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New Delhi, March 6 Singapore-based fund house, Bank Julius Baer, has upgraded India to overweight as it will be the fastest growing major economy in 2021."We change our stance on India from market-weight to overweight and see 15% upside from current levels with a Sensex price target of 58,450," it said in a note."An economic recovery is underway, and we look for 9% y/y GDP growth this year, followed by 7% next year. We look for earnings per share to grow on average over 25% over the next 3 years. It would be unprecedented for the stock market to fall in an environment of such strong growth," it added.Scientists think "herd immunity" has been achieved in large parts of the country, which would explain why daily new cases have fallen from almost 100,000 in September to less than 15,000 presently.Lockdowns are imposed still in specific areas that experience Covid outbreaks, but high frequency data shows that has not stopped a continuous recovery following the nation-wide lockdown from March to July of last year. For example, anonymized data gathered shows the mobility of people using Android-based smartphones is almost back to pre-Covid levels, it added.An Initial Public Offering of LIC, India's largest insurer with $464 billion in assets, is planned for the second half of FY2022. The divestment of this company in particular will enable the government to manage its fiscal position.The budget has set up a special purpose vehicle to sell the idle/non-core assets (especially land) of SOEs. Much of the idle land is well-situated and could be made productive, benefiting economic growth. Divestment of LIC and BPCL remains the key to meet the fiscal deficit target without compromising spending in FY22E, the research said.With only the brief exception at the bottom of the Global Financial Crisis, in recent history India's stock market has always traded at a premium to its emerging market counterparts. The current premium of 40% is around the long-term average, it added( With inputs from IANS )Disclaimer: This post has been auto-published from an agency feed without any modifications to the text and has not been reviewed by an editor

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Aurangabad, March 24: Bank customers could be left high and dry as banks will remain closed for seven days ... ...

The Lok Sabha on Tuesday passed a bill that seeks to set up a statutory institution to be called National Bank for Financing Infrastructure and Development as the principal DFI and development bank for infrastructure financing. ...

New Delhi, March 23 The much-anticipated development finance institution will be exempt from taxation, Finance Minister Nirmala Sitharaman ... ...

Physical infrastructure is crucial for any country to achieve its national goals. It becomes essential for rapidly developing countries like India to have a reliable and adequate cutting-edge infrastructure to propel development. ...

Aurangabad, March 16: Bank officials and employees spontaneously participated in the nationwide strike on Tuesday. This was the second ... ...

Bank employees continued with their nationwide strike on Tuesday, for the second day, following the call of the United Forum of Bank Unions (UFBU). Like all other parts of the country, it has impacted services and operations in Mumbai, Panchkula and ...

HDFC Bank on International Women' Day announced the launch of SmartUp Unnati, a dedicated programme for mentoring women entrepreneurs by women leaders at the bank. ...

New Delhi, March 6 Singapore-based fund house, Bank Julius Baer, has upgraded India to overweight as it will ... ...