Moneycontrol Pro Weekender | The Economy Beneath the Earnings

Dear Reader, The Q1 FY27 earnings season is in full swing. The macro has the same old set of worries — the West Asia war and the impact on input prices, the AI rally, concerns over El Nino, consumption growth, investment demand et al. What’s new is the yo-yoing of AI stocks and, indeed, the entire South Korean stock market, which seems to be a textbook illustration of Keynes’ warning: “When the capital development of a country becomes a by-product of the activities of a casino, the job is likely to be ill-done.” But let’s not be too hasty. This…