Uday Tharar @udaytharar

Vice President at Morgan Stanley Investment Management, Emerging Market Equities linkedin.com/in/uday-tharar/ Mumbai Joined April 2009

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Uday Tharar @udaytharar

a year ago

Globally total car sales have had a weak cycle with current sales still 8% below 2017 levels. Non-EV (ICE) car sales are down 25% from 2017 peak. However, EV sales growing at strong pace with global penetration hitting 20%. Led by China at 40%, 25% in Europe and 9% in US.

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Uday Tharar @udaytharar

a year ago

Total value of equity issuance in India's stock market in the first 6-months of 2024 at $40 billion is already the highest ever. While primary issuance (IPO) is still low, its the block deals and secondary issuances that have sky rocketed.

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Uday Tharar @udaytharar

a year ago

India today gets included in the JPM Emerging Market Global Bond Index. Foreign inflows of about $25bn (0.6% pf GDP) expected. India's weight to rise by 1%pt each month and capped at 10%. Most EM countries (except China, Indonesia, Mexico) will lose share at India's expense.

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Uday Tharar @udaytharar

a year ago

The top two telecom players in India that are Jio + Airtel now control 78% of total telecom revenue rising from 43% in FY18. This comes at the loss of Vodafone Idea + Others whose combined share has fallen from 57% in FY18 to just 22% now.

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Uday Tharar @udaytharar

a year ago

Domestic inflows into India's equity market so far this year have been at a staggering US$ 7 billion per month. Annualised $ 85 billion. This is nearly 2x the previous high seen in 2022 and more than 3x of 2023. Are domestic investors positioning for strong election results?

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Uday Tharar @udaytharar

a year ago

Global share of electricity generation from renewables passed 30% in 2023. Solar + Wind rising from 3% in 2013 to 13% in 2023. Including nuclear the share of zero-carbon electricity is about 40%. Solar has significantly outpaced other technologies in term of speed of adoption.

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Uday Tharar @udaytharar

a year ago

India has one of the lowest mobile data tariffs globally. Last 5-years have seen only two tariff hikes by Indian telcos despite heavy capex. Post elections telcos are expected to take price hikes of about 20% which would still keep Indian tariffs one of the lowest in the world.

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Uday Tharar @udaytharar

a year ago

Chinese housing market showing no signs of bottoming. Housing starts hit lows last seen in 2006. Completion and sales at 10-year lows. Construction + Real Estate now accounts for 12.5% of GDP falling from 14.5% of GDP just 3-year back. Will be a large drag on overall GDP growth.

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Uday Tharar @udaytharar

a year ago

Chinese government started the new energy vehicle (NEV) program in 2009. NEVs are fully or predominantly powered by electricity. Today NEV penetration in China is 42%. A country where annual car sales is around 30 million (7 times of India). Heavy discounts are helping.

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Uday Tharar @udaytharar

2 years ago

Dubai residential real estate prices are now at all time high. Goes past the peak seen a decade ago. Up 55% since Jan 2021 after Covid lockdowns were eased. A bunch of other factors have also helped with Indians and Russians among foreigners being heavy buyers. Another bubble?

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Uday Tharar @udaytharar

2 years ago

Last 10-years saw global electric vehicle (EV) sales growing at a remarkable 50% CAGR. Rising more than 40-times from 30k in 2014 to 13.5 million in 2023. At a time when global car market was stagnant. As a result, EV share of total has risen from 0.5% in 2014 to 16% in 2023.