Sector Reports

Get updated on the recent macro and micro trends in various sectors as well as Indian and Global markets.

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94/94 Reports

  • Sector Update:Pharma
    Sector Update:Pharma

    11 Jan 2017

    We expect India Pharma# to report tepid EBITDA growth of 9% YoY in Q3FY17 aided by one-offs such as Natco (164%) and Glenmark (73%), and acquisitions for Cipla (40%) and Strides (27%). While we expect steady performance by Sun (18%) and Lupin (15%), we see weak show by Dr Reddy’s and Cadila due to..
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  • Sector Update:IT
    Sector Update:IT

    11 Jan 2017

    We expect Infosys to maintain its FY17 revenue growth guidance of 8 to 9% YoY in constant currency (guidance in USD terms is 7.5-8.5% which will see a decline due to USD strengthening). Wipro: Expect Q4 revenue growth guidance at 0-2% QoQas deal wins start contributing to revenue.
  • Sector Update:Logistics
    Sector Update:Logistics

    11 Jan 2017

    Our interaction with industry players suggest unorganized/ smaller road players are witnessing significant pressure given government’s strict restrictions on overweight trucks, pollution norms (introduction of green tax). This coupled with GST implementation and taxation, as applicable,to further ..
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  • Sector Update:Media
    Sector Update:Media

    11 Jan 2017

    We believe the current slowdown in ad spends is a partial deferment of advertising budgets led by postponement of new product launches, ad campaigns etc by companies. Hence ad spends are likely to revive as consumer spending picks up with liquidity infusion and expected consumption stimulus in forth..
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  • Sector Update:India Pharma Domestic Formulation
    Sector Update:India Pharma Domestic Formulation

    26 Dec 2016

    Domestic formulations grew 15% YoY in Nov’16 (vs. 8% in Oct’16), as per AIOCD#, led by higher volumes on account of pre-buying (largely led by chronic therapies) in wake of demonetization and low base in Nov’15. We expect growth to normalize in the near term as our channel checks suggest that ..
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  • Sector Update:Logistics Monitor
    Sector Update:Logistics Monitor

    26 Dec 2016

    As per Major Ports data by Indian Ports Association (IPA),cargo grew10% YoY (flat MoM) in Nov 2016.Growthin POL (up 11% YoY)and iron ore (up 280% YoY) volume offset dip in coking coal (down6% YoY) and thermal coal (down 23% YoY) volume. Container tonnage volumerose~6% YoY (up 9% in TEUs),as ex-JNPT ..
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  • Sector Update:Cement
    Sector Update:Cement

    09 Dec 2016

    Transportation remains a challenge: Shipment has been bigger problem than sales, as cash availability at trucker’s level still remains poor. If new currency notes are not made available in sufficient quantity, dispatches can dip further from the current level. Cement companies going for cash-less ..
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  • Sector Report: Cement
    Sector Report: Cement

    06 Dec 2016

    Our channel checks suggest cement dispatches at company level are now down ~15%-20% (vs. 40%-50% immediately after demonetization on November 8, 2016). Volumes in South India have been hit the least and cement prices have been resilient so far in most regions except Rs 5-10/bag reduction in North In..
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  • Sector Update:Oil Marketing Companies (OMC)
    Sector Update:Oil Marketing Companies (OMC)

    17 Nov 2016

    Q2FY16 was a weak quarter: Oil Marketing Companies’ (OMCs) results were impacted by (a) weakness in fuel marketing volumes due to seasonality and competition in bulk fuel segment, and (b) weak GRMs, marketing margins due to inventory losses.With GRMs on structural uptrend, stable marketing margins..
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