Swiss brokerage UBS Securities has revised upwards its real GDP forecast for FY23 to 8.2 per cent, up from 7.7 per cent earlier, expecting the real GDP growth to remain well above the historical average.
UBS Chairman Axel Weber talked about the high rates of inflation plaguing the major world economies on Monday, during a recent conference on monetary policy, claiming that the recent uptick of commodity prices is a sign that inflation could get even higher in the coming days.
Bharat Petroleum has lined up work at its plants across India, while Hindustan Petroleum Corp. is completing pending repairs and an expansion of its Mumbai refinery.
"While the market continues to view the Q4 earnings disappointment as a blip, we think this is an indication the earnings cycle has come to a peak for offshore IT services providers," UBS India said in a note on Wednesday.
MUMBAI: The Indian equity market has been the third-best performer in all of Asia over the past 12 months with 59 per cent returns, but a fierce second Covid-19 wave could see foreign investors pull out as much as $5 billion in the coming months.
Brokerage firm UBS Securities India reckons that the recent foreign outflows from India could touch the $5 billion mark, as the Indian equity market undergoes a correction due to the risk to earnings growth from the second Covid wave.
“If valuations correct faster, the drawdown might be smaller; but if equity valuations are slow to correct and Covid-19 situation worsens, we could see a larger drawdown,” UBS Securities said in a report.