IT earnings reinforce OW stance
Replacing Wipro with HCL Tech
* 2QFY21 IT results reinforce our OW stance on the sector. We have been raising IT weights in the mod..
Ad revenues hit, but earnings recovery on cards
* 1QFY21 revenue declined 35% (v/s est. decline of 45%) as ad revenue plunged 65% YoY. Subscription revenue grew 5% YoY..
WPI inflation higher at 1.3% in Sep’20
Vegetables’ inflation at 8-month high
* WPI inflation came in at 1.3% YoY in Sep’20 (v/s 0.2% YoY in Aug&rs..
Marginal EBITDA beat led by better volumes
* Mahanagar Gas (MAHGL)’s 1QFY21 EBITDA was marginally above est., led by better volumes; however, EBITDA/scm came ..
Deleveraging continues as capex deferred
Cost reduction leads to EBITDA beat
* JK Lakshmi’s (JKLC) 1QFY21 operating results were above est. due to lowerthan-..
Private players’ individual WRP declines ~7% YoY in Jul’20
LIC reports growth of ~10% YoY; market share increases 230bp over FY21YTD
* Private players..
Benefit of price hike eroded; liquidity remains precarious
* Vodafone Idea’s (VIL) adjusted EBITDA (pre Ind-AS 116) was down 10% QoQ (in-line) to INR15.4b, as r..
Distribution biz impacted by lower volumes
Balance sheet healthy; demand normalization is key
* Torrent Power (TPW)’s results highlight the impact of lower v..
Poor refining margin leads miss; Marketing margins to normalize
* HPCL posted a miss on EBITDA, led by poor refining margin (core at –USD0.9/bbl); whi..
Earnings drag on muted US/India sales
Niche launches to drive US revenues over medium term
* Lupin’s (LPC) 1QFY21 PAT was the lowest over the past four year..
Robust India sales, better operating leverage drive earnings
On track to build differentiated US Generics pipeline
* Cipla’s sales for the quarter were lar..
Outlook improving gradually, B2B expected to be a laggard
* Pidilite (PIDI) reported 56.5% decline in consolidated sales (58.3% volume decline), with EBITDA/PAT decli..
Rate decision, US stimulus likely constraints to rupee's further appreciation
NCLT approves sale of IL&FS education arm to LEHL
Hyundai Motor India adds new Board members
Vodafone Idea board to mull raising funds post AGR verdict
Amazon to invest $18 billion this year to help SMBs grow
Indian lenders given deadline to implement interest waiver scheme
Adidas hosts `Sneakers Day` to celebrate India`s growing sneaker culture
Centre extends deadline of filing tax returns to Dec 31
FMCG Sector Update - Our FMCG coverage universe is expected to deliver growth of 4/5% YoY in revenue/ EBITDA By HDFC Securities
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