Update On Automobiles Sector - Prabhudas Lilladher Ltd

Scooter segment accounted for 28.0% of the two?wheeler market for Sep ’14:

Led by new launches from Honda (New Activa), Hero and TVS (Jupiter), the scooter segment grew at a faster clip of 38.0% YoY for Sep’14 period. The motorcycle segment, too, witnessed a faster pace of growth, growing at 19.3% vs 14.4% last month. (Exhibit 2 &3)

27/Oct/2014 02:34 PM | Posted in Broking Firm Views - Sector Report read full news
Update On India Pharma Sector - Prabhudas Lilladher Ltd

All guns blazing in monthly formulations growth in September 2014

The Indian Pharma market (IPM) achieved 18.8% growth in September 2014 on the back of benefits from lower base effect and high contribution of volume growth in NLEM and non?NLEM drugs. With withdrawal of price ceiling in Cardiac and Antidiabetic drugs, we also expect strong price gr

22/Oct/2014 04:34 PM | Posted in Broking Firm Views - Sector Report read full news
Auto Sector Update - We maintain our Accumulate call on HMCL & BJA - Prabhudas Lilladher Ltd

* Scooter segment accounted for 28.0% of the two?wheeler market for Sep ’14:

Led by new launches from Honda (New Activa), Hero and TVS (Jupiter), the scooter segment grew at a faster clip of 38.0% YoY for Sep’14 period. The motorcycle segment, too, witnessed a faster pace of growth, growing at 19.3% vs 14.4% last month.

20/Oct/2014 01:00 PM | Posted in Broking Firm Views - Sector Report read full news
Update On IT Sector - Prabhudas Lilladher Ltd

We attended the Conference Call of “ISG Outsourcing” for Q3CY14. The quarter witnessed sharp decline in ACV and deal count, but continues to see strong uptick in YTD and may witness a strong end to CY14. They see early signs of pressure on IMS providers due to cloud adoption, but ADM+BPO providers gain from digitization drive. We see these trends as positive for the strategic ini

17/Oct/2014 12:48 PM | Posted in Broking Firm Views - Sector Report read full news
Mining and metals space is likely to witness headwinds in the near future - Eastern Financiers Ltd

What an eventful month first it was Chinese President Xi Jinping's India visit followed by the Prime Minister Mr. Narendra Modi’s Visit to the USA.

The Chinese President’s Visit resulted in a commitment of $20 billion dollars in a fast train corridor and a new strategic road. The investments announced were much below the heavily hyped expectations of $100 billion.

17/Oct/2014 12:33 PM | Posted in Broking Firm Views - Sector Report read full news
Update On Capital Goods Sector - Motilal Oswal

T&D Spend Accelerating… …led by High Technology Areas and Intra-State segments

*  During 1HFY15, PGCIL’s ordering activity stood at INR85b (up 59% YoY) led by high technology areas (at 46% of project awards) and Transmission Towers (34%). Competitive intensity remains stable.

* Emerging areas like Green Energy Corrid

16/Oct/2014 04:28 PM | Posted in Broking Firm Views - Sector Report read full news
Automobiles - CV Goods Segment - Truck Rentals improve 4-5% - Prabhudas Lilladher Ltd

Sept'14 with an increase of 4?5% on trunk routes on account of 10?15% increase in vegetable and fruit into APMCs and 10?15% higher production at the SME manufacturing units despatched into trading centres to increase inventory for the ongoing peak festival season. Fleet owners are now adding multi?axle trailers to their fleet as their corporate clients are insisting on providing young?ag

14/Oct/2014 11:40 AM | Posted in Broking Firm Views - Sector Report read full news
Q2FY2015 Pharma earnings preview - Sharekhan

Key points

*  The growth in pharmaceutical sector is expected to be moderate in the Q2FY2015, despite a strong traction in the Indian formulation business and contribution from the newly acquired entities (by Aurobindo and Torrent Pharma). On an aggregate basis, the pharmaceutical companies in our universe will see a revenue and profit growth of 18% an

11/Oct/2014 02:11 PM | Posted in Broking Firm Views - Sector Report read full news
Update On India IT Services Sector - Religare Securities Ltd

Q2 Preview: Expect a steady quarter; outlook the key

We expect steady growth from Indian IT vendors in Q2FY15, with US$ revenues growing in the range of 2-7% QoQ for large players. TCS and HCLT are likely to be in the top quartile, while WPRO’s growth is expected to lag its peers. The US$ has appreciated 3.4% against the EUR during the quarter which w

11/Oct/2014 10:23 AM | Posted in Broking Firm Views - Sector Report read full news
Update On India Telecom Sector - Religare Securities Ltd

Q2 Preview: Soft quarter impacted by seasonality

We expect our telecom universe to report a flattish QoQ growth in wireless revenues led by seasonal softness in MoU. EBITDA margins for both Bharti-India and Idea could decline by 30bps–50bps QoQ given soft voice growth. For Bharti Africa, we build in 1.5% QoQ revenue growth supported by INR depreciatio

11/Oct/2014 10:16 AM | Posted in Broking Firm Views - Sector Report read full news
Update On India Oil & Gas Sector - Religare Securities Ltd

Q2 Preview: Stronger quarter for upstream/gas cos

Q2FY15 was marked by (a) a sharp drop in global crude prices, (b) weaker refining margins and (c) benign spot LNG prices. U/Rs on diesel reduced by 67% in Q2 to an avg. of Rs 1.45/ltr, reducing gross U/Rs to Rs 208bn and reinforcing our confidence on a lower upstream subsidy burden (at US$ 45/bbl) – wh

10/Oct/2014 05:27 PM | Posted in Broking Firm Views - Sector Report read full news
Update On India Automobiles Sector - Religare Securities Ltd

*Q2 Preview: Festive sales bring in recovery

Sales of passenger cars and MHCVs turned around in Q2, even as 2W volumes remained healthy with an improving macro releasing the pent-up demand. Higher volumes and richer product mixes are likely to drive QoQ margin expansion for BJAUT, AL and TVS, while MSIL should also benefit from favourable cross-cu

10/Oct/2014 05:09 PM | Posted in Broking Firm Views - Sector Report read full news
Update On India Financials - Religare Securities Ltd

Q2 Preview: Favourable base to boost earnings

We expect robust earnings growth (+27.3% YoY) for our banking universe in Q2FY15, led by a favourable base and well supported by stable margins and higher treasury income. Fresh impaired asset formation should remain stable QoQ. For NBFCs, we see another subdued quarter with moderating business growth and weak

10/Oct/2014 05:05 PM | Posted in Broking Firm Views - Sector Report read full news
Update On India Cement Sector - Religare Securities Ltd

Q2 Preview: Expect sharp PAT growth, margin revival YoY

Cement majors under RCML coverage are likely to report a sharp jump in their Q2FY15 PAT YoY (+62%) led by topline growth (+11%), margin expansion (first time in 8 quarters) of 240bps and a soft base. EBITDA/t would likely expand Rs 150 YoY but slump Rs 120 QoQ as realisations dip 1-2% (ex-south) with

10/Oct/2014 04:58 PM | Posted in Broking Firm Views - Sector Report read full news
Local execution, Global events the key, Back to basics…Risk v/s Reward - Prabhudas Lilladher Ltd

India Strategy

Local execution, Global events the key, Back to basics…Risk v/s Reward

The equity markets touched a new high of 8,173 on the September 08, 2014, before the correction and the sideways movement. We have been of the view that the market will remain vibrant as long as the FII support is there and once that support re

10/Oct/2014 11:39 AM | Posted in Broking Firm Views - Sector Report read full news
Update On Automobile Sector - Angel Broking Pvt Ltd

Growth momentum continues

Strong momentum continues except LCVs:

The automotive segment continued its growth momentum in the month of September 2014. All the segments except the LCV registered almost double digit growth. The passenger segment comprising of two wheelers and passenger vehicles led the pack reporting growth of 25% a

09/Oct/2014 03:42 PM | Posted in Broking Firm Views - Sector Report read full news
October 2014 Update On Shipping Sector Market - Kotak Securities Ltd

Supply side pressure has eased in across segments Despite fresh ordering in the last 6 months, the order book to fleet ratio in the dry bulk segment has improved to 22.5% from 23.5% QoQ and from 30% YoY, while in dirty tanker segment the ratio has remained flat at 12% QoQ and improved from 19% YoY. Even asset prices across segments have improved ~2% QoQ and ~10% YoY which would help the NAV

09/Oct/2014 01:58 PM | Posted in Broking Firm Views - Sector Report read full news
Q2FY2015 Auto earnings preview - Sharekhan

Key points

*  The automobile companies (ex Tata Motors) are expected to report a double-digit revenue growth for Q2FY2015 largely led by an increase in volumes across segments. Aided by a 34% volume growth TVS Motor Company is expected to be at the top of the pack. Ashok Leyland, helped by an increase in volumes, richer product mix and price hikes und

09/Oct/2014 10:56 AM | Posted in Broking Firm Views - Sector Report read full news
Q2FY2015 FMCG earnings preview - Sharekhan

Key points

Volume growth to remain muted, price hikes to drive double-digit revenue growth:

For Q2FY2015, we expect most of the FMCG companies under our coverage (barring Marico) to deliver a low-mid teen revenue growth, which would be largely a price-led growth (Sharekhan’s FMCG universe to grow by 15%). The sales

09/Oct/2014 10:18 AM | Posted in Broking Firm Views - Sector Report read full news
Q1FY2015 earnings review Sector Update - Kotak Securities Ltd

Q2FY15 RESULTS PREVIEW 7.5% revenue growth expected during the quarter

We expect stocks under our coverage (ex-banking / NBFCs) to report revenue growth of about 7.5% on a YoY basis. Among sectors, FMCG, Auto, IT and Cement are expected to predominantly propel this growth. The YoY growth in IT is expected to be driven by strong demand environment as develo

08/Oct/2014 04:01 PM | Posted in Broking Firm Views - Sector Report read full news
October 2014 Update On Automobiles Sector - Sharekhan

The domestic automobile industry entered the festive season on an optimistic note considering the turnaround in fortunes over the past three-four months. September was a crucial month for the industry as the dealer inventories were stocked up for the festive season which began in the last week of the month. With the festive season falling about a month earlier this year as compared with the

08/Oct/2014 04:01 PM | Posted in Broking Firm Views - Sector Report read full news
Tourism, Travel, Leisure & Lifestyle Sector: New growth engines - Motilal Oswal

*  Tourism, Travel, Leisure and Lifestyle (TTLL) are the new growth engines within the Indian Services sector. India’s demographic dividend of a younger population and rising disposable income is leading to greater expenditure on these services. Based on World Travel & Tourism Council’s forecast, the contribution of these sectors to India’s GDP is likely to grow at

07/Oct/2014 03:02 PM | Posted in Broking Firm Views - Sector Report read full news
Auto Sector Update - Positive on Tata Motors and Maruti - Kotak Securities Ltd.

Automobile dispatches continued to firmly trend in the positive territory as automakers geared themselves up for the festive season. In the two-wheeler space, Hero MotoCorp and TVS Motors posted robust volume growth. In the passenger vehicle space, both M&M and Maruti Suzuki posted YoY volume increase. Bajaj Auto continued to benefit from strong export performance. Tata Motors witnessed

07/Oct/2014 02:55 PM | Posted in Broking Firm Views - Sector Report read full news
Q2FY2015 IT earnings preview - Sharekhan

Key points 

* A seasonally strong quarter:

For Q2FY2015, seasonally a strong quarter, we expect the top 4 IT services companies to report a healthy sequential growth of 4.5-9.0% in revenues. Taking into account the unfavourable cross-currency movements that shall negate the benefits of a 1.6% Q-o-Q depr

02/Oct/2014 11:54 AM | Posted in Broking Firm Views - Sector Report read full news
Q2FY2015 Capital goods And engineering earnings preview - Sharekhan

Key points

* We expect the aggregate revenues of the capital goods companies under our coverage to grow by 5% YoY in Q2FY2015 due to a decline in the revenues of heavyweight BHEL and a moderate revenue growth in case of Finolex Cables and Thermax. However, excluding BHEL the aggregate revenues are expected to grow by 12% YoY supported by a healthy

02/Oct/2014 11:52 AM | Posted in Broking Firm Views - Sector Report read full news