- Federal Bank reported loan growth of 19% year-over-year led by retail loans growing 26% and corporate loans growing 18%. However, growth slowed compared to previous quarters.
- Net interest income grew 18% year-over-year while other income grew 45% led by higher treasury income. Provisions increased 8% quarter-over-quarter and profits grew 46% year-over-year.
- Management guided for similar loan growth momentum to continue and shifting the portfolio towards higher yielding segments like unsecured retail, commercial vehicles, and business banking.
- Asset quality deteriorated in the first quarter with gross NPAs jumping 48% quarter-on-quarter to 4.2% due to seasonal factors. LAP and non-salaried segments saw higher NPAs.
- Loan growth accelerated slightly to 13.3% due to lower repayment rates. Growth remains disappointing compared to smaller competitors.
- Provisions saw large quarterly variations under the new Ind AS accounting standards. Provisions increased in the first quarter as expected.
- Net interest margins expanded to 4.5% due to a larger increase in loan yields compared to cost of funds. Further margin relief is expected from declining market interest rates.
The document provides an economic spotlight report on the state of Indian states' finances. It notes that states have managed to keep their fiscal deficits within mandated limits but their outstanding debt as a percentage of GDP has risen in the last five years. It recommends that states continue planned capital expenditures to support overall economic activity and pursue measures to improve tax collection and debt management.
- Equity schemes make up the largest share (72%) of total mutual fund folios in India, followed by hybrid schemes (96 lakh folios) and debt schemes (68 lakh folios).
- Systematic investment plans (SIPs) are growing in popularity, with an average of 9.24 lakh new SIP accounts added per month and total SIP accounts of ~2.84 crore.
- The assets under management of the Indian mutual fund industry stood at Rs. 24.51 lakh crore in September 2019, a 3% increase from March 2019. However, assets fell by Rs. 0.97 lakh crore from August 2019.
The consistent rise in interest income from private sector banks led to overall income growth for the banking system in the first quarter of fiscal year 2020. While public sector banks saw a slight slowdown in interest income growth, private banks continued to see sharp rises in interest income due to expansionary activities. The total income growth of all banks improved due to the growth in private bank interest income.
The RBI has lowered its GDP growth forecast for FY20 substantially to 6.1% due to weak demand and investment conditions. To support measures by the government to arrest the economic slowdown, the RBI cut its repo rate by 25 bps to 5.15%, the lowest in 9 years, and maintained an accommodative monetary policy stance. The MPC revised GDP growth projections downward and said intensified efforts are needed to restore growth momentum.
The document provides a summary of key fiscal developments in India:
- Revenue receipts were 4% higher in the current fiscal year compared to the previous year, with actual revenue collections at 30.7% of budget estimates for April-August 2019 versus 26.9% for the same period last year.
- Non-tax revenue collections were 23% higher than the previous year, while tax revenue collections were fairly in line with previous year trends.
- Fiscal deficit for April-August 2019 stood at 78.7% of budget targets, significantly lower than 94.7% for the same period in the previous year.
- Both revenue and capital expenditures have been lower than the previous year.
- Industrial output rose 4.3% in July 2019 but growth was limited by contractions in capital goods and consumer durables, reflecting subdued investment and demand. The core sector contracted for the first time since 2015 in August 2019 led by declines in coal, crude oil, natural gas, cement and electricity.
- GDP growth fell to a 6-year low of 5% in the first quarter of fiscal year 2020 due to declines in private consumption and moderate growth in manufacturing, financial services and construction. The investment rate increased marginally.
- In August 2019, GST collections were 4.5% higher than the previous year but 4% lower than the previous month. The fiscal deficit was lower than the previous year during
1. Brent crude oil futures rose 1.14% while WTI crude oil futures rose 0.7% as the oil market focuses more on macroeconomic issues than current supply and demand.
2. The US unemployment rate dropped to 3.5%, near a 50-year low, according to a US Labor Department report, while US job growth increased moderately in September.
3. Various metals prices such as gold, silver, and base metals traded with mixed results amid concerns about slowing global growth and unresolved trade disputes.
- Asset quality deteriorated in the first quarter with gross NPAs jumping 48% quarter-on-quarter to 4.2% due to seasonal factors. LAP and non-salaried segments saw higher NPAs.
- Loan growth accelerated slightly to 13.3% due to lower repayment rates. Growth remains disappointing compared to smaller competitors.
- Provisions saw large quarterly variations under the new Ind AS accounting standards. Provisions increased in the first quarter as expected.
- Net interest margins expanded to 4.5% due to a larger increase in loan yields compared to cost of funds. Further margin relief is expected from declining market interest rates.
The document provides an economic spotlight report on the state of Indian states' finances. It notes that states have managed to keep their fiscal deficits within mandated limits but their outstanding debt as a percentage of GDP has risen in the last five years. It recommends that states continue planned capital expenditures to support overall economic activity and pursue measures to improve tax collection and debt management.
- Equity schemes make up the largest share (72%) of total mutual fund folios in India, followed by hybrid schemes (96 lakh folios) and debt schemes (68 lakh folios).
- Systematic investment plans (SIPs) are growing in popularity, with an average of 9.24 lakh new SIP accounts added per month and total SIP accounts of ~2.84 crore.
- The assets under management of the Indian mutual fund industry stood at Rs. 24.51 lakh crore in September 2019, a 3% increase from March 2019. However, assets fell by Rs. 0.97 lakh crore from August 2019.
The consistent rise in interest income from private sector banks led to overall income growth for the banking system in the first quarter of fiscal year 2020. While public sector banks saw a slight slowdown in interest income growth, private banks continued to see sharp rises in interest income due to expansionary activities. The total income growth of all banks improved due to the growth in private bank interest income.
The RBI has lowered its GDP growth forecast for FY20 substantially to 6.1% due to weak demand and investment conditions. To support measures by the government to arrest the economic slowdown, the RBI cut its repo rate by 25 bps to 5.15%, the lowest in 9 years, and maintained an accommodative monetary policy stance. The MPC revised GDP growth projections downward and said intensified efforts are needed to restore growth momentum.
The document provides a summary of key fiscal developments in India:
- Revenue receipts were 4% higher in the current fiscal year compared to the previous year, with actual revenue collections at 30.7% of budget estimates for April-August 2019 versus 26.9% for the same period last year.
- Non-tax revenue collections were 23% higher than the previous year, while tax revenue collections were fairly in line with previous year trends.
- Fiscal deficit for April-August 2019 stood at 78.7% of budget targets, significantly lower than 94.7% for the same period in the previous year.
- Both revenue and capital expenditures have been lower than the previous year.
- Industrial output rose 4.3% in July 2019 but growth was limited by contractions in capital goods and consumer durables, reflecting subdued investment and demand. The core sector contracted for the first time since 2015 in August 2019 led by declines in coal, crude oil, natural gas, cement and electricity.
- GDP growth fell to a 6-year low of 5% in the first quarter of fiscal year 2020 due to declines in private consumption and moderate growth in manufacturing, financial services and construction. The investment rate increased marginally.
- In August 2019, GST collections were 4.5% higher than the previous year but 4% lower than the previous month. The fiscal deficit was lower than the previous year during
1. Brent crude oil futures rose 1.14% while WTI crude oil futures rose 0.7% as the oil market focuses more on macroeconomic issues than current supply and demand.
2. The US unemployment rate dropped to 3.5%, near a 50-year low, according to a US Labor Department report, while US job growth increased moderately in September.
3. Various metals prices such as gold, silver, and base metals traded with mixed results amid concerns about slowing global growth and unresolved trade disputes.
The document summarizes key points from an Economic Spotlight Report by the Reserve Bank of India (RBI):
1. The RBI transferred Rs. 1,76,051 crore to the Indian government, including Rs. 1,23,414 crore of surplus for 2018-19 and Rs. 52,637 crore from revised economic capital provisions.
2. A committee recommended maintaining the RBI's realized equity, which comprises retained earnings used as a "rainy day" buffer, within a range of 6.5-5.5% of its balance sheet.
3. The increased funds transfer to the government was seen positively as it could help meet budget targets or fund additional stimulus.
- Bank deposits as of June 2019 stood at Rs 126.7 lakh cr while outstanding credit was Rs 97.2 lakh cr, registering 10.1% deposit growth and 11.7% credit growth year-over-year. Public sector banks held the majority share of total deposits and credit.
- However, the share of private sector banks' credit increased considerably from 27.7% in June 2018 to 34% in June 2019, indicating higher credit growth from private banks.
- The quarterly growth in deposits and credit slowed down in the first quarter of fiscal year 2020, attributed to a slowdown in GDP growth for that quarter.
- Petronet LNG's revenue declined 6.1% YoY to Rs86 bn in Q1FY20, while adjusted EBITDA declined 3% YoY to Rs9.1 bn and adjusted PAT grew 4.3% YoY to Rs6.1 bn.
- The company has expansion plans such as setting up additional tanks at Dahej terminal and exploring upstream LNG assets, to boost future growth.
- Sales volume rose 165% YoY with strong volume support from long-term contracts until 2028 and petronet's current market position gives it an edge over competitors.
Kotak Mahindra Bank reported strong financial results for the quarter ended June 2019. Net profit increased 23% to Rs. 1932 crore due to 22% growth in net interest income and 27% rise in non-interest income. Various subsidiaries also reported increased profits. Kotak Prime reported 10% growth in net income and profit. Kotak Mahindra Life Insurance saw 42% rise in gross premiums and 15% increase in profit. The bank maintained stable asset quality while improving net interest margins to 4.49%.
Larsen & Toubro Ltd is an Indian conglomerate with interests in engineering, construction, manufacturing, and technology. The document recommends buying L&T shares with a target price of Rs. 1410 within 3 months. It provides a quick overview of L&T's financial performance, order book, and industry outlook. It also includes a SWOT analysis and financial projections for L&T.
This document summarizes a study analyzing the impact of India's new corporate tax rate of 25.17% on companies' tax savings for the 2019 fiscal year. Key findings of the study include:
- 1,192 companies would see tax savings of Rs 41,555 crore from the new lower tax rate.
- Total tax paid by the 2,377 companies studied was Rs 2.37 lakh crore at an effective tax rate of 27.5%.
- The tax savings could increase banks' ability to lend by up to Rs 1.2 lakh crore if reserves increase due to lower taxes.
HCL Technologies reported strong revenue growth of 18.4% year-over-year for the first quarter of fiscal year 2020, beating analyst estimates. However, operating margins declined due to higher costs. While revenue increased due to recent acquisitions and strong growth across business segments, net profit declined 8.3% due to lower margins. The company expects margins to improve in the coming quarters as the benefits of investments are realized.
This document summarizes a study analyzing the impact of India's new corporate tax regime on 2,377 companies that had positive profits before tax in fiscal year 2019. Some key findings of the study include:
- The new 25.17% corporate tax rate would result in estimated tax savings of Rs. 41,555 crore for 1,192 companies previously paying over 25.2% tax.
- Total tax paid by the 2,377 companies was Rs. 2.37 lakh crore at an effective tax rate of 27.5%.
- Private banks could see tax savings of Rs. 12,000 crore, allowing potential lending capacity of Rs. 1.2 lakh crore if reserves are increased
The World Bank has revised down its price forecasts in line with subdued global growth. Crude oil prices fell 8% in the third quarter despite attacks on Saudi oil infrastructure, and almost all major commodity price indexes declined due to slowing global demand from trade tensions, weak trade, slowing manufacturing and lower output growth. Global oil consumption is projected to grow by 1% in 2019, with non-OECD countries accounting for all the increase and China alone half the rise, while OECD consumption is expected to remain flat.
The document provides a daily market commentary and summary for January 10, 2020. It includes the following key points:
1. The Sensex closed up 147 points and the Nifty closed up 40.6 points. About 1415 shares advanced while 1086 shares declined.
2. Major gainers on the Nifty included Coal India, Tata Motors, Maruti, Infosys, and UltraTech Cement. Major losers included Yes Bank, Zee Entertainment, ICICI Bank, and IndusInd Bank.
3. Technically, the market has completed its correction at 12,250 levels and support is seen at 12,000 levels. Resistance is seen at 12,300 and 12,400
The Nifty fell below 10,750 and the Sensex declined 587 points due to growing impatience with the government's promised stimulus package. Key stocks like Yes Bank, DLF, and Vedanta declined substantially. Overall market breadth was positive with 549 stocks advancing and 1,902 declining. Crude oil prices dipped due to concerns about the global economy and rising US inventories. The rupee also weakened to trade at 71.92 per dollar.
- The document discusses the financial performance of Timken India in the previous fiscal year and provides an outlook for the coming years.
- While all segments performed solidly in FY19, headwinds in the automotive sector are expected to impact growth in the mobile segment.
- The railway segment is expected to report robust growth over the next two years, supported by increased railway capex.
- Timken has successfully integrated its acquisition of ABC Bearings and plans additional capex to utilize ABC's capacities.
This document summarizes key points from an HDFC AMC report on the Indian mutual fund industry. It notes that while cash volumes have grown slowly, derivatives volumes have increased sharply. Delivery volumes have decreased slightly. It also outlines HDFC AMC's strong financial performance and market leadership position, with equity AUM growth outpacing the industry. The outlook is positive given growing SIP participation and a rising equity culture in India.
This document contains summaries of key points from several documents related to HDFC AMC and the Indian mutual fund industry:
1) HDFC AMC has demonstrated strong financial performance over years with 20% annual revenue growth and 28% AUM growth. It enjoys high margins from equity funds which make up 51% of its AUM.
2) HDFC AMC maintains a leadership position in the Indian MF industry with over Rs. 3 trillion in AUM and a 14% market share. It has a large share of high-yielding equity assets and the highest share of individual customers.
3) The Indian MF industry has seen strong growth in AUM over recent years and is expected to continue growing, led by
The document summarizes key points from an Economic Spotlight Report by the Reserve Bank of India (RBI):
1. The RBI transferred Rs. 1,76,051 crore to the Indian government, including Rs. 1,23,414 crore of surplus for 2018-19 and Rs. 52,637 crore from revised economic capital provisions.
2. A committee recommended maintaining the RBI's realized equity, which comprises retained earnings used as a "rainy day" buffer, within a range of 6.5-5.5% of its balance sheet.
3. The increased funds transfer to the government was seen positively as it could help meet budget targets or fund additional stimulus.
- Bank deposits as of June 2019 stood at Rs 126.7 lakh cr while outstanding credit was Rs 97.2 lakh cr, registering 10.1% deposit growth and 11.7% credit growth year-over-year. Public sector banks held the majority share of total deposits and credit.
- However, the share of private sector banks' credit increased considerably from 27.7% in June 2018 to 34% in June 2019, indicating higher credit growth from private banks.
- The quarterly growth in deposits and credit slowed down in the first quarter of fiscal year 2020, attributed to a slowdown in GDP growth for that quarter.
- Petronet LNG's revenue declined 6.1% YoY to Rs86 bn in Q1FY20, while adjusted EBITDA declined 3% YoY to Rs9.1 bn and adjusted PAT grew 4.3% YoY to Rs6.1 bn.
- The company has expansion plans such as setting up additional tanks at Dahej terminal and exploring upstream LNG assets, to boost future growth.
- Sales volume rose 165% YoY with strong volume support from long-term contracts until 2028 and petronet's current market position gives it an edge over competitors.
Kotak Mahindra Bank reported strong financial results for the quarter ended June 2019. Net profit increased 23% to Rs. 1932 crore due to 22% growth in net interest income and 27% rise in non-interest income. Various subsidiaries also reported increased profits. Kotak Prime reported 10% growth in net income and profit. Kotak Mahindra Life Insurance saw 42% rise in gross premiums and 15% increase in profit. The bank maintained stable asset quality while improving net interest margins to 4.49%.
Larsen & Toubro Ltd is an Indian conglomerate with interests in engineering, construction, manufacturing, and technology. The document recommends buying L&T shares with a target price of Rs. 1410 within 3 months. It provides a quick overview of L&T's financial performance, order book, and industry outlook. It also includes a SWOT analysis and financial projections for L&T.
This document summarizes a study analyzing the impact of India's new corporate tax rate of 25.17% on companies' tax savings for the 2019 fiscal year. Key findings of the study include:
- 1,192 companies would see tax savings of Rs 41,555 crore from the new lower tax rate.
- Total tax paid by the 2,377 companies studied was Rs 2.37 lakh crore at an effective tax rate of 27.5%.
- The tax savings could increase banks' ability to lend by up to Rs 1.2 lakh crore if reserves increase due to lower taxes.
HCL Technologies reported strong revenue growth of 18.4% year-over-year for the first quarter of fiscal year 2020, beating analyst estimates. However, operating margins declined due to higher costs. While revenue increased due to recent acquisitions and strong growth across business segments, net profit declined 8.3% due to lower margins. The company expects margins to improve in the coming quarters as the benefits of investments are realized.
This document summarizes a study analyzing the impact of India's new corporate tax regime on 2,377 companies that had positive profits before tax in fiscal year 2019. Some key findings of the study include:
- The new 25.17% corporate tax rate would result in estimated tax savings of Rs. 41,555 crore for 1,192 companies previously paying over 25.2% tax.
- Total tax paid by the 2,377 companies was Rs. 2.37 lakh crore at an effective tax rate of 27.5%.
- Private banks could see tax savings of Rs. 12,000 crore, allowing potential lending capacity of Rs. 1.2 lakh crore if reserves are increased
The World Bank has revised down its price forecasts in line with subdued global growth. Crude oil prices fell 8% in the third quarter despite attacks on Saudi oil infrastructure, and almost all major commodity price indexes declined due to slowing global demand from trade tensions, weak trade, slowing manufacturing and lower output growth. Global oil consumption is projected to grow by 1% in 2019, with non-OECD countries accounting for all the increase and China alone half the rise, while OECD consumption is expected to remain flat.
The document provides a daily market commentary and summary for January 10, 2020. It includes the following key points:
1. The Sensex closed up 147 points and the Nifty closed up 40.6 points. About 1415 shares advanced while 1086 shares declined.
2. Major gainers on the Nifty included Coal India, Tata Motors, Maruti, Infosys, and UltraTech Cement. Major losers included Yes Bank, Zee Entertainment, ICICI Bank, and IndusInd Bank.
3. Technically, the market has completed its correction at 12,250 levels and support is seen at 12,000 levels. Resistance is seen at 12,300 and 12,400
The Nifty fell below 10,750 and the Sensex declined 587 points due to growing impatience with the government's promised stimulus package. Key stocks like Yes Bank, DLF, and Vedanta declined substantially. Overall market breadth was positive with 549 stocks advancing and 1,902 declining. Crude oil prices dipped due to concerns about the global economy and rising US inventories. The rupee also weakened to trade at 71.92 per dollar.
- The document discusses the financial performance of Timken India in the previous fiscal year and provides an outlook for the coming years.
- While all segments performed solidly in FY19, headwinds in the automotive sector are expected to impact growth in the mobile segment.
- The railway segment is expected to report robust growth over the next two years, supported by increased railway capex.
- Timken has successfully integrated its acquisition of ABC Bearings and plans additional capex to utilize ABC's capacities.
This document summarizes key points from an HDFC AMC report on the Indian mutual fund industry. It notes that while cash volumes have grown slowly, derivatives volumes have increased sharply. Delivery volumes have decreased slightly. It also outlines HDFC AMC's strong financial performance and market leadership position, with equity AUM growth outpacing the industry. The outlook is positive given growing SIP participation and a rising equity culture in India.
This document contains summaries of key points from several documents related to HDFC AMC and the Indian mutual fund industry:
1) HDFC AMC has demonstrated strong financial performance over years with 20% annual revenue growth and 28% AUM growth. It enjoys high margins from equity funds which make up 51% of its AUM.
2) HDFC AMC maintains a leadership position in the Indian MF industry with over Rs. 3 trillion in AUM and a 14% market share. It has a large share of high-yielding equity assets and the highest share of individual customers.
3) The Indian MF industry has seen strong growth in AUM over recent years and is expected to continue growing, led by
- Bharti Airtel reported its quarterly financial results for Q1 FY2020, ending September 30, 2019.
- Key highlights include a customer base of 404 million across 16 countries, revenue growth in India and Africa, and increased mobile data traffic and ARPU in India.
- However, the company reported a net loss of Rs. 2,866 crore for Q1 FY2020 due to ongoing price competition from Reliance Jio in India.
- UPL Ltd reported revenue growth of 91.2% year-over-year for Q1FY20 driven by its acquisition of Arysta. Excluding M&A effects, revenue grew 6.7% year-over-year.
- EBITDA margin declined due to purchase price allocation adjustments related to the Arysta acquisition but margins improved when excluding these effects.
- The company achieved expected synergies from the Arysta acquisition during the quarter and expects synergies to increase going forward to help boost margins.
- Management maintained its full-year revenue and EBITDA growth guidance.
- Morgan Stanley maintains a Sell rating on Wipro with a target price of Rs 205, noting Q2 IT services revenue was in line and EBIT margin was above estimates due to cost controls.
- UBS maintains a Neutral rating on ACC and MCX, while raising the target price for ACC. Cement volumes remain weak and focus is on demand recovery by November.
- Nomura maintains an Overweight rating on ACC, raising the target price due to earnings beating estimates on stronger revenue and lower costs. Management highlighted increasing participation and product suite in addition to cyclical factors.
The document provides an overview and key points about Bharat Electronics Ltd from a 19 September report:
- Revenue growth of 12-15% is guided for FY20 driven by a strong order backlog of Rs576 bn. Order inflow for FY20 is expected to be Rs130-150 bn.
- New areas of growth include space electronics, solar, homeland security and more to drive future non-defense revenue.
- The company is focusing on artificial intelligence projects and increasing indigenization.
- Two large upcoming orders are LRSAM (Rs150bn) and Akash (Rs53.6bn) missile systems.
- DBL reported lower than expected revenue of Rs22.9bn due to delays in receiving appointed dates for its HAM projects. EBITDA was ahead of estimates but PAT declined 51% YoY due to higher costs.
- Despite the weak quarter, the company maintained its 10-15% revenue growth guidance as it has received dates for 10 of 12 HAM projects and expects the remaining two by October.
- The Shrem deal is expected to be concluded over the next two quarters as DBL nears completion of under construction HAM projects that were part of the deal.
The document summarizes changes to debenture redemption reserve (DRR) requirements for listed companies, non-banking financial companies (NBFCs), and housing finance companies (HFCs) in India. The key points are:
1) DRR requirements have been removed for listed companies, NBFCs, and HFCs for both public and private debt issuances.
2) DRR requirements have been reduced from 25% to 10% for unlisted companies.
3) Clarity is still needed on whether reserve fund requirements will apply to all debt issuances or just public issuances going forward.
- The document is a brokerage report from Morgan Stanley dated 7 October 2019 that provides updates on several companies and industries.
- It maintains an 'Equal-weight' rating for one company with a target price of Rs 3,700 and notes moderation in AUM growth and new customer acquisition.
- For another company, it maintains a 'Buy' rating but increases the target price to factor in a lower tax rate and lower revenue growth.
- It also maintains an 'Overweight' rating for a bank and notes a strong sequential pick-up in growth.
The brokerage report discusses analysis and recommendations from Morgan Stanley and other brokerages on various companies. Morgan Stanley maintained an 'Overweight' rating on Zee Entertainment with a price target of Rs. 416 and believes the market should start re-pricing the company based on its strong fundamentals. The government approved a two-year moratorium on spectrum payments which provides relief to Vodafone Idea but telcos still need to pay remaining spectrum dues for 2019-20.
Several brokerage firms issued reports on various companies with the following key points:
- Macquarie maintained a 'Buy' rating on DB Corp but cut its price target, citing an earnings beat but lacklustre ad revenues.
- CLSA maintained an 'Underweight' rating on Federal Bank and cut its price target, noting weak asset quality and earnings pressure.
- Morgan Stanley maintained an 'Underperform' rating on Bandhan Bank, concerned about large ticket sizes in some regions.
- Citi maintained an 'Overweight' rating on SBI Life, seeing strong growth and improving margins.
The document provides brokerage reports and recommendations for several companies from Macquarie, CLSA, JP Morgan, and CLSA on October 24, 2019.
Macquarie maintained a 'Sell' rating for Hero MotoCorp with a higher price target, noting decent performance but more regulatory pressure ahead. CLSA maintained an 'Outperform' rating for HCL Tech, seeing revenue growth and margin improvement. JP Morgan maintained a 'Sell' rating for JSW Steel, pointing to lower steel prices taking a toll on margins.
The document provides brokerage reports from Macquarie, Morgan Stanley, HSBC, and Morgan Stanley on various companies.
Macquarie maintains an 'Overweight' rating on a company but cuts its price target, citing a focus on reducing debt and improving execution. Morgan Stanley maintains a 'Buy' rating on a company and hikes the price target, noting operating trends remain strong in telecom and retail. HSBC downgrades a company to 'Neutral' as the stock is fully valued after delivering 50% returns in the last three quarters. Morgan Stanley maintains an 'Overweight' rating on a company but says rural consumer spending remains muted.
The document provides a summary of brokerage reports on various companies. CLSA maintained an 'Overweight' rating on a company and hiked the price target. Morgan Stanley cut the price target for two companies due to concerns over profitability. HSBC noted decent sales for passenger vehicles and two-wheelers during the festive season but muted commentary from automakers. Price targets and ratings were changed for HDFC, ICICI Bank, and Mahindra CIE Automotive.
The document provides a brokerage report from Goldman Sachs, Edelweiss, Macquarie, Citibank, and HSBC on various companies such as Havells India, IndusInd Bank, TCS, Bharat Forge, and ICICI Lombard. The brokers provide updates on their ratings and price targets for these companies. Some key points mentioned are volatility in the BFSI and retail sectors dragging overall growth, margin expectations being cut, and outlook being challenged in some sectors due to market pressures.
The brokerage report provides updates and recommendations from several brokerage firms on various companies. Citi downgraded Citi to Neutral and cut its price target due to profit miss from weak margins. Goldman Sachs upgraded Page Industries to Buy and hiked its price target due to strong second quarter results. CLSA maintained its Buy rating on L&T and hiked its price target due to its positioning in core businesses and expected improvement in returns.
The document provides brokerage reports and analysis on several companies from firms like JP Morgan, CLSA, Macquarie, UBS, and Edelweiss. The reports give investment ratings and price targets on companies like ZEEL, Cyient, PVR, and TVS Motors. The reports analyze recent quarterly results, business outlook, demand trends in relevant industries, and prospects for margin growth.
The document provides brokerage reports and recommendations from several firms on various companies and sectors:
- CLSA maintains a 'Buy' rating on UPL but cuts its target price and expects the company's free cash flows to turn positive in 2022.
- UBS initiates an 'Overweight' rating on UPL with a high target price, citing synergies from the Arysta acquisition and the need for earnings execution.
- For the Indian telecom sector, JPMorgan notes rising 4G penetration and data adoption as long-term drivers but changes in leadership and tariff hike uncertainty.
- HSBC downgrades Apollo Tyres to 'Neutral' due to uncertainty around mines and lower
The document provides brokerage reports and analysis on several companies from JP Morgan, BOFAML, Macquarie, CLSA, and Credit Suisse. JP Morgan maintained an 'Underperform' rating for Gujarat Gas but hiked the price target. BOFAML maintained an 'Outperform' for Gujarat Gas. Macquarie upgraded M&M to 'Overweight' citing improving farm business outlook. CLSA maintained an 'Outperform' for ABB India. Credit Suisse downgraded Titan to 'Sell'.
The document summarizes the liquidity conditions in the Indian banking system for the week ending September 20, 2019. It notes that while the banking system maintained an overall liquidity surplus, the surplus declined sharply from the previous week due to tax payments and higher government borrowings. It also mentions that liquidity conditions are expected to improve slightly in the current week but could still be weighed on by various outflows.
This document provides a summary of key economic data being released during the week of March 9-14, 2020. It lists the date, time, and country/region that the economic indicator is being released for, along with the specific indicator such as consumer confidence, GDP, manufacturing PMI, etc. There is also a disclaimer at the end related to the information provided and legal terms of using the website.
The document provides a report on gold and silver prices and analysis from the MCX (Multi Commodity Exchange) on March 21, 2020.
The 3 sentence summary is:
Gold prices on the MCX rose 0.75% to Rs. 40,129 per 10 grams as speculators created new positions amid a firm global trend, while silver prices soared Rs. 914 to Rs. 36,016 per kg as participants widened bets due to a firm global trend. The report provides technical analysis and recommendations to sell gold at Rs. 38,400 and silver at Rs. 33,047 based on support and resistance levels.
The document provides details of an option trading strategy for Ultratech Cement. It recommends buying 3400 call options of Ultratech Cement at Rs. 299 with a lot size of 200, maximum loss of Rs. 63,100, and unlimited profit potential. The strategy rationale is that Ultratech Cement has broken resistance and sustained above that level, indicating a high probability of the stock price rising further.
- The USD was higher against the INR on Friday after the Indian Prime Minister announced a nationwide curfew on Sunday to combat the spread of coronavirus.
- USD/INR was trading at 75.15, up 0.50% for the day. The research recommendation was to buy USD/INR at 75.24 with a target of 76.5 and stop loss of 74.2.
- The document provided a technical analysis of USD/INR along with a research recommendation for trading the currency pair.
The document provides analysis and recommendations on the Indian stock market and some specific stocks. It discusses key support and resistance levels for indexes like Nifty and Bank Nifty. It provides both short term and medium term buy recommendations for stocks like Reliance, Tata Steel, and Maruti among others. The document also summarizes global market conditions and movements in crude oil prices.
Silver, gold and crude oil futures prices rose on Friday according to the commodity snapshot document. Natural gas markets fluctuated after rising on Thursday. Nickel futures also gained on Friday due to rising demand. The aluminum industry may see reduced production and loads due to the automotive sector slowing down as a result of the coronavirus crisis in Germany and Europe. Rubber prices declined as tyre makers and domestic stockists were not interested in increasing commitments.
- The document provides a sector-wise breakdown of the movement in the Indian stock market on March 21, 2020. Most sectors saw gains ranging from 3.4% to 10.1%.
- It also lists support and resistance levels for the Nifty and Bank Nifty indexes. Foreign and domestic institutional investor activity is shown for the past few days.
- The indexes saw gains on March 20 on hopes of a government stimulus and positive global cues, breaking a four-day losing streak. However, the market remains sell-on-rally due to coronavirus pessimism.
JSW Steel is an Indian steel company and one of the fastest growing in India. It has a footprint in over 140 countries. JSW Steel is India's second largest private sector steel company with an installed capacity of 18 MTPA. The document provides a rating of "Buy" for JSW Steel with a target price of INR 250 and discusses the company's financial performance, growth, capacity expansion plans, and valuation compared to peers.
- The stock market indices in India ended lower for the fourth consecutive session on March 19 due to concerns over the COVID-19 pandemic and its economic impact. The Sensex closed down 581 points and Nifty fell 205 points.
- The economic impact of the COVID-19 pandemic is being felt globally via supply chain disruptions and a slowdown in demand as more countries implement lockdowns and social distancing measures. This will likely weaken the global economy in the first half of 2020.
- The effects of the pandemic are expected to be prolonged, with supply chain disruptions in China gradually easing by mid-April but the impact on travel and tourism likely lasting until June. Weak demand from lockdowns
- Gold futures rose on Friday due to safe haven demand amid the accelerated spread of COVID-19, lower US equities, and a weaker US dollar.
- The Dow Jones fell 0.8% and the US Dollar Index fell 0.25%, both lending support to gold prices.
- Silver markets also rallied, piercing the $13 level and looking to build a base as the market has been oversold, though industrial demand for silver will be negatively impacted by the pandemic.
Sector weekly perfomance 21 st mar - 2020stockquint
This document provides a weekly sector performance report covering several industries in India. It discusses how the continued spread of COVID-19 is negatively impacting the automobile sector through supply chain disruptions from China and potential declines in demand. It also notes challenges for the banking sector from the pandemic's economic effects. The FMCG sector continues to see a slowdown, especially in rural areas. The pharmaceutical industry may need to reduce dependence on China for active pharmaceutical ingredients. The NBFC, oil and gas, and stressed asset management sectors are also addressed.
Derivative weekly report 21 st mar - 2020stockquint
The document provides analysis of the Indian stock market and recommends buying Hindustan Unilever Limited futures. It analyzes technical indicators for the Nifty 50 index and Bank Nifty index, noting support and resistance levels. It also discusses currency movements between the Indian rupee and US dollar. Open interest data for various securities is presented.
- Several key sectors saw declines last week, with the BSE PSU index falling -133.2 points and the BSE Bankex index declining -236.68 points.
- The Nifty index failed to break above previous highs and closed the week down 32.6 points at 12,080.85. Technical indicators suggest the potential for further declines in the short term.
- Mobile carriers including Vodafone Idea were ordered to pay thousands of crores in dues following a Supreme Court ruling. Official macroeconomic data will be monitored for signs of economic revival.
This document provides a weekly sector analysis and stock picks for the third week of February 2020. It includes:
- A performance summary of various sectors for the week.
- Potential stock picks to buy or sell for the week, including entry prices and targets.
- A discussion of developments in sectors such as banking, auto, energy, and telecom.
This document provides a summary of key economic data being released for the week of February 24, 2020 to February 29, 2020 from various countries including New Zealand, Eurozone, Australia, Canada, China, and the United States. It also includes disclaimers about investment risks and responsibilities for the information provided.
- The weekly market report provides an overview of the performance of key indices like Nifty and Bank Nifty for the week ending February 20, 2020. Nifty ended the week lower by 32 points at 12,080 levels while Bank Nifty closed lower by 287 points at 30,942 levels.
- Most sectors ended in red for the week with auto, metal and PSU banking indices falling the most. IT was the only sector in green, gaining over 1%. Foreign institutional investors were net sellers in the cash market during the week.
- Going forward, analysts will monitor official economic data for signs of recovery in the slowing Indian economy. The report provides technical levels for the indices along with details of sector performances.
Independent Study - College of Wooster Research (2023-2024) FDI, Culture, Glo...AntoniaOwensDetwiler
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Economic Risk Factor Update: June 2024 [SlideShare]Commonwealth
May’s reports showed signs of continued economic growth, said Sam Millette, director, fixed income, in his latest Economic Risk Factor Update.
For more market updates, subscribe to The Independent Market Observer at https://blog.commonwealth.com/independent-market-observer.
STREETONOMICS: Exploring the Uncharted Territories of Informal Markets throug...sameer shah
Delve into the world of STREETONOMICS, where a team of 7 enthusiasts embarks on a journey to understand unorganized markets. By engaging with a coffee street vendor and crafting questionnaires, this project uncovers valuable insights into consumer behavior and market dynamics in informal settings."
Understanding how timely GST payments influence a lender's decision to approve loans, this topic explores the correlation between GST compliance and creditworthiness. It highlights how consistent GST payments can enhance a business's financial credibility, potentially leading to higher chances of loan approval.
Abhay Bhutada, the Managing Director of Poonawalla Fincorp Limited, is an accomplished leader with over 15 years of experience in commercial and retail lending. A Qualified Chartered Accountant, he has been pivotal in leveraging technology to enhance financial services. Starting his career at Bank of India, he later founded TAB Capital Limited and co-founded Poonawalla Finance Private Limited, emphasizing digital lending. Under his leadership, Poonawalla Fincorp achieved a 'AAA' credit rating, integrating acquisitions and emphasizing corporate governance. Actively involved in industry forums and CSR initiatives, Abhay has been recognized with awards like "Young Entrepreneur of India 2017" and "40 under 40 Most Influential Leader for 2020-21." Personally, he values mindfulness, enjoys gardening, yoga, and sees every day as an opportunity for growth and improvement.
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2. Elemental Economics - Mineral demand.pdfNeal Brewster
After this second you should be able to: Explain the main determinants of demand for any mineral product, and their relative importance; recognise and explain how demand for any product is likely to change with economic activity; recognise and explain the roles of technology and relative prices in influencing demand; be able to explain the differences between the rates of growth of demand for different products.
Falcon stands out as a top-tier P2P Invoice Discounting platform in India, bridging esteemed blue-chip companies and eager investors. Our goal is to transform the investment landscape in India by establishing a comprehensive destination for borrowers and investors with diverse profiles and needs, all while minimizing risk. What sets Falcon apart is the elimination of intermediaries such as commercial banks and depository institutions, allowing investors to enjoy higher yields.
"Does Foreign Direct Investment Negatively Affect Preservation of Culture in the Global South? Case Studies in Thailand and Cambodia."
Do elements of globalization, such as Foreign Direct Investment (FDI), negatively affect the ability of countries in the Global South to preserve their culture? This research aims to answer this question by employing a cross-sectional comparative case study analysis utilizing methods of difference. Thailand and Cambodia are compared as they are in the same region and have a similar culture. The metric of difference between Thailand and Cambodia is their ability to preserve their culture. This ability is operationalized by their respective attitudes towards FDI; Thailand imposes stringent regulations and limitations on FDI while Cambodia does not hesitate to accept most FDI and imposes fewer limitations. The evidence from this study suggests that FDI from globally influential countries with high gross domestic products (GDPs) (e.g. China, U.S.) challenges the ability of countries with lower GDPs (e.g. Cambodia) to protect their culture. Furthermore, the ability, or lack thereof, of the receiving countries to protect their culture is amplified by the existence and implementation of restrictive FDI policies imposed by their governments.
My study abroad in Bali, Indonesia, inspired this research topic as I noticed how globalization is changing the culture of its people. I learned their language and way of life which helped me understand the beauty and importance of cultural preservation. I believe we could all benefit from learning new perspectives as they could help us ideate solutions to contemporary issues and empathize with others.
Vicinity Jobs’ data includes more than three million 2023 OJPs and thousands of skills. Most skills appear in less than 0.02% of job postings, so most postings rely on a small subset of commonly used terms, like teamwork.
Laura Adkins-Hackett, Economist, LMIC, and Sukriti Trehan, Data Scientist, LMIC, presented their research exploring trends in the skills listed in OJPs to develop a deeper understanding of in-demand skills. This research project uses pointwise mutual information and other methods to extract more information about common skills from the relationships between skills, occupations and regions.
2. 1
INVESTMENT HIGHLIGHTS
•Operational performance came in healthy at 30% YoY to Rs 783 crs led by higher other income at Rs 392
crs (45% YoY). However, NII growth came in at 18% YoY to Rs 1154 crs.
•Advance growth came in lower at 19% YoY to Rs 113717 crs. However, growth run rate was a bit slower
compared to previous run rate. This growth was driven by traction in retail (26% YoY to Rs 32797 crs) and
corporate segment (18% YoY to Rs 48211 crs). Growth in SME segment was slower. Deposit grew 19% YoY
to Rs 132537 crs, with strong growth in CA deposits.
•Loan book has grown at a CAGR of 25% during FY16-19. Management has guided for similar growth
momentum to continue. With large part of the asset quality issues behind, bank is geared up to realign its
portfolio in favour of higher yielding segments like unsecured retail, commercial vehicle and business
banking.
•Led by higher slippages in the quarter, provisions increased 8% QoQ, to Rs 192 crs, and PAT totalled Rs 384
crs, up 46% YoY
Federal Bank
4 September
Key Highlights
• Loan Book growth moderates, albeit seasonal: Loan growth of 1.6%/18.8% QoQ/YoY was driven by retail
(26% YoY) & agri loans (22% YoY). Growth across business banks/commercial banking slowed down to
13%/12% as management sounded cautious on SME/corporate loans. SME book outside Kerala grew at
14.4% YoY, while that in Kerala increased at 9.5% YoY. Corporate loan book now accounts for 42.4% of
overall loan book. Management has guided to have 50:50 mix between retail and wholesale over the next
2-3 years.
• Drop in CASA: FB registered muted CASA growth of 11.9% YoY, driven by 23% growth in CA deposits. CASA
ratio declined 71bp QoQ to 31.4% as overall CASA growth trailed deposits growth. The proportion of retail
deposits stood at 93% (91% in Q4FY19) which is amongst the best in the banking system.
• Other income led by treasury: Higher treasury income (Rs 91cr, up 86/23% YoY/QoQ) due to a fall in yields
drove the growth in other income by 45% YoY. Cards (Rs 58cr, up 53/12% YoY/QoQ) and general banking
fees (Rs 75cr, up 36/7% YoY/QoQ) saw a sharp rise. Processing fees (Rs 49cr) were sequentially flat, while
CEB (Rs 32cr) dipped ~11% QoQ. FB received Rs 20cr as dividend from its insurance subsidiary.
3. 2
Key Q1FY20 Conference Call Highlights -
• Opening balance on IL&FS exposure was Rs. 2.4 bn of which Rs. 0.32 bn slipped during the quarter. The
remaining exposure is amber and standard, and could become green in Q2FY20. The bank holds 10%
provision coverage on this exposure.
• Exposure to NBFCs and HFCs has increased since the bank had some good opportunities with some good
names.
• FBL has guided for RoA of 1.12% in FY20 exit quarter and 1.25% in FY21 exit quarter
• Gold loan portfolio outstanding as of Q1FY20 is Rs. 75.21 bn.
• Of the total 35-40 branches that would be opened during the year, 10 would be in Tamil Nadu and 10 in the
western region.
• The management expects to see slippages from flood-affected parts in Kerala due to expectations of
moratorium extension. The state, as per the management is pushing to lengthen the moratorium; however,
regulators are not in favour of this.
Federal Bank
4 September
Financial Summary
6. 4
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