The Core Report #728 India’s Mid Cap Index Hits Record High
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Nov 17, 2025 Anand Kulkarni, Director at CRISIL Ratings, dives into the booming cement industry in India, fueled by rural housing demand and robust infrastructure projects. He discusses a significant capacity expansion of 160–170 million tons, with a notable 9.5% CAGR in recent years. Anand highlights the strong balance sheets of cement companies, ensuring they can finance this expansion without excessive debt. He also forecasts that rural housing will lead cement demand growth, outpacing urban needs in the near future.
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Valuation Concerns In Global Markets
- Aswath Damodaran said he's considering moving money into cash and collectibles due to limited safe options in markets.
- Scott Galloway and others highlight US equities' high valuations and risks of correction.
IPO Trend May Undermine Market Purpose
- India's Chief Economic Advisor warned that many IPOs are acting as exit routes for early investors rather than raising fresh capital.
- He cautioned that celebrating market size metrics can divert savings from productive investment.
India May Gain From Global AI Investment
- CLSA says India remains attractive for foreign investors due to demographics, urbanisation and productivity gains.
- India can benefit from global AI capital flows as investors diversify from China.