment is conducive: the monsoon has been well distributed, macro data points are positive, and the RBI has infused liquidity. With the festive season beginning, consumption should pick up. The recent GST cut will further boost confidence, as it is expected to reduce retail prices of basic consumption items by around 5–7%. This will give a strong push to demand. From the second half of the year, we believe the markets should start improving meaningfully. Electronic manufacturing is one such sector with strong compounding potential. It really came into focus post-Covid and has gained momentum over the last 2–3 years as the government has pushed the Make in India and Atmanirbhar Bharat themes. Support has come in the form of PLI schemes and various programmes, such as the Semicon India initiative. With these reforms, the sector is receiving a big push, and companies are capitalising on the opportunity in a big way. Earnings of many companies in this space are growing between 30–50%, and this trend is likely to continue as the government remains serious about localisation. Companies engaged in consumer goods , automotive, defence, and industrial manufacturing are expected to benefit significantly. We believe electronic manufacturing is a big theme that could sustain 30–50% growth momentum over the next few terms of time correction, we might see more of it in the pharma space. There is still a lack of clarity regarding tariff announcements, and valuations are fairly high, especially for CDMO players that have already seen a good run-up. So, valuations are stretched, and combined with tariff uncertainties, we may see time correction here. However, from a long-term perspective, any correction or extended consolidation would provide opportunities to accumulate CDMO players like Laurus Labs, Biocon, and Divi's. These companies have strong pipelines and are benefiting from global CDMO opportunities. So, while current valuations are not attractive for entry, the long-term growth story remains GST cut announcement is a big boost for consumption. Within this space, FMCG will benefit the most since it caters to the mass and value segments where the slab change impact will be clearly visible. In discretionary items, the benefits will be selective. For instance, footwear priced below ₹1,000 and garments priced above ₹1,000 will see gains. On the other hand, liquor and cigarette companies, which fall in the higher tax slab, will face a negative impact. Overall, FMCG companies will benefit significantly. With a well-distributed monsoon, rural demand has already picked up, and urban demand, which was struggling, will also see a boost due to the GST cut. FMCG earnings, which were stagnant over the last two years, should revive in the second automobiles, the GST cut will benefit four-wheelers and three-wheelers the most. Two-wheelers will also gain, but the impact will be limited due to the ABS mandate. Entry-level cars and non-SUV segments, in particular, are likely to benefit in a big way.
Time of India
2 hours ago
- Time of India
Reforms, liquidity and GST cuts signal stronger second half for Indian markets: Sneha Poddar
"With the festive season beginning, consumption should pick up. The recent GST cut will further boost confidence, as it is expected to reduce retail prices of basic consumption items by around 5–7%. This will give a strong push to demand. From the second half of the year, we believe the markets should start improving meaningfully," says Sneha Poddar , MOFSL. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Yoga mat SOS: unveiling the ultimate cleaning hacks for a germ-free practice! Kingdom Of Men Undo So finally, can we say that we are ending this calendar year on a happy note, looking at the reforms and the double bonanza? Because at the beginning of the year we saw the market punishing specific sectors and stocks with a weak outlook. But now there seems to be relief. Are we also entering a long structural India story as well as a bull run? Sneha Poddar: Yes, as you rightly said, we are now entering a good phase for India. Over the last year we were in a consolidation phase where we underperformed compared to global markets. But with the reforms we've seen since the start of the year—by the RBI, by the government, and with the recent announcements—the stage is being set. In the near term, markets may continue to consolidate with a slight positive bias, though some uncertainty remains regarding US tariffs. From a medium- to long-term perspective, however, things are moving in the right direction. The overall macro environment is conducive: the monsoon has been well distributed, macro data points are positive, and the RBI has infused liquidity. With the festive season beginning, consumption should pick up. The recent GST cut will further boost confidence, as it is expected to reduce retail prices of basic consumption items by around 5–7%. This will give a strong push to demand. From the second half of the year, we believe the markets should start improving meaningfully. As Kavita rightly said, let's now help our viewers add glitter and green to their portfolios. Talking about the strategic sectors—the ones that will pave the way for the future and are poised for strong growth in the coming years—let's take, for example, less talked about sectors. When I say that, I mean spaces like semiconductors, new-age industries, and EMS. What are the top compounding themes we are not focusing much on right now, but which could really flourish going forward? Sneha Poddar: Electronic manufacturing is one such sector with strong compounding potential. It really came into focus post-Covid and has gained momentum over the last 2–3 years as the government has pushed the Make in India and Atmanirbhar Bharat themes. Support has come in the form of PLI schemes and various programmes, such as the Semicon India initiative. With these reforms, the sector is receiving a big push, and companies are capitalising on the opportunity in a big way. Earnings of many companies in this space are growing between 30–50%, and this trend is likely to continue as the government remains serious about localisation. Companies engaged in consumer goods , automotive, defence, and industrial manufacturing are expected to benefit significantly. We believe electronic manufacturing is a big theme that could sustain 30–50% growth momentum over the next few years. Live Events Can I also get a sense of how you are placed in SMIDs? And talking about valuations, are there any pockets where time correction is still left? Sneha Poddar: In terms of time correction, we might see more of it in the pharma space. There is still a lack of clarity regarding tariff announcements, and valuations are fairly high, especially for CDMO players that have already seen a good run-up. So, valuations are stretched, and combined with tariff uncertainties, we may see time correction here. However, from a long-term perspective, any correction or extended consolidation would provide opportunities to accumulate CDMO players like Laurus Labs, Biocon, and Divi's. These companies have strong pipelines and are benefiting from global CDMO opportunities. So, while current valuations are not attractive for entry, the long-term growth story remains intact. Since we're talking about these sectors, let's take another look at the consumption story. With the GST rate rationalisation announced by the Prime Minister, we saw consumption, discretionary, and white goods doing well even before the festive season began. Now with Ganesh Chaturthi, Diwali, Christmas, and New Year ahead, these pockets are likely to perform strongly. What is your take on FMCG , discretionary, and automobile demand over the next five to six months? Sneha Poddar: The GST cut announcement is a big boost for consumption. Within this space, FMCG will benefit the most since it caters to the mass and value segments where the slab change impact will be clearly visible. In discretionary items, the benefits will be selective. For instance, footwear priced below ₹1,000 and garments priced above ₹1,000 will see gains. On the other hand, liquor and cigarette companies, which fall in the higher tax slab, will face a negative impact. Overall, FMCG companies will benefit significantly. With a well-distributed monsoon, rural demand has already picked up, and urban demand, which was struggling, will also see a boost due to the GST cut. FMCG earnings, which were stagnant over the last two years, should revive in the second half. For automobiles, the GST cut will benefit four-wheelers and three-wheelers the most. Two-wheelers will also gain, but the impact will be limited due to the ABS mandate. Entry-level cars and non-SUV segments, in particular, are likely to benefit in a big way.
