In the week gone by, global stock market moved higher after soft economic data raised hopes of interest rate cuts by the Federal Reserve. Meanwhile US private payrolls increased less than expected in May, while the prior month's data was revised downward, reflecting a lacklustre but strong labour market. At this juncture, markets now expect the Fed to lower interest rates twice this year, with investors pricing in a 70% possibility in September. The European Central Bank (ECB) lowered interest rates for the first time since September 2019. The ECB dropped key interest rates by 25 basis points while raising inflation predictions for 2024 and 2025. The ECB boosted its headline inflation projection for 2024 to 2.5% from 2.3% earlier, and for 2025 to 2.2% from 2%. Meanwhile, China's trade surplus climbed to $82.62 billion in May 2024, up from $65.55 billion in the same time a year earlier, exceeding market expectations of $73 billion. It was the greatest trade surplus since February, as exports increased far more than imports. Exports increased by 7.6%, above projections of 6% growth, while imports increased by 1.8%, falling short of market expectations of a 4.2% rise.
Back at home, India's stock markets seemingly shrugged off the shock of the election results - overcoming early concerns of the Bharatiya Janata Party failing to secure a majority on its own - and rebounded on renewed confidence in the continuation of the National Democratic Alliance coalition government. Despite this, FIIs continued to sell in India due to high valuations. In the recent meeting, RBI Governor kept the benchmark interest rates unchanged at 6.5 percent for an eighth straight policy meeting. Meanwhile, annual retail inflation eased slightly to 4.83 percent in April from 4.85 percent in March, but was still well above the MPC's target. In another development, Indian economy expanded at a faster-than-expected pace of 7.8 percent in the March quarter. Recently RBI has projected real GDP growth at 7.2 percent for FY25. RBI remains committed for aligning inflation to 4 percent on a durable basis. Another data showed that India's foreign exchange reserves hit a record high of $651.5 billion as of May 31. Going forward, with the political overhang of a coalition government, volatility will continue to be in the market. Besides, the upcoming Union Budget will give the first glimpse into the real Modi 3.0
On the commodity market front, the CRB index experienced a bounce due to a decline in the dollar index, closing near 342. The sharp drop in US Treasury yields and the dollar index boosted commodity prices, despite a lack of intrinsic triggers. The dollar index fell for the second consecutive week, closing near 104 levels. The INR also depreciated for the second week, adding momentum to Indian gold prices. Both gold and silver rebounded after a two-week decline. The European Central Bank went ahead with its first interest rate cut since 2019 on Thursday, Fed may follow the suit. Gold and silver can trade in a range of 72000-74500 levels and 91000-97000 levels. Crude oil prices nosedived for the third week but regained some losses later in the week, with MCX crude making a low of 6073 before closing near 6330. Oil prices managed to regain some ground over the past few days, tapping on some reassurances from OPEC+ around their latest supply decision. U.S. fuel demand is also set to pick up in the coming weeks, with the onset of the travelheavy summer season. It can trade in a range of 6100-6400 levels.
SMC Global Securities Ltd. (hereinafter referred to as “SMC”) is a registered Member of National Stock Exchange of India Limited, Bombay Stock Exchange Limited and its associate is member of MCX stock Exchange Limited. It is also registered as a Depository Participant with CDSL and NSDL. Its associates merchant banker and Portfolio Manager are registered with SEBI and NBFC registered with RBI. It also has registration with AMFI as a Mutual Fund Distributor.
SMC is a SEBIregistered Research Analyst having registration number INH100001849. SMC or its associates has not been debarred/ suspended by SEBI or any other regulatory authority for accessing /dealing in securities market.
SMC or its associates including its relatives/analyst do not hold any financial interest/beneficial ownership of more than 1% in the company covered by Analyst. SMC or its associates and relatives does not have any material conflict of interest. SMC or its associates/analyst has not received any compensation from the company covered by Analyst during the past twelve months. The subject company has not been a client of SMC during the past twelve months. SMC or its associates has not received any compensation or other benefits from the company covered by analyst or third party in connection with the research report. The Analyst has not served as an officer, director or employee of company covered by Analyst and SMC has not been engaged in market making activity of the company covered by Analyst.
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SAFE HARBOR STATEMENT: Some forward statements on projections, estimates, expectations, outlook etc are included in this update to help investors / analysts get a better comprehension of the Company's prospects and make informed investment decisions. Actual results may, however, differ materially form those stated on account of factors such as changes in government regulations, tax regimes, economic developments within India and the countries within which the Company conducts its business, exchange rate and interest rate movements, Impact of competing products and their pricing, product demand and supply constraints. Investors are advised to consult their certified financial advisors before making any investments to meet their financial goals.
The bank is well capitalized with adequate liquidity buffers for future growth. Improving asset quality and strong position in Payments and Digital Banking indicate future growth visibility. According to the management of the bank, its GPS (Growth, Profitability and Sustainability) agenda is on track and looking at steady growth for all the major business verticals of the bank. Thus, it is expected that the stock will see a price target of Rs.1376 in 8 to 10 months' time frame on expected P/BV of 2.40x and FY25 BVPS of Rs.573.42
The company`s diversified portfolio of products and focused execution efforts, would help achieve sustain healthy growth. New product launches last year and robust pipeline of launches along with market share gain in the Indian formulation business auger well for the company. Thus, it is expected that the stock will see a price target of Rs. 1273 in 8 to 10 months' time frame on a current P/BVx of 5.37x and FY25 BVPS of Rs. 236.98.
The stock closed at Rs.2798.30 on 07th Jun, 2024. It made a 52-week low of Rs.1916.05 on 12th Jun, 2023 and a 52-week high of Rs.2822 on 06th Jun 2024. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at 2401.
On the weekly chart, the stock rebounded after breaching its 200-day Exponential Moving Average (EMA) and is now trading above this key indicator. It has also broken through a trend line resistance and is sustaining above it, indicating strong upward momentum. Additionally, the stock observed a rectangle pattern breakout on the weekly chart, which is a bullish signal. These technical indicators suggest further gains in the upcoming sessions, signaling potential upside momentum.
Therefore, it's advisable to consider buying the stock on any dips within the range of 2785-2800 levels, targeting an upside potential of 3180-3200 levels, with a stop loss below 2600 levels.
The stock closed at Rs.1889.50 on 07th Jun, 2024. It made a 52-week low of Rs.958.25 on 13th Jun, 2023 and a 52-week high of Rs.1927.95 on 07th Jun 2024. The 200 days Exponential Moving Average (DEMA) of the stock on the daily chart is currently at 1392.
On the weekly chart, the stock has formed a pattern of higher highs and higher lows, indicating an uptrend. It consistently trades above its 200-day Exponential Moving Average (EMA), supporting this positive trend. Additionally, a bullish pennant pattern breakout is observed, suggesting further upward momentum. These technical indicators collectively suggest potential gains for the stock in the near future.
Consequently, one may consider buying the stock within the range of 1885-1900 levels, targeting upside levels of 2170-2180, with a stop-loss below 1760 levels.
Disclaimer : The analyst and its affiliates companies make no representation or warranty in relation to the accuracy, completeness or reliability of the information contained in its research. The analysis contained in the analyst research is based on numerous assumptions. Different assumptions could result in materially different results.
The analyst not any of its affiliated companies not any of their, members, directors, employees or agents accepts any liability for any loss or damage arising out of the use of all or any part of the analysis research.
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Last week, the Nifty and Banknifty indices reached record highs following exit polls. However, the market experienced high volatility leading up to the formation of the government. On a weekly basis, Nifty outperformed, closing with a gain of over 3%, while Banknifty rose by more than 1.5%. Significant buying was observed in the defensive sector, making IT and FMCG as the major gainers of the week, whereas profit booking was noted in PSU banks and energy stocks. In the derivatives market, Nifty options had the highest call open interest at the 23,500 strike and the highest put open interest at the 23,000 strike. For Bank Nifty, the highest call open interest was at the 50,000 strike, while the 49,000 strike saw the highest put open interest. In the upcoming sessions, the 50,000 level will be crucial, as it is a significant psychological level with more call writers active at this strike compared to put writers at other strikes. Implied volatility (IV) for Nifty's call options settled at 15.56%, while put options concluded at 16.73%. The India VIX, a key market volatility indicator, closed the week at 16.80%. The Put-Call Ratio Open Interest (PCR OI) stood at 1.04 for the week. We expect that bullish momentum is likely to carry in upcoming sessions as well and traders should use dips to create fresh longs as far Nifty hold above 22800 levels.
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**The highest call open interest acts as resistance and highest put open interest acts as support.
# Price rise with rise in open interest suggests long buildup | Price fall with rise in open interest suggests short buildup
# Price fall with fall in open interest suggests long unwinding | Price rise with fall in open interest suggests short covering
Turmeric prices witnessed huge volatility during the week as after touching the weekly low of 16368 prices recovered about 1430 points by end of the week tracking aggressive buying on recent lows. Losses in spot prices remained limited because of reduced supplies across India as about 2056 tonnes of turmeric arrived at APMC mandies during first seven days of June'24 as compared to 5643 tonnes of previous week. Firmness in turmeric is likely to be intact as overall arrival pace has been slower as compared to last year and likely to remain down with each passing week. About 33 thousand tonnes of turmeric arrived in May'24 at major APMC mandies across India against the 61.7 thousand tonnes of previous year for same time period. Arrivals have been lower as production is estimated to be down by 16% Y-o-Y may stand at 9.7 lakh tonnes in MY 2024-25. Turmeric export from India dropped 7% Y-o-y to 17.43 thousand tonnes in Mar'24 wherein total export during Apr'23-Mar'24 reported at 162.0 thousand tonnes down by 4.7 % from previous year. Turmeric prices are expected to trade in range of 16600-19800
Jeera futures witnessed sharp gains during the week following renewed buying in local market. Supplies dropped again in June as only 4218 tonnes of arrivals were reported at major APMC mandies across India as compared to 8373 tonnes of prior week. Farmers and stockists liquidate their stocks on better price realization in May'24 but now avoided heavy selling in June'24 in anticipation of further rise in prices. About 51 thousand tonnes of jeera arrived at major APMC mandies across during May'24 as compared to 45.7 thousand tonnes of Apr'24 and 22 thousand tonnes of previous year for corresponding month. Overall production of Jeera is likely to be higher by 30% Y-o-Y may stand near 8.15 lakh tonnes in year 2024-25. However, jeera export demand has been higher that will cap the major downfall in prices. Jeera export from India rose 73% Y-o-Y in Mar'24 reported at 32.12 thousand tonnes. Jeera prices are likely to trade in range of 24000-33000.
Dhaniya price traded mixed to higher on supply concerns in the market. Slower arrival pace and weaker production estimates supported firmness in prices. Supplies have dropped as only 38 thousand tonnes of dhaniya arrived at major trading centers across India in May'24 as compared to 45 thousand tonnes of Apr'24 and 97 thousand tonnes of previous year for corresponding month. Export has been higher that will also support firmness in prices. Demand from China and Bangladesh has increased that prompted exporters to buy dhaniya on recent fall in prices. Overall export of dhaniya reported at 94.9 thousand tonnes during Apr'23-Mar'24 higher by 115% Y-o-Y. Overall production of dhaniya is likely to be down by 26% Y-o-Y that will keep the major trend positive in dhaniya. Dhaniya prices are likely to trade in range of 6900-7800.
Bullion prices may trade with bullish bias as traders stepped up bets that the U.S. Federal Reserve will start cutting rates soon, sending the dollar and Treasury yields lower. Globally, interest rate expectations are falling. On Wednesday, the Bank of Canada cut its rate to 4.75% from 5.00% and on Thursday the European Central Bank (ECB) did the same, cutting its main refinancing rate by 0.25% to 4.25%. After the release of lower inflation data in Switzerland, speculation is also rising for the Swiss National Bank to cut its key rate when it makes its decision on June 20. The decision to lower interest rates is positive for Gold as it broadly reduces the opportunity cost of holding the non-yielding asset. U.S. job openings fell more than expected in April, as labour market conditions soften in a manner that could help the Fed's fight against inflation. Net purchases of gold by global central banks rose to 33 metric tons in April from a revised net buying of 3 tons in March, the World Gold Council (WGC) said, signalling continuing strong appetite from the sector despite high prices for the metal. But Russia's finance ministry said it would reduce its purchases of foreign currency and gold in the month ahead, a move that will increase the state's overall forex sales. Swiss gold exports fell in April from March as higher supplies to India and Turkey were offset by lower deliveries to China and Hong Kong, customs data showed. Gold prices may trade in the range of 72000-75000 levels while silver prices may move in the range of 92000-96000 levels. Recovery in the industrial commodities is positive for the silver prices.
Crude prices posted third straight weekly losses due to growing U.S. inventories, an OPEC+ plan to increase supply. The Organization of Petroleum Exporting Countries and allies (OPEC+) has announced that the cartel will begin scaling back 2.2 million bpd of cuts from the end of September 2024 till October 2025. Oil prices may regain some ground in coming days as reassurances from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse output agreements. The Organization of the Petroleum Exporting Countries and allies including Russia agreed to extend most production cuts into 2025 but left room for voluntary cuts from eight members to be unwound gradually. Saudi Energy Minister Prince Abdulaziz bin Salman said on Thursday OPEC+ can pause or reverse voluntary output increases if it decides the market is not strong enough. China, the world's biggest crude importer, imported 46.97 million metric tons of crude oil in May, official data from customs showed. Saudi Arabia set its flagship Arab Light crude oil official selling price to Asia at plus $2.40 versus Oman/Dubai average for July, a document seen by Reuters showed. Crude prices may trade in the range of 6150-6500. Natural gas prices may move in the range of 210-260 with high volatility. The gas storage build has significantly exceeded analyst estimates, which is bearish for natural gas markets. However, the current demand for natural gas is high due to hot weather. Weather forecasts imply that natural gas demand would rebound to high levels in the middle of the month.
Base metal prices may trade sideways due to softer-than-expected physical demand from top consumer China. Demand for metals in China has been hit by a recent surge in prices. Factory activity in China suffered an unexpected fall in May, as the country's long-running property crisis continues to undermine business and consumer outlook. Data from the National Bureau of Statistics showed that the official manufacturing purchasing managers' index dropped to 49.5 in May from 50.4 in April. However China's renewed policy emphasis on stabilizing the housing market, combined with energy transition efforts, continues to bolster metals demand. Copper may trade in the range of 860-895 levels. Copper demand in China remains strong, boosted by the country's energy transition efforts. Stimulus measures are expected to maintain copper demand growth, with potential manufacturing improvements in Europe and the United States also contributing to demand. China's unwrought copper imports rose 15.8% in May from a year earlier, data from the General Administration of Customs showed. But higher inventory may pressurise the counter lower. Top copper consumer China's inventory was last at 321,695 tonnes, the highest since April 2020, while LME inventories have hit 118,950 tonnes for their highest since April 24. Zinc can trade in range of 250-275 levels. Lead can move in the range of 185-195 levels. Aluminium can trade in the range of 232-250 levels. Recent shortages of alumina, a key intermediary product in aluminum production, rose due to reduced output from China and disruptions to Rio Tinto's Australian exports. Global primary aluminium output in April has increased by 3.3% yearon-year to 5.898 million tonnes, according to the International Aluminium Institute.
It closed at Rs.241.65 on 06th Jun 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.241.831. On the daily chart, the commodity has Relative Strength Index (14-day) value of 48.818. Based on both indicators, it is giving a sell signal.
One can sell near Rs.242 for a target of Rs.228 with the stop loss of 248.
It closed at Rs.6326.00 on 06th Jun 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.6460.245. On the daily chart, the commodity has Relative Strength Index (14-day) value of 39.891. Based on both indicators, it is giving a sell signal.
One can sell near Rs.6350 for a target of Rs.5980 with the stop loss of 6500.
It closed at Rs.5380.00 on 06th Jun 2024. The 18-day Exponential Moving Average of the commodity is currently at Rs.5453.382 On the daily chart, the commodity has Relative Strength Index (14-day) value of 41.228. Based on both indicators, it is giving a buy signal.
One can buy near Rs.5300 for a target of Rs.5550 with the stop loss of 5190.
NOTE: *M.High / M.Low stands for Monthly High / Monthly Low
The CRB index experienced a bounce due to a decline in the dollar index, closing near 342 levels. The sharp drop in US Treasury yields and the dollar index boosted commodity prices, despite a lack of intrinsic triggers. The dollar index fell for the second consecutive week, closing near 104 levels. The INR also depreciated for the second week, adding momentum to Indian gold prices. Both gold and silver rebounded after a two-week decline. UBS projects a 2024 year-end price target of $36 for silver and an average of $30.5, up 20% and 14%, respectively, compared to its previous forecasts. Industrial demand has surged, with solar demand growing significantly, accounting for over 40% of silver demand last year. Moreover, silver bar and coin demand has also increased markedly over the past decades. Crude oil prices nosedived for the third week but regained some losses later in the week, with MCX crude making a low of 6073 before closing near 6330 level. Oil prices ticked higher on Friday, as reassurances from OPEC+ members Saudi Arabia and Russia indicating readiness to pause or reverse output agreements, but markets were headed for their third straight weekly losses. Copper prices rose on fresh buying, while lead, aluminum, and zinc prices fell, closing in the red. Natural gas prices continued to strengthen last week. China's renewed policy emphasis on stabilizing the housing market, combined with energy transition efforts, continues to bolster metals demand. China's manufacturing activity in May marked its fastest pace in about two years, driven by robust production and new orders across smaller, export-oriented firms, as per a private sector survey. US economy weaker data however gave a pause in buying.
In the agricultural sector, castor seed prices consolidated in the upper range, appearing poised for a breakout. Sunflower oil remained range-bound. The guar market was weak due to news of a normal monsoon and subdued demand. Spices moved in various directions: dhaniya remained within a range and closed near 7440 levels, jeera prices rebounded from their lows to close near 29500 levels, while turmeric prices declined significantly. With increased buying activities in local market. However, supplies have been adequate at major trading centers that capped the major gains. About 51 thousand tonnes of jeera arrived at major APMC mandies across during May'24 as compared to 45.7 thousand tonnes of Apr'24 and 22 thousand tonnes of previous year for corresponding month.
The Purchasing Managers' Index (PMI) is an index of the prevailing direction of economic trends in the manufacturing and service sectors. The purpose of the PMI is to provide information about current and future business conditions to company decision makers, analysts, and investors.
India's manufacturing Index
India's manufacturing activity fell to 57.5 in May from 58.8 in April, as per the HSBC Purchasing Managers' Index (PMI), signalling a slower but still substantial improvement in the health of the sector. The headline figure was nearly four points higher than its long-run average.
The country's manufacturing activity remained comfortably above the key mark of 50, which separates expansion in activity from contraction, as well as higher than the long-run average (53.9), data released on June 3 showed.
Growth was supported by new business gains, demand strength and successful marketing efforts, anecdotal evidence showed. The slowdown was attributed to reduced working hours amid intensive heat and rising production costs.
Manufacturing Index of China
Manufacturing Index of US
US manufacturing activity slowed for a second straight month in May as new goods orders dropped by the most in nearly two years. The Institute for Supply Management's manufacturing purchasing managers index for May fell to 48.7 from 49.2 in April. It was both the second straight decline and the second month below the 50 level that separates growth from contraction.
The factory sector has been under pressure for well over a year, with ISM's measure of output in contraction now for 18 of the past 19 months, as high interest rates resulting from Federal Reserve monetary policy tightening curbed demand for goods.
Japan's factory activity
Japan's factory activity crept into expansion for the first time in a year in May, a business survey showed, as manufacturing gathered pace after months of w eaknes s . The J apan manufacturing purchasing managers' index (PMI) climbed to 50.5 in May from 49.6 in April, breaching the 50.0 threshold last seen in May last year. Output and new orders, the two key subindexes contributing to t h e h e a d l i n e f i g u r e , contracted at a slower pace, while stocks of purchases rose at the fastest pace in 10 months.
Eurozone Manufacturing PMI
The Eurozone Manufacturing PMI rose to 47.3 in May from 45.7 in April, slightly below the preliminary estimate of 47.4. This marks the highest reading since March 2023, indicating the slowest decline in the Eurozone manufacturing sector in over a year. It was the third consecutive month of slowing output decline, with production nearing stabilization. Contractions in new orders, exports, and purchasing activity also eased. In terms of prices, input costs fell at a marginal rate, and factory gate prices decreased again.
Overall, while manufacturing in major economies like China and the US is struggling with high inflation and high interest rates, the boom in factory activity in India and Japan is a matter of relief. Rising living costs, high interest rates and a positive outlook for the economy have fuelled demand.
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Motilal Oswal Mutual Fund launches Motilal Oswal Quant Fund, an open-ended equity scheme, investing based on a quant investment framework. The new fund offer or NFO of the scheme is open for subscription and will close on June 5. The scheme will re-open for continuous sale and repurchase within five business days from the date of allotment. The scheme is benchmarked against Nifty 200 Index TR. Both regular and direct plans will offer growth and IDCW options. The scheme will be managed by Ajay Khandelwal, Rakesh Shetty. The minimum application amount is Rs 500 and in multiples of Re 1 thereafter. An exit load of 1% is applicable if redeemed on or before 15 days from the date of allotment. No exit load will be there if redeemed after 15 days from the date of allotment. No exit load will be applicable in case of switch between the schemes, Motilal Oswal Focused Fund, Motilal Oswal Midcap Fund, Motilal Oswal Flexi Cap Fund, Motilal Oswal Balanced Advantage Fund, Motilal Oswal Large and Midcap Fund, Motilal Oswal Multi Asset Fund, Motilal Oswal Small Cap Fund, Motilal Oswal Large Cap Fund and other schemes as may be amended by AMC vide its addendum issued in this regard. No load shall be imposed for switching between options within the scheme. Further, it is clarified that there will be no exit load charged on a switch-out from regular to direct plan within the same scheme. The scheme will invest 80-100% in equity and equity-related instruments, 0-20% in units of liquid fund and money market instruments (including cash and cash equivalents). The investment strategy focuses on the concept of economic profit.
Mirae Asset Mutual Fund has filed a draft document with SEBI for regulatory approval to launch India's first Exchange Traded Fund (ETF) focused on the Electric Vehicles (EV) and New Age Automotive segment. Mirae Asset Nifty EV and New Age Automotive ETF will be an open-ended scheme replicating/tracking Nifty EV and New Age Automotive Total Return Index. This is the first ETF which is set to offer investors with long-term capital appreciation opportunities by investing in equity of companies that are at the forefront of the dynamic and rapidly evolving automotive sector thereby focusing towards sustainable development. The fund will track the newly launched Nifty EV & New Age Automotive Index, providing investors with a benchmark that truly reflects the innovative and forward-thinking nature of India's electric vehicle and new age automotive industry. The scheme will be managed by Ekta Gala and Vishal Singh. "We believe that companies which are part of disruptive themes like EV hold significant potential for growth especially if they have the first mover advantage in less penetrated markets like India. The long-term potential and opportunity size for EV and several other disruptions in the auto space is huge. Through this product, we want to provide an option for investors to take exposure in a portfolio of such companies," commented Swarup Anand Mohanty, Vice Chairman & CEO, Mirae Asset Investment Managers (India). This will be a valuable addition to Mirae’s portfolio of exclusive products centered on both global and domestic themes. With this new offering, Mirae will be able to provide two specialized products dedicated to the Electric Vehicle sector—one targeting global companies involved in EV and New Age Automotive, and the other focusing solely on domestic companies within the same industry, said the press release.
Tata AIA Life Insurance (Tata AIA) has launched the Midcap Momentum Index Fund. This new fund is aimed at capitalizing on the dynamic growth potential of India's midcap sector. The new fund offering (NFO) window will remain open until June 15 at an NAV of Rs 10 per unit. The Indian equity market presents significant wealth creation opportunities as the economy is expected to grow multi-fold over the next few decades. Driven by growing consumption, rising disposable income, the shift towards organized sectors, global supply chain realignment, and supportive government policies, these factors create a favorable environment for midcap companies to thrive, said the press release. The Midcap Momentum Index Fund will benchmarked agaisnt Nifty Midcap 150 Momentum 50 index. This index tracks the performance of the top 50 high growth companies within the Nifty Midcap 150, selected based on their Normalized Momentum Score, offering investors a chance to benefit from high-growth midcap stocks. The investment objective of the fund is long-term capital appreciation through a diversified portfolio of midcap companies. The fund will invest 80%-100% in equity and equity-related instruments, 0%-20% in cash, and money market securities. "The Midcap momentum index has grown 11x in the last 9 years, demonstrating the robust growth of India's midcap sector. With the Midcap Momentum Index Fund, we aim to provide our investors with an attractive proposition to capitalize on this dynamic sector powered by India's growth story. India is well into its Amrit Kaal, driven by robust growth in manufacturing and services sector, rising consumption demand, financialization of saving etc. Our offering enables consumers to enjoy long term return backed by the financial security and health & wellness benefits from the underlying investmentlinked plans offered by us," said Harshad Patil, Executive Vice President, and Chief Investment Officer (CIO) of Tata AIA.
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