Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,606 cr in December 2018 Net inflows into equity mutual funds declined further by 21.5% from a net inflow of Rs 8,414 cr in November 2018 Net inflows through balanced funds too, remained subdued at Rs 45 cr for December 2018. As a result, mutual fund investments in stocks fell to Rs 2,918 cr in December 2018 against an inflow of Rs 4,896 cr in November 2018. The third tranche of Reliance CPSE ETF garnered as much as Rs 17,000 cr. Fund houses invested a large proportion of their assets in Large-cap^ stocks. Bulk of the assets (Rs 5,800* cr) was invested in Large Caps. Mid Caps^ faced a net outflow of approximately Rs1,500 cr in December 2018, while small cap stocks faced an outflow of about Rs 620 cr in the month....
Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,606 cr in December 2018 Net inflows into equity mutual funds declined further by 21.5% from a net inflow of Rs 8,414 cr in November 2018 Net inflows through balanced funds too, remained subdued at Rs 45 cr for December 2018. As a result, mutual fund investments in stocks fell to Rs 2,918 cr in December 2018 against an inflow of Rs 4,896 cr in November 2018. The third tranche of Reliance CPSE ETF garnered as much as Rs 17,000 cr. Fund houses invested a large proportion of their assets in Large-cap^ stocks. Bulk of the assets (Rs 5,800* cr) was invested in Large Caps. Mid Caps^ faced a net outflow of approximately Rs1,500 cr in December 2018, while small cap stocks faced an outflow of about Rs 620 cr in the month....
All round improvement for private players: Strong improvement was seen in private players individual APE, growing 14% YoY & 56% MoM, led by Individual APE growth trends for the...
We cut FY19 and FY20 EPS estimates of D'Mart by 10.7% and 5% following 200bps margin decline and just 2% PAT growth in 3Q19. D'Mart continues to focus on strong sales led by Everyday Low price strategy. Margins have been impacted by higher spends behind new store infrastructure, people and expenses to manage festive demand through higher operating hours. D'Mart has lowered prices across categories led by benefits from higher economies of scale which reinforces its pole position of a value retailer. D'Mart has growth strategy is place led by 1) gradual acceleration in store...
Led by solid revenue growth in Q3FY19, we raise Infosys USD revenue growth Change in Estimates | Target | Reco assumptions to 7.8/9.3/9.2% for FY19/FY20/21E (vs 7.5/9.2/9.2% modeled earlier). Infosys would need to deliver 1.9% QoQ in cc in Q4FY19 to achieve...
All round improvement for private players: Strong improvement was seen in private players individual APE, growing 14% YoY & 56% MoM, led by Individual APE growth trends for the...
Strong margin improvement on back of higher yields partly due to booking of interest income from impaired assets JKBK's earnings of Rs1.03bn (PLe:1.07bn) were in-line with expectations as provisions were flattish as envisaged on back of provisions on IL&FS; exposure. Core opearting performance was encouraging with beat from NII which grew by 13% as bank booked some interest back on impaired assets helping NIMs improvement. Bank's J&K; state restructured which has been...
We downgrade our rating from BUY to Accumulate given 1) 28% jump in stock price since our upgrade and 2) rising probability that Copra price decline in the current down cycle will be far lower than previous occasions....
IIB's earnings of Rs9.85bn (PLe: Rs9.96bn) was largely in-line with estimates but PPOP of Rs21.2bn (PLe: Rs20.8bn) beat estimates on strong treasury gains. It continued to make contingent provisions of Rs2.5bn (Rs2.75bn in Q2FY19) on IL&FS; exposure, taking total provisions to >Rs6.0bn (30% PCR). Management guided that there could be some acceleration in provisions ahead to get PCR to desired level of 40-50% as clarity on haircut & asset cover on holdco is emerging, while there could be classification towards NPA ahead as account is in SMA1&2. Operationally bank continues to cruise smoothly...
There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...
There has been a slight delay in commencement of production at the Mysuru plant from December end to Mid January. As of now supplies to Asian Paints are being met from the Hyderabad plant. The Vizag plant will go on stream by end of February. Hence both plants will begin to contribute to production March onwards. The company expects to clock in...
For December 2018, volumes for the Automobile Industry came in flat or registered decline across segments, with the CV segment recording the highest decline mainly due to a high base impact, coupled with the ongoing liquidity challenges in the segment. Despite high consumer offers, volumes for the 4W segment remained more or less flat. As for the 2W segment, HMCL witnessed a 4% YoY dip while growth for BJAUT / TVS was driven by consumer offers / new launches respectively. Tractors too saw a weak month. Overall consumer sentiment continues to remain weak, with all time high consumer offers also...
For December 2018, volumes for the Automobile Industry came in flat or registered decline across segments, with the CV segment recording the highest decline mainly due to a high base impact, coupled with the ongoing liquidity challenges in the segment. Despite high consumer offers, volumes for the 4W segment remained more or less flat. As for the 2W segment, HMCL witnessed a 4% YoY dip while growth for BJAUT / TVS was driven by consumer offers / new launches respectively. Tractors too saw a weak month. Overall consumer sentiment continues to remain weak, with all time high consumer offers also...
grew by 4.0% YoY from sectors like petroleum, cement, construction but industry ex-infra grew by only 1.5% YoY and as few risky sectors have been seeing recovery in growth like power which saw 5.4% YoY growth (2x of...
grew by 4.0% YoY from sectors like petroleum, cement, construction but industry ex-infra grew by only 1.5% YoY and as few risky sectors have been seeing recovery in growth like power which saw 5.4% YoY growth (2x of...
Rich dividend yield on depressed earnings: Impacted by grade slippages, wage revision and elevated capex, COAL's FCFE grew at a tepid CAGR of 2.5% over FY14-FY18 less than half of growth in volumes. We expect FCFE growth to languish between 2.0-2.2% in FY19e-FY21e due to stable earnings...
Donimalai mine. Unperturbed by the ongoing legal issue, we are rather more concerned on the i) structural risk to the domestic iron ore pricing and ii) sharp shrinkage in market share of merchant miners post auction of mines expiring by March-2020 in Odisha. Mine auctions benefit the manufacturer as it serves raw material security replacing the dependence on merchant miner at lower cost. It would act as the key enabler for capacity creation with no impact on State Govt's revenue from royalty. We downgrade NMDC to Reduce as we expect steep increase in Odisha's production (due to last year of...
conversion cycle in education (publishing) industry we interacted with a few large dealers (Bihar/Jharkhand, Mumbai) and visited a lot of retail shops in and around Mumbai. Highly competitive nature of the CBSE/ICSE market coupled with seasonality (75-80% of S Chand's sales occur in 4Q; 50-55% of Navneet's sales occur in 1Q) results in higher receivable days for S Chand than Navneet. Consequently, Navneet has higher inventory days (prestocking happens prior to the start of the academic cycle) at year end than S Chand. We believe that working capital intensity of both the companies is unlikely to improve meaningfully in the near term. We have a BUY on both...
We initiate coverage on Shaily Engineering Plastics (SHEP) with an Accumulate' rating and a price target of Rs1,103 (21x FY20E EPS). SHEP is a leading supplier of high performance engineering polymers based precision components to leading Home Furnishing, Pharma, Consumer and Engineering companies globally. We are positive on SHEP's prospects due to 1) deeper penetration in existing plastic line (with its Home Furnishing customer's India entry) 2) ramp-up in machine utilisation of CRC plant and 3) foray in to a new product line, enabling it to inch closer to its revenue target of US$ 100mn by FY20E. The company has ~85% visibility for achieving this target....
