September was another quarter of muted corporate earnings growth, with companies struggling to push volumes amid a slowdown in demand. Saurabh Mukherjea, chief executive officer - institutional equities, Ambit Capital, tells Puneet Wadhwa it is not the global slowdown which is holding back Sensex EPS growth but Prime Minister Modi's resets around black money, crony capitalism and Aadhaar. Modi, Mukherjea says, is changing the way consumption and capex takes place in India and corporate India is finding it hard to come to terms with these changes. Edited excerpts:
How do you see the global markets playing out over the next few months?
My reckoning is that the beginning of rate rises by the US Federal Reserve in December, combined with debilitating weakness in the Chinese economy, will be a potent combination for volatility generation. We have the world's two largest economies pulling in opposite directions, and that cannot be good news.
You put out a Sensex target of 22,000 a few months ago. Do you still hold this view?
Read more at http://www.business-standard.com/article/markets/nifty-will-face-earnings-pressure-over-the-next-6-months-saurabh-mukherjea-115112200817_1.html
How do you see the global markets playing out over the next few months?
My reckoning is that the beginning of rate rises by the US Federal Reserve in December, combined with debilitating weakness in the Chinese economy, will be a potent combination for volatility generation. We have the world's two largest economies pulling in opposite directions, and that cannot be good news.
You put out a Sensex target of 22,000 a few months ago. Do you still hold this view?
Read more at http://www.business-standard.com/article/markets/nifty-will-face-earnings-pressure-over-the-next-6-months-saurabh-mukherjea-115112200817_1.html
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