Brokerage Research Reports share price target

interstate trade thereby giving freedom to farmers for selling at an attractive enable much needed formalisation of the sector leading to better pricing of produce, more predictability in cropping pattern and generate better income for farmers. For agri-inputs industry, agriculture reforms do not entail any immediate benefit however they help to enhance long term structural growth. Formulating a Central law for Inter-state trade- Earlier reform measures of the Modi govt (like creating a model law for the states to deregulate marketing of fruits and vegetables, creating an electronic unified national market for agricultural...

Post Covid 19 Economic Stimulus Package Tranche III

Post Covid 19 Economic Stimulus Package Tranche II

Consolidated Loan book stood at Rs. 115.31bn down by 18.3% YoY. 70% of the loan book constitutes wholesale mortgage which stood at Rs. 80.52bn reporting de-growth of 20% YOY. Capital market constitutes 4% and retail mortgage 6% of overall loan book. Retail loans comprise of housing Finance...

Marketing margins of OMCs to return to normal levels Brent oil (more relevant for Indian downstream companies) prices witnessed a sharp decline from the start of CY20 at US$66/bbl to ~US$30/bbl currently due to spread of Covid-19 across the globe, which substantially lowered its demand. OMCs did not pass on the cost benefit from a fall in oil prices to consumers, which led to very high marketing margins of ~| 16-17/litre from | 2-3/litre in normal scenario. However, the latest excise duty hike will mean that OMCs' marketing margins return to normal levels. With demand for...

The Indian retail sector is facing unprecedented circumstances owing to the Covid-19 outbreak leading to nationwide lockdown by the Centre as well as several state governments. Given the magnitude of Covid-19 impact in India till date, especially in high revenue generating urban zones, we anticipate the situation may not ease until festive season. Hence, we bake in revenue disruption for the next six months. Gradual store openings may witness limited operations owing to supply disruptions and implementation of social distancing norms. We have collated certain key highlights in our interaction...

In January this year, we introduced our in-house quantitative indicator Macrometer', dedicated to assess health of the economy using 50 monthly economic indicators that capture level and the momentum of the domestic economic activity. By combining the level and the momentum of the economic activity, we differentiate periods into 5 macro regimes Strong growth, steady growth, deceleration, slowdown and recovery. The idea is to capture current state of the economy. The latest data shows that while we observed early signals of recovery in the economic activity in February 2020, the outbreak of COVID-19 and efforts to contain it have severely impacted the economy at a scale which is unprecedented, pushing the country to the slowest expected economic growth rate in 41 years (our base case for real annual GDP growth rate is 0.8% for FY21). In the subsequent slides, we present the base for dynamic asset allocation by investigating the price performance of different...