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Demand remains muted; realizations stabilizing We believe that Q1 witnessed stable-to-muted demand for the specialty chemical players, whereas there were pockets of realization uptick for certain products, owing to normalization of the business environment. The following factors are influencing cautious behavior from customers: a) container unavailability leading to increased freight rates; b) destocking of channel inventory and restocking for past contracts; and c) Chinese influence in th...
Chemical Sector Upadate : Demand remains muted; realizations stabilizing by Emkay Global Financial Services Ltd
Decoding the industry’s consumer postpaid subscribers Based on the TRAI’s machine-to-machine (M2M) subs reporting, we infer: 1) the industry’s consumer postpaid (retail + corporate) subs account for a modest ~38 mn subs (~3% of overall subs), but higher ~8% of overall revenue; 2) Bharti accounts for 60%+ of consumer postpaid market share; 3) ~60% of Vi’s reported postpaid subs are typically lower-paying M2M subs; 4) R-Jio’s consumer postpaid base market share ...
Telecom Sector Upadate : Decoding the industry`s consumer postpaid subscribers by Kotak Institutional Equities
HMSI and MSIL outperform peers in their respective segments * We have analyzed the segmental volume data for 1QFY25 across various segments. Volume growth in the 2W segment, at 20% YoY, continued to outperform the PV/CV segment growth of 3.0%/3.5% YoY in 1QFY25. * We have observed that wholesale numbers during the quarter significantly exceeded retail sales. While 2W retails grew ~13% YoY, wholesale growth was 20% YoY, suggesting that some level of channel filling has already begun. ...
Automobiles Sector Update : Wholesales growth surpasses retails in 1QFY25 By Motilal Oswal Financial Services
HMSI and MSIL outperform peers in their respective segments * We have analyzed the segmental volume data for 1QFY25 across various segments. Volume growth in the 2W segment, at 20% YoY, continued to outperform the PV/CV segment growth of 3.0%/3.5% YoY in 1QFY25. * We have observed that wholesale numbers during the quarter significantly exceeded retail sales. While 2W retails grew ~13% YoY, wholesale growth was 20% YoY, suggesting that some level of channel filling has already begun. ...
Automobiles Sector Update : Wholesales growth surpasses retails in 1QFY25 By Motilal Oswal Financial Services
Aggression by the lean flying machine will pay huge dividends Our candid discussion with Mr Sanjay Lazar (CEO, Avialaz Consultants) suggests benefits of aggression for IndiGo in (1) going international and hybrid long-haul and (2) starting new ancillary revenue streams, including a frequent flier program. Mr Lazar believes air fares will continue to have a one-way increase and the task is cut out for Spicejet and Akasa Air to raise funding and accelerate growth, else it would become diffic...
Transportation Update : Aggression by the lean flying machine will pay huge dividends by Kotak Institutional Equities
ISG 2QCY24 KTAs: Hopes and fears ISG, a technology advisory firm, in its 2QCY24 conference call, confirmed recent demand trends while raising few concerns. Overall contracting activity (measured in ACV terms) ticked up (+7% YoY). Although the internals were not as encouraging. Cloud spend (IaaS up 15% YoY), led by Hyperscalers, drove overall ACV. Managed Services ACV – more relevant for India IT – was however flattish, dragged by BFSI. Standalone ADM declined, underlining susta...
IT Services Sector Update : Hopes and fears By JM Financial Services
Goods trade deficit remains elevated Goods trade deficit in June remained relatively elevated at US$21 bn, though lower than US$24 bn in May. The softening was mostly led by lower oil trade deficit. Services trade surplus was steady around the US$13 bn mark. We maintain our FY2025 CAD/GDP estimate at 1.1% (0.7% in FY2024), given firmer domestic growth relative to global growth. We retain our call for USDINR in the 83.25-83.75 range over the near term. Non-oil exports remain steady in J...
Economy Update: Goods trade deficit remains elevated Kotak Institutional Equities
Demand remains soft; elevated supply-side risks in CY25 * IEA released its monthly oil market report on 11th Jul’24 and re-iterated that: 1) the oil demand outlook remains soft at ~1mb/d in CY24/CY25; and 2) oil supply is set to rise by 1.8mb/d in CY25. In the near term, IEA expects oil supply to rise by 770kb/d QoQ in 3QCY24 (vs. QoQ rise of 910kb/d in 2QCY24). Further, OPEC+ is set to meet on 01st Aug’24 to review global oil market conditions and production levels. We are bui...
Oil & Gas Sector Update : elevated supply-side risks in CY25 By Motilal Oswal Financial Services
GAIL and ONGC: Multiple growth catalysts beckon! * We met with the senior management of GAIL and ONGC recently. GAIL is our top idea in the O&G sector, and it has delivered a 27% YTD return. The upstream sector and ONGC/Oil India are also our preferred picks (with returns of 12%/24% YTD). * In our view, GAIL remains in a structural upturn marked by: 1) its improving volume growth outlook (FY24-26: 7% CAGR), 2) the potential for 10-12% tariff hikes in the transmission business in 2HF...
Oil & Gas Sector Update : Multiple growth catalysts beckon! By Motilal Oswal Financial Services
Demand softens; cement prices remain muted Estimate ~5% YoY volume growth for our coverage universe in 1QFY25 * We estimate our cement coverage universe to report a volume growth of ~5% YoY (three-year CAGR of ~14%) in 1QFY25. Further, we estimate an average capacity utilization of ~85% vs. ~88%/95% in 1QFY24/4QFY24. * The cement price remained muted during the quarter, and the all-India average cement price was down ~4% YoY/1% QoQ in 1QFY25. Similarly, we estimate the blended reali...
Cement Sector Update : cement prices remain muted By Motilal Oswal Financial Services
Steady demand; gradual volume improvement MOFSL coverage universe to clock 7.8%/9.2% YoY growth in revenue/EBITDA Demand trends were steady in 1QFY25, with the summer portfolio likely to outperform. Rural markets have seen a gradual recovery (rural growth was better than urban) during the quarter. Most company managements remain positive about volume recovery in FY25. All eyes are on the govt’s initiatives to boost rural income in the upcoming budget. Companies have been focusing on...
Consumer Sector Update : gradual volume improvement By Motilal Oswal Financial Services
Jun’24 wholesales remain a mixed bag Tractor wholesales outshine despite weak retails In 2Ws, while HMCL’s numbers were ahead of our estimates, TVSL/BJAUT/RE’s numbers remained in line. In PVs, while domestic dispatches of MSIL/MM were in line, exports of MSIL surprised. TTMT disappointed as the company focused on lean channel inventory against the backdrop of weak retail sales. In CVs, both TTMT and AL’s wholesales remained in line and declined by a single digit Yo...
Automobiles Sector Update : Jun`24 wholesales remain a mixed bag By Motilal Oswal Financial Services
Jun’24 retails likely to be weak across segments 2W retails likely to normalize to flat growth; UV discounts rise * Retails across categories are expected to remain weak in Jun’24 as consumer sentiment has not yet improved after the elections. A heat wave in the north region seems to have affected footfalls materially. 2W retail growth is expected to remain flat YoY for the month. Similarly, PV segment volume is expected to decline 10-12% YoY as weakness is now evident even ...
Automobiles Sector Update : Jun`24 retails likely to be weak across segments By Motilal Oswal Financial Services
FMCG sector awaits demand recovery with the hope of a better monsoon aiding rural economy and expectations of a pro-consumption full budget. Rural demand recovery green shoots are in place and expected to see moderate improvement in Q1FY25. Full effect of tailwinds are to be felt in H2FY25, when growth is likely to see recovery. Key highlight for Q1 is a harsh summer, which is likely to benefit summer-centric portfolios, whereas select on-the-go consumption food categories are likely to take ...
Consumer Goods Sector Update : recovery hope to hold valuations By JM Financial Services
We anticipate the overall volume trajectory for our building materials coverage universe to remain subdued in Q1FY25 (as witnessed in the past few quarters), due to partly being affected by the recent general elections. For the MDF segment, pricing remains under pressure as the domestic capacity has increased ~50% in the past one year (capacity: ~13K CBM/day). The plywood segment is likely to log low-to-mid single digit YoY growth. Besides, the wood panel industry is experiencing a rising tre...
Real Estate Sector Update : Near-term headwinds persist By JM Financial Services
Our channel checks suggest that pan-India average cement prices broadly remained steady MoM (Rs356/bag) in June-24. In Q1FY25, the average pan-India prices likely declined 3% (Rs9-10/bag) sequentially and ~4% on YoY basis. Our checks suggest that the pan-India demand declined in low-single digit YoY in June24 with Southern region witnessing double digit de-growth. We anticipate broadly flat to low-single digit YoY demand growth for Q1FY25E, supported primarily by demand recovery in May 2024. ...
Cement Sector Update : Weakness in demand/prices in June-24 By JM Financial Services
Q1FY25 revenue growth is likely to reflect seasonal strength and benefits of large deal ramp ups, although discretionary spending remains weak. We expect YoY growth trajectory to show improvement on the back of large deal ramp ups, broadly stable demand environment, and no further deterioration in discretionary spending. Delay in decision-making on account of macroeconomic uncertainties continue to restrict meaningful pick-up in growth momentum. Margin performance is likely to be mixed depend...
Information Technology Sector Update : Seasonality to support sequential growth; uptick in YoY growth By JM Financial Services
Tariff hikes finally announced; provide fillip to sector The much anticipated telecom tariff hikes have been announced and would become effective in early Jul-24. Reliance Jio Infocomm led the pack this time around, with hikes broadly ranging at 15-20% on popular prepaid plans; Bharti Airtel and Vodafone Idea followed suit albeit with a tad lower range. We had already built-in ARPU growth of 12-13% YoY each for the three incumbents for FY25, and so such hikes could result in 100-200bps upg...
Telecommunications Sector Update : Tariff hikes finally announced; provide fillip to sector By JM Financial Services
Multiple levers to offset impact of higher surrender value Insurance regulator IRDA today issued the ‘Master Circular on Life Insurance Products’ that deals with the comprehensive aspects of Life Insurance products and attempts to improve transparency, policyholders’ satisfaction, and protection of policyholders' rights. The circular has prescribed the enhanced Special Surrender Value (SSV) that is almost similar to what was reported in media earlier (Read: Caught bet...
Insurance Sector Update : Multiple levers to offset impact of higher surrender value By JM Financial Services
US Roadshow update – Interested, but waiting on the edge We met several long-only, value seeking US-based investors in our recent roadshow undertaken in an eventful last week, which was marked by unprecedented volatility in the Indian markets, as the final election outcome was far away from the exit polls. However, the sharp correction was short-lived and the markets bounced back strongly, thus dashing hopes of a major shake-up and possibly better valuations to enter. Long term posit...
BFSI - Banks Sector Update : Interested, but waiting on the edge By JM Financial Services
1QFY25 Preview: Slow at the ‘core’, soft at the ‘margin’ We estimate the profits for our banking coverage universe to grow +6.9%YoY (ex-HDFCB) in 1QFY25 (+7.8% YoY for private banks, +5.9% YoY for PSU banks). Growth is expected to remain slighlty soft given the effect of seasonality coupled with impact of elections. We expect 14.9%YoY (ex-HDFCB) growth in loans and 12.7% YoY growth in deposits (exHDFCB). PPOP growth for our coverage stands at 6.7% YoY (ex-HDFCB) (7....
Indian Banking Sector Update : Slow at the `core`, soft at the `margin` By JM Financial Services
Steady quarter ahead; outlook positive Indian steel markets witnessed a divergent price trend with long products prices moving up by INR4k/t QoQ while flat product prices declined marginally. Global steel making raw materials witnessed a sharp correction – spot coking coal down at ~US$256/t (down sharply by US$75/t from peak), iron ore at US$99/t (down US$25/t from recent peak) driven by subdued Chinese demand outlook. Gross margin of India steel players are likely to expan...
Metals and Mining Sector Update : Steady quarter ahead; outlook positive By JM Financial Services
India O&G: Value trade is fading away * The average one-year fwd. P/E valuation for the 15 oil and gas stocks in our coverage is 13.5x now, up 35% vs. Jun’23. Barring a few stocks, which still have reasonable valuations, we believe the value trade has all but faded away for the Indian oil and gas sector. * We now prefer HPCL over GAIL and Oil India (OINL), where we believe valuation comfort is lower and earnings delivery is critical. HPCL trades at FY26E P/B of 1.2x (FY26E RoE...
Oil & Gas Sector Update : Value trade is fading away By Motilal Oswal Financial Services
Reiterate our positive outlook on CVs; prefer PV stocks over 2Ws * Favorable 4QFY24, though margin appears to have peaked: The automobile industry in 4QFY24 witnessed a healthy volume growth of ~20% YoY, largely driven by 2Ws and PVs, even as demand for CVs and tractors remained weak. While exports improved in 4QFY24, overall outlook across major geographies is still uncertain. Moreover, gross margins were supported by higher volume growth, a better product mix, and foreign exchange benefi...
Automobiles Sector Update : Demand drivers remain in place By Motilal Oswal Financial Services
In this note we seek to cover commentaries by global retailers across inventory position and demand outlook to present a clearer framework on Indian textile export demand. Global retailers continued their efforts to reduce excess inventory on books during their latest earning season. Global retailers witnessed an inventory decline during 1QCY24 and expect to maintain optimal stock positions. The global demand outlook for CY24 continues to be relatively stronger vis-à-vis CY2023 (Walmar...
Textile sector Update : Global retailers` commentary underpins improved inventory position, optimistic outlook By JM Financial Services
We parsed through the latest earnings transcript of Hyperscalers, leading SaaS companies, global system integrators (GSIs) and digital native providers to guage the demand outlook. Conversations are centred around three vectors – AI, clients’ buying behaviour and discretionary spend. We sense divergent sentiments across the tech value chain. Optimism is highest among upstream players. Hyperscalers are committing higher capex, citing strong AIled cloud demand. SaaS players are sang...
IT Services Sector Update : An intriguing slope of optimism By JM Financial Services
Average cement price in May’24 flat MoM * Our channel checks suggest that the all-India average cement price (trade) was flat MoM in May’24. However, price hikes of INR8-10/bag have been announced across regions in Jun’24, after several failed attempts. Further, after a muted growth in Apr’24, cement demand improved MoM in May’24. We estimate cement volume to grow ~5-6% MoM in May’24, driven by the housing and infrastructure segments. * Considering t...
Cement Sector Update : demand should support By Motilal Oswal Financial Services
Best may be behind, outlook crucialEarnings growth for banks will be weaker, led by slow operating profit growth due to muted NII growth; asset-quality trends (barring seasonal variations) continue to hold up well, leading to low credit costs. We expect NBFC?s growth and profitability to hold reasonably well, although we would watch for early asset-quality indicators and outlook. In the meantime, equity tailwinds continue to buoy capital-market plays.Banks: Unexciting trends, but less worriso...
Banks and Diversified Financials: Best may be behind, outlook crucial - Kotak Institutional Equities
In this study, we look back at the impact of agriculture waivers by various states and the consequences on impairment ratios. While these data sets are not robust on quality, we can conclude that the negative impact of these waivers is high, both on waivers and the credit flow. The impact is the highest when large states make these waivers and if the program being covered encompasses all forms of agriculture loans.Agriculture loans: Growth picks up in 2024 but so have the conversationsExhibit...
Banking Sector Update : Agriculture loans - Looking through the waivers by Kotak Institutional Equities
* Despite the end of destocking, pricing pressure continues in the specialty chemical sector due to sluggish Chinese domestic consumption, with the China+1 strategy being a potential short-term solution. Company managements remain confident about longterm prospects, with capex on track and a gradual recovery expected in 2HFY25. However, pricing pressure is likely to persist through CY24. * Our coverage universe saw a decline of 8%/18%/29% YoY in revenue/EBITDA/earnings in FY24, with EBITDA...
Specialty ChemicalsSector Update : Tomorrow`s veneer over today`s disappointmentBy Motilal Oswal Financial Services
The curious case of rising capex among O&G PSUs O&G PSUs’ capex has increased at a rapid pace, and was up over 3X during FY2019-24 (versus FY2005-09). However, returns have been weak. In upstream, despite large capex, oil/gas production and reserves are declining. In refining, there is surplus capacity, and creation of new capacity is questionable. Petchem is a new focus area for PSUs, but their track-record has been dismal. High capex has led to low FCF relative to PAT for P...
Oil & Gas Sector Update : The curious case of rising capex among O&G PSUs By Kotak Institutional Equities
BFSI and Automobiles drive earnings; Nifty EPS experiences an upward revision * Corporate earnings – broader markets’ contributions continue to improve: The 4QFY24 corporate earnings ended on a strong note, with widespread outperformance across aggregates. Domestic cyclicals, such as Autos and Financials, along with Healthcare, Capital Goods, and Cement drove the beat. Conversely, global cyclicals (Metals and O&G) dragged down overall profitability. * Financials and Auto...
India Strategy : A broad-based beat By Motilal Oswal Financial Services
Weak retail trends across segments The auto sector reported a weak set of numbers with PV, CV and tractor segment retail volumes declining on a yoy basis, whereas domestic 2W segment retail volumes growth moderated to low single digit on a yoy basis in June 2024. In terms of wholesale, domestic PV segment volumes grew by low single digit as inventory levels remain at elevated levels whereas CV and tractor wholesales trends were flat on a yoy basis. 2W domestic wholesale volumes grew by low...
Automobiles & Components : Weak retail trends across segments by Kotak Institutional Equities
Sector performance The month of June has shown a consistently strong volume performance for the SUV segment, while M&HCVs have shown a dip. Improvement in sentiments, absorption of price hikes, new model launches and slow and steady revival of rural markets has led to a midsingle digit growth for 2Ws. LCVs have performed well on low base, while buses were remarkably good. 2W exports however posted a weak performance considering the continued issues in some of the African countries and ...
Monthly Auto RoundUp : Moderate growth across the sector By LKP Securities
The Indian real estate sector is a crucible of economic growth and employment. The sector stands at a crossroads as the government prepares to present its Union Budget. Though it has massive potential, the Indian housing industry still faces numerous hurdles. To generate more growth and address the housing needs of the growing population, particularly in the low and mid-income segments, the budget must include tax breaks, regulatory reforms, and financial assistance measures. Affordable...
Real Estate`s Hopes from The Upcoming Union Budget by Akash Pharande, Managing Director - Pharande Spaces
AMCs and RTAs: In beta mode We upgrade the earnings of AMCs/RTAs, given the recent returns/flows. In our view, the fund performance-led re-rating of HDFC (retain REDUCE) and Nippon (downgrade to REDUCE) has likely run its course, even as earnings momentum could continue and is built into our assumptions. ABSL (retain ADD) and UTI (retain REDUCE) trade at a material discount (~40%) to HDFC and Nippon but are yet to show a meaningful turnaround in fund performance. We like CAMS and Kfin (bot...
Diversified financials : AMCs & RTAs - In beta mode by Kotak Institutional Equities
Expect e2W sales to slow down at least in 1QFY25*After witnessing an almost 3x YoY jump in FY23 to 728k units, the electric 2W (e2W) segment posted a much slower growth rate of 30% YoY in FY24 to 944k units.*The deceleration in e2W growth was attributed to multiple headwinds in FY24, which included: 1) FAME-II subsidy cut with effect from Jun?23; 2) OEMs were asked to upgrade their vehicles to meet new safety norms; 3) few OEMs were denied FAME benefits and penalized for not following localiz...
Automobiles Sector Update : Electric 2Ws need government support to sustain momentum By Motilal Oswal Financial Services
New approvals lack bite; DRL key beneficiary In this report we look at FDA approvals in Q1 so far to gauge the traction in US business as new product approval remains key to sustainable growth within the context of benign price erosion. Compared to some of the previous such checks (most recent in Nov’23), data suggests aggressive filers like Aurobindo and Zydus are notably absent when it comes to gathering meaningful approvals. On the other hand, Dr Reddy's and to some extent Gla...
Pharma Sector Update : US approvals watch By Yes Securities
Alphabet Factor Portfolios Our Alphabet Factor Portfolios had an impressive performance in the last month, with the multifactor approach offering a good hedge against the volatile first week while participating in the sentiment ride thereafter. We show our model results aren’t a mere luck but are backed by substance, with strong outperformance not only during the back-test period but also out of sample since the go-live date. Traversing through the initial volatility The jugger...
Quant Research - Alphabet Factor Portfolios July`24 by Kotak Institutional Equities
While credit cost, at the aggregate sector level, is not a major problem, there clearly are distinct winners and losers on either side of the spectrum of credit cost performance. In this regard, we draw the following key conclusions (1) Banks whose actual FY24 credit cost most exceeded FY24E consensus (negative read) are IDFCB, RBL and IIB, the latter on an adjusted analysis (2) Banks whose actual FY24 credit cost most lagged FY24E consensus (positive read) are AXSB, CUB, FED and BOB. Further...
Banking Sector Report : Credit cost, margin and other aspects By Yes Securities
Crop & Chemical Dashboard: China output growth is a worry Data published by the European Chemical Industry Association (CEFIC) shows that China’s chemical output continues to grow nearly 10% yoy, threatening a flood of exports worldwide, even as a broad-based demand recovery remains elusive—industry participants expect a weak 1HFY25. Meanwhile, crop prices have softened in recent months, and could raise worries for the agrochemical industry with regard to the health of grow...
Specialty Chemicals Update : Crop & Chemical Dashboard: China output growth is a worry by Kotak Institutional Equities
Promoters selling, retail (through MFs) buying The trend of stake sale by promoters (majority shareholders) and PE/VC investors accelerated in 1HCY24, helped by a benign ‘exit’ environment. The ongoing sell-down is quite broad-based across sectors. The selling by promoters partly reflects strategic compulsions (business, debt reduction, MPS) in a few cases and tactical (exits by PE investors) considerations. The selling trend continues The trend of promoter stake sale tra...
Strategy Update : Promoters selling, retail (through MFs) buying by Kotak Institutional Equities
IT preview-moderate improvements We forecast moderate growth rate improvement across many companies in our coverage universe, led by seasonal strength, large deal ramp-up and reducing intensity of cuts in discretionary programs. The EBIT margin performance will vary sequentially based on wage revision, but on yoy basis it will be steady or increasing for many. We expect Infosys, TCS, LTI, PSYS and KPIT to report robust sequential growth rates, while HCLT, Cyient and Mphasis will repo...
IT Sector Update : IT preview-moderate improvements by Kotak Institutional Equities
R-Jio takes the lead with ~20% tariff hikes R-Jio has announced new unlimited plans, raising tariffs by ~17-25% on popular pre-paid plans and by ~17% on entry-level postpaid plans. The tariff hike is largely in line with our expectations (20% from June 2024) and is already built into our estimates. Further, R-Jio has also restricted unlimited 5G data usage to 2GB/day and above plans (versus Rs239 and above plans earlier), which could potentially lead to up-trading by higher data consumers....
Telecom Sector Update : R-Jio takes the lead with ~20% tariff hike by Kotak Institutional Equitiess
Hanging on to the good numbers, for now The RBI’s FSR report indicated that Indian banks are still in a healthy position. Gross NPLs declined 40 bps to ~2.8% in 2HFY24. RoE is at a decadal high at ~14%; RoA has touched 1.3%. Near-term forecasts on NPLs are still being lowered. Loan demand is slowing down in certain specific sectors. Deposit growth has been weak and historical evidence suggests the likelihood of a slowdown in loan growth to converge this gap. Discussion on unsecured ...
Banking Sector Update : Hanging on to the good numbers, for now - Kotak institutional equities
Microfinance—no concerns, but staying watchful The 4QFY24 update from CRIF Highmark puts microfinance gross loan portfolio (GLP) at ~Rs4.4 tn (up ~27% yoy). GLP growth was led by a robust 18% yoy growth in unique active borrowers, indicating an optimistic environment. NBFC-MFIs have slowed a bit, thereby narrowing the growth gap with other lenders. Delinquencies have inched up marginally in select areas, but overall the asset quality situation seems comfortable. While we remain watch...
Bank Sector Update: Microfinance-no concerns, but staying watchful by Kotak Institutional Equities
We continue to expect steady ordering activity in the power transmission and distribution (T&D) space based on our meetings with 6 players focused on T&D space and analysis of nearly 12 players commentaries on this space. Also, the pipeline of projects approved by the Central Electricity Authority of India (CEA) stands robust for next 2-3 years. This is likely to be positive for most players in the value chain for the next 4-5 years. This is likely to be positive for most players in t...
Capital Goods Sector Update : T&D – Benefiting from the new investment cycle - Motilal Oswal Financial Services Ltd
FY24 saw noteworthy growth in domestic PVs; wholesales/retails (Vahan) grew ~8.6%/9.3% YoY to ~4.2m/~3.95m units respectively (highest). We expect FY25E domestic PV industry to grow at 4-5%, largely on two counts: one, new product launches and growing CNG demand, and two, sustained growth in SUVs. We like TTMT (BUY) and MSIL (ADD) among PV names. Domestic segmental PV volumes: Key insights 1) Premiumization - UV share in domestic PV was highest at ~51% in FY24E. New launch volumes grew ...
Automobile PV industry Sector Update : Demand trend: 2W +ve, PV/CV flat, tractor -ve - Yes Securities
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