Finance Minister Nirmala Sitharaman meets JPMorgan chairman Jamie Dimon in Mumbai

Mumbai (Maharashtra) [India], September 21 (ANI): Union Finance Minister Nirmala Sitharaman met Jamie Dimon, Chairman and Chief Executive Officer of JPMorgan Chase & Co., in Mumbai during the investment bank's India Investor Conference. According to official posts shared on social media platform X from the official handle of the Nirmala Sitharaman Office, 'Mr Jamie Dimon, Chairman and CEO of JPMorgan Chase & Co., interacts with Smt @nsitharaman during the J.P. Morgan India Investor Conference in Mumbai, Maharashtra.' During the proceedings of the financial gathering, the Finance Minister engaged with senior leadership to discuss economic perspectives. 'Smt @nsitharaman addressed the gathering and participated in a fireside chat with Mr Sajjid Chinoy, Head of Asia Economics at @jpmorgan, during the 11th edition of the J.P. Morgan India Investor Conference in Mumbai, Maharashtra,' the Nirmala Sitharaman Office on X stated in a separate post. Dimon scheduled meetings with top executives from India's major conglomerates as part of his travel agenda during the Mumbai visit. The high-level engagement followed an improved corporate earnings trajectory observed across domestic equity markets. In late August, JPMorgan maintained its positive outlook by retaining a 27,000 target for the Nifty 50 benchmark index. The brokerage estimated earnings growth for MSCI India at 11 per cent for CY26 and 13 per cent for CY27. The latest financial evaluation noted that the earnings season for FY27 opened on a stronger footing than initially projected. Across the tracked universe, revenue for MSCI India companies expanded by 19 per cent year-on-year, while consolidated profit after tax increased by 16 per cent during the opening quarter. In its market assessment, the financial institution detailed its targeted investment stance across Indian equities. 'Our preferred positioning leans heavily towards high-growth domestic cyclicals,' JPMorgan stated. The brokerage added, 'Our base/bull/bear case Nifty-50 targets remain 27,000/30,000/20,500 respectively.' The review indicated that mid-sized and smaller entities outpaced larger peers in quarterly financial performance. Profit after tax for Nifty Midcap 100 companies, excluding the energy segment, advanced 42 per cent year-on-year, while profit after tax for Nifty Smallcap 100 constituents rose 39 per cent. Earnings beats among MSCI India constituents reached 58 per cent, whereas misses accounted for 24 per cent. The assessment documented a diversified spread of corporate expansion across broad sectors of the economy. The firm underlined the role of local consumption trends in maintaining commercial momentum against international head currents. 'Resilient domestic demand continued to offset an unusually noisy external environment,' JPMorgan stated, identifying the trend as a primary operational theme noted in corporate management commentary during the first quarter of FY27. (ANI)