Stocks in the small-cap space rallied after the November

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Stocks in the small-cap space rallied after the November

Сообщение chitianshi520 » 08 янв 2019, 12:26

NEW DELHI, March 30 (Xinhua) -- At least 36 people have been injured, some of them seriously, after eight coaches of a fast passenger train derailed in the northern Indian state of Uttar Pradesh in the early hours of Thursday, officials said.


The accident took place around 2:30 a.m. (local time) when the Jabalpur-Nizamuddin Mahakaushal Express was between Mahoba and Kulpahad railway stations in the state's Mahoba district, nearly 270 km from Uttar Pradesh's capital Lucknow.


"Some 36 people have sustained injuries in the accident. All of them have been admitted to nearby state-run and private hospitals, where the condition of 10 people are said to be serious. Fortunately, no lives have been lost," a senior Indian Railways official told the media.


Local TV channels showed footage of the derailed train and reported that rescue operations were on full swing, led by personnel of the specialised National Defense Response Force (NDRF).


Uttar Pradesh Chief Minister Yogi Adityanath has sent the state's Health Minister S.N. Singh to the accident site and asked him to supervise the rescue operations. "I am personally monitoring the relief and rescue operations," the minister told the media.


The accident has disrupted movement of trains in the region. However, railway officials said that efforts were on to operationalise the rail traffic at the earliest. "A probe was also ordered into the incident," a senior official said.


The Indian Railways has not had a good start this year.


In January, an express train derailed in Vizianagaram district of the southern state of Andhra Pradesh, killing 41 passengers and injuring over 60 others. And in March, nine people were injured following a blast in one of the coaches of a passenger train in central state of Madhya Pradesh.


One of the world's largest train networks, the Indian Railways criss-crosses the country from north to south, carrying 23 million passengers each day. However, train accidents are fairly common in India, where much of the railway equipment is out of date.


In 2015, the Indian government pledged investments of 137 billion U.S. dollars over five years to modernise and expand the railways.


Sector needs to increase profits to justify pricey valuations


Small-cap stocks benefited from a dovish lining to the US Federal Reserve's decision to raise interest rates this past week Cheap Joao Cancelo Jersey , but strategists warn it will take more to make these pricey stocks outperform their larger brethren in the long haul.


The Fed on Wednesday raised rates by a quarter of a percentage point, as expected, but did not flag any plan to accelerate the pace of monetary tightening. A less aggressive monetary policy may benefit small-caps, which tend to get hit harder as borrowing costs increase when rates rise.


Stocks in the small-cap space rallied after the November 8 election that put Donald Trump in the White House as investors bet Trump's plans to cut back on regulations and taxes would especially help small companies.


That hasn't panned out in the new year Cheap Jeison Murillo Jersey , as they have underperformed the S&P 500 year-to-date. Their near-term performance hinges on how much the profit picture improves, but so far small-cap earnings have yet to rebound in the same way that large caps have.


Investors consider small-cap stocks comparatively expensive.


"We're in a show-me state for small caps," said Steve DeSanctis, equity strategist at Jefferies. "We've gotten [price-to-earnings] multiple expansion Cheap Ivan Perisic Jersey , so you need earnings growth."


Fourth-quarter earnings for companies in the small-cap S&P 600 were down 1.0 percent from a year ago, while the benchmark S&P 500's earnings rose 7.8 percent, Thomson Reuters data showed.


Analysts expect profit growth for the S&P 600 in the first quarter of 2017, but at a rate still well below that of the S&P 500.


The S&P 600 is up just 1.4 percent since December 31 Cheap Geoffrey Kondogbia Jersey , after rising 24.7 percent in 2016. The S&P 500 by comparison has gained 6.2 percent since the start of the year.


At 20.4 times forward earnings estimates, the S&P 600 looks expensive compared with its long-term average of 17, Thomson Reuters data showed. The S&P 500 trades at about 17.8 times forward earnings, also above its long-term average.


The Russell 2000 Cheap Gary Medel Jersey , a widely used gauge for small-caps, has a forward price-to-earnings ratio of 25.4, brushing against its highest level since 2009. Its 10-year average sits at 20.7.


"Growth and the interest rate trajectory are going to be two key factors," said Dan Suzuki Cheap Gabriel Jersey , senior US equity strategist at Bank of America Merrill Lynch in New York. He thinks small caps may have more room to gain in the short run, especially if earnings surprise to the upside, but that valuations remains a negative.


On the flip side, rising rates also tend to boost the US dollar Cheap Eder Jersey , which would have a bigger negative impact on large-cap multinationals as a stronger dollar weighs on offshore revenues when they are translated into the American currency.


Investors also worry that any tax reductions under the Trump administration may not come for many months, or even until 2018.

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