With Indian start-ups raising $10 billion through IPOs so far in 2021 and some 150 private firms lined up to list on the country’s stock market, India could soon increase $400 billion in market value, Goldman Sachs predicts.
India’s stock market has already raised more money so far this year than it did in the last three years, the investment bank said in a report. Analysts predict investors’ interest to stay firm, propelling the country’s market capitalization to $5 trillion by 2024 from the current $3.5 trillion. This would effectively make India’s the world’s 5th largest stock market, throwing the UK out of the top five.
A number of India’s major technology start-ups recently announced plans to go public. Indian insurance company Life Insurance Corp (LIC) is preparing for an IPO next year with a listing value of over $250 billion, the country’s largest initial public offering so far.
A major Indian tech company MapmyIndia is also looking to launch an IPO in the coming months. The mapping company, which provides data to Apple Maps and Amazon’s Alexa, is aiming for an IPO valuation of about $825 million.
Among the big names already listed are food delivery firm Zomato, payments giant Paytm, ride-hailing start-up Ola, and e-commerce firm Flipkart.
Goldman Sachs’ analysts expect so-called “new economy” sectors, such as e-commerce, internet, internet retail and media to join India’s stock market in the coming years, while commodity and software services firms would be less noticeable.
Meanwhile, India’s domestic benchmark S&P Bombay Stock Exchange index, Sensex, has more than doubled since last year, with record high gains in August and an equity market capitalization of around $3 trillion. The gains put Sensex at the top of the list of the globe’s best performers among primary indexes of nations.
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Ankara is discussing new contracts for gas supplies with a number of countries, including Russia, Turkish Deputy Energy Minister revealed on Tuesday.
“This year will be very difficult for all of us. But we are on good terms with our current suppliers, such as Azerbaijan and Russia. We are discussing new volumes of supplies, new contracts, because some contracts, for example, with [Russian state-run energy giant] Gazprom, expire at the end of the year,” Alparslan Bayraktar told reporters on the sidelines of the ongoing Gastech international conference in Dubai.
He noted that potential supply contracts are being discussed with other gas-producing countries as well.
According to the official, Turkey expects to conclude a long-term agreement on gas transit with Russia in the near future.
Bayraktar added that Turkey is interested in liquefied natural gas (LNG) deliveries, but noted that with Russia, priority is given to pipeline gas.
According to the minister, by the end of 2021, annual gas consumption in Turkey is expected to reach 60 billion cubic meters, and projected to grow to about 70 billion cubic meters per year in the future.
Russian gas is mainly delivered to Turkey via the TurkStream pipeline running from Russkaya compressor station near Anapa in Russia’s Krasnodar Region, crossing the Black Sea to the receiving terminal at Kıyıköy. TurkStream replaced the South Stream project that was cancelled in 2014. According to recent data from Gazprom, natural gas deliveries from Russia to Turkey in the first half of 2021 jumped threefold to 14.623 billion cubic meters.
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The Russian government expects the country’s economy to grow by 4.2% this year, Prime Minister Mikhail Mishustin announced at a meeting on Tuesday.
“The recovery of the Russian economy after a rather difficult period is becoming more and more stable. By the end of this year, we expect GDP growth at 4.2%. This suggests that anti-crisis measures have proved their effectiveness,” Mishustin said.
Earlier, Russia’s Ministry of Economic Development published its own forecast, stating the same figure for Russia’s GDP in 2021 and predicting a further 3% growth in 2022. According to the head of the department, Maxim Reshetnikov, with the gradual withdrawal from the OPEC + oil output deal set for 2022, the country’s oil industry will be restored to pre-pandemic level and contribute to GDP growth.
Meanwhile, the Paris-based Organization for Economic Co-operation and Development (OECD) also improved its outlook for Russia’s GDP growth in 2022 to 3.4%, which is 0.6% higher than its May estimates.
In its September report published on Tuesday, the OECD noted that Russia, as well as Argentina, Brazil, Mexico and Turkey, saw “unexpected increases in inflation” that “will continue for some time.” However, it also stated that “tightening monetary conditions in many of these countries should nevertheless help curb domestic price pressures, especially by the second half of 2022.”
