Banking Sector Update Offers protection in adverse conditions - Kotak Sec

Offers protection in adverse conditions.

Our initial study of Pradhan Mantri Fasal Bima Yojana (PMFBY) shows it offers hope to banks lending to agriculture in adverse conditions. The new scheme has seen ~100% increase in the sum insured in FY2017, greater interest from private insurance players and higher participation of farmers. Strict timelines, ma

20/06/2017 3:16:14 PM | Posted in Broking Firm Views - Sector Report read full news
NIFTY CPSE has immediate support placed at 2375 levels - GEPL

Observation

* NIFTY CPSE is one of the underperforming sectoral indices, as it closed down by 1.40% at 2458.85, as against a down move of 0.83% in benchmark NIFTY 50.

* The Sector had faced a strong resistance of it’s All Time High level which is placed @ 2770 - 2750 level since last one month and eventually breached the immediate supp

19/06/2017 5:02:03 PM | Posted in Broking Firm Views - Sector Report read full news
NIFTY REALTY holds strong Bullish momentum - GEPL

Observation

* NIFTY REALTY is the outperformer sector of last week. It showed a massive up move by 4.35%, as against a down move of 0.83% in benchmark NIFTY 50.

* The Sector is in long term Bullish Trend with the formation of Higher Top Higher Bottom sequences in all time frames charts as Daily, Weekly as well as Monthly, as can be seen in t

19/06/2017 4:57:23 PM | Posted in Broking Firm Views - Sector Report read full news
Aviation Sector Update May provides strong seasonal boost - ICICI Sec

May provides strong seasonal boost

Reason for report: Monthly update

The air traffic in May registered a positive surprise with aggregate domestic passenger growth increasing to 17.6% from ~15% seen in Feb-April. The total monthly domestic passenger crossed 10mn during May as passenger load factor (PLF) reached an all-time hi

19/06/2017 2:46:10 PM | Posted in Broking Firm Views - Sector Report read full news
Metal Sector Update Exports continue to remain strong - Kotak Sec

Exports continue to remain strong

As per JPC provisional data, domestic steel demand grew by a mere 1.1% YoY in the month of May 2017 to 7.49T and for YTDFY18 the steel demand grew by 4.2% YoY to 13.79MT. In a subdued domestic demand environment, steel producers continued to maintain supply by focusing on export markets. Domestic steel prices continued

17/06/2017 12:22:10 PM | Posted in Broking Firm Views - Sector Report read full news
IT Sector Update Uneasy valuations divergence - Motilal Oswal

Uneasy valuations divergence

Examining the recent premium in some companies’ valuations

* Over the last couple of months following the full-year earnings announcements, we observe significant divergence in valuation multiples among top-tier peers and also among the tier-II counterparts, widening the band range for valu

17/06/2017 12:17:03 PM | Posted in Broking Firm Views - Sector Report read full news
4QFY17 Financials Result review - Equirus Sec

4QFY17 Financials Result review

NIM trends remain strong, considerable part of stressed book slips into NPLs post RBI review

Declining cost of funds enables robust 4QFY17 NIMs:

Aggregate NIM remained robust at 4.1% vs. 4.2% in 3QFY17 as i) cost of funds continued to decline post de

16/06/2017 3:34:39 PM | Posted in Broking Firm Views - Sector Report read full news
Pharma Sector Update US FDA shows it has a bark and a bite - Emkay

US FDA shows it has a bark and a bite

* New US FDA commissioner acts on his promise to limit access to opioid substances by requesting Endo Pharma to withdraw opioid brand Opana ER from the market

* The new regime at FDA had specifically highlighted abuse of opioid medicines and faster generic approval timelines with lower backlogs as key tar

15/06/2017 5:30:00 PM | Posted in Broking Firm Views - Sector Report read full news
Pharma Sector Update Indian Pharma Market remains sluggish; focus now shifts to GST impact - Emkay

Indian Pharma Market remains sluggish; focus now shifts to GST impact

* The Indian Pharma Market’s (IPM) growth remained subdued in May’17, with the overall growth rate at 7%. We attribute the ongoing slowdown partly due to the continuing government intervention in the sector.

* The key reasons for the poor sector growth has been

15/06/2017 4:21:35 PM | Posted in Broking Firm Views - Sector Report read full news
Power Sector Update Anatomy of state-wise power consumption growth - ICICI Sec

Anatomy of state-wise power consumption growth: Uttar Pradesh driving consumption growth; UDAY affects demand in Rajasthan

Reason for the report: Sector update

In this report, we attempt to analyse India’s power consumption growth bottom up, assessing power consumption in states and the factors impacting the same. We al

14/06/2017 5:26:49 PM | Posted in Broking Firm Views - Sector Report read full news
NBFC Sector Update - Kotak Sec

ICICI Prudential Life boosts industry growth.

ICICI Prudential Life delivered 100% individual APE growth in May 2017, pushing private sector growth to 46%, which would have been 30% otherwise. We expect ICICI Life’s high growth to moderate in 2HFY18 on a high base. On the other hand, HDFC Life’s low base will benefit from June 2017 leading

14/06/2017 4:16:20 PM | Posted in Broking Firm Views - Sector Report read full news
Key takeaways from Equirus Technology Products Day - Equirus Sec

Takeaways from Equirus IT products Conference

* Equirus Software Product Companies Conference was held in Mumbai on May 16th, 2017 and featured five companies

* A total of 85 meetings with organized during the day. Key takeaways are highlighted in the following slides

* Key note round table address was by Deepak Ghaisas, Chairman of

14/06/2017 4:02:39 PM | Posted in Broking Firm Views - Sector Report read full news
Banking Sector Update Private banks accelerate gains on CASA - Kotak Sec

Private banks accelerate gains on CASA.

The recent release from RBI highlights the following: (1) market share of deposits and loans improves further in rural and semi-urban, (2) branch expansion as productivity ratio has declined, (3) SA share shift to private banks has accelerated by 130 bps, (4) relationship between interest rates and deposit growt

14/06/2017 3:19:01 PM | Posted in Broking Firm Views - Sector Report read full news
RBI looking at faster resolution of the underlying NPLs - Kotak Sec

RBI gets into action.

The RBI’s Internal Advisory Committee (IAC) has advised banks to take 12 companies with exposure greater than `50 bn and contributing to 25% of NPLs to the NCLT to frame a resolution under the Insolvency and Bankruptcy Code (IBC). Other instances of NPLs should be resolved in the next six months and has recommended a liquida

14/06/2017 3:06:39 PM | Posted in Broking Firm Views - Sector Report read full news
Telecom Sector Update Two quarters of Jio-assessing the impact - Kotak Sec

Two quarters of Jio – assessing the impact.

Industry’s adjusted gross revenues* for the March 2017 quarter came in at ₹309 bn, down 17% or ₹63 bn in absolute terms from Sep 2016’s ₹372 bn levels. Incumbents fared only marginally better than the overall industry as a pack with Idea performing better than Bharti and Vodafone on th

12/06/2017 5:13:29 PM | Posted in Broking Firm Views - Sector Report read full news
Cement Sector Update West gains price; East gains volumes during May`17 - ICICI Sec

West gains price; East gains volumes during May’17

Reason for report: Monthly volume / price update

Research Analysts: Krupal Maniar, CFA krupal.maniar@icicisecurities.com +91 22 6637 7254 Dharmesh Shah shah.dharmesh@icicisecurities.com +91 22 6637 7480 Our channel checks suggest industry volumes likely grew in low sin

12/06/2017 4:50:37 PM | Posted in Broking Firm Views - Sector Report read full news
Ports Sector Update The May PORTfolio - Emkay

The May PORTfolio

* Major Indian ports handled 57.9mn tons (MT) of cargo in May 2017, clocking a growth of 5% yoy (4% mom). The major growth drivers were POL (+6.4% yoy), Iron Ore (+25.6% yoy), Containers (+5% yoy) and Fertilizers (+31.2% yoy) while Coal (-5% yoy) was the only commodity that witnessed a decline in May 2017

* Paradip (+30.5% y

12/06/2017 4:45:24 PM | Posted in Broking Firm Views - Sector Report read full news
NIFTY CPSE has immediate support placed at 2375 levels - GEPL

NIFTY CPSE has immediate support placed at 2375 levels.

Observation

* NIFTY CPSE is the underperforming sectoral index, as it closed down by 1.76% at 2493.65, as against an up move of 0.15% in benchmark NIFTY 50.

* The Sector had faced a strong resistance of it’s All Time High level which is p

12/06/2017 4:24:44 PM | Posted in Broking Firm Views - Sector Report read full news
NIFTY REALTY holds strong Bullish momentum - GEPL

Observation

* NIFTY REALTY is one of the top performing sectors in last week. It showed a strong up move by 2.22%, as against an up move of 0.15% in benchmark NIFTY 50.

* The Sector is in long term Bullish Trend with the formation of Higher Top Higher Bottom sequences in all time frames charts as Daily, Weekly as well as Monthly, as can be s

12/06/2017 4:20:02 PM | Posted in Broking Firm Views - Sector Report read full news
Telecom Sector Update Industry revenues remain suppressed due to Jio`s aggressive stance - Emkay

Industry revenues remain suppressed due to Jio’s aggressive stance

* The telecom industry expectedly registered another quarter of revenue decline, led by free offerings by Reliance Jio. Aggressive tariff reduction for high ARPU subscribers to restrict churn to Jio’s free offerings resulted in accelerated pain on a sequential basis.

9/06/2017 5:49:12 PM | Posted in Broking Firm Views - Sector Report read full news
India Strategy 4QFY17 Earnings Review - Motilal Oswal

4QFY17 Earnings Review
Aggregate performance masks underlying weak operating dynamics

 

Ten key takeaways from 4QFY17 and FY17 earnings season

* 4QFY17 earnings season concluded with aggregate MOSL Universe headline numbers meeting our expectations and Nifty earnings beating expectations by 6%.

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7/06/2017 5:03:39 PM | Posted in Broking Firm Views - Sector Report read full news
Cement Sector Update - Kotak Sec

Cooling off. All-India cement prices saw a decline of `6/bag mom in June 2017, eroding some of the gains seen in the preceding two months. While West retained most of its price increases, North and Central have given up a large part of the increases taken at the start of the quarter. 1QFY18 will see realizations improve by `400/ton compared to the same period last year for pan-

6/06/2017 5:04:22 PM | Posted in Broking Firm Views - Sector Report read full news