Get updated on the recent macro and micro trends in various sectors as well as Indian and Global markets.
Quick Note: USD-INRQuick Note: USD-INR
24 Mar 2017Flows are offsetting an obvious over-valuation of the INR. RBI to keep seeking risk-off opportunities to correct this. We forecast INR at 68/69 for end-FY 18/19, translating to an average of 67.0/68.7 for FY 18/19.
Sector Update:Telecom - Idea and Voda mergerSector Update:Telecom - Idea and Voda merger
24 Mar 2017Merged entity on a strong footingwith substantial spectrum holding (No.1 in total spectrum, No. 3 in sub-1 GHz spectrum), highest broadband capacity, larger scale of 273K sites (69% broadband), and market share (RMS: 41%; No. 1 or 2 in 21/out of 22 circles)
Auto Conference 2017 - Key TakeawaysAuto Conference 2017 - Key Takeaways
24 Mar 2017These were just few of the topics discussed at our 3rdAnnual India Auto Conference. This year we had 15 participants –a good blend of OEMs, ancillaries, financiers & dealers meeting ~140 investors across ~80 funds.
Economy Update: CPIEconomy Update: CPI
20 Mar 2017CPI rose as expected to 3.7% y-o-y in February. The increase was led by higher food & fuel, whereas refined core inflation continues to soften.
Economy Update - GDP Q3FY17Economy Update - GDP Q3FY17
17 Mar 2017Dec16 quarter India GDP and GVA growth slowed only marginally to 7% and 6.6% respectively, despite demonetization, which is much better than consensus expectation of ~6%.
Sector Update:Reliance JioSector Update:Reliance Jio
17 Mar 2017Telecom industry market size likely to be Rs 3 trn by 2020-21(FY16: Rs 1.9 trn).Voice revenues will shift to data. Data is supply constrained (demand will always outstrip supply).India has become most active market for Google and Facebook
Sector Update:Logistics MonitorSector Update:Logistics Monitor
17 Mar 2017JNPT’s volume (TEU) dipped 9% YoY –APM Maersk terminal’s volume declined 8% YoY, while JNPT operated terminal de-grew 19% YoY. DP World’s aggregate volume was flat YoY as its mini terminal (0.8 mn TEU capacity) took volume from DP World’s older terminal at JNPT given benefits of non-TAMP p..See Full Description
Sector Update:PHARMASector Update:PHARMA
03 Mar 2017India Pharma@ domestic sales grew a modest 10% YoY in Q3FY17 (vs. our estimate of 8%) led by extending working capital, discounts, etc. While demonetization hurt growth by ~200-300 bps, management conference call takeaways suggest that demonetization is largely behind and, expectsgrowth to return to..See Full Description
Economy Update: India in numbers - Feb 2017Economy Update: India in numbers - Feb 2017
27 Feb 2017The deluge after the storm… The banking sector is flush with liquidity (~INR 6trn, see exhibit 1), which is parked in MSS and term repos, but cash withdrawals,depositsseeking riskier yield and credit growth picking up should shrink the excess. For e.g. non-food credit grew 1.8% m-o-m in January an..See Full Description