Vinit Rasiwasia

Trading platform stability is crucial to traders. Perhaps the most important thing that gets ignored by many. Traders deserve to know the real-time connectivity, uptime status of the platform, however almost no other brokerage in India showcases this besides us. Hope SEBI makes it compulsory someday. Check this out - https://lnkd.in/g7Wy5udZ

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We’re seeing intervention in the rupee offshore market after almost 7 months. This was last seen in January. The central bank also stepped up its intervention in the spot market to curb volatility. Something that wasn’t very prominent after Sanjay Malhotra took over as the governor. Traders expect such interventions to continue till there’s clarity on the trade deal. Rupee closed at 87.73/$1 on Aug 13. The all time low is 87.95/$1. Even though the RBI does not target particular levels, many traders believe that the record low is being protected. How does RBI protect the rupee? During high dollar demand, the RBI sells dollars from its foreign exchange reserves, thus satisfying that dollar demand. With views from Abhilash Koikkara, CFA and others, you can read the full story here - https://lnkd.in/dMK4w9Vs

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The U.S. earns an estimated $80–$85 billion annually from India through services such as: • 🎓 Education • 💳 Financial services • 🌐 Digital platforms • 💡 Intellectual property What’s interesting is that this figure is far higher than what traditional trade statistics reveal. This underlines two important realities: 1️⃣ The U.S.–India economic relationship goes well beyond goods trade, with services playing a central role. 2️⃣ A significant portion of India’s spending contributes to U.S. prosperity in ways that are often underreported in bilateral trade discussions. As both nations deepen ties in technology, finance, and innovation, recognizing the true scale of this value exchange becomes critical for shaping fair policies and future collaborations. 👉 It’s time to look beyond official trade balances and understand the full spectrum of economic interdependence between India and the U.S.

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A welcome move from Securities and Exchange Board of India (SEBI) to widen participation of investors in InvITs. SEBI has lowered the minimum subscription size in privately placed InvITs to ₹25 lakh, bringing it in line with the trading lot size. This creates a harmonized framework between primary and secondary markets, making capital raising smoother and more inclusive. It will open up participation beyond large institutions, enabling HNIs, family offices, and private wealth platforms to directly access India’s infrastructure growth story. It will enhance liquidity and secondary market depth. As one of the largest InvITs in the country, we wekcome this as a milestone in democratising infrastructure investment. It will accelerate capital flows into essential sectors like power transmission, renewables, roads, and digital infrastructure—fuelling India’s growth trajectory. At IndiGrid, we remain committed to building scale with resilience, transparency, and predictable cash yields—while also deepening engagement with a wider pool of investors who can now participate meaningfully. #InvIT #SEBI #Infrastructure #CapitalMarkets #IndiaGrowth https://lnkd.in/d6KDJt8Y

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⚠️ Sugar-High Rally: Why India Should Fade Wall Street’s Latest Pop Global equities have spiked because traders now price an 85 % chance of a Fed cut in September and a full 100 bp of easing by mid-2026. A catchy headline—built on shaky footing. Washington is treating cyclical pain with policies that deepen structural damage. 1️⃣ Tariffs in the Candy Jar • A blanket 15 % duty—plus sector hikes to 25 %—has already pushed U.S. customs revenue beyond $100 bn in 2025. • Higher receipts, yes; but also higher input costs and imminent retaliation. 2️⃣ Credibility Crack-Up • The White House sacked the Bureau of Labour Statistics chief after inconvenient data. • Another Fed shake-up is rumoured following multiple policy U-turns. • Markets are rallying on relief, not resilience—and relief can vanish with a single tweet. 3️⃣ Labour Truth Serum • July non-farm payrolls added only 73K; previous months were revised down 258K. • Unemployment now sits at a two-year high of 4.2 %. • Wage growth has stalled—an early sign of demand fatigue. 4️⃣ The GDP Mirage • Q2’s headline beat relied on a one-off import collapse, not new consumption. • Remove the inventory and net-export bumps, and real final sales barely moved. • The engine coughed; the statistics muffled the noise. 5️⃣ Liquidity Is Not Solvency • Lower rates may ease refinancing, but cannot erase tariff-driven margin pressure. • Cheap money props up zombies, delaying creative destruction and distorting risk pricing. • The equity risk premium shrinks just as policy risk balloons—mispricing begging to unwind. 6️⃣ Portfolio Playbook • Trim U.S. Beta: reduce exposure to dollar-sensitive cyclicals that chased the bounce. • Asia is Leading: favour long-term supply-chain winners in India, Vietnam, & Indonesia • Carry Dry Powder: hold cash and optionality for the next policy misstep. • Back Real Cash Flow: prioritise firms with strong balance sheets and pricing power. 7️⃣ What Could Flip the Script? • Sustained, broad-based disinflation plus credible fiscal restraint—unlikely before U.S. elections. • A coordinated tariff rollback—politically toxic this cycle. • A protected, apolitical Fed mandate—still wishful thinking. Bottom Line This rally feels like cotton candy—sweet, bright, and hollow. The sugar rush of rate-cut hopes cannot cure the cavities from tariff inflation, policy flip-flops, and a weakening labour market. Use the strength to de-risk U.S. exposure, rotate toward resilient Asian supply chains, and prepare for the volatility that will surface once the policy glaze cracks. Follow Quantace Research Disclosures • Prepared by Karthick Jonagadla, Quantace Research & Capital Pvt Ltd, SEBI-registered Research Analyst (INH000018258). • Content is educational, not investment, legal, accounting, or tax advice. • Markets fluctuate; past performance does not guarantee future results. • Verify independently and consult licensed professionals before acting. • Full Disclosure: quantace.in/disclosures/.

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Excited to announce Synergy Capital first full-owned acquisition - our move into merchant metallurgical coke production with Saurashtra Fuels. Proud to contribute to India’s industrial supply chain and support the steel sector’s next growth phase. Thanks to TheEconomic Times for covering this milestone. 🔗https://lnkd.in/e8hs6YRT #MetCoke #PrivateEquity #Infrastructure #SupplyChain #EconomicTimes #SynergyCapital

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🚀 Best Performing Small Cap Funds (Last 10 Years) 🚀 Small cap funds have been delivering impressive returns for investors who believe in long-term growth and can handle market volatility. 📈 Here are some of the top-performing small cap mutual funds in India (10-year CAGR): ✅ Nippon India Small Cap Fund – 21.40% ✅ Quant Small Cap Fund – 20.24% ✅ Axis Small Cap Fund – 19.34% ✅ SBI Small Cap Fund – 19.31% ✅ HDFC Small Cap Fund – 19.03% ✅ HSBC Small Cap Fund – 18.98% ✅ Kotak Small Cap Fund – 18.27% ✅ DSP Small Cap Fund – 17.12% ✅ ICICI Prudential Small Cap Fund – 16.57% ✅ Franklin India Small Cap Fund – 16.56% 💡 Key Takeaway: While small caps come with higher risk, they also offer higher potential rewards for those with patience and discipline. 👉 What’s your take — Do you prefer Small Cap Funds for long-term wealth creation, or do you stick with Large & Mid Caps for stability? #MutualFunds #SmallCap #Investing #WealthCreation #Finance

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Rock and a Hard Place 80% publicly listed BDCs are currently trading at a discount to their NAV. BDCs are required to distribute at least 90% of their taxable income as dividends, which limits their ability to retain earnings for growth. If the share price is below NAV, issuing new shares becomes dilutive to existing shareholders, so funding new loans is limited. For sub-scale BDCs, this creates a difficult dilemma: they face limited ability to grow and participate in new lending opportunities. In such cases, managers often find themselves caught between a rock and a hard place. Including the large quarterly dividends (average payout rate is 11.7%) y-t-d performance is negative for 2/3rds of BDCs as shown in the chart below: negative 7.99% return y-t-d (high dividend payouts are more than offset by the decline in price). BDC share prices ~15% lower when the S&P 500 is up 14% y-t-d. BDCs with “bad PIK” (loans accruing, but not paying interest due to deterioration in cash flow), loan amendment to avoid impairment (kicking the can), increase in non-accruals, 2x leverage, 2nd Lien loans exposure, and poor liquidity have led to poor share price. Within the Top 10 publicly listed BDCs, two are trading at a discount to NAV of 32% and 58%, respectively. Hats off to the 20% club, those BDCs that are growing, originating new loans, and performing well (Ares leads the pact as the largest BDC manager, while Main Street has the highest price-to-book value) - these BDCs are well positioned to grow. BDC managers (REITs too) disdain when shares trade below NAV, since markets view their company in negative light; growth and higher fee income is important, if shares trade below NAV any share that is sold below NAV is dilutive for existing shareholders. Under the Investment Company Act of 1940, BDCs are generally prohibited from issuing shares below NAV without explicit annual shareholder approval. When loan performance is poor, incentive fees and moral obviously suffer. Takeaways: 1. Invest with top quartile managers should always be the goal, it is true for private and public markets. 2. The variance of realized outcomes is greatly magnified in the public markets for private credit managers (BDCs) vs closed end funds à closed-end funds have ~25 lower volatility vs. BDCs. 3. Alpha is derived from mitigating loan losses; the goal is zero default while the average manager experiences roughly ~100bps annual loss rate.

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