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Economic Times
7 days ago
- Business
- Economic Times
A major correction is unlikely and every fall will be bought into: Feroze Azeez
Tired of too many ads? Remove Ads Also Read: Samir Arora sees investment opportunities in companies reshaping consumer behaviour Tired of too many ads? Remove Ads , Joint CEO,, discusses the market direction in the midst of tariff tantrums, Nifty earnings growth , as well as the domestic institutional investor behaviour. Further, three out of four derivative indicators suggest that no major correction is imminent and every fall will be bought I break the indicators down, Trump is trying to scare the Indian capital market , but is not getting any reaction. His negotiation tactic to crack at least one large economy is not seeming to work because the earnings growth has been 11% for Nifty if you keep constant constituents. There are seven reasons why the market is reacting very differently from the expectation of the news Nifty earnings in the last financial year was not 6.5% as reported even on NSE because there were four constituents which changed in NSE over the last one year. The earnings growth of the current constituents of Nifty was 11%, not 6.5% that is point one. Earning has been in double digits. For NSE Smallcap, everybody said the earnings are not good. There were 63 changes in NSE Smallcap 250. If you ignore those changes, the earnings growth was not minus nine, it was plus 18. So, the narrative that the earnings have not been good is have to compare the same stock. You cannot compare Anand Rathi Wealth Limited's earnings of this year with another company which it replaced last year which was a part of the index. So, earnings have been healthy. Domestic institutions are putting in money but I do not think they are putting in so much money. It is still 6.2% of the total household the car is not starting and you are pushing the car at 5 km per hour, once it starts, will it go at 30-40 km per hour? The answer is yes. But the whole cult of investing at least double digit Indian household savings in equity, we could not do it over the last two, two-and-a-half decades. The Direct Tax Code, the new tax regime has come. People are being given money in their bank accounts and they are deciding on investing in equity. Three out of four derivative indicators tell you that there cannot be a major correction and every fall will be bought you look at each sector and break down flows and ownerships into different buckets, the domestic institutions are betting on banks heavily. Their active weights have gone up on banking. In Nifty, banking has 31% weight and 24% in NSE 500, which is what the domestic mutual funds money track as their tier I benchmark. So, where is the money headed? The domestic money is completely getting skewed to the banking course, like you said, there is a hierarchy. That is happening because of foreign institutional investors. If you break it down into three categories and they should mandatorily be broken down into three categories, in spite of them all being called FIIs, they are – index fund investors, active FIIs, and the prop fund investors have not taken one rupee out in the last four years. They have added money in India. But the discretionary fund managers in the FII or the hedge fund guys have pulled out money and that is why you see a net negative. The prop guys like education institutions are one of the largest investors in Indian midcap and smallcaps. These are the Harvards of the world. Those guys have taken out money because Mr Trump has choked their fundings. So, this is how they are back, the ownership has changed because weightages have changed in different stocks. If people are not giving impetus or giving emphasis to the weightage change in indices, they will miss out on understanding demand and supply in each sector. Pharma has one of the biggest troubles but it has 4% weight, has a free float of almost about 47% in NSE 500. But that is not moving the needle in terms of earnings because of its lower weight.
Time of India
01-06-2025
- Business
- Time of India
EY's Rajiv Memani takes over as CII President
New Delhi: EY chairman and CEO Rajiv Memani on Sunday took over as president of the Confederation of Indian Industry (CII) for 2025-26, the industry body said. The CII also named Tata Chemicals managing director and CEO R Mukundan president-designate and Bharat Biotech managing director Suchitra K Ella vice-president. Memani succeeded ITC chairman Sanjiv Puri as president of the CII. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Barranquilla: IA: gana hasta $2,700 a la semana trabajando desde casa Gran oportunidad Registro Undo Memani is a member of EY Global Executive Board and its Growth Markets Council. He was the president-designate of the CII for the year 2024-25 and vice-president for 2023-24. Live Events He has been a member of several government committees, including the Ministry of Finance taskforce that drafted a new Direct Tax Code in 2019. He is a board member of Indian Institute of Management, Sirmaur and is part of the governing council of KREA University.
Time of India
01-06-2025
- Business
- Time of India
EY India chairman Memani is new CII president
NEW DELHI: EY India Chairman and CEO Rajiv Memani has taken charge as the new president of CII, the move coming at a time when the govt negotiates a bilateral trade agreement (BTA) with the US while working out free trade agreements with other countries and regions. Tired of too many ads? go ad free now Memani takes over from ITC Chairman & MD Sanjiv Puri as CII president. R Mukundan, MD & CEO of Tata Chemicals, take charge as CII's president-designate for 2025-26. Memani had established EY India's market-leading corporate finance (now strategy & transactions) practice in the late 90s, and has been a member of several high-powered govt committees, including the Ministry of Finance's taskforce that drafted a new Direct Tax Code in 2019. He is also a member of EY's Global Executive Board as the Chair of its Growth Markets Council. He advises large Indian companies, private equity funds and multinational organizations, principally advising them on building confidence, mergers and acquisitions, technology and smart capital allocation strategies. In his Growth Markets role, his responsibilities include advancing EY's growth markets agenda and connecting their priorities with the global firm's investments.
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Business Standard
01-06-2025
- Business
- Business Standard
CII's new leadership takes charge with EY's Rajiv Memani at the helm
EY India chairman and chief executive officer Rajiv Memani assumed office as the president of the Confederation of Indian Industry (CII) for 2025–26, taking over from former president of the industry chamber, ITC chairman and managing director Sanjiv Puri, a press statement by CII said on Sunday. 'The newly constituted National Council of the Confederation of Indian Industry (CII) at a meeting elected its new office bearers for the year 2025–26,' CII said. A member of the EY Global Executive Board as chair of its Growth Markets Council, Memani is an advisor to large Indian companies, private equity funds and multinational organisations, principally advising them on building confidence, mergers and acquisitions, technology, and smart capital allocation strategies. Memani is also a chartered accountant and holds a Bachelor of Commerce degree from Shri Ram College of Commerce, Delhi University. CII, in its press statement, said that Memani has been a member of several high-powered Government of India committees, including the Ministry of Finance task force that drafted a new Direct Tax Code in 2019. Suchitra K Ella, co-founder and managing director, Bharat Biotech International Limited, took over as CII vice president, and R Mukundan, managing director and chief executive officer of Tata Chemicals Limited, as CII president-designate for 2025–26. Memani had held the position of CII president-designate for the year 2024–25 and vice president for the year 2023–24. An alumnus of IIT Roorkee and Harvard Business School, Mukundan, during his 33-year career with the Tata Group, has held various responsibilities across the chemical, automotive and hospitality sectors of the group. Ella, a Padma Bhushan awardee and instrumental in founding Bharat Biotech in 1996, has also co-founded several companies in veterinary sciences, agri-biotech parks and food processing, including a pre-clinical toxicology and research institute.
Economic Times
01-06-2025
- Business
- Economic Times
EY India Chairman-CEO Rajiv Memani assumes CII presidency for 2025-26
Rajiv Memani Synopsis Rajiv Memani of EY India has been elected as the President of CII for 2025-26, succeeding Sanjiv Puri. R Mukundan of Tata Chemicals assumes the role of President-Designate, while Suchitra K Ella of Bharat Biotech becomes the Vice President. These appointments reflect CII's leadership transition and strategic direction for the upcoming year, focusing on industry growth and development. The newly constituted national council of Confederation of Indian Industry (CII) at a meeting elected its new office bearers for the year 2025-26. Rajiv Memani, Chairman and CEO of EY India has assumed office as the President of CII for 2025-26. ADVERTISEMENT He takes over from Sanjiv Puri, Chairman and Managing Director of ITC Ltd. Memis also a member of EY Global Executive Board as the Chair of its Growth Markets Council. He is a trusted advisor to large Indian companies, private equity funds and multinational organizations, principally advising them on building confidence, mergers and acquisitions, technology and smart capital allocation strategies. In his Emerging Markets role, his responsibilities include advancing EY's emerging markets growth agenda and connecting their priorities with the global firm's to becoming the Chairman and CEO, Memani established EY India's market-leading Corporate Finance (now Strategy and Transactions) practice in the late 90s. ADVERTISEMENT Memani was the President-Designate of the Confederation of Indian Industry for the year 2024-25 and Vice President for the year contributes actively to the public discourse on tax and policy reforms and has been a member of several high-powered Government of India committees, including the Ministry of Finance taskforce that drafted a new Direct Tax Code in 2019. ADVERTISEMENT In addition, Memani is the President of the Board of Him Jyoti School, an institution dedicated to providing quality education to underprivileged girls in Uttarakhand. He is also a Board member of the Indian Institute of Management (IIM), Sirmaur and a member of the governing council of KREA has also been the driving force behind EY Foundation, which is active in the areas of education, entrepreneurship for rural women and environment. Memani is a Chartered Accountant and holds a Bachelor of Commerce degree from Shri Ram College of Commerce, Delhi University. ADVERTISEMENT R Mukundan, Managing Director and CEO of Tata Chemicals Limited takes over as CII's President-Designate for 2025-26. Mukundan joined Tata Administrative Service in 1990, after completion of MBA from FMS, Delhi University. He is a distinguished alumnus of IIT, Roorkee; Fellow of Indian Chemical Society and an alumnus of Harvard Business his 33 years career with Tata Group, he has held various responsibilities across the chemical, automotive and hospitality sectors of the Tata Group. He serves on industry forums and impact organisations. ADVERTISEMENT Mukundan was the Vice President of the Confederation of Indian Industry CII for the year 2024-25. He was the Chairman of CII Western Region in 2013-14. He Chaired CII's Institute of Quality Advisory Council, CII's National Committee on Environment and CII's National Committee of Industrial Relations in 2023. Suchitra K Ella, Co-founder and Managing Director, Bharat Biotech International Limited takes over as CII Vice President for 2025-26. She was instrumental in founding Bharat Biotech way back in 1996. In the past decade, Ella has co-founded and nurtured several companies in veterinary sciences, agri-biotech parks, food processing including pre-clinical toxicology and research institute. In 2022, Suchitra K Ella was honoured with Padma Bhushan for her outstanding contributions to society and industry. She is also recipient of SAARC women award, Colombo; Business Achievers Award, SIMA, Singapore among others. Ella was the Chairperson of CII Andhra Pradesh State from 2012-13, Founder Chairperson of CII's Indian Women's Network from 2013-15, and Chairperson of CII Southern Region for the year 2022-23. (You can now subscribe to our Economic Times WhatsApp channel) (Catch all the Business News, Breaking News, Budget 2025 Events and Latest News Updates on The Economic Times.) Subscribe to The Economic Times Prime and read the ET ePaper online. NEXT STORY
