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JM Financial maintains 'buy' call for realty major DLF, sees 34% upside in 12 months Financial services company JM Financial has maintained a "buy" call on real estate developer DLF. Accordingly, the target price has been pegged at Rs 450 per share, implying a 34 per cent upside by March 2023, as against its current price of Rs 333. According to a note by JM Financial, DLF continues to offer a lot of visibility backed by broad-based momentum in the residential business, significant expansion plans in DLF Cyber City Developers, monetisation of land banks, and a...
JM Financial maintains 'buy' call for realty major DLF, sees 34% upside in 12 months
JM Financial maintains 'buy' call for realty major DLF, sees 34% upside in 12 months
Source: IANS
3/06/2022 2:15:50 PM
JM Financial Q4 net profit down 21.89% at Rs 53.63 cr The company reported standalone net profit of Rs 53.63 crore for the quarter ended March 31, 2022 as compared to Rs 68.66 crore in the same period last year, registering a year-on-year decline of 21.89 per cent. Net revenue of the company declined substantially by 22.85 per cent at Rs 97.60 crore in January-March quarter of this fiscal as against Rs 126.50 crore in the corresponding period last year. During January-March quarter, operating expenses dropped by 24.93 per cent to Rs 26.71 crore ...
JM Financial Q4 net profit down 21.89% at Rs 53.63 cr
JM Financial Q4 net profit down 21.89% at Rs 53.63 cr
Source: Dion Global Solutions Ltd
25/05/2022 11:37:56 AM
JM Financial recommends ICICI Lombard, Balrampur Chini shares Brokerage house JM Financial has recommended investors to 'buy' shares of ICICI Lombard and Balrampur Chini Mills. For general insurance company ICICI Lombard, the brokerage house has set a target price at Rs 1,600, against its current price of Rs 1,254. "ICICI Lombard showcased its Digital Initiatives and underscored how it has been progressing on the journey of digitization, encompassing various stakeholders viz., customers, channel partners and employees," the broke...
JM Financial recommends ICICI Lombard, Balrampur Chini shares
JM Financial recommends ICICI Lombard, Balrampur Chini shares
Source: IANS
25/03/2022 3:45:55 PM
JM Financial gives 'buy' call for Hindalco, M&M, Zomato, 3 others Brokerage and financial firm JM Financial Institutional Securities has given a 'buy' call for Hindalco Industries, Mahindra & Mahindra, Zomato, Bharat Forge, Prestige Estates, and Gujarat State Petronet. Outlook for Hindalco Industries remains buoyant as Indian aluminium continues to benefit from high realisations coupled with strong recovery in copper volumes driven by recovery in segmental profits, the firm said in a report. Target price for the company is set at Rs 650, a...
JM Financial gives 'buy' call for Hindalco, M&M, Zomato, 3 others
JM Financial gives 'buy' call for Hindalco, M&M, Zomato, 3 others
Source: IANS
12/02/2022 10:11:57 AM
Industrials Sector Update - 2 year CAGR depicts evident signs of recovery By JM Financial 2-year CAGR depicts evident signs of recovery Indian industrial companies registered a strong quarter post 2nd Covid wave, as aggregate sales of 42 industrial companies clocked growth of 24% YoY in 2Q22, while it grew by 6% CAGR over 2- year period, given healthy demand across domestic and exports. Key observations during the quarter were as follows: a) Consumables (abrasives, bearings, mining, machine tools) and small industrial products (transformers, motors, compressors) reported robust...
Industrials Sector Update - 2 year CAGR depicts evident signs of recovery By JM Financial
Industrials Sector Update - 2 year CAGR depicts evident signs of recovery By JM Financial
Source: JM Financial Ltd
11/12/2021 12:31:29 PM
Buy JM Financial Ltd For Target Rs.131 - ICICI Securities Business priorities realigned; focus on scale to drive RoEs up JM Financial (JMF) reported its Q2FY22 consolidated PAT at Rs1.74bn, in line with expectations (vs Rs2.03bn in Q1FY22 and Rs5.9bn for full-year FY21). Platform AWS PAT scaled up significantly and provided maximum delta reporting 26% QoQ / 55% YoY revenue growth and 3-4x profit to Rs340mn. Asset quality of mortgage lending business improved with anticipated resolution on existing stress pool by Mar’22. Contrary to expectat...
Buy JM Financial Ltd For Target Rs.131 - ICICI Securities
Buy JM Financial Ltd For Target Rs.131 - ICICI Securities
Source: ICICI Securities Ltd
8/12/2021 9:03:23 AM
JM Financial gives 'sell' call for Paytm stocks with target price of Rs 1,240  Brokerage house JM Financial has given a ‘sell call for One97 Communications-owned Paytm, with a target price of Rs 1,240. "Paytm faces stiff challenges in its customer acquisition engine, which would slow down its revenue growth in the core payments business while scaling up of its related ecosystem businesses (commerce, Cloud and financial services) leaves much to be desired," the brokerage said. "In our view, Paytm will need to keep funding its ‘MTU&#...
JM Financial gives 'sell' call for Paytm stocks with target price of Rs 1,240
JM Financial gives 'sell' call for Paytm stocks with target price of Rs 1,240
Source: IANS
30/11/2021 9:55:35 AM
Not only indices, even brokerages' stocks are booming now Not only key stock market indices but even listed brokerages' stocks have witnessed a rally. Accordingly, the rising number of investors along with the exponential growth in market capitalisation levels has stroked-up stock prices of listed brokerages firms. This despite heavy competition from new age online brokerages platforms. In terms of one-year return, IIFL Finance's stocks rose at 265.37 per cent, Angel's stocks grew by 262 per cent, MOFSL at 68.81 per cent, Geojit...
Not only indices, even brokerages' stocks are booming now
Not only indices, even brokerages' stocks are booming now
Source: IANS
11/11/2021 4:13:43 PM
Insurance Sector Update - Growth momentum continues By JM Financial In Sep’21, the industry APE recorded 29% YoY with private APE up 36% and LIC up 19%. Category wise, growth was driven by both individual APE, up 30% YoY in Sep’21 and group APE, up 23% YoY. On a 2-yr CAGR basis, growth momentum continued with industry’s total APE for Sep’21 up 18% driven by recovery in LIC’s APE which was up 15% while private insurers grew 20%. Among major players, robust performance during Sep’21 was seen for BALIC (+82% YoY), Birla SL (+5...
Insurance Sector Update - Growth momentum continues By JM Financial
Insurance Sector Update - Growth momentum continues By JM Financial
Source: JM Financial Ltd
11/11/2021 11:47:17 AM
IT Sector Update - Margins hold up well despite increasing supply side pressures By JM Financial Margins hold up well despite increasing supply side pressures Indian offshore techs had a strong Sep’21 quarter with continuing momentum on revenue growth even as margins held up quite well despite concerns in certain industry sections around intensifying supply side pressures as costs of talent and attrition increase. Growth and offshore leverage along with high utilisation aided margins performance yet again even as 1HFY22 net hiring has already exceeded prior annual peaks in line ...
IT Sector Update - Margins hold up well despite increasing supply side pressures By JM Financial
IT Sector Update - Margins hold up well despite increasing supply side pressures By JM Financial
Source: JM Financial Ltd
10/11/2021 4:55:59 PM
JM Financial`s consolidated net profit increased by 25.44% YoY for Q2 FY22 Mumbai : The Board of Directors of JM Financial Limited, at its meeting held today, approved the unaudited financial results for the second quarter and half year ended September 30, 2021. Summary of Consolidated results FY 22 – Q2 compared to FY 21 – Q2 Summary of Consolidated results FY 22 – H1 compared to FY 21 – H1 The earnings per share for the half year ended September 30, 2021 is Rs. 3.96. The consolidated net worth* as at September 30, 2021...
JM Financial`s consolidated net profit increased by 25.44% YoY for Q2 FY22
JM Financial`s consolidated net profit increased by 25.44% YoY for Q2 FY22
Source: PR Agency
29/10/2021 12:12:09 PM
IT Sector Update - Strong Jobspeak trends continue; online traffic trends mixed By JM Financial Strong Jobspeak trends continue; online traffic trends mixed Naukri’s Jobspeak index grew 57% YoY in Sep’21 as strong hiring trends continued in most major sectors that we track. While IT index was up 138% YoY, Banking and Financial Services, Construction/Cement/Metals and ITeS reported 43%/34%/13% YoY growth, respectively. Energy, Power & Infra reported comparatively tepid growth of 3% YoY, while hiring activity in Auto & auto ancillary was down 2% YoY. On a 2-Year ...
IT Sector Update - Strong Jobspeak trends continue; online traffic trends mixed By JM Financial
IT Sector Update - Strong Jobspeak trends continue; online traffic trends mixed By JM Financial
Source: JM Financial Ltd
26/10/2021 12:13:13 PM
Real Estate Sector Update - 2QFY22 preview: Back to the growth path By JM Financial 2QFY22 preview: Back to the growth path After weak performance in 1QFY22 (Covid-19 second wave lockdown), we expect building material coverage companies to post sharp recovery ( c.40-60% increase in volumes QoQ; flat to high single digit growth in volumes on 2yr CAGR) on the back of strong underlying demand scenario due to healthy traction in real estate sector, fully operational major markets and market share gains from the smaller/unorganised players. Having said that, it will appear ...
Real Estate Sector Update - 2QFY22 preview: Back to the growth path By JM Financial
Real Estate Sector Update - 2QFY22 preview: Back to the growth path By JM Financial
Source: JM Financial Ltd
25/10/2021 12:15:06 PM
Industrials Sector Update - Exports continue to shine, margin pressure building up By JM Financial Exports continue to shine, margin pressure building up After subdued performance in Q122, industrial companies (ex-BHEL and GETD) are likely to grow by 18% YoY and 24% QoQ in 2Q22E. Eliminating the low base effect, we notice the 2-year CAGR stands healthy at c.7%. This robust growth is led by increased pickup in central government spends in defence, roads, etc. with healthy growth momentum in exports. Consumer durables (VOLT, BLSTR, DIXON, AMBER) are likely to witness +29% YoY revenue g...
Industrials Sector Update - Exports continue to shine, margin pressure building up By JM Financial
Industrials Sector Update - Exports continue to shine, margin pressure building up By JM Financial
Source: JM Financial Ltd
21/10/2021 12:11:53 PM
Cement Sector Update By JM Financial TABLE OF CONTENTS INDUSTRY VALUATIONS India Cement Industry peers are trading at 9.4x EV/E and USD 121/t on FY23E PRICE TRENDS All India Cement prices in Sep-21 changed 0% MoM, -5% QoQ, 2% YoY VOLUME TRENDS Industry production in Aug’21 was 28.4mnT; -4.3% MoM, 36.3% YoY COST COMPONENT TRENDS Petcoke/Coal/Diesel prices have changed by 23%/53%/7% QoQ and 92%/107%/20% YoY PER TONNE IMPACT Expect Power costs to increase by INR 175/t and Freight cost by INR 27/t...
Cement Sector Update By JM Financial
Cement Sector Update By JM Financial
Source: JM Financial Ltd
19/10/2021 12:09:49 PM
Insurance Sector Update - 2QFY22: Strong GWP growth aided by soft base By JM Financial In Sep’21, the industry generated GWP of INR 222bn, down 3% YoY. The weak performance was driven by crop insurance (AIC: down 47% YoY) while health insurance continued to provide support (SAHI: up 32% YoY). Private insurers’ premium growth was subdued at 6% YoY while premium for public insurers dropped 6% YoY. Among private insurers, ICICI Lombard’s growth was strong at 35% YoY. Digital-first general insurers – Go Digit (1.7x YoY) and Acko (2.3x YoY) maintained heal...
Insurance Sector Update - 2QFY22: Strong GWP growth aided by soft base By JM Financial
Insurance Sector Update - 2QFY22: Strong GWP growth aided by soft base By JM Financial
Source: JM Financial Ltd
15/10/2021 2:08:02 PM
Equity MF flows remain strong; SIP flows hit record high - JM Financial Equity MF flows remain strong; SIP flows hit record high Equity MF schemes (ex-arbitrage) witnessed inflows for the sixth consecutive month in Aug’21 amounting to INR 269bn (backed by New Fund Offers (NFOs) of INR 218bn (vs INR 140bn in Jul’21). Arbitrage funds saw net inflows of INR 18bn (vs net inflows of INR 149bn in Jul’21). Including net inflows from arbitrage funds, net inflows in equity schemes were at INR 287bn. Further, SIP inflows were robust at INR 99.2bn (+...
Equity MF flows remain strong; SIP flows hit record high - JM Financial
Equity MF flows remain strong; SIP flows hit record high - JM Financial
Source: JM Financial Ltd
14/10/2021 3:39:11 PM
Oil and Gas Sector Update - 2QFY22 preview: Strong quarter for upstream companies By JM Financial 2QFY22 preview: Strong quarter for upstream companies We expect RIL’s 2QFY22 EBITDA to grow 10% QoQ due to some improvement in refining margin, strong subscriber addition, and recovery in Retail business. OMCs’ core earnings are likely to improve QoQ on the back of a) sharp rise in marketing margin; and b) some improvement in refining margin; however, reported earnings are likely to decline QoQ on account of lower inventory gains. Upstream PSUs are likely to report strong earni...
Oil and Gas Sector Update - 2QFY22 preview: Strong quarter for upstream companies By JM Financial
Oil and Gas Sector Update - 2QFY22 preview: Strong quarter for upstream companies By JM Financial
Source: JM Financial Ltd
14/10/2021 12:20:25 PM
Falling headline inflation masking pass-through of higher input prices - JM Financial Falling headline inflation masking pass-through of higher input prices Broadly in line with the consensus view (4.5%), retail inflation in Sep’21 fell to 4.35%, the lowest since Apr’21. The MoM decline in inflation (Aug’21 at 5.3%) was led primarily by food which was due to deepening deflation in vegetables although inflation in cereals, milk+, and oil & fats rose. In the coming 3-4 months, food inflation is expected to remain subdued on an elevated base. The remainin...
Falling headline inflation masking pass-through of higher input prices - JM Financial
Falling headline inflation masking pass-through of higher input prices - JM Financial
Source: JM Financial Ltd
13/10/2021 12:25:59 PM
India`s blackout risk to ebb, but normalisation may take a while - JM Financial India’s blackout risk to ebb, but normalisation may take a while The primary reason behind India’s coal shortage crisis is that coal production has not been in sync with bunched up demand after the pandemic shock. This resulted in a sharp decline in coal inventory in 1H2021; inventory further fell precipitously during the monsoon season. We believe it will take 3-4 months to reach the 21 day inventory norm. Power shortages could impact several ‘manufacturing’ states...
India`s blackout risk to ebb, but normalisation may take a while - JM Financial
India`s blackout risk to ebb, but normalisation may take a while - JM Financial
Source: JM Financial Ltd
13/10/2021 12:21:22 PM
Real Estate Sector Update By JM Financial We highlight this week’s top real estate news: * Mumbai property registrations at a 10-year high in September 2021: The registrations of property in Mumbai, has yet again witnessed a 10-year high in the month of September led by record-low home loan interest rates and incentives offered by developers. As per the data available from the Government’s Department of Registration and Stamps, the month of September 2021 saw 7,799 properties being registered in Mumbai, up 15% from the...
Real Estate Sector Update By JM Financial
Real Estate Sector Update By JM Financial
Source: JM Financial Ltd
12/10/2021 11:47:54 AM
Cement Sector Update - Volumes report flattish trend sequentially in 2Q By JM Financial Volumes report flattish trend sequentially in 2Q The railway freight data for Sep’21 indicates a marginal demand moderation MoM. Volumes transported through railways reported a 3% MoM drop in Sep’21. However, in comparison to last year, transported volumes in Sep’21 were up 7% as the volumes attained normalisation in Sep’20 post first wave. Cumulative volumes for Jul-Sep’21 (2QFY21) period witnessed a marginal decline (-1%) vs. cumulative volumes in Apr-Jun...
Cement Sector Update - Volumes report flattish trend sequentially in 2Q By JM Financial
Cement Sector Update - Volumes report flattish trend sequentially in 2Q By JM Financial
Source: JM Financial Ltd
8/10/2021 12:36:53 PM
Auto Sector Update - PV wholesales impacted by widespread chip shortage; demand remains robust By JM Financial Muted performance in PV; chip shortage and price hikes- a concern In Sep’21, PV OEMs' volumes were adversely impacted by semiconductor shortage. MSIL/MM reported 39%/18% MoM decline in domestic PV volume. However, underlying demand remains strong along with high outstanding bookings and lean inventory. In case of 2Ws, channel filling in MC and continued recovery in scooters supported volumes. Strong MoM increase in 2W sales augurs well for 3QFY22 demand. CV segment continued its ...
Auto Sector Update - PV wholesales impacted by widespread chip shortage; demand remains robust By JM Financial
Auto Sector Update - PV wholesales impacted by widespread chip shortage; demand remains robust By JM Financial
Source: JM Financial Ltd
7/10/2021 11:52:32 AM
Global Health files IPO papers with SEBI Global Health has filed draft red herring prospectus (DRHP) with the market regulator Securities and Exchange Board of India (SEBI) for an Initial Public Offering (IPO). The IPO consists of a fresh issue of equity shares aggregating to Rs 500 crore, and an offer for sale of up to 4.84 crore equity shares. Proceeds from the fresh issue will be used to pay debt and general corporate purposes. Kotal Mahindra Capital Company, Credit Suisse Securities (India), Jefferies India and JM Financial a...
Global Health files IPO papers with SEBI
Global Health files IPO papers with SEBI
Source: Accord Fintech
5/10/2021 4:33:05 PM
S&P has retained India`s real GDP growth projection at 9.5% for 2021-22 - JM Financial THIS WEEK'S HIGHLIGHTS The current week was heavy on data releases that mostly pointed to positive developments in the economy: i) India recorded its 2 nd largest balance of payments surplus in 1QFY22, ii) manufacturing PMI in Sep’21 saw an uptick, iii) Sep’21 GST collections recorded a stronger 2- year CAGR, and iv) non-food credit growth by SCBs in Aug’21 picked up by c.50bps to 6.7% YoY. However, the all-time high preliminary trade deficit for Sep’21 at USD 2...
S&P has retained India`s real GDP growth projection at 9.5% for 2021-22 - JM Financial
S&P has retained India`s real GDP growth projection at 9.5% for 2021-22 - JM Financial
Source: JM Financial Ltd
4/10/2021 12:06:15 PM
Cement Sector Update - India Cement Industry peers are trading at 9.4x EV/E and USD 123/t on FY23E By JM Financial TABLE OF CONTENTS INDUSTRY VALUATIONS India Cement Industry peers are trading at 9.4x EV/E and USD 123/t on FY23E PRICE TRENDS All India Cement prices in Sep-21 changed 0% MoM, -5% QoQ, 2% YoY VOLUME TRENDS Industry production in Jul’21 was 28.3mnT; 16.6% MoM, 7.5% YoY COST COMPONENT TRENDS Petcoke/Coal/Diesel prices have changed by 23%/53%/7% QoQ and 92%/100%/20% YoY PER TONNE IMPACT Expect Power costs to increase by INR 174/t and Freight cost by INR 29/t ...
Cement Sector Update - India Cement Industry peers are trading at 9.4x EV/E and USD 123/t on FY23E By JM Financial
Cement Sector Update - India Cement Industry peers are trading at 9.4x EV/E and USD 123/t on FY23E By JM Financial
Source: JM Financial Ltd
2/10/2021 11:37:26 AM
Sugar Sector Update - SAP announcement removes uncertainty; Maintain BUY on BRCM By JM Financial SAP announcement removes uncertainty; Maintain BUY on BRCM The Uttar Pradesh (UP) government yesterday hiked (media link) State Advisory Price (SAP) for Sugar cane for SS22 by INR 250/t to INR3400/t (after keeping it unchanged for past 3 seasons; this implies 1.9%CAGR in SAP for SS18-22). While this is higher than INR 200/t hike factored in JMFe for Balrampur Chini (BRCM), it is lower than INR 500/t levels feared by industry and market. Further, given the hike in an election year, conce...
Sugar Sector Update - SAP announcement removes uncertainty; Maintain BUY on BRCM By JM Financial
Sugar Sector Update - SAP announcement removes uncertainty; Maintain BUY on BRCM By JM Financial
Source: JM Financial Ltd
2/10/2021 11:31:11 AM
Insurance Sector Update - APE growth remains strong; group segment continues to drive sum assured growth By JM Financial APE growth remains strong; group segment continues to drive sum assured growth Total private life insurer APE has grown by 28% / 25% YoY in FY22TD / Jul’21. Strong growth in total APE was led by SBI Life (36% YoY) followed by BALIC (30% YoY), IPRU Life* (29%) HDFC Life (16% YoY) and Max Life (15% YoY) in Jul’21. Individual private Insurer APE has grown 27.8% / 30% YoY in FY22TD / Jul’21. Growth in Individual APE was led by SBI Life (52% YoY) followed by BALIC (39% YoY), I...
Insurance Sector Update - APE growth remains strong; group segment continues to drive sum assured growth By JM Financial
Insurance Sector Update - APE growth remains strong; group segment continues to drive sum assured growth By JM Financial
Source: JM Financial Ltd
1/10/2021 12:08:19 PM
Media Sector Update - Multiplexes: Outlining the re-rating path hereonwards By JM Financial Multiplexes: Outlining the re-rating path hereonwards Multiplexes are now back in business (literally) as Maharashtra cinemas are due to re-open from Oct 22nd. Almost concurrent to this announcement, the release dates of two big Bollywood releases were finalised - ‘Sooryavanshi’ on Nov 4th (Diwali weekend) and ‘83’ on Dec 24th (Christmas weekend); there would now be 10 Bollywood releases in Dec-Q itself – a sharp contrast to FY21 when not a single big Bollywoo...
Media Sector Update - Multiplexes: Outlining the re-rating path hereonwards By JM Financial
Media Sector Update - Multiplexes: Outlining the re-rating path hereonwards By JM Financial
Source: JM Financial Ltd
1/10/2021 12:00:44 PM
Cement Sector Update - India Cement Industry peers are trading at 9.8x EV/E and USD 119/t on FY23E By JM Financial TABLE OF CONTENTS INDUSTRY VALUATIONS India Cement Industry peers are trading at 9.8x EV/E and USD 119/t on FY23E PRICE TRENDS All India Cement prices in Aug-21 changed -2% MoM, -4% QoQ, 1% YoY VOLUME TRENDS Industry production in Jul’21 was 28.3mnT; 16.6% MoM, 7.5% YoY COST COMPONENT TRENDS Petcoke/Coal/Diesel prices have changed by 26%/59%/9% QoQ and 96%/90%/20% YoY PER TONNE IMPACT Expect Power costs to increase by INR 187/t and Freight cost by INR 36/t ...
Cement Sector Update - India Cement Industry peers are trading at 9.8x EV/E and USD 119/t on FY23E By JM Financial
Cement Sector Update - India Cement Industry peers are trading at 9.8x EV/E and USD 119/t on FY23E By JM Financial
Source: JM Financial Ltd
30/09/2021 12:11:41 PM
Wood Sector Update - Demand steady; Cost inflation to weigh on profitability By JM Financial Demand steady; Cost inflation to weigh on profitability Our recent channel checks across India suggest that a) demand recovery for non-south region started from mid-June’21 while in south region it started from mid-July’21, b) MDF demand remains robust due to strong demand from OEMs, c) quick demand pick up was seen in ply/laminate segment as it has already reached c.80-90% of normal levels due to pick-up in renovations, d) further price hikes have been taken by unorganised pla...
Wood Sector Update - Demand steady; Cost inflation to weigh on profitability By JM Financial
Wood Sector Update - Demand steady; Cost inflation to weigh on profitability By JM Financial
Source: JM Financial Ltd
29/09/2021 11:44:49 AM
Aviation Sector Update - Traffic trends up but below recent highs; higher fuel cost a dampener By JM Financial Traffic trends up but below recent highs; higher fuel cost a dampener Domestic passenger traffic for Aug’21 came in at 6.7mn, up 37% MoM as reported by DGCA. Indicative passenger traffic for Sep’21 suggest further improvement in traffic by ~3% MoM to 6.9mn. Domestic air traffic continues to show improvement post decline in infection cases from Jun’21. However, the traffic remains way below the 7.8mn seen in Mar’21 (per day PAX at 0.23mn vs pandemic highs of 0.31mn)....
Aviation Sector Update - Traffic trends up but below recent highs; higher fuel cost a dampener By JM Financial
Aviation Sector Update - Traffic trends up but below recent highs; higher fuel cost a dampener By JM Financial
Source: JM Financial Ltd
28/09/2021 12:30:22 PM
Real Estate Sector Update - Realtors hopeful as HDFC too offers loans at 6.7 per cent By JM Financial We highlight this week’s top real estate news: * Realtors hopeful as HDFC too offers loans at 6.7 per cent: India’s biggest mortgage lender HDFC Ltd on Tuesday announced a festive offer in line with State Bank of India, offering home loans at 6.70 per cent, regardless of the loan amount for customers with a credit score of 800 and above. Last week, SBI offered a similar credit score linked home loan rate of 6.70 per cent. This was followed by rate cuts from Punjab National B...
Real Estate Sector Update - Realtors hopeful as HDFC too offers loans at 6.7 per cent By JM Financial
Real Estate Sector Update - Realtors hopeful as HDFC too offers loans at 6.7 per cent By JM Financial
Source: JM Financial Ltd
27/09/2021 3:34:40 PM
Rainfall recorded was 2% lower than LPA in week ended 24Sep’21 as per IMD - JM Financial THIS WEEK'S HIGHLIGHTS Amid growth downgrades (by OECD, ADB), and weak private investments (as assessed by the RBI), positive developments on the fiscal front provided some respite this week- i) the Centre lifted restrictions on various ministries spending with immediate effect, ii) FYTD22 net direct tax collection until 22Sep’21 expanded 74.4%YoY, with securities transaction tax almost touching the budget target in Sep’21 itself, iii Principal Economic Advisor- Sanjeev San...
Rainfall recorded was 2% lower than LPA in week ended 24Sep’21 as per IMD - JM Financial
Rainfall recorded was 2% lower than LPA in week ended 24Sep’21 as per IMD - JM Financial
Source: JM Financial Ltd
27/09/2021 3:28:14 PM
Plastic Sector Update - Plumbing segment drives recovery; PVC firming up again By JM Financial Plumbing segment drives recovery; PVC firming up again Our recent channel checks for plastic pipes suggest that a) demand recovery for non-south region started from mid-June’21 while in south region it started from mid-July’21, b)dealers are experiencing healthy MoM improvement and have come closer to normal levels in Sept’21 (in volume terms) driven by strong demand from plumbing segment, c) agri season in 2022 is expected to be significantly better than 2021 as pipe rep...
Plastic Sector Update - Plumbing segment drives recovery; PVC firming up again By JM Financial
Plastic Sector Update - Plumbing segment drives recovery; PVC firming up again By JM Financial
Source: JM Financial Ltd
27/09/2021 3:22:41 PM
Cement Sector Update - Cement volumes continued the stable trend in Aug`21 By JM Financial Cement volumes continued the stable trend in Aug’21 The railway freight data for Aug’21 indicates continued stable demand trend in Aug’21 notwithstanding the impact of monsoons. Volumes transported through railways reported a 2% MoM drop in Aug’21. However, in comparison to last year, transported volumes in Aug’21 were up 41% on the back of low base. Average monthly volumes for Jul-Aug’21 period witnessed a marginal decline (-2%) vs. average monthly volu...
Cement Sector Update - Cement volumes continued the stable trend in Aug`21 By JM Financial
Cement Sector Update - Cement volumes continued the stable trend in Aug`21 By JM Financial
Source: JM Financial Ltd
24/09/2021 12:26:22 PM
Wood Sector Update - Wood Panel companies` 1QFY22 performance By JM Financial On the path to recovery Wood Panel companies’ 1QFY22 performance (19-39% QoQ decline in revenue) was impacted due to lockdowns led by Covid-19 second wave. Demand scenario has been improving since mid-June’21 and July’21 performance has been encouraging (revenues are almost back to normal levels). MDF segment continues to outperform ply/laminate segment (c.15-45% QoQ decline in revenues) as OEM segment (c.35-40% of revenue) were permitted to operate through the locakdown....
Wood Sector Update - Wood Panel companies` 1QFY22 performance By JM Financial
Wood Sector Update - Wood Panel companies` 1QFY22 performance By JM Financial
Source: JM Financial Ltd
22/09/2021 12:36:30 PM
Real Estate Sector Update - We highlight this week`s top real estate news By JM Financial We highlight this week’s top real estate news * Corporates finalise new office spaces through virtual tours: Corporates are finalising new office spaces through virtual tours as companies look to expand or relocate before calling back all employees, say developers and property consultants. Developers have prepared virtual tours to enable clients to navigate the entire office complex at their own pace. Giving one such example, Ozone Group COO Vamsi Sai said a US-based company wanted t...
Real Estate Sector Update - We highlight this week`s top real estate news By JM Financial
Real Estate Sector Update - We highlight this week`s top real estate news By JM Financial
Source: JM Financial Ltd
21/09/2021 12:37:27 PM
Ceramics Sector Update - Morbi takes shutdowns; market share gains for bigger players By JM Financial Morbi takes shutdowns; market share gains for bigger players Tile players manufacturing Polished vitrified (PVT), double-charged (DC) and wall tiles in Morbi (c.50-60% capacity) have decided to take shutdowns in phases for a month each during Aug-Sept’21 as a) export orders being deferred due to sharp rise in freight rates and container availability issues and b) domestic industry is still on the recovery path and thus, entire production cannot be diverted to domestic markets, especi...
Ceramics Sector Update - Morbi takes shutdowns; market share gains for bigger players By JM Financial
Ceramics Sector Update - Morbi takes shutdowns; market share gains for bigger players By JM Financial
Source: JM Financial Ltd
20/09/2021 12:42:49 PM
Auto Sector Update - 2W dealer checks: demand revival in upcoming festivals By JM Financial 2W dealer checks: demand revival in upcoming festivals – a key We conducted two-wheeler (2W) focused channel checks with c.20 dealers across 10 states (representing 70%+ of volumes) to assess the dealership operational status and demand outlook. As per the checks, 2W retail sales at most of the dealerships are 10-40% below normal owing to price hikes, high fuel prices and increase in awareness of EVs. Footfalls are also low as enquiries are shifting online. In few regions, e-2Ws a...
Auto Sector Update - 2W dealer checks: demand revival in upcoming festivals By JM Financial
Auto Sector Update - 2W dealer checks: demand revival in upcoming festivals By JM Financial
Source: JM Financial Ltd
20/09/2021 12:31:15 PM
Auto Sector Update - GOI approves PLI scheme for auto industry – augurs well for electrification By JM Financial GOI approves PLI scheme for auto industry – augurs well for electrification Government of India has approved the Production Linked Incentive (PLI) Scheme for Auto Industry. Total incentive to be provided over 5 years (starting from FY23) has been reduced to INR 261bn vs. INR 570bn announced earlier. The reduction in incentive is likely due to the exclusion of petrol, diesel and CNG vehicles. We believe that the incentive scheme is directed towards promotion of advanced automotive ...
Auto Sector Update - GOI approves PLI scheme for auto industry – augurs well for electrification By JM Financial
Auto Sector Update - GOI approves PLI scheme for auto industry – augurs well for electrification By JM Financial
Source: JM Financial Ltd
16/09/2021 11:37:47 AM
Telecom Sector Update - 4 year breather for VIL, albeit tariff revival remains uncertain By JM Financial 4 year breather for VIL, albeit tariff revival remains uncertain The Union Cabinet today approved reforms in the Telecom sector – both near and medium term – which should improve the outlook for all the players in the sector. While the key medium term reforms include rationalisation of the AGR definition, removal of spectrum usage charges (SUC) for future auction, increase in the payment period for the deferred spectrum dues from current 20 years to 30 years, and creation of a ...
Telecom Sector Update - 4 year breather for VIL, albeit tariff revival remains uncertain By JM Financial
Telecom Sector Update - 4 year breather for VIL, albeit tariff revival remains uncertain By JM Financial
Source: JM Financial Ltd
16/09/2021 11:23:28 AM
IT Sector Update - Can offshore techs go back to trading at premium to global peers? By JM Financial Can offshore techs go back to trading at premium to global peers? The strong upward price action in Indian techs in the past couple of months has baffled even the diehard Bulls on offshore techs. Stocks are trading at significantly higher multiples than 5 year means (in some cases higher than 5 year Mean+ 3 S.D. as well!). So what explains this? While the street (including us) has written extensively about the likely growth acceleration in tech spending ( and increased acceptance aro...
IT Sector Update - Can offshore techs go back to trading at premium to global peers? By JM Financial
IT Sector Update - Can offshore techs go back to trading at premium to global peers? By JM Financial
Source: JM Financial Ltd
15/09/2021 11:29:07 AM
Cement Sector Update - India Cement Industry peers are trading at 9.2x EV/E and USD 109/t on FY23E By JM Financial TABLE OF CONTENTS INDUSTRY VALUATIONS India Cement Industry peers are trading at 9.2x EV/E and USD 109/t on FY23E PRICE TRENDS All India Cement prices in Jul-21 changed -2% MoM, -1% QoQ, 2% YoY VOLUME TRENDS Industry production in Jun’21 was 27.4mnT; 13.1% MoM, 4.3% YoY COST COMPONENT TRENDS Petcoke/Coal/Diesel prices have changed by 25%/65%/10% QoQ and 99%/85%/20% YoY PER TONNE IMPACT Expect Power costs to increase by INR 186/t and Freight cost by INR 41/t...
Cement Sector Update - India Cement Industry peers are trading at 9.2x EV/E and USD 109/t on FY23E By JM Financial
Cement Sector Update - India Cement Industry peers are trading at 9.2x EV/E and USD 109/t on FY23E By JM Financial
Source: JM Financial Ltd
14/09/2021 12:35:14 PM
Buy JM Financial Ltd For Target Rs.131 - ICICI Securities Business priorities realigned towards driving scale and value JM Financial’s business positioning has been realigned and business segments reclassified. Management has set business priorities towards 1) deepening and expanding the client base; 2) building business scale and creating value leveraging its franchise and market opportunities; and 3) investing in technology and digital medium. Q1FY22 PAT (cons) came in higher at Rs2.03bn (vs Rs5.1bn in FY21). Key notable trends: 1) Rec...
Buy JM Financial Ltd For Target Rs.131 - ICICI Securities
Buy JM Financial Ltd For Target Rs.131 - ICICI Securities
Source: ICICI Securities
14/09/2021 10:08:56 AM
Auto Sector Update - Quarterly update and outlook from global OEMs By JM Financial Quarterly update and outlook from global OEMs This is the 9th note in our global auto series covering quarterly commentary from 21 global automotive companies. During 2QCY21, despite supply chain constraint, most global OEMs reported high-single digit QoQ increase in volume as they were able to adequately manage semiconductor inventory. OEMs also reported strong EBIT margin owing to better pricing and mix leading to upward revision in full year CY21 margin guidance. Semiconductor shorta...
Auto Sector Update - Quarterly update and outlook from global OEMs By JM Financial
Auto Sector Update - Quarterly update and outlook from global OEMs By JM Financial
Source: JM Financial Ltd
13/09/2021 1:31:25 PM
6 vaccines now approved in India but pace of vaccination yet to pickup - JM Financial Summary: 67th edition of the COVID-19 files * The 7-day moving avg. for daily cases stood lower at 32k vs. 36k last week; cases remain at a 5-month low * Peaking in trajectory visible significantly in Kerala * The 7-day MA in active cases declined to 0.35mn, with 72% cases in KER (49%), MH (17%) and Karnataka (6%) itself * Daily recoveries-to-daily ratio has risen near 125% * The all-India positivity rate 7DMA fell to 1.9% from 2.1% last week; and the number of districts with a...
6 vaccines now approved in India but pace of vaccination yet to pickup - JM Financial
6 vaccines now approved in India but pace of vaccination yet to pickup - JM Financial
Source: JM Financial Ltd
13/09/2021 1:24:23 PM
Metals and Mining Update - 2H likely to witness steeper Chinese production cut, domestic restocking By JM Financial Global steel markets continue to witness a sharp divergence between prices in China and Rest of World (RoW). China domestic HRC price at USD901/t, up 7% from 1Q’22 end while US prices continue to remain strong at USD1,960/t, up further by 17% from 1Q’22 end. The RoW continued to grapple with supply chain problems leading to higher prices over the same period. India’s finished steel production / consumption increased by 6.3% / 0.2% YoY to 17.7mn tons / 15.9mn tons during QTD ...
Metals and Mining Update - 2H likely to witness steeper Chinese production cut, domestic restocking By JM Financial
Metals and Mining Update - 2H likely to witness steeper Chinese production cut, domestic restocking By JM Financial
Source: JM Financial Ltd
11/09/2021 10:43:51 AM