Latest news with #NischalMaheshwari


Time of India
4 days ago
- Business
- Time of India
Nischal Maheshwari on 2 sectors where we may see rays of hope in market
Nischal Maheshwari , Market Expert, says FMCG and cement sectors are set to experience better volumes. Cement may also see price increases. Banking, Financial Services and Insurance sector growth will be slow. The IT sector is expected to remain weak. The second quarter will likely be uneventful for the IT sector. It is a brand new week. Of course, the markets are waiting for clarity on what happens to the tariff with respect to the India-US deal and along with that the earning season will also be in full throttle this particular week. How are you sensing the markets right now? Which factors are at play because of late, we are seeing a bit of a weakness on the index front? Nischal Maheshwari: Yes, these are the two big factors which are going to play out. There has been some amount of haziness as far as the tariffs are concerned. Most of us were expecting something to come in the last week, but not much news on that front. But I am pretty hopeful given that around more than 15 countries have already received a letter and India is not one of them. So, definitely there is something on the cards and that is a positive for the market. But I am really worried about the earnings in the coming quarter. Most of the analysts and my estimate is also 3-4% growth as far as earnings are concerned. For the full year also, we are looking at around 8-9%. The second half of the year is going to be much better. That is a worry and that is why we are seeing some profit taking happening in the market. Are you seeing any sectors emerging as winners in the trading setup that we have seen over the last week because we have seen sectoral churn. Last week, it was all about FMCG, but that was also on the back of news flow and some heavy lifting done by only a couple of stocks. Where do you believe we could see some rays of hope in the market? Nischal Maheshwari: There are a couple of sectors where we are going to see some volume improvements. FMCG is one of them and this may be the turning point for FMCG as far as volumes are concerned. I am not very sure about whether it is going to be followed up with the pricing also. Definitely volumes are going to be better and going ahead also I continue to believe there is going to be better volume growth as far as FMCG is concerned. Cement is another sector where the volumes were pretty good last quarter and now this quarter again, we are going to see both volumes as well as pricing improvement happening. These are the two sectors where I see some improvement and a positive outlook in the current quarter. BFSI, which is the large sector, is going to remain muted. We have seen credit growth around 9-9.5% and that is not going to be very significant for this quarter as far as BFSI, IT, or energy is concerned. Live Events You Might Also Like: Where to park money and where to create wealth now? Jyotivardhan Jaipuria answers What is your take on the IT pack given the disappointing numbers from TCS. The stock performance on Friday reflected that. How do you believe the IT numbers for the largecap IT names could look like for this earning season? Nischal Maheshwari: It would be something similar to what TCS has done minus 1-2, maybe whatever plus one as far as the largecap companies are concerned. But within the IT space, we have to look for the midcaps. There you might still look at a 10-12% growth. So, mid- teens growth can still happen with some of the midcap companies . But overall, it is going to be under pressure. We have still not seen demand coming back strongly in the US and till this tariff issue gets out of the way. I do not think there is going to be a fresh commitment of any capex across the world. We have to wait for a couple of more quarters or at least for one more quarter before we are going to start seeing some demand coming back. So, the second quarter also is going to be a wash-out for IT. What is your take on the whole chemical pack? BASF earnings show a decline in the top line of 2.1% in their Q2 2025 earnings and not just that, there is a guidance cut as well as the company is saying that the EBITDA before special item is expected between 7.3 billion to 7.7 billion versus the guidance that the company has given earlier. How do you see this impacting the chemical space and some of the Indian players as well? Nischal Maheshwari: As you have said, it is a very large company and they are spread across various subsectors within the chemical industry. It will not be right to say that BASF will put out a margin guidance, then there is a pressure across the whole spectrum. There would be certain parts of the chemical sector, basically the specialty part which continues to do well. In domestic parlance, agrochemicals seem to be on a very good wicket because of a good monsoon that we are seeing right now and the demand remains to be very good. But if I look at the whole chemical sector, two things are coming out very clearly. One is China-led pressure on the pricing front has now more or less diluted because the inventories which were there in China have totally got absorbed in the market in the last two quarters or three quarters. Now that dumping is not there and we have started seeing volumes pick up across most sectors as far as chemicals are concerned. So, these are the two guiding things which I see as positive. Yes, margins in certain sectors may be under pressure because demand has still not come back to the pre-COVID levels, but I see a positive outlook as far as the chemical sector is concerned. 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Economic Times
11-07-2025
- Business
- Economic Times
Is solar in a bubble and trouble zone? Nischal Maheshwari explains
Synopsis Market expert Nischal Maheshwari highlights challenges in solar equipment manufacturing. India faces overcapacity, impacting margins. Module production exceeds demand, with cell capacity expected to follow by 2027. Reliance and Adani's entry intensifies competition. Unsustainable valuations are driven by subsidies. The market awaits Trump tariffs and earnings reports. Consolidation is expected for investors in the solar sector. Nischal Maheshwari, Market Expert, says solar equipment manufacturing faces margin pressure due to overcapacity in India, with module production already exceeding demand while cell capacity is expected to follow suit by 2027. The entry of major players like Reliance and Adani into the market will intensify competition. Unsustainable valuations are driven by substantial subsidies, both domestically and internationally. ADVERTISEMENT What will it take for markets to come out of this state of limbo? Nischal Maheshwari: There are two important pieces of news around the corner. One is the Trump tariffs; it is very important and the entire market is waiting for that. We have to see whether we will get a normalised tariff or an extra 10% along with BRICS. The other important thing is earnings but that is going to be lacklustre in the current quarter. So, for an investor, one would say this is consolidation, but for a trader you would say this market is in a no-trade zone right now? Nischal Maheshwari: I do not have much of a view on the trading side. But from an investment point of view, yes, there is a consolidation in the market. The one business which has done exceedingly well right now is solar and it has become more like a fashion word and a buzz word. If you are in India and if you are not in the solar business, that means there is something wrong with you. In 2008 the buzzword was infrastructure and in 2020, it was IT. Is solar in a bubble and trouble level? Nischal Maheshwari: I agree with you. In solar, there is no real moat in the business as far as solar equipment manufacturing is concerned. Largely, there is a cell and a silicon wafer. There are very few companies across the world who manufacture the silicon wafer and most of the other companies are either manufacturing cells and thereafter, the modules. So, module capacity in India in the current year has already exceeded demand and the cell capacity will exceed the demand in '27. So, we are more or less there and we have still not seen Reliance and Adani selling in the open market. Reliance has started selling in the current quarter itself. So, we are going to start seeing the pressure on the margins as far as solar is concerned. I do not understand how these kinds of valuations get justified as far as solar equipment manufacturers are concerned. They have a huge subsidy both in the domestic as well as in the international market, especially the US. So, these kinds of valuations are unsustainable. (You can now subscribe to our ETMarkets WhatsApp channel) Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Nikita Papers IPO opens on May 27, price band set at Rs 95-104 per share Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Why gold prices could surpass $4,000: JP Morgan's bullish outlook explained Cyient shares fall over 9% after Q4 profit declines, core business underperforms Cyient shares fall over 9% after Q4 profit declines, core business underperforms L&T Technology Services shares slide 7% after Q4 profit dips L&T Technology Services shares slide 7% after Q4 profit dips Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? Trump-Powell standoff puts U.S. Rate policy in crosshairs: Who will blink first? SEBI warns of securities market frauds via YouTube, Facebook, X and more SEBI warns of securities market frauds via YouTube, Facebook, X and more API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders API Trading for All: Pi42 CTO Satish Mishra on How Pi42 is Empowering Retail Traders Security, transparency, and innovation: What sets Pi42 apart in crypto trading Security, transparency, and innovation: What sets Pi42 apart in crypto trading Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains Bitcoin, Ethereum, or Altcoins? How investors are structuring their crypto portfolios, Avinash Shekhar explains The rise of Crypto Futures in India: Leverage, tax efficiency, and market maturity, Avinash Shekhar of Pi42 explains NEXT STORY


Time of India
11-07-2025
- Business
- Time of India
Is solar in a bubble and trouble zone? Nischal Maheshwari explains
Nischal Maheshwari , Market Expert, says solar equipment manufacturing faces margin pressure due to overcapacity in India, with module production already exceeding demand while cell capacity is expected to follow suit by 2027. The entry of major players like Reliance and Adani into the market will intensify competition. Unsustainable valuations are driven by substantial subsidies, both domestically and internationally. What will it take for markets to come out of this state of limbo? Nischal Maheshwari : There are two important pieces of news around the corner. One is the Trump tariffs; it is very important and the entire market is waiting for that. We have to see whether we will get a normalised tariff or an extra 10% along with BRICS. The other important thing is earnings but that is going to be lacklustre in the current quarter. So, for an investor, one would say this is consolidation, but for a trader you would say this market is in a no-trade zone right now? Nischal Maheshwari: I do not have much of a view on the trading side. But from an investment point of view, yes, there is a consolidation in the market. The one business which has done exceedingly well right now is solar and it has become more like a fashion word and a buzz word. If you are in India and if you are not in the solar business, that means there is something wrong with you. In 2008 the buzzword was infrastructure and in 2020, it was IT. Is solar in a bubble and trouble level? Nischal Maheshwari: I agree with you. In solar, there is no real moat in the business as far as solar equipment manufacturing is concerned. Largely, there is a cell and a silicon wafer. There are very few companies across the world who manufacture the silicon wafer and most of the other companies are either manufacturing cells and thereafter, the modules. So, module capacity in India in the current year has already exceeded demand and the cell capacity will exceed the demand in '27. So, we are more or less there and we have still not seen Reliance and Adani selling in the open market. Reliance has started selling in the current quarter itself. So, we are going to start seeing the pressure on the margins as far as solar is concerned. I do not understand how these kinds of valuations get justified as far as solar equipment manufacturers are concerned. They have a huge subsidy both in the domestic as well as in the international market, especially the US. So, these kinds of valuations are unsustainable. You Might Also Like: Use market dips to build portfolios; these 8 sectors have high growth potential: Alok Agarwal


Time of India
17-06-2025
- Business
- Time of India
India's insurance story still in early innings: long runway ahead: Nischal Maheshwari
"Unfortunately, till now most of the insurance companies have more market related products rather than actually pure insurance, but that is changing and that is why we are seeing some interest coming back. But in this background where they have underperformed quite a bit, I think that is where the interest remains to be and personally, I like the life insurance space and SBI Life and LIC both of them because of attractive valuations," says Nischal Maheshwari , Market Expert. Give us a sense of some of these insurance stocks that are buzzing in trade, the likes of HDFC Life , SBI Life. They are some of the top Nifty gainers today. Are you positive on the insurance space and if yes, which pockets are you liking at the moment? Nischal Maheshwari: Insurance if you really look at it for the last four or five years, really have underperformed, though otherwise if you look at from the penetration point of view, India is hardly penetrate. So, there is a long way to go for a long runway for the Indian insurance companies . Unfortunately, till now most of the insurance companies have more market related products rather than actually pure insurance, but that is changing and that is why we are seeing some interest coming back. But in this background where they have underperformed quite a bit, I think that is where the interest remains to be and personally, I like the life insurance space and SBI Life and LIC both of them because of attractive valuations. by Taboola by Taboola Sponsored Links Sponsored Links Promoted Links Promoted Links You May Like Unlock full 2025 solar power in Indonesia — install, maintain, upgrade Solar Panels | Search Ads Learn More Undo If this were actually to happen, how would this pan out for the entire oil and gas space? Could this be seen as a positive? Would you believe a fixed tax bracket could be detrimental to this sector? Nischal Maheshwari: Oh, definitely. I think it will be positive for the sector, especially the gas companies. But what worry remains to be is how it is going to be impacting the tax collections of the government, so that is the major issue and that is why it is getting delayed. So, I am not quite hopeful that it is going to get taken up and getting implemented.


Economic Times
20-05-2025
- Business
- Economic Times
market consolidation phase: Financials remain the backbone; cement, chemicals emerge as new leaders: Nischal Maheshwari
Live Events (You can now subscribe to our (You can now subscribe to our ETMarkets WhatsApp channel "We are seeing good trends coming from the chemical sector. So, I am just highlighting all the sectors which have not done well, and these would be one of the sectors which will come out very strongly in the current year," says Nischal Maheshwari , Market is just a phase of consolidation. We had a very-very strong run if you remember last week for the first two days and thereafter it is being consolidated because if you really look at it, we are from the bottom around 11% to 12% up and we had quite a bit of turbulence during that time and market has done really well braving all this turbulence and still coming out on the top. So, this is a consolidation phase, no need to worry. I still see a very-very strong market out there and possibly we will see a new high this year financials obviously has the largest weight on the Nifty as well as it is coming from a background of almost three-four years underperformance. So, I continue to believe that financials are going to continue to do well. But there are a few other sectors which have started emerging. Cement has done pretty well in this current has been strong volume growth and some of these companies have also started showing price cement is another one which should see good trend. It I believe with all this turbulence which happened in the US, things are settling down. US continues to grow strongly. So, I believe in the second half of this current year it is also going to be another one which should be looked out we are seeing good trends coming from the chemical sector. So, I am just highlighting all the sectors which have not done well, and these would be one of the sectors which will come out very strongly in the current there are a couple of other two sectors defence as well as capital goods, they have continued to do well and given the recent issues I believe defence obviously has done very well, but capital goods also seem to be in a good spot. So, there are four-five sectors which are doing pretty well at this moment.