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The Core Report episodes
- #1023 Oil Markets Brace For Yet Another Tough Week
On Episode 1023 of The Core Report, financial journalist Govindraj Ethiraj talks to Sushil Choksey, Founder & Managing Director at Indus Equity Advisors.
SHOW NOTES
(00:00) Stories of the Day
(05:00) Oil Markets Brace For Yet Another Tough Week
(08:03) AI Trades Are Unwinding, Could India Benefit?
(08:21) World Bank Study Says India Lifted 496 Million People Out Of Poverty Between 2011 And 2023
(09:43) GST Collections Jump 23% In October, Also Thanks To More Imports
(11:12) Why Reliance’s Share Price Is Held Down And What Could Unlock It
Check out The Core's Earnings Tracker
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29 min - #1022 Why Nifty Returns Could Disappoint You For The Next 2 Years | Amar Ambani | Govindraj Ethiraj | The Core Report
Could Nifty returns disappoint over the next two years, even if Indian companies keep growing? In this episode of The Core Report Special Edition, financial journalist Govindraj Ethiraj speaks with Amar Ambani, Executive Director at YES Securities, about the Indian stock market outlook, opportunities beyond the Nifty 50 and what investors need to consider before committing money for the long term.
Amar Ambani explains why he expects single-digit Nifty returns over the next one to two years despite seeing signs of an oversold market. He discusses how foreign investor selling, elevated bond yields and competition for global capital could constrain large-cap stocks. For investors willing to look three to five years ahead, however, he believes valuations offer room for selective buying.
The conversation explores why established businesses such as Asian Paints, Reliance Industries and Jubilant FoodWorks can face pressure on their stock prices for different reasons. From rising competition and investment cycles to weak sentiment, Ambani examines why a strong business does not automatically make an attractive investment. He also explains why he expects stock picking in mid-cap and small-cap companies to matter more when benchmark returns are modest.
Where could opportunities emerge? Amar Ambani discusses banking stocks, consumer durables, power, defence and quick-service restaurants. He examines the recovery in appliance demand, the outlook for consumer spending and how AI data centres and electric vehicles could increase electricity demand. The discussion also considers whether competition among global AI companies could bring renewed attention to Indian businesses with earnings growth and healthy returns on capital.
What could derail that outlook? Amar Ambani identifies rupee depreciation, sustained foreign portfolio outflows, elevated crude oil prices and geopolitical uncertainty as risks. He explains why investors should retain sufficient liquidity, avoid borrowing against shares to increase exposure and approach equity investing with a five-year horizon.
At the heart of the conversation is a question for anyone concerned about Nifty returns. Should investors wait for a clear market recovery, or selectively buy before a trigger emerges? Amar Ambani shares how he evaluates sector growth, promoter quality, corporate governance, operating cash flow, return on capital and valuations when looking for long-term investment opportunities.
Chapters:
00:57 Amar Ambani on India's Stock Market Outlook
01:53 Why Indian Equities Are Looking Oversold
06:43 Why Leading Stocks Are Trading at Multi-Year Lows
09:17 Can Large-Cap Stocks Deliver Strong Returns Again?
09:34 Why the Next Two Years Could Be a Stock Picker's Market
11:57 Can Domestic Investors Offset Foreign Selling?
13:41 Where Are the Opportunities in Mid and Small Caps?
13:50 Why Banks and Consumer Durables Look Attractive
15:33 Power, Defence and the Next Investment Opportunities
17:15 India's Consumer Demand and Spending Outlook
19:20 Corporate Earnings and the Growth Outlook
20:56 Are Strong Fundamentals Enough to Lift Stock Prices?
21:34 Geopolitics, Crude Oil and Risks to Indian Markets
23:11 Rupee Depreciation and Foreign Capital Flows
24:32 How Should Investors Build Their Portfolios?
25:46 Why Investors Need a Three-to-Five-Year Horizon
26:45 What Makes a Company Worth Investing In?
27:04 How to Evaluate Promoters, Cash Flows and Valuations
29:31 Final Outlook: Selective Buying in an Oversold Market
Watch the full conversation for a deeper understanding of the Nifty 50 outlook, stock selection and long-term investing in India. Subscribe to The Core Report for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.
#Nifty50 #IndianStockMarket #Investing #TheCoreReport #TheCore
29 min - #1021 Are Investors Ignoring India’s Best Value Stocks? Sanjeev Prasad | Govindraj Ethiraj | The Core Report
Are investors ignoring India’s best value stocks while chasing the next big opportunity? In this episode of The Core Report Weekend Edition, financial journalist Govindraj Ethiraj speaks with Sanjeev Prasad, Managing Director & Co-Head at Kotak Institutional Equities, about value investing, Indian stock market valuations and why some large-cap stocks are struggling to attract attention.Sanjeev Prasad explains why he believes investors have become too focused on predicting stock prices. He examines how retail savings, mutual fund inflows and momentum investing influence market behaviour, often overshadowing a more important question. Is the business worth what you are paying for it?The conversation explores the divide between large-cap, mid-cap and small-cap stocks. Sanjeev Prasad discusses why newer manufacturing, defence, electronics and consumer technology businesses command investor attention, while mature industries generate less excitement. He explains why stronger earnings growth matters, but does not justify buying at any valuation.Using HDFC Bank and ONGC as examples, Sanjeev Prasad examines why he sees overlooked value in established companies. He discusses how concerns about management, government intervention and past performance can weigh on sentiment. His approach to identifying value stocks starts with comparing the share price with the business’s earnings potential.Are IPO investors assessing companies or chasing listing gains? Sanjeev Prasad explores IPO valuations, offers for sale and how much fresh capital supports new investment. He also discusses why foreign investors may participate in India’s IPO market while selling shares in the secondary market.What could restore confidence in Indian equities? The discussion covers crude oil prices, corporate earnings, capital gains taxation and foreign portfolio investment. Sanjeev Prasad also questions whether concerns about AI and Indian IT services are overshadowing opportunities across the wider economy.At the heart of the conversation is a bigger question. Are investors buying businesses for their long-term value, or hoping someone else will pay a higher price? Sanjeev Prasad explains why looking beyond market sentiment remains central to his investment approach.Chapters:01:14 Sanjeev Prasad on Indian Equities02:02 Why Investors Are Focusing on Price Instead of Value04:21 Euphoria in Mid and Small Caps, Despair in Large Caps06:06 How Retail Money Is Driving Market Behaviour08:34 Are Indian Stock Market Valuations Attractive Again?10:40 Understanding IPOs and Secondary Market Flows15:31 Why Smaller IPOs Are Delivering Higher Returns17:23 The Risks Behind Small Cap IPO Investing18:23 Why Value Matters More Than Stock Price19:27 Are IPO Proceeds Funding India's Future Growth?22:16 IPO Pricing and Foreign Investor Flows23:59 The Next Wave of India's Manufacturing Companies25:34 Why Smaller Companies Are Growing Faster29:04 India's Large Caps and the Challenge of Mature Industries30:35 Why Investors Are Ignoring ONGC and HDFC Bank33:15 The Risks of Buying Overpriced Stocks33:54 A Bull and Bear Market at the Same Time35:03 Corporate Confidence and India's Industrial Credit Growth36:20 How PLI Schemes Are Driving Manufacturing Investment37:19 What Could Bring Investors Back to Indian Markets?38:47 Earnings Recovery, Capital Gains Tax and Foreign Investors42:26 Is India's Dependence on IT Overstated?44:01 The Long Term Outlook for Indian EquitiesWatch the full conversation for a deeper understanding of value investing, Indian stock market valuations and long-term investment decisions. Subscribe to The Core for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.#ValueInvesting #IndianStockMarket #SanjeevPrasad #TheCoreReport
45 min - #1020 Oil Markets Worry About The Longer Term
On Episode 1020 of The Core Report, financial journalist Govindraj Ethiraj talks to Madhavi Arora, Chief Economist at Emkay Global. We also feature an excerpt from our recent Special Edition featuring Amit Agarwal, CEO at EAAA India Alternatives, part of the Edelweiss Group.
SHOW NOTES
(00:00) Stories of the Day
(00:41) Oil Markets Worry About The Longer Term
(02:03) Indian Markets Have A Good Run
(06:12) IHCL And AAHL Announce A Multi-Hotel Operating Agreement
(07:45) The Perils Of Trying To Fight The Dollar
(15:19) How Boring Investments In Roads And Solar Power Could Pay Off
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26 min - #1019 All Signs Continue To Point To A Long War In West Asia
On Episode 1019 of The Core Report, financial journalist Govindraj Ethiraj talks to Piyush Pandey, Senior Vice President, Institutional Equity Research (Lead Analyst) - IT, Telecom, Internet and Power at Centrum India as well as Masaharu Morita, Founder and Program Director at NURA - AI Health Screening Centre.
SHOW NOTES
(00:00) Stories of the Day
(00:47) All Signs Continue To Point To A Long War In West Asia
(02:24) More Indians Are Investing Overseas, And New Funds Are Keeping Up
(06:03) Jio Platforms Delivers A Solid Listing, A Status Check On India’s Telecom Sector
(14:27) Why More Indians Went Back To Cinema Halls Last Quarter
(15:19) How A 92 Year Old Japanese Camera And Film Company Is Innovating Diagnostic Healthcare In India
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28 min - #1018 Diesel Is The New AI For India
On Episode 1018 of The Core Report, financial journalist Govindraj Ethiraj talks to Jaspreet Bindra, Co-founder and CEO at AI&Beyond as well as Matthew Morgan, Partner and the Chief Operating Officer at Eisner Advisory Group LLC.
SHOW NOTES
(00:00) Stories of the Day
(01:00) Oil Prices Stay Unrelentingly High
(01:42) Diesel Is The New AI For India As Govt Refiners To Boost Production By Over 16 Million Tonnes Next Year
(02:55) Is India Exhausting More Ammunition Than Necessary In Trying To Defend The Rupee Against The Dollar
(05:41) Microsoft’s Mass Move To Reduce Headcount By Over 25% And Anthropic’s Mega IPO, What Ties Them Together?
(16:08) Are GCCs Still Expanding In India And Where?
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30 min - #1017 More World Leaders Join The Hunt For Gasoline
On Episode 1017 of The Core Report, financial journalist Govindraj Ethiraj talks to Chanakya Chakravarty, Global Real Estate Investor and Capital Strategist.
SHOW NOTES
(00:00) Stories of the Day
(00:50) More World Leaders Join The Hunt For Gasoline
(04:34) Neoclouds Are Under Pressure On Wall Street, Opening Up Fresh Chink In AI Armour
(05:53) Uday Kotak’s Warning On The Cost Of FCNR Deposits
(07:24) Domestic Institutional Capital In Real Estate Has Overtaken Foreign Capital For The First Time. What Does That Mean?
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20 min - #1016 Middle East Braces For Highest Uncertainty Since War Began
On Episode 1016 of The Core Report, financial journalist Govindraj Ethiraj talks to Amit Mittal, Director at AeroIntellect Aviation as well as Saket Mehra, Partner and Automotive & EV Industry Leader at Grant Thornton Bharat.
SHOW NOTES
(00:00) The Take
(06:17) Middle East Braces For Highest Uncertainty Since War Began As Oil Prices Keep Pace
(08:20) TCS Stock, A Bright Spot In A Gloomy Market
(09:20) Domestic Air Traffic Is Falling, How Will That Affect Airlines And Aviation?
(16:35) The Story Of PHP
(18:01) Why There Are A Rash Of Automotive M&A Deals
(25:40) Why Netflix Is In Trouble
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28 min - #1015 Paytm, Blinkit And Meesho: Is India Underestimating Their Growth? | Govindraj Ethiraj | The Core Report
Are Paytm, Blinkit and Meesho building more earnings potential than investors recognise? In this episode of The Core Report Special Edition, Govindraj Ethiraj speaks with Nirav Sheth, CEO of Institutional Equities at Emkay Global, about platform businesses, stock market valuations and India’s next growth opportunities.
Sheth explains why reported profits and losses may not tell the full story of a digital business. Through Paytm’s merchant network, Meesho’s customer reach and Blinkit’s dark store economics, he examines how customer habits, network effects and expansion costs shape long-term profitability. When does spending to acquire customers create a lasting competitive advantage?
The discussion explores why Paytm, Blinkit and Meesho require a different analytical approach from traditional consumer companies. Sheth discusses unit economics, cash flow potential and how quick commerce is changing competition for established retailers.
Beyond digital platforms, Sheth examines electronics manufacturing services, power infrastructure and opportunities over the next decade. He discusses Dixon and India’s manufacturing ecosystem, alongside potential demand for electricity and transformers from AI data centres. He also explains his concerns about Indian IT services as artificial intelligence changes how work gets done.
Why are foreign investors selling Indian stocks while domestic mutual fund inflows remain strong? Sheth connects foreign portfolio outflows with bond yields, earnings growth, valuations and rupee depreciation. He considers how new Nifty 50 constituents could reshape the index and what might bring foreign capital back.
Where will India’s next market leaders emerge? From regional retailers and recycling businesses to electronics manufacturers, Sheth explores how smaller companies challenge larger rivals and shares how his investing framework has evolved.
The conversation also separates enthusiasm for AI technology from confidence in AI stock valuations. Could cheaper models and changing infrastructure needs challenge today’s investment assumptions? Sheth considers how a reversal in the global AI trade might affect capital flows into India, while explaining why identifying a promising business is only one part of assessing an investment.
Chapters:
01:35 Bond Yields, Valuations and Nifty Earnings Growth
03:38 Where Smart Money Could Go Next
05:53 Why Foreign Investors Are Selling Indian Equities
06:39 AI, US Bond Yields and the Rupee's Challenges
09:36 Domestic Mutual Fund Inflows vs FII Outflows
11:09 Why Nirav Sheth Remains Bullish on the Nifty
12:00 The Investment Case for New-Age Platform Companies
17:10 Blinkit, Zepto and the Economics of Disruption
20:15 India's Electronics Manufacturing Opportunity
22:27 How the Nifty's Next Market Leaders Could Change
23:59 Banking Outlook and AI Risks to Indian IT
25:24 How AI Could Disrupt White-Collar Jobs
28:11 AI-Powered Investment Research for Retail Investors
29:52 Data Centres and India's Next Power Boom
35:02 Could an AI Correction Bring Foreign Investors Back?
38:29 How Smaller Indian Companies Are Challenging Market Leaders
41:06 Nirav Sheth's Approach to Stock Selection
Watch the full conversation for a deeper understanding of platform businesses, earnings growth and the Indian stock market. Subscribe to The Core Report for conversations on business, the Indian economy and financial markets with Govindraj Ethiraj.
Is India underestimating the growth of Paytm, Blinkit and Meesho? Watch Govindraj Ethiraj and Emkay Global’s Nirav Sheth on The Core Report explore platform businesses, earnings growth, stock market valuations and quick commerce. Could AI and electronics manufacturing shape India’s next market leaders? Subscribe for insights into the Indian stock market and Indian economy.
#Paytm #Blinkit #Meesho #IndianStockMarket #TheCoreReport #TheCore
42 min - #1014 Why Foreign Investors Are Selling Indian Stocks | Ajit Dayal | Govindraj Ethiraj | The Core Report
Why are foreign investors selling Indian stocks when India’s economy continues to grow? The answer goes beyond corporate earnings to the returns investors keep after taxes, currency losses and the risks they take.In this episode of The Core Report Weekend Edition, financial journalist Govindraj Ethiraj speaks with Ajit Dayal, Founder of Quantum Advisors Private Limited, about foreign portfolio investment, Indian stock market valuations and what could bring global capital back to India.Dayal explains how expensive valuations can make Indian equities less attractive when investors compare potential returns with opportunities elsewhere. A stock market gain in rupees can look very different in US dollars, particularly after accounting for currency depreciation and capital gains tax.The discussion examines why domestic investors continue putting money into mutual funds and SIPs while foreign investors have been pulling back. Dayal traces India’s market development since the 1991 economic reforms and explains why a stronger investment ecosystem does not automatically guarantee foreign inflows.Corporate governance is another concern. Dayal describes Quantum’s integrity assessment of companies and why the treatment of minority shareholders matters to international investors. Govindraj questions how these concerns should be weighed against businesses delivering resilient earnings and benefiting from domestic demand.The conversation also explores the gap between GDP growth and stock market returns. Drawing comparisons between India and China, Dayal explains why investors need to examine how economic growth translates into shareholder returns, rather than relying on the growth story alone.Beyond company performance, they discuss how US tariffs, trade uncertainty, oil prices and geopolitical developments influence foreign investment decisions. Dayal questions the trade-offs involved in using a weaker rupee to support exports when currency losses can discourage overseas investors.Index funds and passive investing come under scrutiny too. Dayal discusses changes in index constituents, transaction costs and why he believes comparisons between actively managed funds and benchmark indices need closer examination.The global AI investment boom adds another dimension. Dayal distinguishes between artificial intelligence as a lasting economic shift and the risks of choosing individual AI stocks. He also explains why he remains optimistic about India’s consumer demand and sees opportunities despite the difficult market environment.What would make foreign investors look at Indian stocks differently, and which changes are within India’s control?Watch the full conversation for insights into FPI outflows, the Sensex and Nifty, rupee depreciation, capital gains tax, corporate governance, index funds & India’s investment outlook.Chapters01:09 When Will Indian Markets Regain Momentum?02:14 India's Changing Share of Global GDP05:13 How the 1991 Reforms Transformed Indian Markets07:15 Rising Retail Investment and Foreign Capital Outflows10:04 Coalition Governments and India's GDP Growth11:55 India vs China: GDP Growth and Stock Market Returns14:48 How Capital Gains Tax and Rupee Depreciation Impact Returns17:03 Why Corporate Governance Matters to Foreign Investors19:55 What Triggered the Foreign Investor Selloff?22:49 RBI's Currency Policy & Foreign Capital Flows24:53 US Tariffs and India's Trade Deal Uncertainty27:57 Market Corrections and India's Investment Opportunity30:41 Ajit Dayal's 30% Governance Concern in the MSCI India Index35:48 Why China Plus One Went to Vietnam37:01 The Hidden Costs of Passive Investing in India39:39 Banking, IT and Changing Index Weights41:54 Is AI a Bubble? The Long-Term Investment Outlook43:29 What India Must Fix to Attract Global Capital#IndianStockMarket #FPIOutflows #TheCoreReport
44 min
About The Core Report
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Every Monday to Saturday, tune in as financial journalist and host Govindraj Ethiraj gives you the latest news in business, economy and technology
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