Support at 5,850; bet on Dish, Arvind Mills: Experts

The BSE Sensex closed the week, down 56.57 points, at 19,748.19 while the Nifty fell 21.30 points to end at 5,886.20. With the last two days of the July series ending on a negative note, Rahul Mohindar of viratechindia.com offers an estimate of the August series.

"If you look at the past two years, the market has barely been able to hold 6100 for a week or two. So, investors need to keep in mind that the 6050-6100 is a very strong level of resistance. However, bank-stocks and other major heavy weights still seem to be offer a 5-10 percent window as they continue moving down. So my own gut feeling is that at 5,850, there would be some kind of a short-term support, " Rahul Mohindar told CNBC-TV18.

On a host of earnings by banks such as Punjab National Bank (PNB) and Hindustan Unilever (HUL), SP Tulsian of sptulsian.com holds the overall that there is not much cheer about.

Ambuja Cements was undoubtedly the biggest loser this week, going down about 16 percent, but today the stock bounced back a bit. Tulsian estimates the stock to settle at Rs 170-172. "After a huge short-covering on Thursday, investors are yet to taken a fundamental call on the whole structuring of the deal."

On Dish TV 's announcement regarding improvement in margins, Tulsian holds a positive view on the stock on the management's plans to rid the company of debt, high element of depreciation and the company sequential performance. "So taking all this into account, if you have a six-months' view, I think the stock has good potential to rise."

Offering a view on the metals sector, Ambareesh Baliga of Edelweiss, says, " In metals the cycle is still down and the trend will continue at least for the foreseeable quarter or two. So, it is still time to possibly stay out and it is too low for investors to exit except for traders. Investors should wait at least for one more quarter before buying."

On Canara Bank going down 8.5 percent, Tulsian explains, "Maybe it has to do with some concerns or shock on asset quality. I do not think that, except for this fear on the asset quality, there is any other reason for the stock to dip. Overall, PSU banks are subdued with larger banks affected by the fear of asset quality."

The Foreign Investment Promotion Board (FIPB) is to meeting on Monday to decide on the Jet-Etihad deal and the stock reacted positively. Tulsian is positive the deal will go through and that an open offer is likely to get triggered.

Jaiprakash Associates led the some of big result shocks this week and the stock is already down about 17 percent. Tulsian dismisses hopes of any positive announcement from the management. "Little has taken place after the company's announcement of the sale of its 4.8 million tonne Gujarat cement plant. The company's inability to clinch the sale along with high forex and overall debt has caused disappointment."

Arvind Mills is to declare earnings next week. Tulsian estimates the results to be positive. "The company is trying to consolidate its position in its core business and apart from the impact on their real estate foray due to the lull in the Ahmedabad belt, the company's business model is very much in place. It is likely to post better results for the June quarter."

Heidelberg Cement declared earnings today and though the stock was down 8-9 percent,  it did end in the green. Tulsian points out, "I do not think you can compare Heidelberg Cement as an alternative to Ambuja Cements. Though the Rs 8-crore net was a disappointment, the company is on an expansion spree and is raising capacity. So if you really want to have an substitute for Ambuja Cements, it is UltraTech Cement. I do not favour Shree Cement as it has very low tradability, is very thinly traded and exhibits a lot of volatility. Another alternative is Madras Cements, but it does not offer the the advantages of  futures and options availability."

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U.S stocks reverse losses and gain on earnings, data; Dow rises 0.02%

Investing.com - U.S. stocks erased roughly 150 points of losses on Friday and finished the session higher mainly as traders bought and sold shares on earnings reports.

A better-than-expected consumer sentiment index brought in the buyers later in the session as well.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.02%, the S&P 500 index rose 0.08%, while the Nasdaq Composite index rose 0.22%.

Starbucks and Facebook released earnings that beat expectations though disappointments elsewhere pushed shares down earlier in the trading day.

Many investors remained on the sidelines before a busy next week, which will see the release of the July jobs report as well as a Federal Reserve monetary policy meeting.

Earlier Friday, the Thomson Reuters/University of Michigan consumer sentiment rose more than expected in July, hitting 85.1 from 83.9 in June.

Analysts had expected the index to rise to 84.0 this month.

The report also said that inflation expectations fell to 3.1% this month, from 3.3% in June, though investors took their time digesting the data before jumping into the market late in the session.

Leading Dow Jones Industrial Average performers included Intel, up 0.82%, The Travelers Companies, up 0.80%, and Walt Disney, up 0.68%.

The Dow Jones Industrial Average's worst performers included Boeing, down 1.03%, Hewlett-Packard, down 0.91%, and JPMorgan Chase, down 0.80%.

European indices, meanwhile, finished mixed.

After the close of European trade, the EURO STOXX 50 rose 0.06%, France's CAC 40 rose 0.32%, while Germany's DAX 30 finished down 0.65%. Meanwhile, in the U.K. the FTSE 100 finished down 0.50%.

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Telcos' subscriber base growth to be modest, says Icra

Growth in telecom-subscriber base is expected to remain modest as operators continue to consolidate their operations by deactivating inactive customers and focusing less on adding  new users, ratings agency Icra said on Thursday.

Also Read: SC to hear plea against summons to Anil Ambani on Mon

"Going forward, the growth in subscriber base is expected to remain modest as the prevalent level of active teledensity (61 percent) indicates limited potential for  subscriber addition, and the fact that there is a  reduced focus on adding new subscribers wherein acquisition costs outweigh the revenue generation," Icra senior vice-president Sabyasachi Majumdar said in a report.

The telecom industry witnessed some positive traction in the last quarter of FY13 in terms of growth in subscriber base with addition of 6.1 million gross subscribers, the report  said, adding that the operators are continuing to  consolidate their operations by deactivating inactive subscribers.

Icra further said another sign of consolidation of operations is the continued decline in churn levels in Q4 of FY13 as reported by three large telcos. This corroborates the reduction in competitive intensity  in the industry and  restoration of some degree of pricing power. While this has allowed most of the incumbents to initiate tariff hikes, the same has not led to material improvement in the rate per minute (RPM) levels so far, it said.

There has been an industry-wide increase in the total minutes on network and minutes of usage per subscriber, which has driven the average revenue per user (Arpu) levels. "Going forward, a 2-3 percent increase in RPM level is  expected given the recent tariff hikes announced by the telcos," Majumdar said.

Icra said data is the next growth driver for the industry and the trend in data uptake has continued its positive growth trajectory, albeit on a low base, though over the past two years the number of data subscribers has been  increasing strongly.

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U.S stocks up on earnings, Facebook soars 30%; Dow rises 0.09%

Investing.com - U.S. stocks posted modest gains on Thursday after investors bought and sold equities on second-quarter earnings.

Social network icon Facebook saw its share prices soar nearly 30% after earnings blew past expectations, prompting many brokerages to raise the price targets on the company.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.09%, the S&P 500 index rose 0.26%, while the Nasdaq Composite index rose 0.71%.

Facebook shares soared by almost 30%, breaking past USD34 a share, about USD4 shy of its IPO price, after the company reported results that blew past expectations thanks to revenue stemming from mobile applications, according to an earnings statement.

Revenue increased by 53% to USD1.81 billion, beating market calls for USD1.62 billion.
Mobile advertising revenue represented approximately 41% of advertising revenue for the second quarter of 2013, the company said.

Materials and utilities stocks rose as well, though industrial stocks watered down gains.
Investors bought and sold on earnings, though most were waiting until next week, when the July jobs report will publish and provide a new weather vane for markets.

The Labor Department said earlier that the number of individuals filing for initial jobless benefits last week increased by 7,000 to 343,000 compared with expectations for a gain of 4,000 to 340,000.

In a separate report, the Commerce Department said orders for durable goods rose by 4.2% in June, outpacing expectations for an increase of 1.3%.

Durable goods for May were revised to a 5.2% gain from a previously reported 3.7% increase.

Core durable goods orders, which exclude volatile transportation items, were flat in June, missing expectations for a 0.5% increase.

Leading Dow Jones Industrial Average performers included Chevron, up 1.10%, Bank of America, up 0.88%, and Merck, up 0.84%.

The Dow Jones Industrial Average's worst performers included Microsoft, down 1.81%, Home Depot, down 1.59%, and Caterpillar, down 1.57%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.43%, France's CAC 40 fell 0.17%, while Germany's DAX 30 finished down 0.96%. Meanwhile, in the U.K. the FTSE 100 finished down 0.49%.

On Friday, the U.S. will release a revised Thomson Reuters/University of Michigan gauge on consumer sentiment.

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Forex - EUR/JPY gains on firming euro zone output data

Investing.com - The euro strengthened against the yen on Wednesday after industry data revealed both factory and service-sector output appears to be on the rise in the euro zone.

In U.S. trading on Wednesday, EUR/JPY was up 0.50% at 132.17, up from a low of 131.38 and off a high of 132.74.

The pair sought to test support at 130.78, Tuesday's low, and resistance at 132.77, the high from May 21.

The euro rose against safe-haven currencies such as the yen after U.K.-based Markit Economics revealed that the euro zone purchasing managers' index rose to 50.1 in July from 48.8 in June, beating analysts' calls for a 49.1 reading.

A reading above 50 signals expansion, which gave the currency room to rise on hopes better days lie ahead for the crisis-weary euro zone economy.

Germany's manufacturing PMI rose to 50.3 from June's reading of 48.6, and the service-sector PMI jumped to 52.5, from 50.4.

The French manufacturing PMI rose to a 17-month high of 49.8 from 48.4 in June, while France's services PMI improved to 48.3 from 47.2 last month.

Both French and German data beat market expectations.

Meanwhile, a preliminary reading of China's HSBC manufacturing PMI fell to 47.7 in July from a final reading of 48.2 last month. Analysts had expected the index to rise to 48.6. A reading below 50 indicates a contraction, and the numbers dampened demand for the Japanese currency.

The euro, meanwhile, was up against the pound and down against the U.S. dollar, with EUR/GBP trading up 0.18% at 0.8618 and EUR/USD trading down 0.20% at 1.3197.

On Thursday, Spain is to release official data on the unemployment rate. The Ifo Institute is to publish its index of German business climate.

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U.S stocks fall on earnings, data and Fed outlook; Dow down 0.26%

Investing.com - U.S. stocks closed largely lower on Wednesday after improving home sales in the U.S. renewed expectations that the Federal Reserve remains on course to winding down stimulus measures this year.

Stimulus programs such as low interest rates and the Fed's monthly purchases of USD85 billion in assets suppress borrowing costs across the economy and make stocks an attractive buy, though positive data can send stocks falling briefly by stoking expectations of an end to monetary support of the market.

At the close of U.S. trading, the Dow Jones Industrial Average finished down 0.26%, the S&P 500 index fell 0.38%, while the Nasdaq Composite index rose 0.01%.

The Commerce Department reported earlier that U.S. new home sales jumped 8.3% to 497,000 units, their highest level since May 2008.

Analysts were expecting new home sales to rise 1.8% to 482,000, which bolstered the dollar and sent stocks falling, partly on trading strategies predicting an end to stimulus measures.

Elsewhere, heavy equipment maker Caterpillar reported that second-quarter earnings fell 43% due to slumping mining activity, which prompted the company to lower its profit and revenue outlooks for this year, which also dampened broader share prices.

Supporting stocks was tech bellwether Apple, whose earnings beat expectations.

Leading Dow Jones Industrial Average performers included Hewlett-Packard, up 1.48%, American Express, up 1.28%, and Intel, up 0.84%.

The Dow Jones Industrial Average's worst performers included Caterpillar, down 2.42%, Bank of America, down 1.47%, and AT&T, down 1.20%.

European indices, meanwhile, finished higher.

After the close of European trade, the EURO STOXX 50 rose 1.08%, France's CAC 40 rose 1.01%, while Germany's DAX 30 finished up 0.78%. Meanwhile, in the U.K. the FTSE 100 finished up 0.35%.

On Thursday, the U.S. is to publish government data on durable goods orders as well as its weekly government report on initial jobless claims.

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Forex - USD/CAD falls on Fed uncertainty, strong Canada retail sales

Investing.com - The U.S. dollar weakened against its Canadian counterpart on Tuesday after retail sales came in stronger than expected in Canada, while soft housing data in the U.S. frayed nerves that the Federal Reserve will keep monetary stimulus programs in place for longer than once thought.

In U.S. trading on Monday, USD/CAD hit 1.0283, down 0.48%, up from a low of 1.0280 and off a high of 1.0350.

The pair sought to test support at 1.0174, the low from June 19, and resistance at 1.0350, the earlier high.

The U.S. National Association of Realtors reported on Monday that existing home sales fell 1.2% to 5.08 million units in June, missing market calls for sales to rise 0.6% to 5.25 million units in June.

Sales for May were revised down to 5.14 million from a previously reported 5.18 million.

The report added sales were up 15.2% from June of last year, while average house prices jumped 13.5% on a year-over-year basis.

While the numbers indicated that recovery continues in the housing sector, markets concluded the figures were soft enough to sway monetary authorities to keep stimulus programs in place for now, sentiments that carried over into a quiet session on Tuesday.

Stimulus programs such as the Fed's monthly USD85 billion in asset purchases, among others, tend to keep the dollar weaker to spur recovery by pushing borrowing costs lower across the broader economy.

Meanwhile, Statistics Canada said earlier Tuesday that June retail sales jumped 1.9% from a month earlier in May, well above expectations for a 0.4% gain, while core retail sales rose 1.2%, compared to expectations for a 0.1% increase, which sent the loonie firming against the greenback.

The Canadian dollar, meanwhile, was up against the euro and up against the yen, with EUR/CAD down 0.18% and trading at 1.3603 and CAD/JPY up 0.26% at 96.69.

On Wednesday, the U.S. is to release official data on new home sales, a leading indicator of economic health.

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U.S stocks end mixed in lackluster trading; Dow up 0.15%

Investing.com - U.S. stocks ended Tuesday mixed after a lackluster session marked by investors buying and selling equities on earnings as well as on uncertainty as to when Federal Reserve stimulus measures may begin to wind down.

Stimulus programs such as low interest rates and the Fed's monthly purchases of USD85 billion in assets suppress borrowing costs across the economy and make stocks an attractive buy.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.15%, the S&P 500 index fell 0.19%, while the Nasdaq Composite index fell 0.59%.

Chemical giant DuPont and technology Dow component United Technology released second-quarter earnings earlier that beat expectations, though disappointing data in Netflix, Peabody Energy and other reports helped offset gains.

Trading was largely quiet, as investors awaited fresh signs to indicate when monetary stimulus measures may unwind.

On Monday, the National Association of Realtors reported that existing home sales in the U.S. fell 1.2% to 5.08 million units in June, missing market calls for sales to rise 0.6% to 5.25 million units in June.

Sales for May were revised down to 5.14 million from a previously reported 5.18 million.

The report added sales were up 15.2% from June of last year, while average house prices jumped 13.5% on a year-over-year basis.

While the numbers indicated that recovery continues in the housing sector, markets concluded the figures were soft enough to sway monetary authorities to keep stimulus programs in place for now, which are bullish for equities.

Leading Dow Jones Industrial Average performers included United Technologies, up 2.97%, Hewlett-Packard, up 0.98%, and Wal-Mart Stores, up 0.89%.

The Dow Jones Industrial Average's worst performers included The Travelers Companies, down 3.77%, McDonald's, down 0.82%, and Cisco, down 0.62%.

European indices, meanwhile, finished lower.

After the close of European trade, the EURO STOXX 50 fell 0.09%, France's CAC 40 fell 0.43%, while Germany's DAX 30 finished down 0.20%. Meanwhile, in the U.K. the FTSE 100 finished down 0.39%.

On Wednesday, the U.S. is to release official data on new home sales, a leading indicator of economic health.

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Japanese keen on India as PM Abe reboots Japan's economy

With Shinzo Abe winning the race for Japan's Prime Minister, Japanese companies are looking forward to measures to boost growth. And this is good news for Indian infrastructure projects, which have enjoyed strong Japanese participation, reports CNBC-TV18's Manasvi Ghelani.

The deadlock in Japan's Parliament has broken. And new Prime Minister Shinzo Abe is has one of the strongest political mandates in years to help him continue pulling Japan's giant economy out of its long-term decline.

Also Read: PM Abe's bloc wins big in upper house vote

Accordimg to Haruo Shimada, president, Chiba University of Commerce, "Abe and his Cabinet changed the monitory policy completely. This lured the international community came back and start investing. This caused stock prices to jump up and lowered the exchange rate of the Yen to allow Japanese industry to export more and is a stong boost for the revival of the Japanese economy."

This is good news for India. It can now capitalise on Japan's long-term lending capacity and low interest-rate regime to attract financing for cash-strapped landmark infrastructure projects.

Amitabh Kant, MD and CEO, DMICDC, says, "Much of China's manufacturing revolution was led by the Japanese. Now the Japanese think they have over-invested in China and are looking at other options. India needs to tap this opportunity."

The Delhi-Mumbai Industrial Corridor, which was recalled to life a year ago, is one such beneficiary. So far, the project has seen capital infusion of about US 4.5 billion from Japanese firms who hold 26 percent equity in the project. And crucial funds at advanced stages of the project should now become easier to access.

Experts say other such projects such as the Chennai - Bangalore Corridor for which feasibility study has been completed; the Bangalore - Mumbai Freight Corridor for which a feasibility study is underway and the Kolkata - Delhi Corridor for which a feasibility study is all set to begin, may also get a fillip.

But infrastructure is not the only area of interest. Japanese companies have shown interest in sectors like agriculture, medical services, education and energy. And as Japan looks to reboot growth, these sectors in India could also witness significant investment.

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U.S stocks inch up on talk Fed stimulus to stay in place; Dow up 0.01%

Investing.com - U.S. stocks ended Monday higher after a lackluster session that saw share prices fall on earnings and soft housing data, though expectations that Federal Reserve stimulus measures will stay in place bolstered prices in the end.

Stimulus programs such as low interest rates and the Fed's monthly purchases of USD85 billion in assets suppress borrowing costs across the economy and make stocks an attractive buy.

At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.01%, the S&P 500 index rose 0.20%, while the Nasdaq Composite index rose 0.36%.

The National Association of Realtors reported earlier that existing home sales in the U.S. fell 1.2% to 5.08 million units in June, missing market calls for sales to rise 0.6% to 5.25 million units in June.

Sales for May were revised down to 5.14 million from a previously reported 5.18 million.

The report added sales were up 15.2% from June of last year, while average house prices jumped 13.5% on a year-over-year basis.

While the numbers indicated that recovery continues in the housing sector, markets concluded the figures were soft enough to sway monetary authorities to keep stimulus programs in place for now, which are bullish for equities.

Elsewhere, fast-food giant McDonalds and toymaker Hasbro released second-quarter earnings that missed expectations, though trading remained largely quiet and within a 60-point range.
Leading Dow Jones Industrial Average performers included Microsoft, up 1.91%, Hewlett-Packard, up 1.51%, and Bank of America, up 1.22%.

The Dow Jones Industrial Average's worst performers included McDonald's, down 2.66%, Intel, down 1.17%, and Walt Disney, down 1.14%.

European indices, meanwhile, finished mixed.

After the close of European trade, the EURO STOXX 50 rose 0.34%, France's CAC 40 rose 0.37%, while Germany's DAX 30 finished down 0.01%. Meanwhile, in the U.K. the FTSE 100 finished down 0.11%.

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Forex - EUR/USD down during the Asian session

Investing.com - The Euro was lower against the U.S. Dollar on Sunday.

EUR/USD was trading at 1.3138, down 0.01% at time of writing.

The pair was likely to find support at 1.3052, Tuesday's low, and resistance at 1.3177, Wednesday's high.

Meanwhile, the Euro was down against the British Pound and the Japanese Yen, with EUR/GBP shedding 0.01% to hit 0.8604 and EUR/JPY falling 0.24% to hit 131.87.

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Forex - GBP/USD up during the Asian session

Investing.com - The British Pound was higher against the U.S. Dollar on Sunday.

GBP/USD was trading at 1.5269, up 0.01% at time of writing.

The pair was likely to find support at 1.5046, Tuesday's low, and resistance at 1.5281, Friday's high.

Meanwhile, the British Pound was down against the Euro and the Japanese Yen, with EUR/GBP gaining 0.05% to hit 0.8609 and GBP/JPY falling 0.11% to hit 153.43.

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Stock market prediction for July 22-26: Astrostocktips

Technology sector will continue getting strong astrological support. Buy HCL Technologies, TCS, Tech Mahindra, Think soft, KPIT, eclerx, Infosys etc on dips, says Satish Gupta of astrostocktips.in.

By Satish Gupta of astrostocktips.in

Weekly planetary position: During the week, Moon will be transiting in Sagittarius, Capricorn & Acquires. Lord Saturn & Rahu in Libra. Sun in Cancer. Mercury, Jupiter & Mars in Gemini, Venus in Leo. Ketu in Aries. Pluto in Sagittarius. Neptune in Aquarius & Uranus in Pisces.

As predicted, last week volatility & deception was it at its highest level. Although, planet mercury's retrogration period is over but deception & volatility will continue next week also, so be very cautious in carrying over night positions in Nifty.

Following sectors will be getting astrological support:

Technology sector will continue getting strong astrological support. Buy HCL Technologies , TCS , Tech Mahindra , Thinksoft , KPIT , eClerx , Infosys etc on dips.

Leather sector will continue receiving astrological support. Buy Bata , Relaxo , Sree Leather etc on dips.

Pharma sector will also continue receiving strong astrological support. Buy Lupin , Dr Reddys , Biocon , Divis Lab , Strides Arcolab , Cipla , Sun Pharma etc on dips.

Telecom sector too will be getting astrological support. Buy Idea , Bharti , Tata Communications on decline

Paints sector will be receiving strong astrological support. Buy Asian Paints , Berger Paint , Shalimar Paint , Kansai Nerolac , Akzo Nobel etc on decline.

Liquor sector will continue getting strong astrological support. Accumulate McDowell on every decline.

Always be very cautious, when some main planets i.e. Rahu, Ketu, Jupiter & Lord Saturn are changing their houses. It may be that certain sectors which were continue sly getting support for long time may stop receiving support due to change in position by above planets & stocks of those sectors starts coming down, resulting in losses. This is common reason, why most people loss money.

One should trade only in the stocks of that sectors which are getting very strong astrologically support.

Sectors which get very strong astrological support are not normally affected by downfall in the market.

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What Food Security Bill means for India's subsidy burden

By Dhanraj Bhagat

The National Food Security Bill 2013 was recently passed as an ordinance by the Union Cabinet. The bill aims to provide 5 Kg of food grains per person per month at subsidised prices from State Governments under the targeted public distribution system.

The eligible households will be entitled to food grains at a subsidised price not exceeding Rs 3 per Kg for rice; Rs 2 per Kg for wheat and Re 1 per Kg for coarse grain.

Implications:

Welfare economics:

A huge percentage of the Indian population lives below the poverty line where getting one square meal a day is a challenge. The food security bill aims to satisfy this basic want and in that sense although it encourages welfare economics, the intention is noble. This is what would need to be weighed against other economic considerations.

Rising Subsidy burden:

To gain a perspective on the subsidy portion let us look at the per kg price. Government procurement price would be approximately Rs. 13.45 per Kg for rice and Rs. 12.85 per Kg for wheat. The subsidy portion works out to Rs. 10.45 per kg of rice and Rs. 10.85 per kg of wheat. When we take into account the total number of beneficiaries and the quantity of food grains that would be distributed, the burden on the exchequer is projected at a whopping Rs. 1.3 lakhs crores per year. The increase in subsidy burden will only add to the current fiscal account deficit woes.

Inflationary pressures:

Procurement by the government of such huge quantities of rice, wheat, and other grains would result in less quantity available in the open market, thereby pushing up food prices. This would be further aggravated in a year of low production which would necessitate procurement through imports, which in turn will again push prices up.

Public distribution system and leakages:

The current system of distribution is though the approximately 5 lakh fair price shops spread across the country. In addition there are logistics issue of picking up the food from the source, storage and onward transportation. Leakages on account of pilferage, rotting of grains and logistics inefficiencies account for nearly 40% to 50% of the total food stock. Should this trend continue, the incremental losses on account of additional procurement under the Bill is something we as a nation can ill afford.

Agriculture opportunity:

With additional demand the agriculture sector would receive a boost and this could lead to more investments in improving agriculture productivity and making it more competitive.

Infrastructure opportunity:

To overcome the inefficiencies in the distribution of grains, substantial investment would be required in creating infrastructure like warehousing and storage facilities, roads, improving rail connectivity etc. This could create a huge opportunity for the private sector which could turn out to be one of the catalysts for a renewed economy.

(The writer is Partner, Transaction Advisory Services, Grant Thornton India LLP)

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