Account Statement 
Capital Gain Statement 
Key Information Memorandum 
PAN Updation 
Register / Modify KYC Online 
Nominee Registration 
Email / Phone Updation 
OTM / eNACH Registration 
Guidelines for Incapacitated Investors 
FAQs
Reach us
DSP TATHYA - July 2023
Consumer sentiment remains high, despite a slight moderation in personal loans. Non-oil imports falling is partly a price effect. Lower POL consumption comes on account of soft car sales.
Even though headline came in higher than the consensus, it was majorly driven by a surge in food inflation . Core remaining steady at 5 . 2 %, comes as a comfort .
Despite a slight moderation in credit to industry, industrial activity has remained strong, reflecting positive growth and thus, greater demand, especially for capital, consumer goods. The sharp decline in WPI cannot be missed, which obviously translated in low prices to final consumers
Services PMI has slowed on account of global economic slowdown and thus was observed a slight moderation in services exports. The moderation in Railway and Airport traffic, is purely owed to high base.
The prevailing money supply has surpassed the peak recorded in July’20 of 13.2%. This development serves to reinforce the notion that the current monetary policy is notably less restrictive in nature. 10-year Gsec yields have remained stable, after easing from highs. A fall in risk premia is reflected in lower corporate bond yields.
On fiscal front, FY24 has started with excess RBI surplus but also with higher subsidy announcement for fertilizers. We expect the year to close as per the budget estimates
External headwinds have eased and RBI has started to re-build the reserves while keeping the currency almost at similar levels. A weakening dollar index appears to have exerted downward pressure on the currency basket. A proportionally greater fall in imports than exports has eased trade deficit.
Exhibit 1: A modest increase in Capital expenditure is enough to trigger a significant multiplier effect in Infrastructure
Exhibit 2: The substantial increase in Money Supply has been notably significant, surpassing the last high of 13.2% in July’20
Exhibit 3: The decrease in the CPI is evidently aligned with the decline observed in the WPI. However, the temporary surge in Food Inflation keeps the Headline Inflation from experiencing a more pronounced reduction.
Exhibit 4: While the fall in crude oil price has substantially pulled down the Import Value, the Import Quantity continues to grow.
Exhibit 5: A sequential improvement in Trade balance can be attributed to a proportionally larger decline in imports compared to that in exports.
