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Cement Sector Update: Demand set to rise, yet pricing remains competitive in 2H - By Motilal OswalFinancial Services Ltd Demand set to rise, yet pricing remains competitive in 2H Industry volume up 3-5% YoY in Oct-Nov’24 * As per our channel checks, industry volume is estimated to have grown 3-5% YoY in Oct-Nov’24 (down 10-11% in Oct’24; up 20-22% YoY in Nov’24). Celebration of Durga Puja and Diwali in Oct’24 vs. Diwali in Nov’23 led to a higher decline in Oct’24, followed by strong growth in Nov’24. There are signs of recovery in cement demand after the fes...
Cement Sector Update: Demand set to rise, yet pricing remains competitive in 2H - By Motilal OswalFinancial Services Ltd
Cement Sector Update: Demand set to rise, yet pricing remains competitive in 2H - By Motilal OswalFinancial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 04:34:34 pm
Healthcare Sector Update :-Low base, favorable seasonality drive IPM growth - By Motilal OswalFinancial Services Ltd Low base, favorable seasonality drive IPM growth * The India pharma market (IPM) grew 10.7% YoY in Nov’24 (vs. 5.2% in Oct’24 and 3.4% in Nov’23). The growth was driven by strong outperformance in Derma/Pain/Cardiac. * Acute therapy growth stood at 11% in Nov’24 (vs. 2% in Oct’24 and Nov’23 each), driven by strong growth in Pain and high-single digit growth in AI and Respiratory. * Derma/Pain/Cardiac outperformed IPM by 560bp/240bp/210bp. * For ...
Healthcare Sector Update :-Low base, favorable seasonality drive IPM growth - By Motilal OswalFinancial Services Ltd
Healthcare Sector Update :-Low base, favorable seasonality drive IPM growth - By Motilal OswalFinancial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 04:24:11 pm
Oil & Gas Sector Update :-Robust 3QFY25 trends for OMCs so far - By Motilal OswalFinancial Services Ltd Robust 3QFY25 trends for OMCs so far * In 3QFY25’TD, refining margins have remained stable with current SG GRM at USD5.2/bbl (2QFY25: USD3.6/bbl), even as MS/HSD GRMs are stable QoQ at USD10- 13/bbl. * MS/HSD marketing margins have remained robust, averaging INR13.6/INR10.7 per lit in 3QFY25’TD (vs. INR3.3/lit each, we assume for FY26E-27). While crude prices have corrected sharply over the past six months, further downside risks to oil prices remain a source of upside earni...
Oil & Gas Sector Update :-Robust 3QFY25 trends for OMCs so far - By Motilal OswalFinancial Services Ltd
Oil & Gas Sector Update :-Robust 3QFY25 trends for OMCs so far - By Motilal OswalFinancial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 04:16:42 pm
Insurance Sector Update : Individual WRP for private players grows 15% YoY in Nov 24 -by Motilal Oswal Financial Services Ltd Individual WRP for private players grows 15% YoY in Nov’24 Industry’s individual WRP grows 7% YoY; LIC’s individual WRP declines 12% YoY * In Nov’24, the individual Weighted Received Premium (WRP) growth for private players was at 15% YoY vs the industry growth of 7% YoY. The industry growth was impacted by a YoY decline for the second consecutive month reported by LIC of 12%. * Among listed players, individual WRP for IPRULIFE witnessed the fastest growth at ...
Insurance Sector Update : Individual WRP for private players grows 15% YoY in Nov 24 -by Motilal Oswal Financial Services Ltd
Insurance Sector Update : Individual WRP for private players grows 15% YoY in Nov 24 -by Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 12:11:57 pm
Agriculture Sector Update: Farm profitability to be marginally higher for Kharif 2024-25- By Motilal Oswal Financial Services Ltd Farm profitability to be marginally higher for Kharif 2024-25 We interacted with various Farmer Produce Organizations (FPOs) and farmers across India to gauge the on-ground situation regarding crop conditions, yields, and farm profitability during the Kharif season in CY24. The key takeaways are:  * The northern belt of India witnessed higher crop yields YoY as higher rainfall supported the production of paddy. The southern belt and Gujarat were key laggards as the heavy downpours ...
Agriculture Sector Update: Farm profitability to be marginally higher for Kharif 2024-25- By Motilal Oswal Financial Services Ltd
Agriculture Sector Update: Farm profitability to be marginally higher for Kharif 2024-25- By Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services ltd
2024-12-14 11:53:30 am
Insurance Sector Update : Max Life and IPRU grow fastest on YoY basis - Yes Securities Max Life and IPRU grow fastest on YoY basis * Commentary on Total APE (Excl. Group Yearly Renewable Premium): Among listed / quasi-listed private sector life insurers, Max Life’s Total APE grew the fastest YoY, up 24.3% YoY and 13% MoM. ICICI Pru grew 24% YoY but de-grew -3% MoM. SBI Life grew 8% YoY and 6% MoM. HDFC Life grew 5% YoY and 1% MoM. Bajaj Allianz grew -12% YoY and -20% MoM. LIC de-grew -21% YoY and - 20% MoM, lagging the blended private sector growth on both YoY and MoM ...
Insurance Sector Update : Max Life and IPRU grow fastest on YoY basis - Yes Securities
Insurance Sector Update : Max Life and IPRU grow fastest on YoY basis - Yes Securities
Source: Yes Securities Ltd.
2024-12-14 10:14:19 am
Oil & Gas Sector Update : Iran-Israel conflict could lead to a supply crunch - Motilal Oswal Financial Services Ltd * The conflict intensifies: The clash between Iran and Israel escalated significantly over the weekend, as Iran launched drone and rocket attacks on Israel. This conflict has, in turn, led to the expectation that crude oil, refining GRMs, and spot LNG prices could scale new highs in the near term. While our base case scenario remains that de-escalation efforts will likely control the crisis, in this note, we examine the implications for commodities and stocks if the crisis escalates further.*...
Oil & Gas Sector Update : Iran-Israel conflict could lead to a supply crunch - Motilal Oswal Financial Services Ltd
Oil & Gas Sector Update : Iran-Israel conflict could lead to a supply crunch - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-06-08 11:50:28 am
Gold Loan NBFCs Sector Update : Likely to shine further - Yes Securities We interacted with branches of Muthoot Finance, Manappuram Finance and Muthoot Fincorp in the outskirts of Mumbai to understand any change in growth and competitive dynamics in the light of recent embargo on IIFL Finance and steep rally in gold prices. The surveyed branches were less enthusiastic about acquiring IIFL customers, cited no easing in competitive intensity and envisaged limited benefits from higher gold prices in the near term. However, they remained sanguine about moderate growth...
Gold Loan NBFCs Sector Update : Likely to shine further - Yes Securities
Gold Loan NBFCs Sector Update : Likely to shine further - Yes Securities
Source: Yes Securities Ltd.
2024-06-08 11:11:09 am
Financials Sector Update : Regulatory measures on credit cards to enable long-term sustainable growth - Motilal Oswal Financial Services Ltd RuPay to get a boost as dependence on foreign card networks reduceOver the past few months, the RBI has announced several regulatory measures with regard to the functioning of the credit card industry. The measures encompass various changes, including increase in risk-weight, levying of fees and other charges, ban on select banks regarding the origination of co-branded credit cards, and the prohibition of exclusive agreements with co-branded partners. These initiatives are designed to enhance...
Financials Sector Update : Regulatory measures on credit cards to enable long-term sustainable growth - Motilal Oswal Financial Services Ltd
Financials Sector Update : Regulatory measures on credit cards to enable long-term sustainable growth - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-06-08 10:44:52 am
Automobile Sector Update : Festive timing mismatch to dent retails (ex 2W) - Yes Securities Key Pointers for Mar?24:* 2Ws - Gudi Padwa festive retails expected to grow in key markets.* PVs ? No substantial change in demand trends vs prior months; average discounts rise across segments MoM.* CVs ? Double digit retail drop expected YoY led by high base due to OBD2; tonnage shift stays favorable.* Tractors ? Festive timing mismatch aggravates inherent weakness.Our interaction with channel partners hints at weak retail demand for Mar?24 YoY: Low to mid-single digit growth for 2Ws, while...
Automobile Sector Update : Festive timing mismatch to dent retails (ex 2W) - Yes Securities
Automobile Sector Update : Festive timing mismatch to dent retails (ex 2W) - Yes Securities
Source: Yes Securities Ltd.
2024-06-08 10:29:51 am
Paints Sector Update : Demand slows, rivalry grows by Elara Capital Birla Opus starts on a positive note; APNT takes steps to counterWe visited the markets of Ludhiana, Chandigarh, and Panchkula in Punjab recently to understand trends for paints and the acceptance of the Birla Opus brand. This is our first note in the series, and we subsequently will visit the western and southern markets for insights of a regional nature. Our channel checks show Birla Opus has been well received, as it has achieved a 7-10% dealer penetration in Punjab; there is positive feed...
Paints Sector Update : Demand slows, rivalry grows by Elara Capital
Paints Sector Update : Demand slows, rivalry grows by Elara Capital
Source: Elara Capital
2024-06-08 10:08:20 am
Consumer Sector Update : On the course of volume pickup - Motilal Oswal Financial Services Ltd MOFSL coverage universe to clock 5.6%/6.2% YoY growth in revenue/EBITDA Demand trends were steady in 4QFY24, and companies have been focusing on boosting their core portfolios through various initiatives, including distribution expansion, product relaunches, step-up in marketing budgets, etc. Urban markets continued to see improvement, and rural markets have also started witnessing recovery (Dabur?s rural growth was better than urban growth). FY24 was an interim phase when price cuts/consumer...
Consumer Sector Update : On the course of volume pickup - Motilal Oswal Financial Services Ltd
Consumer Sector Update : On the course of volume pickup - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-06-08 10:04:18 am
Banking Sector Update : Stable performance across metrics on loan growth by Kotak Institutional Equities Stable performance across metrics on loan growthThe key takeaways from the RBI?s release on loans: (1) Loan growth is holding up at ~20% (higher due to the merger of HDFC Ltd with HDFC Bank), which would be weighing down on the various growth metrics until 2QFY25. (2) Private banks are growing faster than public banks. (3) Household demand for loans is holding up relatively well. The intent to lend is still holding up, as there is negligible stress on the balance sheet of all banks. (4) Corpo...
Banking Sector Update : Stable performance across metrics on loan growth by Kotak Institutional Equities
Banking Sector Update : Stable performance across metrics on loan growth by Kotak Institutional Equities
Source: Kotak Institutional Equities
2024-06-08 09:35:48 am
Automobiles Sector Update : Mar`24: Muted growth across segments except PVs - Motilal Oswal Financial Services Ltd CVs likely to recover post 2HFY25Mar?24 overall dispatches across segments were below est. except for CVs. PV wholesales grew 9% YoY led by sustained outperformance of UVs. 2Ws (BJAUT not reported yet) domestic wholesales declined 2% YoY while exports grew 30% YoY on a low base. CV volumes declined 5.5% YoY with MHCVs declining 8.5% YoY and LCVs declining 1% YoY. Tractors declined 24% YoY on account of weak agri sentiments and festival mismatch (Navratras in Mar?23). We expect domestic 2W ind...
Automobiles Sector Update : Mar`24: Muted growth across segments except PVs - Motilal Oswal Financial Services Ltd
Automobiles Sector Update : Mar`24: Muted growth across segments except PVs - Motilal Oswal Financial Services Ltd
Source: Motilal Oswal Financial Services
2024-06-08 09:16:14 am