Utkarsh Sharma

Finance | Economy | Capital Market Research | Geo Politics

[Utkarsh Sharma @xUtkarshSharma]

The UK has had 7 prime ministers in 10 years. This is not a one-off event; it is a market that has been on edge for years and responds instantly to any hint of fiscal slippage.
#Gilts #MacroEconomics #CapitalMarkets

[Utkarsh Sharma @xUtkarshSharma]

Andy Burnham became UK Prime Minister on July 20. His first public comment: he would seek 'any flexibility' within fiscal rules. Bond markets responded within hours. UK 10-year gilt yield rose 8 basis points to ~5.05%. 30-year yield hit 5.75% — highest in two months.
#Gilt #ukgov

[Utkarsh Sharma @xUtkarshSharma]

Context matters. UK government debt is roughly 100% of GDP. UK gilt yields are already the highest in the G7.

[Deepak Shenoy @deepakshenoy]

Two years is roughly when trumps term will come to a close as president. The next person will have to deal with rising prices of critical drugs and he or she is likely to bring back zero tariffs anyhow. Hardly any point of building a plant in the US now

[Utkarsh Sharma @xUtkarshSharma]

The cash flow math is the real issue. In 2023, AI capex was 40% of these companies' operating cash flow. PIMCO projects 94% by 2026-27. Amazon's free cash flow turned negative in Q1 2026. Infrastructure is being built. Returns are not here yet.
#EquityResearch #TechDebt #AI

[Utkarsh Sharma @xUtkarshSharma]

Nikkei's study: Alphabet, Microsoft, Amazon, Meta, Oracle have $1.65 trillion in AI commitments that do not appear in reported debt figures. Data center leases, GPU contracts, SPV-financed builds. Off-balance-sheet obligations now exceed their actual balance sheet debt of $1.35 T

[Utkarsh Sharma @xUtkarshSharma]

GPU supply contracts are disclosed as purchase obligations, line items most investors skip.

[Utkarsh Sharma @xUtkarshSharma]

What to watch:

SBI reports in August; the PSU picture is incomplete without it.
RBI MPC in August. Further rate cuts compress NIMs further.
HDFC Bank NIM trajectory: the most-watched variable for India's largest private bank in FY27.

#BankingQ1FY27 #EquityResearch

[Utkarsh Sharma @xUtkarshSharma]

India Q1 FY27 banking sector — 5 banks in:

PAT YoY:
Kotak Bank: +26.0%
Axis Bank: +22.5%
ICICI Bank: +15.9%
HDFC Bank: +5.0%
PNB: +213.6%
The headline numbers hide the real story.
#HDFC #ICICI #BankingQ1FY27 #Q1Result

[Utkarsh Sharma @xUtkarshSharma]

Sector-wide asset quality picture:

GNPA ratios Q1 FY27:
ICICI Bank: 1.38% (vs 1.67% in Q1 FY26)
HDFC Bank: 1.17%
Kotak Bank: 1.18%
PNB: 2.78% (vs higher levels a year ago)
Across private and PSU banks, the NPA cycle is in clean-up mode.

[Utkarsh Sharma @xUtkarshSharma]

@SkyrootA Congratulations 🎉👏

[Skyroot Aerospace @SkyrootA]

ORBIT ACHIEVED. 🚀

Vikram-1 Test Flight-1 has reached orbit. India's first privately developed orbital rocket has completed its final burn and injected its payloads into a ~450 km orbit, making India the third country in the world with private orbital launch capability.

History is made. 🇮🇳

#Vikram1 #JourneyToOrbit #SkyrootAerospace

[Utkarsh Sharma @xUtkarshSharma]

Wishing all the success!

[Skyroot Aerospace @SkyrootA]

Signed by the people who built it. 🚀

Every signature on Vikram-1 belongs to an engineer, technician, or teammate who helped make this mission possible.

Now, they’re all headed to space aboard Mission Aagaman.

#Vikram1 #MissionAagaman

[Utkarsh Sharma @xUtkarshSharma]

Valuation impact: Lower on-site employee costs drop directly to the EBITDA line for UK-based contracts. If you cover firms with heavy UK exposure, your H2 FY27 operating margin assumptions might need an upward revision.

#EquityResearch #Valuation #Macro

[Utkarsh Sharma @xUtkarshSharma]

The India-UK CETA went live on July 15, but the media is missing the biggest catalyst for Indian IT: The Double Contribution Convention (DCC). It's not just a trade deal; it's a structural margin tailwind for services.
#IndiaUKFTA #CETA

[Utkarsh Sharma @xUtkarshSharma]

The DCC exempts Indian professionals on short-term UK assignments from paying British National Insurance for up to 5 years. Over 75,000 Indian workers and 900+ employers will benefit. For Indian IT, this drastically reduces on-site operational costs.