Cement: A Definite Beneficiary of Economic Reforms - Reliance sec

Demand Set to Accelerate in 2HFY17E on Strong Project Segment Sales & Rural Demand Uptick

We believe 2HFY17E would witness a favourable demand environment mainly driven by pick-up in construction of projects awarded in last 12-18 months and likely improvement in rural demand on the backdrop of favourable monsoon and disbursal of pay-outs following

14/09/2016 5:32:19 PM | Posted in Broking Firm Views - Sector Report read full news
Nifty Pharma unable to sustain at 12000 levels - GEPL

NIFTY PHARMA   Current Close: 11818.80    Trend : Negative

Observation

* NIFTY PHARMA is one of the underperforming the sectoral indices over last one odd year, as while the benchmark NIFTY 50 created fresh 52 week HIGHS, the NIFTY PHARMA still seems to struggle to cross it’s 3 month HIGH.

* Th

12/09/2016 5:06:16 PM | Posted in Broking Firm Views - Sector Report read full news
Nifty PSU Bank holds Bullish momentum - GEPL

NIFTY PSU BANK    Current Close: 3287.95     Trend : Positive

Observation

* NIFTY PSU BANK is one of the most outperforming sectors amongst the indices last week, as it has moved up sharply by 5.08%, as against an up move of 0.65% in benchmark NIFTY 50.

* In the last week, the Sector has breached

12/09/2016 4:59:29 PM | Posted in Broking Firm Views - Sector Report read full news
Power Sector Update - Dynamic Levels

Central institutions such as NTPC and the SEBs - State Electricity Boards continue to dominate the power sector in India. The nation has adopted a blend of hydel, thermal and nuclear sources with an aim to increase the availability of electricity. Thermal plants account for about 60 per cent of the total power generation capacity in the country, followed by hydro-electricity (15 per cent share)

10/09/2016 4:41:23 PM | Posted in Broking Firm Views - Sector Report read full news
Cement Sector - Energy cost benefits to reverse in Q3/Q4; Pricing power to improve - Emkay

■    Pet coke prices have increased by 81% during  Jan-Sept'16, post decline of 39% between Sep'15 to Jan'16, which will lead to reversal in energy costs savings (from Q3/Q4 as companies may have low cost inventories) enjoyed by cement sector in last 2 quarters

■    For our coverage universe, energy cost per tonne declined by 21.3% yoy and 6.3%

10/09/2016 4:24:46 PM | Posted in Broking Firm Views - Sector Report read full news
Pharmaceuticals - Early signs of growth recovery - Emkay

India Pharma Market- Monthly Checkup

* Indian pharmaceutical market showed a strong growth of c14.7% in July 2016 as against growth of c9.7% in June 2016 and growth of 10.8% in May 2016. Moderate growth in 4 months from March 2016 to June 2016 resulted in MAT sales growth of 13.3% (August 2015- July 2016)

* The growth was led by therapeutic a

10/09/2016 3:52:00 PM | Posted in Broking Firm Views - Sector Report read full news
India Consumer - Q1 Review: Tepid sales, rich valuations - RCML

Our consumer universe posted Q1FY17 net sales/EBITDA/adj. PAT growth of 8.3%/11.6%/12.7% YoY. Volumes remained tepid while EBITDA margins expanded 85bps YoY to 22% (RCMLe: 22.1%) driven by soft input costs. We believe sales growth would remain anaemic in FY17. Also, margins and valuations look to be at peak levels, leaving little room for upsides. We reiterate our cautious view on the sector &n

10/09/2016 3:39:15 PM | Posted in Broking Firm Views - Sector Report read full news
Banking Sector - Dynamic Levels

The Government is working hard towards strengthening the Financial Sector to aid in boosting the country’s economy. Needless to say, Banks are the backbone of not only the Sector but the economy as a whole. For shoring up Bank’s ability, Government has put in place a bankruptcy code, amending securitization laws and strengthening Debt recovery tribunals. Moreover, massive financial

10/09/2016 12:07:49 PM | Posted in Broking Firm Views - Sector Report read full news
Infrastructure - Better liquidity scenario for the companies - Prabhudas

We hosted Mr Abizer Diwanji – Senior Partner, Ernst & Young to discusses the impact of recent decision of “The Cabinet Committee on Economic Affairs for the government to pay 75% of the arbitral award amount to an escrow account against margin free bank guarantee, in those cases where the award is challenged”.

 

* Move to improve liq

9/09/2016 4:00:28 PM | Posted in Broking Firm Views - Sector Report read full news
Chemicals and Specialty Chemicals - Leaders’ Talk - Emkay

Key highlights of interviews

* S H Kelkar, a leading player in fragrances and flavours industry is targeting for long-term revenue growth of 15% CAGR. The growth will be supported by addition of new clients in its international business and increase in utilisation rates (current ~45%)

* Advanced Enzymes, present into the niche enzyme segment

9/09/2016 3:53:28 PM | Posted in Broking Firm Views - Sector Report read full news
Pharmaceuticals - Q2CY16 DMF update: Some interesting filings - Emkay

* Q2 CY16 DMF filings reveal Indian companies filed for 44% of total filings during the quarter, in line with the 45% aggregate in CY2015 and CY2014. Cumulatively Indian companies filed for 59 molecules in Q2 CY16 compared to 84 in Q1 CY16

* Lupin expanded its phosphate binder portfolio and is the first DMF filer for– Sucroferric Oxyhydroxide (gVelphoro). Lupin is currently the

8/09/2016 6:03:31 PM | Posted in Broking Firm Views - Sector Report read full news
Metals & Mining - Kotak Sec

The base metal prices varied across the products in the month of August 2016, with zinc continue to remain strong. Copper prices declined, while aluminium closed with marginal gain. On the ferrous front, Steel prices in China reversed their fall in the last two months on the back of a marginal uptick in demand and capacity shutdown. Steel prices globally rose across the region in the range of 1

8/09/2016 5:44:28 PM | Posted in Broking Firm Views - Sector Report read full news
Banking & Financial Services - NBFCs: FY16 Annual Report Analysis - Emkay

We analyzed the annual reports of asset financing NBFCs under our coverage universe, and the key findings are as follows:

 

Yields under pressure; lower cost of borrowings help augment NIMs:

Our analysis of the breakup of core interest and other income indicates that the lending yields for most NBFCs under our

8/09/2016 5:38:59 PM | Posted in Broking Firm Views - Sector Report read full news
Oil & Gas Sector - Monthly round up – Sep’16 - Emkay Global

Rise in Crude oil prices:

Crude oil prices are up MoM by 0.3%, mainly because of the expectations from the meeting in September for freezing output. Also recently, a brewing storm in the Gulf of Mexico forced the oil producers to suspend their activities, leading to a slight rise in prices. Light-Heavy (L-H) differential declined by $0.3/bbl MoM to $3.0/bbl.

8/09/2016 4:43:51 PM | Posted in Broking Firm Views - Sector Report read full news
Automobiles Sector- Two-wheeler growth accelerates; CV volumes remain under pressure - Sharekhan

Automobile sales for August 2016

The two-wheeler (2W) industry gained momentum in August 2016 with a robust 20% YoY volume growth during the month. Improved rural sentiments due to a normal monsoon after two consecutive droughts and hike in government employees’ salaries along with arrears resulted in sharp improvement in 2W volumes. The Passeng

5/09/2016 12:05:49 PM | Posted in Broking Firm Views - Sector Report read full news
Metal Sector - MIP uncertainty continues; Zn highest since May’15 - Emkay

Key observations

*  Global steel prices continued to improve in the month of August, as some buying have reported emerged in most of the parts. Slight decline in Chinese output seems also helped. Domestic prices too after weakening a bit started stabilizing in the later part of August

*  The CIS (FoB Black Sea) HRC prices rose by 2

3/09/2016 5:49:27 PM | Posted in Broking Firm Views - Sector Report read full news
India Cement Sector - Religare Capital Markets Ltd

Q1 Review: Prices up, demand to follow in H2FY17

Higher realisations (+4% QoQ, flat YoY) and lower petcoke costs boosted EBITDA/PAT growth of our cement universe by 16%/25% QoQ (46%/80% YoY). Revenue was up 6% YoY backed by volume growth of 7%. Aggregate EBITDA/t expanded to Rs 926/t (+Rs 170 QoQ) as power & fuel cost dropped 16% QoQ. With recent s

3/09/2016 5:15:37 PM | Posted in Broking Firm Views - Sector Report read full news
Cement Sector - Dealers check: Seasonal Overhang Persists; Outlook Remains Strong - Reliance sec

All India average cement prices have corrected by ~1.5% month-on-month (m-o-m) in Aug’16 mainly on seasonal effects as heavy rains and floods in most parts of the country impacted construction activities. Notably, Western & Central regions witnessed maximum correction to the extent of ~3-4% m-o-m (Rs150-200/tonne) as excess rains and floods in many parts of UP (other than Western UP)

3/09/2016 4:28:03 PM | Posted in Broking Firm Views - Sector Report read full news
Financial Sector- The Rising Rock Stars Of the Time - Dynamic Levels

The Financial Sector has been undergoing certain financial reforms of late. NBFCs are still showing quite a lot of room for growth. Banking sectors have been benefitting from the Government’s decisions. Recently, Honorable Finance Minister Arun Jaitely eased up rules for starting small finance banks and payments bank. RBI allowing Banks to sell their stressed assets to NBFCs, Financial in

3/09/2016 4:26:48 PM | Posted in Broking Firm Views - Sector Report read full news
Auto Ancillary Sector - Preparation for Festive Demand - Reliance sec

Preparation for Festive Demand

auto ancecryWhile PV and Two-wheeler players reported robust growth in volume in August 2016, the M&HCV segment continued to show weakness. We believe that the dispatches did not necessarily reflect the actual demand scenario, as the OEMs have built-up inventory for upcoming festive seasons, given festive season is ab

3/09/2016 4:10:09 PM | Posted in Broking Firm Views - Sector Report read full news
Sugar Industry: A Step-In or a Step-Out - Dynamic Levels

Sugar Industry: A Step-In or a Step-Out

The rising price of sugar has been a reason for concern in the Country. According to a report published by Rabobank, sugar prices have been on a roll for the last six months and it is likely to hold its zeal in the near to medium term. As a result of which the food and beverage (F&B) companies have been expos

3/09/2016 4:01:03 PM | Posted in Broking Firm Views - Sector Report read full news
Banking Sector - Banks-The New Investment Gems - Dynamic Levels

The Government is working hard towards strengthening the Financial Sector to aid in boosting the country’s economy. Needless to say, Banks are the backbone of not only the Sector but the economy as a whole. For shoring up Bank’s ability, Government has put in place a bankruptcy code, amending securitization laws and strengthening Debt recovery tribunals. Moreover, massive financial

3/09/2016 1:34:05 PM | Posted in Broking Firm Views - Sector Report read full news
Telecom Sector Update - Angel Broking Pvt Ltd

Jio’s aggressive pricing could hurt competition

Reliance Industries Chairman Mukesh Ambani has today revealed details of Reliance Jio’s launch on the occasion of the company's 42nd AGM. Reliance is planning a very aggressive launch of the Jio by resorting to heavy price cutting. The company has already incurred a relatively high sum of

3/09/2016 11:52:53 AM | Posted in Broking Firm Views - Sector Report read full news