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A pivotal turn of events: Apple, Amazon, Alphabet, Meta, Microsoft, Nvidia, and Tesla collectively dubbed the “Seven Samurai” by financial expert Aswath Damodaran, orchestrated a remarkable market rebound in 2023. The “Magnificent Seven” played a crucial role in rescuing investors from the challenges of 2022, contributing to an impressive $5.1 trillion surge in their collective market capitalization.

These stocks, led by notable performers Nvidia and Meta, emerged as the driving force behind a 23.25% overall price appreciation in the US equity market. Microsoft and Apple, each adding a trillion dollars to their market caps, solidified their positions as major players in the market resurgence. Damodaran’s analysis reveals that these companies accounted for over 50% of the total increase in the US equity market capitalization.

The cumulative market cap of the Seven Samurai has witnessed a remarkable ascent over the last decade, soaring from $1.1 trillion in 2012 to an astounding $12 trillion in 2023. This represents 24.51% of the overall US market cap, signaling a substantial impact on the market landscape.

Damodaran delved into the factors propelling the success of these stocks. Despite a rebound from losses incurred in 2022, the stellar 2023 performance goes beyond mere correction, indicating robust profitability and operating performance. The Seven Samurai demonstrated pricing power, economic resilience, and acted as lucrative money machines, showcasing strong earnings.

The valuation guru emphasized the “winner-take-all economics” as a crucial factor, reflecting a shift from manufacturing to a technology-driven global economy. While acknowledging their past glory, Damodaran cautioned investors about the current premium pricing scenario, urging prudent investment strategies as the future remains uncertain. Even though the Mag Seven have reshaped the market landscape, their present valuation demands careful consideration.

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India, the world’s third-largest emitter of greenhouse gases, is poised to play a leading role in the global carbon credit market. In June 2023, the Indian government launched the Carbon Credit Trading Scheme (CCTS), which is expected to boost the country’s carbon trading market to $10 billion by 2030.

The CCTS is a compliance-based market that will require designated consumers, such as large energy-intensive industries, to reduce their carbon emissions or purchase carbon credits from entities that have reduced their emissions. The scheme is expected to incentivize industries to invest in clean energy technologies and reduce their emissions footprint.

In addition to the CCTS, India is also developing a voluntary carbon market. The voluntary carbon market is a market where entities can buy and sell carbon credits on a voluntary basis. The voluntary carbon market is expected to play a key role in helping India achieve its net-zero emissions target by 2070.

The growth of India’s carbon credit market is being driven by a number of factors, including:

  • The increasing demand for clean energy and the growing awareness of climate change.
  • The government’s commitment to reducing carbon emissions and achieving net-zero by 2070.
  • The launch of the CCTS and the development of the voluntary carbon market.
  • The availability of a large pool of carbon credits from renewable energy projects, energy efficiency projects, and afforestation projects.

The growth of India’s carbon credit market is expected to have a number of benefits, including:

  • Reduced carbon emissions and improved air quality.
  • Investment in clean energy technologies and infrastructure.
  • Job creation and economic growth.
  • Support for sustainable development.

India’s carbon credit market is still in its early stages of development, but it has the potential to be one of the largest and most dynamic carbon markets in the world. The growth of the market will depend on a number of factors, including the government’s policy support, the availability of financing, and the participation of private sector players.

However, the potential benefits of the carbon credit market are significant, and it is likely to play a key role in helping India achieve its climate goals.

Author: Prof. Ganesh Channa (President World Environment Council)

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