ANALYSIS OF INDIA'S CAPITAL

MARKET PROSPECTS AND THE

CURRENT STATE OF THE
GLOBAL ECONOMY.
Analysis of the Prospects of India's Capital Market and the Current
Situation of the Global Economy.

April 18th, 2024

 01. Global Situation and India's Position.

02. India's Economic Potential and Capital

Market Development.

Table of 03. Current Status and Investment

Contents. Opportunities in the Indian Stock Market.

Content. 04. Market Trends and External Challenges.

05. Trends in investment inflow into India.

06. Conclusion and Prospect.

 GLOBAL SITUATION
AND INDIA'S POSITION 01.
GLOBAL ECONOMIC CHALLENGES AND TRENDS
The Indian capital market is
booming with vitality.
With rapid economic growth, the Indian
capital market has become increasingly
active and has attracted a large number
of domestic and foreign investors.
Financial products such as stocks and
bonds continue to innovate, providing
more channels for corporate financing.
Impact of Global Economic
Integration on India.
Global economic integration has tightly
linked India's capital market with the
international market. While Indian
businesses benefit from international
resources, they also face the pressure
and challenges of international
competition.
Risks and challenges faced by
the Indian capital market.
The Indian capital market has immense
potential, but it needs to address multiple
risks such as policy, regulation, and
economic cycles. Strengthening risk
management and enhancing market
transparency and competitiveness are
crucial.
INDIA'S ECONOMIC GROWTH
AND CAPITAL BULLISHNESS
INDIA'S CAPITAL MARKET HAS HUGE POTENTIAL

The capital market is expected to make a breakthrough in the

coming years as the Indian economy continues to grow. The
rising turnover and market capitalization of shares on Indian
stock exchanges indicate increased investor confidence in
Indian companies.

IMPACT OF THE CURRENT STATE OF THE GLOBAL

ECONOMY ON THE INDIAN CAPITAL MARKET
Uncertainty in the global economy has had an impact on the
Indian capital markets, particularly trade wars and currency
exchange rate volatility. However, the Government of India had
taken a number of measures to stabilize the market, such as
reforming tax policies and strengthening regulation.
INDIA'S POSITION IN THE GLOBAL ECONOMY.
THE POTENTIAL OF INDIA'S CAPITAL MARKET IS
IMMENSE.
01. In recent years, the Indian capital market has grown rapidly and become an important force in the global
emerging markets. The total market capitalization and daily trading volume of the Indian stock market
have repeatedly reached new highs, attracting a large number of domestic and foreign investors. At the
same time, the Indian bond market has also flourished, providing diverse financing channels for
enterprises.

THE CURRENT GLOBAL ECONOMIC SITUATION HAS A

PROFOUND IMPACT ON THE INDIAN CAPITAL MARKET.
02. The impact of the global economic situation on the Indian capital market cannot be ignored. For example,
a tense international trade situation could impede Indian exports, affecting the profitability of related
industries and companies. On the other hand, changes in global interest rates and monetary policies can
also affect the cost of funds and liquidity in the Indian capital market.

RISKS AND CHALLENGES FACED BY THE INDIAN

CAPITAL MARKET.
03. Despite the positive outlook for the Indian capital market, it still faces numerous risks and challenges. For
example, uncertainties in economic policies, improvement in infrastructure development, and regulatory
environment are all important factors that affect the healthy development of the market. Additionally, it is
necessary to pay attention to the spillover effects of global financial market volatility on the Indian capital
market.
 INDIA'S ECONOMIC
POTENTIAL AND CAPITAL
MARKET DEVELOPMENT. 02.
INDIA'S DEMOGRAPHIC DIVIDEND AND JOB CREATION.
THE INDIAN CAPITAL
MARKET HOLDS IMMENSE
POTENTIAL.
India's economy is steadily growing,
leading to a larger middle class and a
bigger market for businesses. The
government has introduced reforms like
the Goods and Services Tax (GST) to help
develop the capital market, making it
more appealing for investment.
THE GLOBAL ECONOMY
FACES UNCERTAINTY.
Due to factors such as trade wars and
01. 02. geopolitical tensions, the global
economy is slowing down and
uncertainty is increasing. Although the
Indian capital market has potential, it
also faces challenges from global
economic uncertainty.
 FOREIGN INVESTMENT AND SUPPLY CHAIN SEPARATION

INDIAN CAPITAL MARKET POTENTIAL AND GROWTH OPPORTUNITIES

As India's economy continues to grow and become increasingly open, the capital markets are also growing rapidly. The Indian stock market has been
expanding in terms of market capitalization and trading volume, attracting a large number of domestic and foreign investors.

IMPACT OF THE CURRENT STATE OF THE GLOBAL ECONOMY ON THE INDIAN CAPITAL MARKET

Global economic uncertainties have had an impact on Indian capital markets, such as trade tensions and geopolitical risks. However, India's economy is on
solid footing and is expected to withstand external shocks and maintain steady growth.

CHALLENGES TO BE ADDRESSED BY THE INDIAN CAPITAL MARKET

The Indian capital market faces regulatory, infrastructural and market transparency challenges. To ensure sustainable development, regulatory reforms need
to be strengthened, market infrastructure upgraded and disclosure and integrity systems enhanced.
PRODUCTION INCENTIVE PROGRAMS AND MANUFACTURING ATTRACTION
INDIA'S CAPITAL MARKETS ARE EXPECTED
TO CONTINUE TO GROW
With the steady development of the Indian
economy, the rise of the middle class and the
gradual liberalization of the financial market,
the outlook for the Indian capital market is
optimistic. According to statistics, the total
market capitalization and average daily trading
volume of the Indian stock market are both
growing, reflecting investors' confidence in the
market.
GLOBAL ECONOMIC CONDITIONS HAVE LIMITED
IMPACT ON INDIAN CAPITAL MARKETS
While the state of the global economy has had
an impact on the performance of the Indian
capital markets, the sound fundamentals of the
Indian economy, coupled with the regulation of
capital flows by policymakers, have made the
Indian capital markets resilient to external
shocks.
 CURRENT STATUS AND
INVESTMENT OPPORTUNITIES IN
THE INDIAN STOCK MARKET 03.
CURRENT VALUATION OF THE INDIAN STOCK MARKET.
The Indian capital market holds
immense potential
In recent years, the Indian capital market
has developed rapidly, with a significant
increase in the number of IPOs and market
capitalization, making it an important
component of the global capital market.
The Indian capital market is closely
interconnected with the global economy
Indian capital markets have benefited from
global economic recovery and, at the same
time, have an impact on the global
economy, making them an integral part of
the global capital markets.
The global economy has experienced significant
volatility due to the impact of the pandemic
Due to the impact of the COVID-19 pandemic,
the global economy underwent significant
shutdowns and production halts. However,
with the widespread distribution of vaccines,
the economy is gradually recovering.
India's capital market faces
regulatory challenges
The regulatory system of India's capital
market needs further improvement, as
higher demands have been placed on
market stability and investor protection.
STOCK MARKET LIQUIDITY AND INTEREST RATE CHANGES
01
VIGOR
In recent years, the Indian capital
market has shown strong growth
momentum. According to statistics,
the total market value of the Indian
stock market has entered the top ten
globally, attracting a large number of
domestic and foreign investors.
02
IMPACT
The changing global economic
situation has a significant impact on
the Indian capital market. For instance,
adjustments in the monetary policy of
the Federal Reserve can trigger capital
flows, thereby affecting the
performance of the Indian stock
market and bond market.
03
CHALLENGE
Despite the rapid development of
India's capital market, it still faces
some challenges such as insufficient
infrastructure and imperfect
regulatory framework. These factors
may constrain further market
development.
04
FUTURE
With the advancement of reforms and
improvement of infrastructure, the
Indian capital market is expected to
realize more rapid development in the
coming years. Investors should pay
close attention to market dynamics
and seize investment opportunities.
INDUSTRY GROWTH AND MARKET RESILIENCE

--------->
INDIA'S VIBRANT CAPITAL MARKETS

The Indian capital market has grown rapidly in recent years and has become a new hot
spot for global investors. According to the Reserve Bank of India, the market
capitalization of the Indian stock market has grown by more than 50 per cent in the
past five years, showing strong growth momentum.

THE GLOBAL ECONOMIC LANDSCAPE IS CHANGING

With the rise of emerging markets, the center of gravity of the global economy is
gradually shifting from the West to the East. As the second most populous country in
the world, India has enormous market potential and the development of its capital
market has a significant impact on the global economic landscape.

TECHNOLOGICAL DEVELOPMENTS DRIVE INNOVATION IN INDIA'S CAPITAL

MARKETS

With the advancement of technology, the Indian capital market is undergoing a digital
transformation, for example, through blockchain technology to improve the security
of transactions and artificial intelligence to help investors make more informed
decisions, bringing more opportunities and challenges to the capital market.

GLOBAL ECONOMIC UNCERTAINTY AFFECTS INDIAN CAPITAL MARKETS

Uncertainties in the global economy have an impact on the Indian capital market, such
as trade wars, geopolitical risks, etc. could have an impact on the stability of the Indian
capital market and investor confidence.
 MARKET TRENDS AND
EXTERNAL CHALLENGES. 04.
GLOBAL DEMAND SLOWDOWN AND ITS IMPACT.

01. Translation: Development Potential

and Opportunities in the Indian
Capital Market.
India's capital market is rapidly developing
and is expected to witness higher growth in
the coming years. With the stability of the
economy and the progress of reform policies,
India's capital market is poised to attract
more international investors.
02. Impact of the global economic
situation on the Indian capital market.
The global economic situation has a significant
impact on the Indian capital market. For instance,
factors such as the US monetary policy, trade
wars, and fluctuations in emerging markets can
all potentially affect the performance of the
Indian capital market.

03. Challenges and Risks in the

Indian Capital Market.
04.
Despite its potential for development,
the Indian capital market still faces many
challenges and risks, such as policy risks,
inadequate infrastructure, and market
regulation issues. These factors may
limit the growth of the market.
Impact of the current state and trends
of the global economy on the Indian
capital market.
Global economic trends, such as trade wars,
technological revolutions, and climate change,
will have profound implications for the Indian
capital market. India needs to closely monitor
global trends in order to formulate appropriate
strategies to adapt to these changes.
NON-DECOUPLING OF TECHNOLOGY
EXPENDITURES FROM ECONOMIC EVENTS

INDIA'S CAPITAL MARKET HAS HUGE POTENTIAL

As the second most populous country in the world, India has a large middle class and a
growing consumer market, which provides a broad space for the development of the
capital market. According to statistics, the total market capitalization and average daily
turnover of the Indian stock market have continued to grow in recent years, becoming
one of the most dynamic emerging markets in the world.

THE CURRENT STATE OF THE GLOBAL ECONOMY HAS HAD A SIGNIFICANT IMPACT ON
INDIA'S CAPITAL MARKETS
Changes in the global economic situation have a direct impact on the Indian capital markets. For example,
volatility in international financial markets, monetary policies of major economies, international trade situation,
etc. can have varying degrees of impact on the investment climate, liquidity and market trends in the Indian
capital markets.

INDIAN CAPITAL MARKET REFORMS AND INNOVATIONS CONTINUE

The Government of India has been actively promoting capital market reforms in recent years, including measures such as strengthening
regulation, lowering restrictions on foreign ownership and introducing tax incentives, in order to attract domestic and foreign investment and
promote market innovation. These reforms have helped to enhance the competitiveness and internationalization of the Indian capital market.
POTENTIAL RESILIENCE OF THE
INDIAN MARKET
INDIAN CAPITAL MARKET HAS HUGE GROWTH POTENTIAL
India is the second most populous country in the world, with a growing middle class and
sustained growth in consumer demand, providing the capital market with a wide scope for
development. In recent years, India's capital market has performed brilliantly, with active IPOs,
private equity and venture capital investments, which have become the focus of global investors.

THE CURRENT STATE OF THE GLOBAL ECONOMY HAS FAR-REACHING

IMPLICATIONS FOR INDIA'S CAPITAL MARKETS
Changes in the global economic situation have a direct impact on the Indian capital markets. For
example, a slowdown in global economic growth may reduce international investor confidence,
affecting India's exports and foreign capital inflows. However, as India gradually diversifies its
economy and strengthens its domestic consumption, its dependence on global economic
conditions will diminish.

THE OUTLOOK FOR INDIA'S CAPITAL MARKETS IS CLOSELY LINKED TO THE GLOBAL
ECONOMY
The development of the Indian capital market is closely linked to the global economy.
International economic policies, trade relations, exchange rate fluctuations, etc. may affect the
performance of Indian capital markets. Therefore, India needs to strengthen its cooperation and
interaction with international markets, while remaining vigilant to address the risks and
challenges that may arise.
TRENDS IN INVESTMENT
INFLOW INTO INDIA 05.
 DOMESTIC INSTITUTIONAL AND RETAIL INVESTOR IMPACT

INDIAN CAPITAL MARKET HAS HUGE POTENTIAL

As the Indian economy continues to grow, so does the capital market. The Indian stock market ranks among the highest in the world in terms of market capitalization and trading
volume, attracting a large number of domestic and foreign investors.

THE CURRENT STATE OF THE GLOBAL ECONOMY HAS HAD A SIGNIFICANT IMPACT ON INDIA'S CAPITAL MARKETS
Fluctuations in the global economy have a direct impact on the Indian capital markets. For example, when the United States implements a tight monetary policy, capital tends to
flow to emerging markets, driving a boom in the Indian capital market.

TECHNOLOGICAL DEVELOPMENT AND INNOVATION ARE KEY DRIVERS OF INDIA'S CAPITAL MARKETS
India's growing capacity for innovation and R&D in emerging technology areas has attracted the attention of global technology companies and investors, boosting India's
capital markets.

CHALLENGES AND ISSUES TO BE ADDRESSED IN THE INDIAN CAPITAL MARKET

Despite the bright future of the Indian capital market, it still faces a number of challenges, such as inadequate regulatory regimes, lack of market transparency and poor infrastructure,
which need to be addressed by the government and regulators.
STOCK MARKET PERFORMANCE AND FOREIGN INVESTMENT
PERSPECTIVES.
Future Development Potential
With the continuous growth of the
Indian economy, the capital
market has been expanding and
has become an important
destination for global investors. In
recent years, both the market
capitalization and trading volume
of the Indian stock market have
significantly increased, reflecting
the development vitality and
potential of the capital market.
Global Economic Impact
Despite facing numerous
challenges in the global
economy, such as trade tensions
and geopolitical risks, the Indian
capital market is to some extent
supported by domestic
economic policies and market
environment, demonstrating a
strong ability to withstand
external risks.
RESTORATION OF MARKET AND INVESTOR CONFIDENCE

POSITIVE OUTLOOK FOR INDIAN CAPITAL MARKETS

Benefiting from economic reforms and open-door policies, the Indian capital market has attracted significant foreign investment, continues to
expand, and is expected to maintain its growth over the next five years.

DIVERSIFICATION OF THE GLOBAL ECONOMY

While the United States and Europe remain the dominant forces in the global economy, emerging market countries such as India are gradually
increasing their influence, driving a shift in the global economic landscape towards diversification.
CONCLUSION AND
PROSPECT. 06.
INDIA'S ECONOMIC RESILIENCE AND DEVELOPMENT POTENTIAL
FOCUS
The Indian capital market
has experienced rapid
growth in recent years, with
a sustained increase in stock
turnover and the number of
listed companies, making it
the center of attention for
global investors.
OPPORTUNITY
As a result of the epidemic,
the global economy has
suffered a severe shock and
growth has slowed. At the
same time, the rise of trade
protectionism has
exacerbated uncertainty in
the global economy.
WORLD
The Indian capital market is
key to the world economy,
influencing global trends.
India's strong economic ties
with other nations make its
market movements globally
significant.
CAPITAL
As India's economy grows
and financial reforms
continue, its capital market
is set to see more growth
opportunities, especially in
new sectors like digital
currencies.
MARKET PERFORMANCE AND SHORT- OR LONG-TERM ATTRACTIVENESS

01 02 03 04

Broad Market Technology Policy

Prospects downturn Advancement Environment

With sustained The slowdown in the The widespread use of Government policies
economic growth, the global economy has technology in the play a key role in the
Indian capital market has led to pressure on the financial sector has Indian capital market,
shown great potential Indian capital markets enhanced the efficiency and the stability of
and has become the
as well and investor and transparency of the policies and the intensity
center of attention for
confidence has been Indian capital market, of reforms have a direct
global investors.
affected. providing impetus to impact on the direction
market growth. of the market.
PREMIER GOLD STOCKS

SYSTMTXC (SYSTEMATIX CORPORATE SERVICES)

Acquisition Date: April 23th, 2024

Entry Price: INR 750.50

JFL (JHANDEWALAS FOODS LIMITED)

Acquisition Date: April 16th, 2024

Entry Price: INR 126.78

HPL (HPL ELECTRIC & POWER LIMITED)

Acquisition Date: April 16th, 2024

Entry Price: INR 312.70
SYSTMTXC (SYSTEMATIX CORPORATE SERVICES）
Purchase Date: April 15th, 2024 Purchase Price: INR 750.50
Founded by Mr. Chandra Prakash Khandelwal in 1985, the Systematix
Group has been steadfast in its ultimate mission to become one of
India's premier financial institutions, grounded in strong ethics and
trust. Since its inception in 1985, we have been dedicated to realizing
the vision of our Chairman, which has driven us to be among the
frontrunners in a variety of financial products including stocks,
derivatives, Portfolio Management Services (PMS), commodities,
currency derivatives, IPOs, mutual funds, and debt products (primary
markets).

Systematix serves a diverse clientele comprising foreign institutional

investors, domestic financial institutions, insurance companies, bank
treasuries, corporates, corporate treasuries, promoters, ultra-high-
net-worth individuals, high-net-worth individuals, and retail investors.
We proudly cater to over 40,000 registered clients, delivering services
that span investment banking, commercial banking, brokerage,
wealth management, portfolio management services, NRI services,
electronic broking, and depository services.

With a widespread presence across India, the Systematix Group

operates through 453 touchpoints in 115 cities. Our key locations
include Mumbai, Delhi, Lucknow, Jaipur, Indore, and Ujjain, anchoring
our pervasive reach in the Indian financial landscape.
PREMIER GOLD STOCKS

SYSTMTXC
Technical Analysis: The stock has consistently
maintained a position above its 20-day and 50-day
moving averages, a classic characteristic of a bullish
market, indicating a long-term upward trend. Elliot
Wave Theory suggests a key resistance at 803.5. A
breakout above this resistance level on the daily chart
has initiated a new uptrend. Therefore, it is advisable to
adopt a position that aligns with this momentum.
 JFL (JHANDEWALAS FOODS LIMITED）
Acquisition Date: April 16th, 2024 Acquisition Price: INR 126.78
JFL (Jubilant FoodWorks Limited) possesses the exclusive
master franchise rights for developing and operating the
Domino's Pizza brand in India, Sri Lanka, Bangladesh, and
Nepal. Additionally, it holds the franchise rights for the U.S.-
based multinational chain of fried chicken fast food
restaurants, “Popeyes,” within the Indian market. The
company has inaugurated 4 new stores, bringing the total
number of outlets in Bangalore to 12.

The company reported a decrease of 39.66% in consolidated

net profit for the quarter ending December 31st, 2022, which
stood at INR 803.6 million. This is in contrast to the
consolidated net profit of INR 1331.9 million for the
corresponding quarter of the previous fiscal year.

This quarter witnessed a 10% growth in operational revenue,

amounting to INR 1331.81 million, up from INR 1210.77
million in the same period last year. JFL's total expenditure
for the third quarter of FY23 was INR 1229.79 million,
marking an 18.22% increase.
PREMIER GOLD STOCKS

JFL
From a technical perspective, the stock exhibits a long-
term bullish trend and has garnered favor in the market,
frequently hitting the upper circuit—a hallmark of a
strong stock. The market presented a brief opportunity
on the 16th, which constituted an excellent entry point
for investors. Our anticipated target for the stock's
ascent is in the vicinity of INR 126.78.
HPL (HPL ELECTRIC & POWER LIMITED)
Acquisition Date: April 16th, 2024 Acquisition Price: INR 312.70

HPL Electric & Power Limited stands as a leading manufacturer of electrical equipment in India with a formidable presence across
five key verticals: metering solutions, switchgear, LED lighting, wires and cables, and solar solutions, along with modular switches.
Our vertically integrated facilities span product design and development, component designing, tool manufacturing, and
commercial production. HPL is a storied brand within India's electrical industry, boasting a commendable track record spanning
over four decades. Our products are certified by Indian and international standards such as ISI, CE, and KEMA, and we take pride in
catering to India's growing electrical demands. In the FY 2015, we commanded the largest market share in India's electronic energy
meters sector, offering the most extensive portfolio of metering products.
PREMIER GOLD STOCKS

HPL
Technically, the stock displays a long-term uptrend,
which we have been monitoring closely. After a period
of retracement, the opportunity for buying on dips has
been seized. On the 16th, the stock successfully broke
above the 20-day moving average, establishing a
bullish signal. Entering the market with the trend and
holding for the medium term seems prudent. Our
short-term target is INR 312.70, followed by a further
goal at INR 463.85.
THANKS FOR
WATCHING.
I extend my gratitude to all the new members for their trust and for
joining us. It's been a rewarding month where we've shared three
prime 'golden' stocks: SYSTMTXC, JFL, and HPL—presenting them as
the best gifts to all members.

Each stock carries its unique advantages and potential, but investment
decisions should always be informed by thorough research and
analysis. I will continue to intermittently share quality stock picks and
the latest market insights in the group. Furthermore, I welcome your
queries and discussions about stocks at any time. It is hoped that our
shared knowledge assists everyone in achieving success on their
investment journey.

Vikas Mehta
April 18th, 2024