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Correction may not be deep or extended: Kotak Institutional Equities CEO
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Short Fiction Movies Come of Age 18th Kalpanirjhar short fiction film festival, Kolkata
The 18th Kalpanirjhar Short Fiction Film Festival had to be postponed to 2021 due to the pandemic. Fortunately, the festival was physical and not virtual which is difficult to follow or even respond to as the film buff would to a theatrically organized festival which we can truly enjoy.
This is an international film festival because one gets to see short fiction films from across the world though the Indian short fiction films are specially ear-marked for competition. Usually, we have a fine blend of all formats – animation, Black-and-White, abstract films, non-linear narratives that open up platforms of a newer viewing experience.
Nifty Bank declines most since 18 May 2020
India VIX posts best day since 21 December 2020
Equities in the US market declined due to a spike in the 10-year yield to a 52-week high. The Dow Jones along with the S&P 500 posted the worst day of the month.
That impacted Asian equities with the Nikkei slipping most since 1 April 2020, Hang Seng declined most since 22 May 2020 and India’s Nifty index posted the worst day since 18 May 2020 with the Indian 10-year yield hitting a 10-month high. The bond market is the biggest worry for the equity investors, said Pratik Gupta, CEO & Co-Head at Kotak Institutional Equities.
So far as commodities are concerned, our view is that the current spot prices or the current spreads which a lot of these commodity companies are making, may be a bit difficult to sustain. These are exceptionally good times for a lot of these companies. Eventually you will see a bit of a pushback from the consumer industries and you may even see some government intervention at some point.
But broadly, we like the commodity space but it is again a little bit more stock specific. For example, our team does like Hindalco and Tata Steel. Hindalco has become more of a conversion business wherein 70% of their EBITDA comes from the conversion business and that reduces their dependency on commodity prices.
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