MOSL: ECOSCOPE-CAD below expectation in 1QFY20; India’s forex reserves up by USD14.0b
ECOSCOPE: CAD below expectation in 1QFY20; India’s forex reserves up by USD14.0b
- India's current account deficit (CAD) came in at USD14.3b in 1QFY20 (2.0% of GDP v/s 2.3% in the year-ago period), much lower than our estimate of USD16.4b (2.4% of GDP) and consensus of USD16.0b (2.3% of GDP). While merchandise deficit at 6.4% of GDP was in line, the surplus on invisibles exceeded our forecast.
- Capital flows increased to USD27.9b in 1QFY20 (3.9% of GDP) from USD4.8b in the year-ago period (0.7% of GDP) and USD19.2b (2.7% of GDP) in 4QFY19. Foreign direct investment (FDI) inflows stood at USD13.9b (the second best in history), while foreign portfolio investment (FPI) inflows were at USD4.8b. Foreign exchange reserves, thus, increased by USD14.0b for the second consecutive quarter in 1QFY20.
- According to our calculations, gross domestic savings (GDS) were down slightly to 29.6% of GDP from 29.7% in 1QFY19.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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