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एमके ग्लोबल फायनांशियल सर्विसेस

बीएसई: 532737  |  NSE: EMKAY  |  ISIN: INE296H01011  |  Finance - General

खोजें एमके ग्लोबल फायनांशियल सर्विसेस कनेक्शन Mar 10
अध्यक्षीय भाषण साल : Mar '11
Dear Shareowners,
 
 In contrast to the cautious mood that gripped the world economy at the
 end of fiscal 2009-10, the recently ended year closed on a more stable
 note. While there was still some uncertainty in parts of Europe and the
 employment data in the USA lagged behind other more sanguine
 indicators, it has largely been accepted that the worst is over.
 However, global economic dynamics are changing. Events in the Middle
 East and Asia  such as a surge in oil and food prices, the rising
 interest rates in Asia and a disruption of trade with Japan due to the
 natural disasters - are gaining importance as indicators of global
 growth drivers. As a result, while incidents in Europe and the US will
 still command their place of pride, it will be shared with developments
 in emerging markets.
 
 Against the backdrop of relative stability in the international arena,
 India witnessed strong growth during most of 2010-11, coupled with high
 inflation. As a result, the priority of the government and the RBI
 shifted from boosting growth to inflation control. Rising interest
 rates and tightening of the fiscal deficit had an impact on the growth,
 especially towards the end of the year. Overall, India recorded a
 healthy 8.5% GDP growth in 2010-11, though marginally lower than most
 expectations.
 
 Going forward, economic growth is expected to strengthen further as
 subdued demand picks up. Domestic consumption is expected to recover on
 the back of good growth in the agricultural sector, which is known to
 have a lagged effect on demand. Additionally, once inflation is under
 control and the RBI eases its monetary stance, consumption demand will
 get a further boost. On the external front, exports to Asian countries
 are also expected to pick up in 2012-13, according to OECD forecasts.
 
 Financial markets
 
 During the past year, the markets have reacted to rising interest
 rates, falling liquidity and the impact of the rising cost of inputs,
 especially crude oil, on corporate earnings. These resulted in margin
 pressures and overall, fiscal 2010-11 was a rather lacklustre year for
 most equity investors. However, a generalisation is difficult since
 different segments of the market displayed varying behaviour. While the
 Nifty returned 11%, the mid-caps clocked a dismal 1% and small-caps
 followed with a negative growth of 4%. There were some sectors like
 Consumer Durables, which did perform well, returning 48% and the Bankex
 and BSE Auto Indices gave returns in excess of 20%. BSE Realty and
 Power also began on a strong note but failed to deliver and ended the
 year with negative returns of 29% and 12%, respectively. So the fate of
 investors, during the bygone year was largely linked to their stock and
 sector picking abilities.
 
 Going ahead, it appears that only the ability to have patience will
 help investors. Building block industries like infrastructure and
 capital goods, which have not really performed well during the past
 year, are bound to pay rich dividends in the future if the country
 progresses at its current rate. More importantly, domestic political
 equations and the direction of food and crude prices will have an
 effect on stock prices. At the same time, the international impact
 could come in the form of some outflow of funds as the US economy
 recovers and European countries move ahead with their consolidation
 plans. The natural catastrophe that ravaged Japan in the early part of
 the current financial year will also cause some slowdown in funds from
 the Asian region. Nevertheless, outflows of funds are bound to be a
 temporary phenomenon as investing in Indian equities is still a very
 attractive proposition. It will continue to be so as long as economic
 growth remains on its current trajectory.
 
 Emkays performance
 
 Despite the mixed signals from the market, fiscal 2010-11 was an
 eventful year for Emkay. Our client base expanded to reach 1 lac plus
 non-institutional investors and over 140 institutional clients.  Making
 the most of sluggish markets, Emkay organized a series of conferences
 for institutional clients across the globe. These meets  Emkay
 Confluence  were well received and appreciated.
 
 Emkays research continued to be the proud recipient of many awards in
 FY 2010-11 too. Emkay was recognized for its strategy, small cap
 research, accuracy of earnings estimates and stock picking ability
 amongst others.
 
 While the stock markets were relatively lackluster during the year, our
 commodities business witnessed an increase in its gross income of
 nearly 50% from Rs. 6.37 crore to Rs. 9.35 crore. Overall the companys
 top-line (consolidated) grew by a modest 4.75%, its profit after tax
 increased by close to 26% to reach Rs. 11.84 crore. Consequently, we
 maintained our dividend at 10% or Rs. 1 per share.
 
 Outlook for the future
 
 With growth in the economy moderating and the cost of funds rising,
 Emkay has decided to adapt itself to the changing scenario and make use
 of the interim time to change gears. It is our endeavor to arm
 ourselves with a well planned and meticulously implemented strategy for
 rationalization and consolidation to achieve better growth in FY
 2011-12.
 
 While we aim to focus on increasing the efficiency at the branches and
 may consolidate the branch network in the process, we will diligently
 implement cost rationalization in operations towards
 
 improving our front-end. We will harness our knowledge-based strengths
 to increase our presence in the mass affluent and affluent markets, in
 a gradual shift from our focus on micro retail.
 
 With our vast experience in the Indian markets and our valuable
 exposure to global markets as well, we feel confident about weathering
 financial market undulations and coming through stronger and wiser, as
 we have in the past.
 
 On a concluding note
 
 Being a company in which knowledge and service are the pillars on which
 our growth depends, we acknowledge that our success is attributed to
 our dedicated employees.
 
 We would also like to thank our share holders for reposing their faith
 in us and supporting our decisions in the best as well as the toughest
 of times. With our years of experience and your confidence in us and
 implicit support, we envisage a robust future.
 
 Sincerely,
 
 Krishna Kumar Karwa                Prakash Kacholia
 Managing Director and CFO          Managing Director
 
 
स्रोत: रेलीगरे टेचनोवा

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