No rush to sell India, buy China equities- Wood
No rush to sell India, buy China equities: Wood Christopher Wood, global head of equity strategies at Jefferies, is not in favour of any “dramatic move” with respect to Indian and Chinese equities, according to a Jefferies’ Greed & Fear report. Wood highlights the contrast between India and China, saying it “could not be more dramatic”. Citing the contrasting performance of Greed & Fear’s India and China long-only portfolios, he said the India portfolio has gained 41.2% year-to-date in dollar terms (on a total-return basis), while the China portfolio has dropped 12.1%. “Normally, such contrasting performances would be a signal to go the other way in terms of buying China and selling India. But Greed & Fear has no conviction for such a dramatic move. Nor does anyone else, though a surge in China’s outperformance may happen at any time if there is a positive surprise on the policy front,” said Wood. The conviction on India stems from the latest quarterly GDP data. The real GDP rose 7.6% YoY in Q3CY23, which was one percentage point above the consensus. The economy is now being driven by investment rather than consumption, thereby reversing the pattern of the past decade. Jefferies, in the report, reiterates its earlier view on Indian equities. In a report in October, it said large-cap valuations were not particularly stretched compared to historical standards. It pointed out that foreign investors were not as overweight on India as expected, despite the consensus that India, and not China, is the long-term structural growth story in Asia. It highlighted that Indian equities never corrected to the extent foreign investors had anticipated during the RBI’s tightening between May 2022 and February 2023. This was the reason any pull back in India was likely to be viewed as a buying opportunity, given the optimism on the structural story.
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- bi, Daiichi Sankyo has said that going ahead with the open offer at this stage would be “illegal”, “an abuse of process of law”, and “gross overreach” of the pending proceedings before the Delhi High Court and also in violation of the orders of the Supreme Court. The market regulator should, therefore, hear it out before taking any call on the IHH’s proposal, it said.
The Japanese pharma major is also filing a plea before the Delhi HC seeking appointment of forensic auditors to analyse transactions involving IHH, Fortis Healthcare and RHT, Singapore, as directed by the HC on October 18.
The development is likely to create legal hurdles and delay the proposed open offer as IHH had recently told FE that it could only go ahead if Sebi agreed with its legal interpretation that the SC’s September 22 order has lifted all such restraints.
IHH managing director and CEO Kelvin Loh told FE on November 9 that the company would like to go ahead with the open offer “as soon as possible” as there has already been a delay of four years. Ravi Rajagopal, chairman of Fortis Healthcare, had added that their legal counsel has advised that the company can go ahead with the open offer as the SC order has disposed of various appeals, including the suo motu contempt. “We have represented to the Sebi and the matter is with them,” Rajagopal had said.
However, legal observers told FE that the matter is not that straightforward and simple as the Delhi HC has to take the final call on the matter of open offer as well as whether a forensic audit has to be done in the share sale which was executed in 2018.
Also Read: IHH to float open offer for Fortis if Sebi concurs with our legal view: MD & CEO
Loh and Rajagopal had said the possibility that the matter may take a different turn when it comes up in Delhi HC cannot be ruled out.
IHH had in July 2018 acquired a 31% stake in Fortis Healthcare for Rs 4,000 crore through the bidding route. It had also earmarked Rs 3,000 crore to make an open offer for an additional 26% to the public shareholders as required under the law.
Daiichi has written to Sebi that the SC in its September 22 order had asked the HC to consider ordering a forensic audit into the dilution of FHL shareholding, repeated violation of undertakings and assurance by former FHL promoters — Malvinder and Shivinder Singh — and the transaction between FHL, IHH and the clandestine transfer of Rs 4,666 crore to RHT Singapore.
Daiichi is “severely prejudiced” with IHH’s clandestine attempt to subvert the status quo order directed by the SC on December 14, 2018, and September 22 with respect to the conduct of forensic audit and the pending proceedings before the HC by purportedly consulting regulatory authorities, including Sebi, on the proposed FHL-IHH transaction. It has reiterated that the FHL-IHH transaction was currently sub-judice before the HC where FHL is also a party, its solicitors, P&A Law Offices, have said in the letter.
“We further state that any such attempt by FHL and/or IHH to proceed with the FHH-IHH transaction would be in direct contravention of the HC and SC orders,” the letter sent by the law firm has stated. Daiichi Sankyo is pursuing the enforcement of Rs 3,500-crore arbitration award against the Singh brothers pronounced by a Singapore tribunal for concealing information when they sold Ranbaxy Laboratories to it for $4.6 billion in 2008. The apex court had in 2018 put on hold the sale of Fortis Healthcare to IHH on a contempt plea filed by the Japanese drugmaker against the Singh brothers.
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