- 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.
- 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.
- 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.
Brigade Enterprises reported a 1% YoY increase in revenue to Rs7,087 crore in Q1FY20 due to a 10% YoY rise in real estate income, while hospitality and leasing revenue declined. EBITDA margin remained flat at 25.7% as employee expenses rose 26% YoY. Residential and commercial sales volumes increased 173% and 46% YoY respectively, with average realization rising 2% YoY. Net debt increased due to rises in residential, hospitality and leasing capex debt. Net cash flow after interest costs declined due to increased construction costs and interest expenses.
- 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
DLF's net profit jumped 79% in Q4FY19 due to an 81% rise in total revenue driven by a doubling of pre-sales. DLF successfully raised Rs. 3,173 crore through a QIP and Rs. 11,250 crore from promoters, reducing net debt by 38% in Q4. While net profit declined in FY19 due to an exceptional gain in FY18, sales bookings more than doubled in FY19. With deleveraging largely complete, DLF's focus is shifting to gradual profitable growth in its core businesses.
The document summarizes the Asian Development Bank's revised outlook for the Indian economy in fiscal years 2019 and 2020. It reports that growth is now expected to be 6.5% in FY2019, down from the previous forecast of 7%, due to weaker growth in the first quarter. It also predicts growth of 7.2% in FY2020, unchanged from the previous forecast, expecting a recovery in domestic demand and investment.
HCL Technologies launches dedicated Google Cloud business unit to accelerate cloud adoption worldwide. India will appeal a WTO panel ruling that held its export incentive schemes are inconsistent with global trade norms. SEBI directs listed banks to disclose any bad loan provisioning divergence within 24 hours of receiving RBI's risk assessment report. Airtel slashes broadband plan prices by up to 10% and loads additional data.
- 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.
- 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.
Brigade Enterprises reported a 1% YoY increase in revenue to Rs7,087 crore in Q1FY20 due to a 10% YoY rise in real estate income, while hospitality and leasing revenue declined. EBITDA margin remained flat at 25.7% as employee expenses rose 26% YoY. Residential and commercial sales volumes increased 173% and 46% YoY respectively, with average realization rising 2% YoY. Net debt increased due to rises in residential, hospitality and leasing capex debt. Net cash flow after interest costs declined due to increased construction costs and interest expenses.
- 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
DLF's net profit jumped 79% in Q4FY19 due to an 81% rise in total revenue driven by a doubling of pre-sales. DLF successfully raised Rs. 3,173 crore through a QIP and Rs. 11,250 crore from promoters, reducing net debt by 38% in Q4. While net profit declined in FY19 due to an exceptional gain in FY18, sales bookings more than doubled in FY19. With deleveraging largely complete, DLF's focus is shifting to gradual profitable growth in its core businesses.
The document summarizes the Asian Development Bank's revised outlook for the Indian economy in fiscal years 2019 and 2020. It reports that growth is now expected to be 6.5% in FY2019, down from the previous forecast of 7%, due to weaker growth in the first quarter. It also predicts growth of 7.2% in FY2020, unchanged from the previous forecast, expecting a recovery in domestic demand and investment.
HCL Technologies launches dedicated Google Cloud business unit to accelerate cloud adoption worldwide. India will appeal a WTO panel ruling that held its export incentive schemes are inconsistent with global trade norms. SEBI directs listed banks to disclose any bad loan provisioning divergence within 24 hours of receiving RBI's risk assessment report. Airtel slashes broadband plan prices by up to 10% and loads additional data.
The cement sector in India is the second largest in the world. Production capacity was 502 MTPA in 2018 and is expected to increase by 20 MTPA by 2021. Cement production is projected to grow 5-7% in 2020 due to demand from infrastructure projects. Exports of cement have increased at a CAGR of 10.54% between 2012-2019 while imports have risen 7.99% annually. Major strategies in the sector include expanding regional presence, partnerships for more efficient production, and mergers and acquisitions.
Maruti Suzuki India Limited registered a strong revenue decline of 14.1% in Q1FY20, reaching Rs.18,735cr. Domestic unit sales declined 19.3% YoY to 374,481 units while exports grew 5.5% YoY. Operating margins declined 57.1% YoY to Rs. 1,129cr and net profit slumped to Rs 1,436cr due to lower sales volume and high depreciation expenses. The company expects demand to remain low.
The document provides a summary of the top 10 things to know from November 7th, including:
1) Lupin plans to seek re-inspection of its Goa and Somerset plants by the USFDA by March 2020.
2) Indiabulls Housing Finance reported a 32% decline in Q2 net profit.
3) Moody's placed Yes Bank's ratings under review for a possible downgrade.
Boris Johnson sent an unsigned letter to the EU requesting a Brexit extension as required by law, though he wants to leave by the October 31 deadline.
Thomas Cook India's domestic leisure business is growing at 25% annually, outpacing its outbound segment, and it does not expect the collapse of UK's Thomas Cook to impact its operations.
Shree Cements' September 2019 net sales were up 5.22% year-over-year to Rs 3,004.45 crore, while net profit increased 414.1% to Rs 310.62 crore over the same period.
This document contains disposal instructions for handling foreign inward remittances received by Axis Bank Ltd. It provides details such as:
1) Standing or transaction-specific instructions for crediting remittances.
2) Currency, maximum amount, and account numbers for crediting amounts in INR, foreign currency, or splitting between accounts.
3) Purpose codes and supporting documents required within 15 days of credit.
4) Declarations that transactions do not involve prohibited entities, third parties, or contravene regulations.
Pakistan fertilizers - GIDC, adding up to the uncertainitiesAijaz Siddique
The document discusses the implications of a recent Sindh High Court ruling against the application of Gas Infrastructure Development Cess (GIDC) on natural gas consumed by industries. It outlines three possible scenarios for how the government may respond - keeping GIDC in place, removing it without retrospective refunds and lowering urea prices, or removing it retrospectively which would require large refunds to fertilizer companies. The author argues that retaining GIDC is most likely due to fiscal constraints, but some fertilizer stocks could experience short-term price fluctuations pending clarity on the issue.
VTPA key features of revised safe harbour rulesVispi T. Patel
The CBDT has notified revised Safe Harbour Rules vide Notification No. 46/2017 providing for a decrease in the Safe Harbour margins for most of the eligible international transactions and the inclusion of low value adding intra group services as one of the eligible international transactions.
Enclosed herewith is a summary of the changes
The National Pension System (NPS) is a defined contribution pension scheme that replaced the existing pension scheme for new government employees in India starting January 2004. Principal Accounts Offices function as Primary Accounts Offices to facilitate registration of subscribers, upload contribution files, deposit contributions to the Trustee Bank for investment, update requests, and resolve grievances related to the NPS. The document provides details on the roles and responsibilities of Primary Accounts Offices and processes for registration, contributions, withdrawals and refunds under the NPS.
The document analyzes changes to India's service tax relating to the 2015 Union Budget. Key changes include:
- The service tax rate is increased from 12% to 14%.
- Education and SHE cess are subsumed into the 14% tax rate.
- A new 2% Swachh Bharat cess will be imposed on taxable services, resulting in a total service tax rate of 16%.
- Various penalty provisions and rates are amended.
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
During the first half of fiscal year 2020 (H1 FY20), India's industrial output grew at a moderate rate of 1.3%, which was 3.9% lower than the growth rate in H1 FY19. In September 2019, industrial output contracted by 4.3%, the highest contraction in the past 5 years, due to weak investment climate and consumer demand. All sectors except intermediate goods registered a contraction, with the mining sector contracting for the first time in 9 months, manufacturing declining for the second consecutive month, and electricity and infrastructure goods also contracting.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
The document provides information on the Senior Citizens Savings Scheme launched by the Government of India in 2004, which allows individuals aged 60 or older to open a fixed deposit earning interest exempt from income tax. The scheme has eligibility criteria regarding age and retirement status, allows deposits up to Rs. 15 lakh for 5 years with options to renew or prematurely close with penalties, and specifies interest rates, nomination rules, and procedures for handling accounts upon a depositor's death.
The document provides a summary of 10 news stories:
1) Reliance Industries increases its stake in Future101 Design to 17.5%.
2) HDFC acquires a 9.89% stake in Bandhan Bank as part of a merger scheme.
3) Credit rating agency Care downgrades ratings for Vodafone Idea's bank facilities and bonds due to a recent court ruling on telecom dues.
The document discusses provident funds in Bangladesh. It defines a provident fund as a mandatory retirement savings scheme jointly established by employers and employees to provide long-term savings for employees upon retirement. Both employees and employers must contribute a percentage of the employee's monthly salary to the fund. The statutory contribution rate is 10% as prescribed by law. Upon retirement, employees can access the accumulated contributions and interest in their provident fund account. While provident funds provide an attachable and non-withdrawable source of funds for retirement, they may not generate sufficient returns to cover an individual's full post-retirement needs on their own.
US$30M LOAN - 12 % Debt Only - CASH OR GOLDNorm Dobson
Facilitation of a loan by a Lender/investor. The Lender/investor would receive 12% interest over a 4-year period.
The loan amount shall be sent through the US LLC.
Option 1: Principal + Interest
Option 2: Principal + Physical Gold
Option 3: Physical Gold
This document discusses provident funds, which are mandatory retirement savings schemes jointly established by employers and employees. Key points:
1) Provident funds are long-term savings funds to support employees upon retirement. Both employees and employers contribute a portion of monthly salary, typically 7-15%.
2) Bangladesh law requires permanent employees to contribute 7-8% of monthly salary and employers to match this amount. Contribution rates and rules are also set by individual employers.
3) Upon leaving employment, the total contributions and interest are paid out to the employee from their provident fund account.
This document is a mandate form for policyholders of Life Insurance Corporation of India to pay their insurance premiums through electronic funds transfer from their bank account. It contains fields for the policyholder to provide their name, policy details, contact information, bank account details from which premiums will be debited, and a signature authorizing LIC to debit their account for the premium amounts. It notes that debits will occur on the 7th, 15th or 28th of each month depending on the policy due date. It also provides instructions that the policyholder should give a copy of the completed form to their bank, and that instead of premium receipts, an annual payment certificate will be provided for policies under the new electronic payment mode
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.
BPCL reported a 4.1% increase in Q1FY20 revenue driven by higher volumes. However, profitability declined due to lower refining margins and higher inventory losses. While demand outlook remains subdued, the company is expected to benefit from its strong retail network and higher refinery utilization. It plans to set up 6000 new retail outlets over 3 years and capex of Rs. 87 billion in FY20. Analysts have cut FY20 earnings forecasts due to high inventory losses but maintained target price of Rs. 412 based on valuation of core business and investments.
- 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 cement sector in India is the second largest in the world. Production capacity was 502 MTPA in 2018 and is expected to increase by 20 MTPA by 2021. Cement production is projected to grow 5-7% in 2020 due to demand from infrastructure projects. Exports of cement have increased at a CAGR of 10.54% between 2012-2019 while imports have risen 7.99% annually. Major strategies in the sector include expanding regional presence, partnerships for more efficient production, and mergers and acquisitions.
Maruti Suzuki India Limited registered a strong revenue decline of 14.1% in Q1FY20, reaching Rs.18,735cr. Domestic unit sales declined 19.3% YoY to 374,481 units while exports grew 5.5% YoY. Operating margins declined 57.1% YoY to Rs. 1,129cr and net profit slumped to Rs 1,436cr due to lower sales volume and high depreciation expenses. The company expects demand to remain low.
The document provides a summary of the top 10 things to know from November 7th, including:
1) Lupin plans to seek re-inspection of its Goa and Somerset plants by the USFDA by March 2020.
2) Indiabulls Housing Finance reported a 32% decline in Q2 net profit.
3) Moody's placed Yes Bank's ratings under review for a possible downgrade.
Boris Johnson sent an unsigned letter to the EU requesting a Brexit extension as required by law, though he wants to leave by the October 31 deadline.
Thomas Cook India's domestic leisure business is growing at 25% annually, outpacing its outbound segment, and it does not expect the collapse of UK's Thomas Cook to impact its operations.
Shree Cements' September 2019 net sales were up 5.22% year-over-year to Rs 3,004.45 crore, while net profit increased 414.1% to Rs 310.62 crore over the same period.
This document contains disposal instructions for handling foreign inward remittances received by Axis Bank Ltd. It provides details such as:
1) Standing or transaction-specific instructions for crediting remittances.
2) Currency, maximum amount, and account numbers for crediting amounts in INR, foreign currency, or splitting between accounts.
3) Purpose codes and supporting documents required within 15 days of credit.
4) Declarations that transactions do not involve prohibited entities, third parties, or contravene regulations.
Pakistan fertilizers - GIDC, adding up to the uncertainitiesAijaz Siddique
The document discusses the implications of a recent Sindh High Court ruling against the application of Gas Infrastructure Development Cess (GIDC) on natural gas consumed by industries. It outlines three possible scenarios for how the government may respond - keeping GIDC in place, removing it without retrospective refunds and lowering urea prices, or removing it retrospectively which would require large refunds to fertilizer companies. The author argues that retaining GIDC is most likely due to fiscal constraints, but some fertilizer stocks could experience short-term price fluctuations pending clarity on the issue.
VTPA key features of revised safe harbour rulesVispi T. Patel
The CBDT has notified revised Safe Harbour Rules vide Notification No. 46/2017 providing for a decrease in the Safe Harbour margins for most of the eligible international transactions and the inclusion of low value adding intra group services as one of the eligible international transactions.
Enclosed herewith is a summary of the changes
The National Pension System (NPS) is a defined contribution pension scheme that replaced the existing pension scheme for new government employees in India starting January 2004. Principal Accounts Offices function as Primary Accounts Offices to facilitate registration of subscribers, upload contribution files, deposit contributions to the Trustee Bank for investment, update requests, and resolve grievances related to the NPS. The document provides details on the roles and responsibilities of Primary Accounts Offices and processes for registration, contributions, withdrawals and refunds under the NPS.
The document analyzes changes to India's service tax relating to the 2015 Union Budget. Key changes include:
- The service tax rate is increased from 12% to 14%.
- Education and SHE cess are subsumed into the 14% tax rate.
- A new 2% Swachh Bharat cess will be imposed on taxable services, resulting in a total service tax rate of 16%.
- Various penalty provisions and rates are amended.
1. Deductions specified under sections 80C to 80U of the Income Tax Act will be allowed from an individual's or HUF's gross total income, subject to certain provisions and conditions.
2. The aggregate amount of deductions cannot exceed the gross total income of the assessee.
3. Certain deductions like under sections 80-IA, 80-IAB, 80-IB, 80-IC, 80-ID, and 80-IE will only be allowed if the return of income is filed by the due date.
During the first half of fiscal year 2020 (H1 FY20), India's industrial output grew at a moderate rate of 1.3%, which was 3.9% lower than the growth rate in H1 FY19. In September 2019, industrial output contracted by 4.3%, the highest contraction in the past 5 years, due to weak investment climate and consumer demand. All sectors except intermediate goods registered a contraction, with the mining sector contracting for the first time in 9 months, manufacturing declining for the second consecutive month, and electricity and infrastructure goods also contracting.
Deduction under Section 80 (income tax act )Narender777
Under Section 80C, individuals can claim a tax deduction of up to Rs. 1,50,000 for amounts paid towards life insurance premiums, provident funds, eligible investments and more. Section 80CCC provides an additional deduction of up to Rs. 1,50,000 for contributions to certain pension plans. Section 80CCD allows deductions of up to Rs. 1,50,000 for contributions to Central Government pension schemes.
The document provides information on the Senior Citizens Savings Scheme launched by the Government of India in 2004, which allows individuals aged 60 or older to open a fixed deposit earning interest exempt from income tax. The scheme has eligibility criteria regarding age and retirement status, allows deposits up to Rs. 15 lakh for 5 years with options to renew or prematurely close with penalties, and specifies interest rates, nomination rules, and procedures for handling accounts upon a depositor's death.
The document provides a summary of 10 news stories:
1) Reliance Industries increases its stake in Future101 Design to 17.5%.
2) HDFC acquires a 9.89% stake in Bandhan Bank as part of a merger scheme.
3) Credit rating agency Care downgrades ratings for Vodafone Idea's bank facilities and bonds due to a recent court ruling on telecom dues.
The document discusses provident funds in Bangladesh. It defines a provident fund as a mandatory retirement savings scheme jointly established by employers and employees to provide long-term savings for employees upon retirement. Both employees and employers must contribute a percentage of the employee's monthly salary to the fund. The statutory contribution rate is 10% as prescribed by law. Upon retirement, employees can access the accumulated contributions and interest in their provident fund account. While provident funds provide an attachable and non-withdrawable source of funds for retirement, they may not generate sufficient returns to cover an individual's full post-retirement needs on their own.
US$30M LOAN - 12 % Debt Only - CASH OR GOLDNorm Dobson
Facilitation of a loan by a Lender/investor. The Lender/investor would receive 12% interest over a 4-year period.
The loan amount shall be sent through the US LLC.
Option 1: Principal + Interest
Option 2: Principal + Physical Gold
Option 3: Physical Gold
This document discusses provident funds, which are mandatory retirement savings schemes jointly established by employers and employees. Key points:
1) Provident funds are long-term savings funds to support employees upon retirement. Both employees and employers contribute a portion of monthly salary, typically 7-15%.
2) Bangladesh law requires permanent employees to contribute 7-8% of monthly salary and employers to match this amount. Contribution rates and rules are also set by individual employers.
3) Upon leaving employment, the total contributions and interest are paid out to the employee from their provident fund account.
This document is a mandate form for policyholders of Life Insurance Corporation of India to pay their insurance premiums through electronic funds transfer from their bank account. It contains fields for the policyholder to provide their name, policy details, contact information, bank account details from which premiums will be debited, and a signature authorizing LIC to debit their account for the premium amounts. It notes that debits will occur on the 7th, 15th or 28th of each month depending on the policy due date. It also provides instructions that the policyholder should give a copy of the completed form to their bank, and that instead of premium receipts, an annual payment certificate will be provided for policies under the new electronic payment mode
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.
BPCL reported a 4.1% increase in Q1FY20 revenue driven by higher volumes. However, profitability declined due to lower refining margins and higher inventory losses. While demand outlook remains subdued, the company is expected to benefit from its strong retail network and higher refinery utilization. It plans to set up 6000 new retail outlets over 3 years and capex of Rs. 87 billion in FY20. Analysts have cut FY20 earnings forecasts due to high inventory losses but maintained target price of Rs. 412 based on valuation of core business and investments.
- 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.
- 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.
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.
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.
- 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 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.
The document summarizes developments at Reliance Industries. Key points include:
- Reliance Industries launched its JioFiber home broadband service starting at Rs. 700 per month, targeting 500 million wireless subscribers. However, subscriber growth for Fiber is expected to be gradual.
- The company did not announce a new low-cost JioPhone, focusing instead on wireless subscriber growth to 500 million.
- Reducing debt through potential deals like the one announced with Saudi Aramco could lower interest costs and boost earnings per share by around 1.2% in fiscal year 2021.
- 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.
The document summarizes Tata Chemicals' quarterly financial results. Key points include:
- Revenue grew 5.5% year-over-year to Rs28bn, driven by growth in overseas segments offsetting declines in Europe and India. EBITDA saw a 17.6% beat due to higher gross margins.
- EBITDA margin was 20.4%, 262bps above estimates, aided by lower input costs. Reported PBT also beat estimates despite higher depreciation and interest costs.
- Overseas segments like TCNA and TCML saw revenue and profit growth while TCE reported losses due to higher costs. The company plans capital expenditures to expand production capacity in India.
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 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.
- DLF Ltd's net profit jumped 79% to Rs435cr in Q4FY19 vs Rs243cr a year ago due to an 81% rise in total revenue driven by a two-fold jump in pre-sales.
- DLF successfully raised Rs3,173cr through a QIP and Rs11,250cr from promoters, transforming its balance sheet and reducing net debt by 38% in Q4.
- While sales bookings more than doubled to Rs2,435cr in 2018-19, net profit declined due to an exceptional gain in 2017-18 from selling the rental business.
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 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.
- Over the last three years, Bharat Forge (BHFC) has built a strategy to address trends in transportation like lightweighting and e-mobility through investments in areas like e-mobility and defense technologies.
- BHFC is leveraging partnerships and its own strengths to build competencies in areas like electronics and develop solutions for electric vehicles, helping itself and customers comply with regulations for localization.
- The company is restructuring manufacturing to lower-cost locations in India and leveraging digital solutions to improve productivity and reduce costs as it weathers downturns in its core businesses.
- 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.
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.
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."
BONKMILLON Unleashes Its Bonkers Potential on Solana.pdfcoingabbar
Introducing BONKMILLON - The Most Bonkers Meme Coin Yet
Let's be real for a second – the world of meme coins can feel like a bit of a circus at times. Every other day, there's a new token promising to take you "to the moon" or offering some groundbreaking utility that'll change the game forever. But how many of them actually deliver on that hype?
"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.
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby...Donc Test
Solution Manual For Financial Accounting, 8th Canadian Edition 2024, by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting, 8th Canadian Edition by Libby, Hodge, Verified Chapters 1 - 13, Complete Newest Version Solution Manual For Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Ebook Download Stuvia Solution Manual For Financial Accounting 8th Canadian Edition Pdf Solution Manual For Financial Accounting 8th Canadian Edition Pdf Download Stuvia Financial Accounting 8th Canadian Edition Pdf Chapters Download Stuvia Financial Accounting 8th Canadian Edition Ebook Download Stuvia Financial Accounting 8th Canadian Edition Pdf Financial Accounting 8th Canadian Edition Pdf Download Stuvia
The Rise of Generative AI in Finance: Reshaping the Industry with Synthetic DataChampak Jhagmag
In this presentation, we will explore the rise of generative AI in finance and its potential to reshape the industry. We will discuss how generative AI can be used to develop new products, combat fraud, and revolutionize risk management. Finally, we will address some of the ethical considerations and challenges associated with this powerful technology.
Lecture slide titled Fraud Risk Mitigation, Webinar Lecture Delivered at the Society for West African Internal Audit Practitioners (SWAIAP) on Wednesday, November 8, 2023.
2. 1
Highlights -
•Delay in appointed date results in lower revenue: DBL reported revenue of Rs22.9bn against consensus
expectation of Rs21bn and our expectation of Rs27bn on account of delay in getting appointed dates for its
HAM projects. EBITDA at Rs4.12bn was 10% ahead of consensus numbers as the company reported better
than expected margins of 18%. PAT, however, was much lower (down 51% YoY) on account of 1) higher
interest costs (up 31% YoY), 2) higher depreciation (up 39% YoY) and 3) higher tax incidence (tax rate of 22%
vs -4% last year).
•Revenue and order inflow guidance maintained: Despite weak execution in this quarter, the company has
maintained its revenue growth guidance of 10-15% growth as it has received appointed date for 10 out of
12 HAM projects and expects the remaining appointed dates to receive by October 2019. Moreover, the
management is confident of getting Rs120-150bn of new order inflow this year.
•Shrem deal to be concluded over next 2 quarters: As the company is on the verge of completing its under
construction HAM projects which are part of the Shrem deal, we expect the deal to conclude over the next
2 quarters. We also expect the company to initiate the stake sale process in 12 under construction HAM
projects in this year, which will provide a positive trigger to the stock.
Dilip Buildcon
13 September
Healthy top line
• DBL reported 1QFY20 revenue of Rs 22.5bn (-8% YoY, 9% miss). Six HAM projects received Appointed Date
during the quarter. With this only 2 HAM projects AD is awaited (Rs 25bn EPC value, 13% of order backlog).
• EBITDA: Rs 4.5bn (9% miss). EBIDTA margins declined 113bps YoY to 16.6%. Early completion bonus of Rs
378mn for Lucknow Sultanpur project was recognized in 1QFY20 (we have regrouped it in other income,
hence reduced EBITDA margin); APAT: Rs 1.25bn was a 14% miss. Higher depreciation, interest and tax rates
impacted profits. 1QFY20 order book stood at Rs 190.2bn with Rs 11.2bn new order wins during 1QFY20.
• Net working capital deteriorated from 87 to 92days YoY. DBL has procured inventory and mobilized the site
for under construction HAMs, where appointed dates are yet to come. About Rs 3.3bn of mobilization
advances for HAM projects was received during 1QFY20 with Rs 7.3bn expected in 2QFY20 and 3QFY20;
this shall alleviate NWC stress.
3. 2
Important Points
• Q1FY20 revenue was declined by 6% YoY due to weak execution in EPC orders and delay in getting
appointed date for HAM projects. EBITDA margin improved by 25bps to 18% aided by lower RM cost and
other expenses.
• While higher depreciation (39%YoY) and interest cost (31% YoY) because of Ind AS 116 and a higher tax rate
of 22% (vs3% in Q1FY19) slid earnings growth by 51% YoY.
• DBL received appointed date for ten HAM projects and expects to receive the remaining two projects in
coming months.
• Total OB remains strong at Rs19,029cr (2.2x TTM revenue) and expects an order inflow target of Rs120-
150bn in FY20 due to a strong pipeline of Rs600bn in road segments.
• We reduce the valuation multiple for EPC business to 9x P/E (10x earlier) to factor weak execution & high
debt and HAM business at 1x P/B of invested equity and due to sharp correction in price we maintain Buy
rating with a TP of Rs489.
Dilip Buildcon
13 September
Financial Summary
5. 4
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