L&T, Britannia, Bajaj Finance: Ambit Capital's super bloopers

Even the biggest of brokerages and the best of analysts fail in their assessment of how the markets will play out. In a note to its clients, Mumbai – based brokerage and research house, Ambit Capital, has owned up to making bloopers over the past 12 months – the biggest of them being an incorrect estimation of the impact of government’s demonetisation plan. “Having been one of the earliest on the street to point out Modi's intent to go after black money, we then went on to say post de-mon that GDP growth would come under severe strain given India's cash driven economy. We had said that GDP growth would fall to 0.5% in H2FY17, implying 3.5% growth rate for FY17. We acknowledge humbly that the listed market and formal space coped surprisingly well with the drying up of cash,” wrote Saurabh Mukherjea, chief executive officer, Ambit Capital in a July 11 note to clients. Commodity Trading Tips