Market Overview 1st week Feb’23 by Veteran Financial Advisor

Market Overview by Financial Advisor

Here is the Market Overview for the 1st working week of February 2023 by the Veteran Financial Advisor, Mr. Hemant Desai, Chairman and Managing Director Concept Investwell, a wealth management company in Surat, Gujarat.

  • Adani Enterprise FPO of Rs. 20,000 crore was subscribed under adverse situation. But they have decided to call off and refund money received considering subsequent fall of Adani Stocks.

Whatever may be the grievances against Adani, there is one thing very positive is that they are creating vital infrastructure for the Country. We need Adani to continue business.

  • Outlook bright in the Economic Survey. GDP growth rate is at 6.5%. India is still the fastest growing economy amongst the large economies. Solid demand and successful coming out from Corona are positive points. There are multiple drivers that can propel Economy to 7+% growth rate.
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  • Union Budget 2023-24 has no negatives. It is economically smart with right emphasis on development, politically very confident and fiscally creditable budget. Meeting the target of Fiscal Deficit of 6.4% of GDP is very creditable. Next year target of 5.9% and getting it to 4.5% by 2025 is very healthy. By increasing tax slab, Finance Minister has helped Middle Class very well. This should translate into higher demand plus even higher collection of Direct and Indirect taxes. Increasing outlay on Infrastructure spending should help country to grow faster.
Union Budget 2023-2024
  • There are 7 priorities of the Budget: Saptarishi

1. Inclusive Development

2. Reaching the last mile

3. Infrastructure and Investment

4. Unleashing the potential

5. Green Growth

6. Youth Power

7. Financial Sector

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  • US Fed has increased rate by 25 basis points to 4.75%. This may be a last increase if inflation is tapped.
  • ECB and Bank of England raise rate of interest by 0.5%
  • Outlay of Rs. 2.40 lakh crores to Indian Railways is remarkable for connectivity, mobility of people, goods, job creation and development of infrastructure.
  • World over, business of Apple, Amazon face slump. In India, it is one of the best.
  • Result of ITC, State Bank, Indigo Airlines are very good.

Consult the financial advisors at Concept Investwell for more financial advice.

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