RBI tightens SDR norms ; For SBIN, ICICIBC ,AXSB by Mr. Parag Jariwala, VP Institutional Research, Banking and Financial Services - Religare Capital Markets Ltd

Below is the view on the recent RBI tightening of SDR norms by Mr. Parag Jariwala, VP – Institutional Research, Banking and Financial Services, Religare Capital Markets Ltd

RBI has tightened SDR norms yesterday late evening (IST). Key highlights are given below.
 
 

Summary and our view:

RBI ha

Expert views: India's economy to grow 7-7.5 pct in 2016/17 - Economic Survey

MUMBAI  - India's economy will grow by between 7.0 percent and 7.75 percent in the 2016/17 fiscal year that starts on April 1, the Economic Survey said on Friday, ahead of the presentation of the annual budget by Finance Minister Arun Jaitley on Monday.

India should also review its medium-term fiscal strategy, the government report recommended, an i

We currently have Buy rating on Ceat Ltd by Mr. Bharat Gianani, Sr. Research Analyst - Automobile - Angel Broking Pvt Ltd

Below is the view on Ceat Ltd 3QFY2016 Results by Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking Pvt Ltd)

“Ceat Ltd 3QFY2016 results were marginally ahead of estimates. Ceat consolidated revenues, expectedly declined 3% YoY to INR 1,380 cr. Subdued export sales coupled with increasing imports from China in the commercial vehicle segment

We maintain our Accumulate rating on Sun Pharmaceutical Industries Ltd by Ms. Sarabjit Kour Nangra, VP Research - Pharma - Angel Broking Pvt Ltd

Below is the view on Sun Pharmaceutical Industries Ltd by Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking Pvt Ltd)

Sun Pharmaceuticals (CMP:  INR 848/ TP: INR 950 / Upside: 12.0%)
 
“Sun pharmaceuticals posted results much better than expected on the OPM front. The company posted sales of INR 70

We currently have Accumulate rating on Hero MotoCorp Ltd by Mr. Bharat Gianani, Sr. Research Analyst - Automobile - Angel Broking Pvt Ltd

Below is the view on Hero MotoCorp Ltd 3QFY2016 Results by Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking Pvt Ltd)

“Hero MotoCorp 3QFY2016 results were marginally ahead of estimates. Revenues expectedly grew 7% YoY to INR 7,295 cr. Volumes grew marginally 3% YoY led by the festive demand. Realisation per vehicle grew 4% YoY mainly due t

We would review Mahindra and Mahindra Ltd by Mr. Bharat Gianani, Sr. Research Analyst - Automobile - Angel Broking Pvt Ltd

Below is the view on on Mahindra and Mahindra Ltd (M&M) 3QFY2016 Results by Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking Pvt Ltd)

“M&M 3QFY2016 numbers were below estimates given the lower than estimated margins in the tractor segment and higher depreciation charge. For (M&M+MVML), revenues grew 15% YoY to INR 10,466cr (sl

We maintain our Buy rating on MBL Infrastructures Ltd by Mr. Santosh Yellapu, Sr. Research Analyst - Infrastructure - Angel Broking Pvt Ltd

Below is the view on MBL Infrastructures Ltd 3QFY2016 Results by Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking Pvt Ltd)

Results ahead of our 3QFY2016 estimates

“MBL reported consolidated sales of INR 692cr, up 27.6% YoY (ahead of our estimate of INR 570cr). Such strong growth is owing to be

We maintain our Neutral rating on Canara Bank Ltd by Mr. Vaibhav Agrawal, VP Research- Banking - Angel Broking Pvt Ltd

Below is the view on Canara Bank Ltd 3QFY2016 Results by Mr. Vaibhav Agrawal (VP Research- Banking, Angel Broking Pvt Ltd)

“Canara Bank reported 3QFY16 results, with de-growth in PAT by 87.0% YoY at INR 85cr. Advances growth was lower than the system growth at 6.3% YoY and also bank registered NII de-growth of 6.5% YoY. PBT de-grew by 87.1% YoY due to steep

We maintain Buy rating on Ashok Leyland Ltd by Mr. Bharat Gianani, Sr. Research Analyst - Automobile - Angel Broking Pvt Ltd

Below is the view on Ashok Leyland Ltd (ALL) 3QFY2016 Results by Mr. Bharat Gianani (Sr. Research Analyst - Automobile, Angel Broking Pvt Ltd)

“Ashok Leyland Ltd (ALL) 3QFY2016 results were in line with our estimates. Revenues grew 22% YoY to INR 4,085 cr driven largely by 23% YoY growth in the volumes. MHCV segment (constituting 80% of volumes) grew strongl

We maintain our Buy rating on Coal India Ltd by Mr. Rahul Dholam, Sr. Research Analyst- Metals & Mining - Angel Broking Pvt Ltd

Below is the view on Coal India Ltd (CIL) 3QFY2016 Results by Mr. Rahul Dholam (Sr. Research Analyst- Metals & Mining, Angel Broking Pvt Ltd)

Coal India (CIL) 3QFY2016 Results: EBITDA and Net profit ahead of estimates
 
“Coal India reported revenue in line with our expectations at INR 18,972cr (vs. our expecta

We maintain our Neutral view on Bank of India Ltd by Mr. Vaibhav Agrawal, VP Research- Banking - Angel Broking Pvt Ltd

Below is the view on Bank of India Ltd 3QFY2016 Results by Mr. Vaibhav Agrawal (VP Research- Banking, Angel Broking Pvt Ltd)

“Bank of India reported disappointing set of numbers with a net loss of INR 1,505cr for the quarter. Asset quality deteriorated further with Gross NPA ratio at 9.18% as against 7.55% QoQ while the Net NPA ratio came at 5.25% as against

Experts react as retail inflation hits 17-month high in January

MUMBAI  - India's annual consumer price inflation edged up to a 17-month high of 5.69 percent in January, driven up by higher food costs, government data showed on Friday.

Meanwhile, separate data showed India's industrial output contracted an annual 1.3 percent in December.

 

COMMENTARY

Yellen's dilemma: A downturn with no easy response

By Howard Schneider and Ann Saphir

WASHINGTON - The U.S. Federal Reserve's carefully scripted decision to raise interest rates last December, and begin a return to "normal" policy, may now become a nightmare for the central bank if an economic downturn forces a return to unconventional methods.

Fed chair Janet Yellen told lawma

What's behind the global stock market selloff?

By David Randall and David Gaffen

NEW YORK - Global stock markets are on their shakiest footing in years.

Investors are fleeing stocks and running to safe-havens like bonds and gold, driven by concerns about economic growth and the effectiveness of central banks' policies.

At the same time, tumbling energy prices are upe

We maintain our Neutral rating on IL&FS Transportation Network Ltd by Mr. Santosh Yellapu, Sr. Research Analyst - Infrastructure, Angel Broking Pvt Ltd

Below is the view on IL&FS Transportation Network Ltd (ITNL) 3QFY2016 Results by Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking Pvt Ltd)

Higher other income drives ITNL‘s 3QFY2016 PAT
 
“For 3QFY2016, IL&FS Transportation Network (ITNL) reported top-line of INR 1,883cr, bel

We maintain our Neutral view on Union Bank of India Ltd by Mr. Vaibhav Agrawal, VP Research- Banking - Angel Broking Pvt Ltd

Below is the view on Union Bank of India Ltd 3QFY2016 Results by Mr. Vaibhav Agrawal (VP Research- Banking, Angel Broking Pvt Ltd)

“Union Bank of India reported 74% decline in PAT. Provisions rose 45.3% YoY to INR 1,237cr which included provisions on account of an intense asset quality review conducted by the Reserve Bank of India (RBI). This led to the shar

We continue to maintain our positive view on Voltas Ltd by Mr. Santosh Yellapu, Sr. Research Analyst - Infrastructure - Angel Broking Pvt Ltd

Below is the view on Voltas Ltd 3QFY2016 Results by Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking Pvt Ltd)

3Q revenues better than expected, losses at EMP segment lead to disappointment at PAT level
 
“Voltas reported mix set of numbers, with better than expected top-line numbers and di

We have an Accumulate Rating on State Bank of India Ltd Mr. Vaibhav Agrawal, VP Research- Banking - Angel Broking Pvt Ltd

Below is the view on State Bank of India Ltd 3QFY2016 Results by Mr. Vaibhav Agrawal (VP Research- Banking, Angel Broking Pvt Ltd)

“SBI’s Q3FY16 reported PAT of INR 1,115 cr, in line with our expectations. Though this is a decline of 61.7% YoY and 71.2% QoQ, given the cleaning up exercise the bank is taking up towards NPAs and taking higher provision t

We maintain Neutral rating on NCC Ltd by Mr. Santosh Yellapu, Sr. Research Analyst - Infrastructure - Angel Broking Pvt Ltd

Below is the view on NCC Ltd 3QFY2016 Results by Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking Pvt Ltd)

Reports better operating performance

“Despite miss on the 3QFY2016 revenues, NCC impressed us with YoY operating margin expansion. NCC reported top-line of INR 2,053cr, below our estimate of IN

We are Neutral on GlaxoSmithKline Pharmaceuticals Ltd by Ms. Sarabjit Kour Nangra, VP Research - Pharma - Angel Broking Pvt Ltd

Below is the view on GlaxoSmithKline Pharmaceuticals Ltd 3QFY2016 Results by Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking Pvt Ltd)

GlaxoSmithKline Pharmaceuticals (CMP:  INR 3,292/ TP: / Upside :)
 
“GlaxoSmithKline Pharmaceuticals, posted results below expectations. For 3QFY2016, the company

We advise Buy NBCC Ltd by Mr. Santosh Yellapu, Sr. Research Analyst - Infrastructure - Angel Broking Pvt Ltd

Below is the view on NBCC Ltd 3QFY2016 Results by Mr. Santosh Yellapu (Sr. Research Analyst - Infrastructure, Angel Broking Pvt Ltd)

Lower Other Income restricts PAT; Advise BUY post correction in the stock price
“NBCC reported 28.8% YoY increase in its 3QFY2016 top-line to INR 1,421cr, slightly below our expectation of INR 1,429cr. PMC & Real Es

We maintain our Buy rating on Aurobindo Pharma Ltd by Ms. Sarabjit Kour Nangra, VP Research - Pharma - Angel Broking Pvt Ltd

Below is the view on Aurobindo Pharma Ltd 3QFY2016 Results by Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking Pvt Ltd)

“The company disappointed on the revenue front which came in below expectations growing by 9.2% YoY to INR 3,432cr. This was against our expectations of INR 3,800cr. The key markets like USA (INR 1571cr) posted a YoY growth of

We maintain our Buy rating on Dr. Reddy's Laboratories Ltd by Ms. Sarabjit Kour Nangra, VP Research - Pharma - Angel Broking Pvt Ltd

Below is the view on Dr. Reddy's Laboratories Ltd 3QFY2016 Results by Ms. Sarabjit Kour Nangra (VP Research - Pharma, Angel Broking Pvt Ltd)

“Dr Reddys Labs, posted results below expectations both on top and bottom-line. For 3QFY2016, the company posted sales of INR 3968cr V/s INR 4420cr expected and INR 3843cr in 3QFY2015, a YoY growth of 3.0%. The lowe