An autumn taper discussion provides fodder to Euro bulls - Angel Broking

The President of ECB, Mario Draghi, tried his level best to undermine the markets by not commenting on tapering. He stroked a dovish stance by emphasizing the lack of pickup seen in underlying inflation which is a possible answer for the status quo move.

The interest rates were kept unchanged at “0 percent” and the monthly asset purchases were to be done at €60 billio

22/07/2017 3:47:22 PM | Posted in Special Event Reports read full news
Bank of Japan admits defeat on deflation; delays inflation target year to FY2019 - Angel Broking

Bank of Japan admits defeat on deflation; delays inflation target year to FY2019

After much ado, the Bank of Japan has finally come out with its predictable Monetary Policy Statement which contained unchanged policy stance. The policy rate was maintained at -0.10 percent, 10-Year JGB Yield Target and QE program both were unmarked at zero percent and ¥ 80 trillion respectively. The

21/07/2017 11:46:48 AM | Posted in Special Event Reports read full news
Weak 1QFY18 direct tax revenues suggest growth pangs - Kotak Sec

Weak 1QFY18 direct tax revenues suggest growth pangs.

The modest growth in direct tax revenues in 1QFY18 probably reflects (1) underlying weakness in the economy and/or (2) companies’ assessment of a weak FY2018. We were hopeful about an uptick in tax revenues post demonetization from higher declaration of unreported income. However, overall dire

20/07/2017 3:28:18 PM | Posted in Special Event Reports read full news
Tamil Nadu all set for the RERA ride

Chennai, July, 20, 2017 – On notification of the most awaited Tamil Nadu Real Estate (Regulation and Development) Rules, 2017, the residential real estate sector in the state is all set to experience a tide of changes. The optimistic side of the act is creating a picture of future real estate with a level playing field for developers, better transparency and accountabilit

20/07/2017 11:15:14 AM | Posted in Special Event Reports read full news
Godrej Agrovet files papers with SEBI

Mumbai based Godrej Agrovet Limited, a diversified, research and development focused agri-business company, filed its Draft Red Herring Prospectus (DRHP) with the market regulator SEBI seeking permission for its Initial Public Offering (IPO). The company operates across five business verticals viz. animal feed, crop protection, oil palm, dairy, and poultry and processed foods. They are the lead

Special report: Philip Morris takes aim at young people in India, and health officials are fuming

By Aditya Kalra, Paritosh Bansal, Tom Lasseter and Duff Wilson

NEW DELHI - S. K. Arora spent more than three years trudging through the Indian summer heat and monsoon rains to inspect tobacco kiosks across this sprawling megacity, tearing down cigarette advertisements and handing out fines to store owners for putting them up.

But as fast as he removed the co

19/07/2017 8:48:54 AM | Posted in Special Event Reports read full news
UP Budget: Farm loan waiver weighs on capex plan - Motilal Oswal

UP Budget: Farm loan waiver weighs on capex plan

Expects extraordinary support from the Center

* Notwithstanding the burden of the recently announced farm loan waiver and the 7th Pay Commission (PC), Uttar Pradesh (UP) has budgeted for marginal fiscal consolidation in FY18 based on ambitious growth in tax receipts and a shar

18/07/2017 3:29:01 PM | Posted in Special Event Reports read full news
Well prepared for upcoming defense opportunities - Motilal Oswal

Well prepared for upcoming defense opportunities

Sets defense revenue target of INR5b by FY20 We recently met Solar Industries’ (SOIL) management to get an update on its mining and defense explosive business. We also visited the company’s manufacturing facilities in Nagpur. Key highlights:

 

Robust in

18/07/2017 3:26:11 PM | Posted in Special Event Reports read full news
Liquidity surplus to tighten further this week - Kotak Sec

* Liquidity surplus to tighten further this week.

Expectedly, the liquidity surplus tightened last week led by heavy auction related outflows along with the last leg of custom and excise duty. The banking system average liquidity surplus tightened to ~Rs 3 tn for the week ending July 15 compared to Rs 3.65 tn for the week ending Jul 7. The overnight f

18/07/2017 11:17:49 AM | Posted in Special Event Reports read full news
WPI inflation: overall dynamics benign - Kotak Sec

WPI inflation: overall dynamics benign.

Some upside pressure was visible in food articles, but WPI inflation surprised on the downside as core inflation dynamics remained benign. Sharp input price pressures are unlikely to manifest given benign global commodity price cycle in the near-to-medium term. This should bode well for retail prices too, especi

15/07/2017 2:09:14 PM | Posted in Special Event Reports read full news
India not really an outlier in terms of tax-to-GDP ratio - Motilal Oswal

India not really an outlier in terms of tax-to-GDP ratio

Contrary to popular perception, GST could boost overall tax revenues for India

* At first glance, India’s tax-to-GDP ratio appears lower than other economies; however, after adjusting for the level of economic development – measured by per capita income, In

15/07/2017 2:03:35 PM | Posted in Special Event Reports read full news
NDR feedback: A strong proxy play on PepsiCo India - Emkay

NDR feedback: A strong proxy play on PepsiCo India

* We hosted investor meetings in Mumbai and Singapore with Varun Beverages Ltd’s (VBL) management. We maintain BUY on the stock with catalysts being launch of new products by PepsiCo India and improvement in VBL's return profile.

* Investors appreciated the fact that VBL's partn

15/07/2017 1:52:17 PM | Posted in Special Event Reports read full news
Special report: Inside Philip Morris' campaign to subvert the global anti-smoking treaty

NEW DELHI/LAUSANNE, Switzerland - A group of cigarette company executives stood in the lobby of a drab convention center near New Delhi last November. They were waiting for credentials to enter the World Health Organization's global tobacco treaty conference, one designed to curb smoking and combat the influence of the cigarette industry.

Treaty officials didn'

ICICI Securities to offer Factor Based Portfolios, a risk-based portfolio advisory service to Indian investors

ICICI Securities to offer Factor Based Portfolios, a risk-based portfolio advisory service to Indian investors

Mumbai: ICICI Securities Ltd, a subsidiary of ICICI Bank and India’s leading integrated financial services firm today announced today Factor Based Portfolios, a risk-based portfolio advisory service on its investment pla

13/07/2017 3:33:04 PM | Posted in Special Event Reports read full news
Macroeconomic data set the stage for a rate cut - Motilal Oswal

Macroeconomic data set the stage for a rate cut

* But a few reasons exist for RBI to remain cautious n Like in the past few months, CPI inflation eased more than expected to 1.5% YoY in June 2017, lower than market consensus of 1.7% and our expectation of 1.6%. Although food prices (food price index down more than 2%) were the key driver of lower infla

13/07/2017 3:19:56 PM | Posted in Special Event Reports read full news
The Big Leap Shift likely to remain gradual - Motilal Oswal

Shift likely to remain gradual

Pace can intensify with stringent cash transaction norms

* India is on a structural path towards a formal economy, (please refer to our inaugural issue of “The Big Leap” series) prodded by a string of government initiatives such as demonetization, GST, and Aadhar-linking. While thes

13/07/2017 2:55:26 PM | Posted in Special Event Reports read full news
Q1FY18 Results Preview - Kotak Sec

Commodities to lead the revenue growth

We expect sectors, Capital Goods, Cement, Commodities (Metals / Oil & Gas), Agro Products, O & G and Paints are expected to predominantly propel this growth. On the other hand, IT, Media and Auto are expected to be a drag on the overall growth rates on a YoY basis. In terms of profits, Metals is projected

12/07/2017 4:06:15 PM | Posted in Special Event Reports read full news
Max Speciality Films Appoints Ramneek Jain as New CEO - Max Ventures and Industries

12th July 2017, New Delhi

Max Speciality Films Limited (MSFL) today announced the appointment of Ramneek Jain as the Chief Executive Officer (CEO) of MSFL with effect from 11th July 2017. Ramneek is a seasoned business leader with over 23 years of rich experience across manufacturing organisations in India and the US.

Mr. Jain joins MSF afte

12/07/2017 1:37:53 PM | Posted in Special Event Reports read full news
Q1FY18 Results Preview, expect a better Q1 in revenue, PAT under pressure - Prabhudas Lilladher

Q1FY18 Results Preview, expect a better Q1 in revenue, PAT under pressure

PL universe ex‐ financials is expected to have a better Q1FY18 with 8.2% increase in revenue and 5.5% fall in net profit on a YoY basis. While the sales growth may look promising, the fall in PAT is expected to come in from Automobiles 9.2%, Cement 4.4%, Oil & Gas 23.7% an

11/07/2017 5:08:12 PM | Posted in Special Event Reports read full news
Renewed deceleration due to temporary headwinds - Emkay

Renewed deceleration due to temporary headwinds

* Renewed decline in earnings performance of Indian companies in Q1FY18E is likely to break the positive trend observed over the past few quarters. This outcome in expected against the backdrop of better global trade data, implying that domestic factors are responsible for the expected deceleration in Q1F

11/07/2017 2:44:55 PM | Posted in Special Event Reports read full news
India Strategy Still in the works - Motilal Oswal

Still in the works

Earnings breadth yet to improve; GST to impact B2C sector earnings

Earnings decline after three quarters of growth; quality, breadth still weak

As we commence the first quarterly earnings season of FY18, the macro and broader market context appears sanguine with

11/07/2017 2:17:45 PM | Posted in Special Event Reports read full news
Angel Top Picks - July 2017

The goods and services tax (GST) became a reality from July 1st 2017. The new indirect tax regime unifies the country by making India a homogenous market. By removing the state barriers, trade becomes easier. While GST, in the current form may not be the perfect, but it is better than the earlier tax regime and was due for long. We revisit how GST is likely to benefit the economy.

&nb

11/07/2017 10:02:09 AM | Posted in Special Event Reports read full news
We expect 'convergence' in the aforesaid parameters over the next few months - Kotak Sec

Divergence and convergence.

We note the growing divergence between key global and domestic macro variables—(1) rising global bond yields and low global inflation, (2) high domestic nominal and real interest rates and low domestic inflation and (3) rich valuations and muted earnings outlook for the Indian market. We expect ‘convergence&rsqu

10/07/2017 2:51:06 PM | Posted in Special Event Reports read full news
Economy India Cautiously scaling the FDI ladder - Kotak Sec

Cautiously scaling the FDI ladder.

Even as India’s FDI profile remains steady amid slowing global investment flows, some cracks have started to appear. E-comm/start-up space lost steam significantly in CY2016, after being favored most by foreign PEs in CY2015. Telecom was the top FDI equity recipient in CY2016 largely due to Vodafone related flo

8/07/2017 1:38:35 PM | Posted in Special Event Reports read full news