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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Date

12/12 Reports

  • Sector Update:India Consumer Monthly - Mar 2018
    Sector Update:India Consumer Monthly - Mar 2018

    28 Mar 2018

    Stocks covered (2)

    FMCG sector valuation at one-year forward P/E (ex-ITC) of 44x (versus 10-year median at 30x) remains rich and rising global yields is likely to limit any further rerating. Prefer ITC, HUL, Dabur and Britannia in staples and Shoppers Stop, Westlife Development and BATA in discretionary.
  • Sector Update:Logistics Monitor
    Sector Update:Logistics Monitor

    19 Mar 2018

    Stocks covered (2)

    Cargo volumes across major ports grew 9% YoY (up 5% YTD FY18) in Feb’18 as per Indian Ports Association (IPA). This was led by healthy growth across coal (thermal up 29%, coking coal up 12%; 22% share), containers (+15.4%, 20% share), POL* and other cargo (+4%^)
  • Sector Update:IT
    Sector Update:IT

    19 Mar 2018

    Stocks covered (2)

    BFSI spending which has remained under pressure is witnessing a steady turnaround. Over past 5-6 quarters, managements have cautioned about delay in BFSI spending despite improving macro. Despite divergence in the spending pattern, bulge bracket banks are still not spending.
  • Sector Update:IT
    Sector Update:IT

    12 Mar 2018

    Indian IT has displayed remarkable margin resilience despite limited support from currency, tighter immigration norms, and sustained pricing pressure. However, we believe, pricing pressure could pose a tougher challenge to sustain margin at onsite than margin at offshore.
  • Quick Note: Economy
    Quick Note: Economy

    12 Mar 2018

    India growth in Dec qtr was broadly in line with expectations. GVA growth at 6.7% was below our 6.9% estimate, but if you consider that previous year base was revised by 0.2ppt, the sequential acceleration we were penciling in was in line. Consensus expected 6.6% GVA growth.
  • Sector Update:Consumer review Q3FY18
    Sector Update:Consumer review Q3FY18

    28 Feb 2018

    Stocks covered (3)

    Raw material prices were broadly benign last month though Menthe oil and Palm oil corrected a quite. There was select product pricing action, largely effected to remain competitive. Competition remains high in toothpastes and biscuits.
  • Economy Update: India in numbers
    Economy Update: India in numbers

    28 Feb 2018

    Foreword: Markets were on thin ice as they entered February. Soon enough, sentiments came undone. Realization that an era of “cheap money” was coming to an end led to re-pricing in global equity markets.
  • Economy Update: Trade
    Economy Update: Trade

    22 Feb 2018

    January trade deficit rise not due to oil & gold
  • Sector Update:Auto
    Sector Update:Auto

    16 Feb 2018

    The platform is used by OEMs (Original Equipment Manufacturers) to showcase concepts (what they can make), but not necessarily what they will make. Historically, there has been huge (and disappointing) divergence between concepts and actual production variants.