15-Oct-19
Logistics: Monthly Tracker - Demand climate deteriorates further
High frequency indicators, a harbinger of the logistics industry’s performance, worsened in Sep’19, marking the end of a sedate Q2FY20.
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12-Oct-19
Oil & Gas: Q2FY20 Preview - GRMs rise but economic slowdown weighs on cyclicals
Cyclical business fundamentals showed mixed trends in Q2FY20 – Singapore GRMs surged to US$ 6.5/bbl (+88% QoQ), while petrochemical cracks declined ~10% QoQ.
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12-Oct-19
Banking: Credit Tracker - Loan growth drops below 9%
RBI data shows that credit growth for the fortnight ended 27 September slipped to a three-year low of 8.8% YoY.
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11-Oct-19
Infrastructure: Q2FY20 Preview - Execution slackens; order flow a key monitorable
Poor project execution due to the extended monsoons is expected to contain revenue growth at ~15% YoY for our infrastructure universe in Q2FY20.
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11-Oct-19
Logistics: Q2FY20 Preview - Expect a weak quarter all around
High frequency indicators (EXIM trade, rail freight and major port traffic), corroborated by industry checks, signal a feeble demand environment for logistics services.
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11-Oct-19
Building Materials: Q2FY20 Preview - Modest quarter
Building material companies under our coverage are expected to post a modest Q2FY20 as tough market conditions exact a toll on volumes.
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11-Oct-19
Pharma: Q2FY20 Preview - India seasonality, stable US good for Alkem, DRRD; Cipla weak
We expect Alkem and DRRD to report a good quarter with largely stable US sales QoQ.
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10-Oct-19
IT Services: ISG Index call takeaways: Mixed signals for Q3CY19
ISG's Q3 Index reflects an uptick in deal activity and a return to double-digit growth.
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04-Oct-19
IT Services: Q2FY20 Preview – Q2 to set tone for second-half and beyond
Despite global trade, revenue growth for tier-I Indian IT services players has held steady for the last three quarters.
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03-Oct-19
Infrastructure: NHAI analyst meet update – upbeat on BMP awards
We attended an analyst meet hosted by NHAI on Bharatmala Pariyojana phase-I (BMP).
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03-Oct-19
Banking: Credit Tracker – August non-food credit growth plummets to <10%
RBI data on sectoral credit deployment indicates that growth in non-food credit slowed to a 17-month low of 9.8% in Aug’19, hobbled by lower growth across segments.
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03-Oct-19
Gold Finance NBFCs: Turning a corner
Gold loans being self-liquidating and well-collateralised, India’s top-2 gold finance NBFCs, MUTH and MGFL, have found favour with debt/liquid funds post the IL&FS crisis.
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02-Oct-19
Oil & Gas: GRM surge on IMO may sustain for long
The global transition to electric vehicles is a potent threat to oil demand growth over the long term, estimated to shrink oil consumption from road transportation at a ~0.5% CAGR over 2018-40.
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27-Sep-19
IT Services: Positive readthrough from Accenture results
Accenture posted record bookings worth US$ 12.9bn in Q4FY19, including 16 US$ 100mn+ TCV deals, besides guiding for 5-8% YoY CC revenue growth for FY20.
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27-Sep-19
Infrastructure: NHAI call takeaways – Order awards to gather pace from Q3
We spoke with V K Sharma – CGM (Land Acquisition) and Siba Narayan Nayak, CGM (Finance) of NHAI, for an update on land acquisition and order award targets for FY20.
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26-Sep-19
Banking: Tax cut to bolster earnings
The corporate tax cut provides much needed cheer for banks under our coverage – we raise FY21-FY22 earnings by 2-14% and ROE estimates by 30-220bps, but believe the near-term impact is already in the price.
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26-Sep-19
Banking: Credit Tracker – Business momentum remains sluggish
RBI data shows that credit and deposit growth for the fortnight ended 13 September were both weak at 10% YoY.
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26-Sep-19
Midcaps: Tax cut benefits capped by demand headwinds
We upgrade FY20 earnings by 2-11% for midcap companies under our coverage post the recent corporate tax cut.
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25-Sep-19
Logistics: Tax cut may have limited benefits; demand challenges persist
Our industry interactions suggest that while the recent corporate tax sop will aid earnings of select logistics companies within our coverage, the benefits may not be proportional to the cut as large corporate clients likely negotiate for better pricing.
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25-Sep-19
Oil & Gas: Gains from tax cuts – PSUs, gas utilities top bets
The tax rate cut announced by the government will be earnings accretive by 6-15% for energy companies in our coverage universe.
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25-Sep-19
Infrastructure: Corporate tax cut an earnings booster; HG Infra to gain the most
The corporate tax reduction announced last week will bump up standalone EPS by 2-13% for our infrastructure universe over FY20-FY22, with HGIEL benefiting the most.
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24-Sep-19
Pharmaceuticals: Corporate tax cut – bonanza for healthcare services
The corporate tax cut from 30% to 22% (including surcharge from 34.9% to 25.2%) effective FY20 could spur an 8-15% earnings upgrade for pharma MNCs (Not Rated) and Diagnostic players/hospitals (Not Rated), as well as a marginal 3-4% benefit for Divi’s Labs among our Indian pharma coverage.
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18-Sep-19
Logistics: Monthly Tracker – Slowdown continues to take a toll
High frequency indicators for logistics remained dull in Aug’19. Cargo volume growth at major ports softened to 1.2% YoY as a weak EXIM trajectory (–10.6% YoY) took a toll.
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16-Sep-19
BFSI & Midcaps: BOBCAPS BFSI & Midcaps Conference – Key takeaways
We hosted 23 corporates from the BFSI and midcap sectors for meetings with 50+ institutional clients at our conference in Mumbai on 13 September.
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03-Sep-19
Banking: Credit Tracker – July non-food credit growth feeble at 11%
RBI data on sectoral credit deployment indicates that non-food credit growth remained subdued at 11.4% YoY in Jul’19.
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03-Sep-19
Oil & Gas: Jul’19 natural gas consumption robust
Natural gas consumption in Jul'19 increased 4.8% YoY to 155.1mmscmd, as offtake increased across sectors (with the exception of power).
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30-Aug-19
Banking: Blockbuster merger – 10 PSBs fused into 4
In a mega move towards consolidation, the Finance Minister has announced the merger of 10 PSBs into 4 new entities, albeit with no definite timelines or swap ratios.
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28-Aug-19
Plastic Products: Anti-dumping duty on CPVC – Astral Poly a key beneficiary
India's finance ministry has imposed provisional anti-dumping duty (ADD) on CPVC resin/compounds imported from China and Korea for a period of six months starting 26 August.
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20-Aug-19
Banking: Credit Tracker – Credit growth remains lacklustre
RBI data shows subdued 12% YoY credit growth for the fortnight ended 02 August and stable 10% deposit growth.
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16-Aug-19
Logistics: Monthly Tracker – Major ports, container rail volumes improve; EXIM sluggish
High frequency indicators exhibited a mixed trend in Jul’19.
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02-Aug-19
Banking: Credit Tracker – June non-food credit growth sluggish at 11%
RBI data on sectoral credit deployment for Jun’19 indicates that non-food lending increased at a subdued 11.1% YoY for the month.
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18-Jul-19
Banking: Credit Tracker – Credit growth remains sluggish
RBI data shows that credit growth for the fortnight ended 05 July...
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