Long-elusive capex may be back

Missing for over a decade, capital expenditure by companies is expected to pump-prime the stock markets.

For over a decade now, a combination of high levels of debt, excess capacity and slow economic growth has seen companies withhold capital expenditure. That may be about to change.  

The indications are all there. Some of India’s top companies, across key sectors like energy, steel, cement and automobiles, have over the past year announced serious capital expenditure plans. At The Morning Context, we have documented several such moves, be it Tata Steel wanting to regain the No.1 spot in the domestic steel industry or the outlays of Mukesh Ambani and Gautam Adani on renewable energy and now Anil Agarwal’s …