ICICI Securities Ltd | Retail Equity Research Revenues grew 19% YoY to | 663 crore. The freight and shipping division grew 20% and 52% to | 311 crore (I-direct estimate: | 297...

Asian markets were trading mixed as investors remain cautious amid ongoing trade talks in Beijing. Nikkei is trading higher by 0.05% while Hangseng is trading lower by 0.56% and Shanghai is trading lower by 0.07%. Indian indices are expected to open lower. Sgx Nifty is trading lower by 0.34%.

Consumer Price Index or CPI inflation stood at 2.05% in January 2019, below our estimate of 2.43% and Bloomberg consensus estimate of 2.5%. The reading was below our estimate on teresa.john@nirmalbang.com sustained food deflation. Food and beverage inflation declined 1.3%YoY, only slightly better +91 22 6273 8114 than the 1.6% fall in the previous month. The downside surprise came from lower-thanexpected prices of fruits, spices, and sugar-related products. Core inflation softened to 5.38%YoY from 5.73%YoY in the previous month, broadly in line with our expectation. Headline inflation undershooting estimates, and softening of core inflation strengthens the case for another interest rate cut in April 2019. However, at the current juncture, we see limited scope for sustained rate cuts as core inflation is unlikely to ease sustainably below...

India Cements reported a poor set of Q3FY19 numbers with the numbers missing our estimates on all fronts. Growth was mainly driven by sales volumes, which were up 8.5% YoY The company achieved capacity utilisation of ~76%. However, weak pricing in AP & Telangana markets impacted realisations that stayed flat YoY. However, the company expects prices to recover, going forward. Cost pressure also remained higher with total cost rising 2% YoY mainly led by power costs that were up 21% YoY to | 1361/tonne. With...

Mahindra & Mahindra Ltd.'s profit surpassed estimates even as higher input costs squeezed the automaker's margin. Mahindra and Mahindra (M&M;) posted 7% rise in net profit to Rs 1395.96 crore on 12% rise in topline to Rs 12,895 crore for the third quarter ended Dec 2018. Big rise in other income coupled with lower tax provision helped fuel the bottom-line growth during the quarter. Total auto sales (passenger and commercial vehicles) during the quarter improved 10% to 1.33 lakh units while tractor sales increased 13% yoy to 87,036units. Mahindra Vehicle Manufacturers Limited (MVML), located at Chakan near Pune, was set up as a...

Asian markets were trading in the green after reports that U.S. President was open to postponing the March 2 deadline for tariffs if U.S and China can reach a trade deal soon. Nikkei is trading higher by 1.54% while Hangseng is trading higher by 0.46% and Shanghai is trading higher by 0.64%. Indian

Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,158 cr in January 2019 Net inflows into equity mutual funds declined further by 7% from a net inflow of Rs 6,606 cr. in December 2018 Balanced funds faced a net outflow of Rs 952 cr. in January 2019, versus an inflow of Rs 45 cr. in the month prior. Despite the slowdown in inflows, Mutual Fund net purchases of stocks moved higher to Rs 6,542 cr. in January 2019, as compared to a buying of Rs 2,919 cr. reported in December 2018. Once again, fund houses invested a large proportion of their assets in Large-cap^ stocks. About 70% of the assets (Rs 5,486* cr) was invested in Large Caps. About 13% of inflows was invested in Mid Caps, amounting to approx. Rs 967 cr. Small cap stocks too were favoured, receiving an inflow of about Rs 1,036 cr in the month....

Equity Mutual Funds (including ELSS) gained a net inflow of Rs 6,158 cr in January 2019 Net inflows into equity mutual funds declined further by 7% from a net inflow of Rs 6,606 cr. in December 2018 Balanced funds faced a net outflow of Rs 952 cr. in January 2019, versus an inflow of Rs 45 cr. in the month prior. Despite the slowdown in inflows, Mutual Fund net purchases of stocks moved higher to Rs 6,542 cr. in January 2019, as compared to a buying of Rs 2,919 cr. reported in December 2018. Once again, fund houses invested a large proportion of their assets in Large-cap^ stocks. About 70% of the assets (Rs 5,486* cr) was invested in Large Caps. About 13% of inflows was invested in Mid Caps, amounting to approx. Rs 967 cr. Small cap stocks too were favoured, receiving an inflow of about Rs 1,036 cr in the month....

We retain our BUY stance with a revised TP of Rs 103, based on a EV/EBITDAR target multiple of 8x on a Dec 20E EBITDAR. SpiceJet printed 3QFY19 revenue of Rs 24.9bn (+19.4% YoY/32.2% QoQ). Spicejets yield improved to Rs 4.07, +1.8% YoY (Indigos at Rs 3.86, +4.5% YoY) while load factors declined 220bps YoY to 91.6%. EBITDAR at Rs 4.6bn was above our estimate of Rs 3.0bn mainly as a result of reversal of expenses of ~Rs 250mn (on account of forex movement) and higher operating income at Rs 1bn. Other operating income was higher on account of a one-time (amount not disclosed) equipment selection incentive.

Overall realizations grew by 0.7% YoY (Automotive division realization grew 0.4% YoY and Tractor division realization grew 2.4% YoY.) Net Sales grew by 12.2% YoY to `128.9bn. EBITDA margins contracted on a YoY basis by 152bps to 13.2%....

12 February 2019 SHKLs revenues de-grew 9.4% YoY to INR2,565m v/s our est. of +13% YoY , mainly due to subdued domestic demand in Dec18 for both flavors and fragrances segments. SHKL anticipates business in these segments to recover, going forward. On a blended basis, EBIDTA stood at INR400m v/s our est. of INR513m, a de- growth of 31% YoY. EBITDA margins contracted 474bp YoY, but expanded 230bp QoQ to 15.6% v/s our est. Margins contracted YoY due to pricing pressure in key raw materials, impacting profitability. PAT stood at INR214m v/s our est. of INR302m, a de-growth of 37% YoY, with margin contraction of 360bp to 8% YoY v/s our est.

Most Asian markets were trading in the green despite mixed cues from Wall Street overnight with investors focusing on upcoming trade talks between US &China.; Nikkei is trading higher by 2.05% while Hangseng is trading lower by 0.21% and Shanghai is trading higher by 0.13%. Indian indices are expecte

Net interest income (NII) grew at a robust pace of 54% YoY mainly on the back of 101 bps YoY improvement in net interest margin (NIM) to 5.1%. An increase in the proportion of high-yield business (rural business) and cost increases passed on to customers in wholesale and housing businesses helped to improve NIM. LTFH continued to improve its operating efficiency as cost to income (C/I) ratio declined by 234 bps YoY to 27.8%. Provisions declined by 9% YoY. Notably, LTFH has set aside Rs85cr as macroprudential provisions in Q3FY19, taking overall macroprudential provisions to Rs269cr for unforeseen risks in future. Net profit increased by 78% YoY. We expect net profit to grow at a CAGR of 37% over FY17-21E supported by robust growth in...

Mid-sized continue to lead growth: From last few months mid-sized players have been seeing strong growth especially from TATA AIA/Birla MF scoring Source: Life Insurance Council, PL from Banca, while Max and Bajaj Life improving its proprietary channel sourcing. Mid-sized have also seen higher growth on back continuous addition to product line in both individual & group segments trying to reach in-line with larger player offerings. ABSLI continued its industry leading growth at 84% YoY, Max Life grew at strong 35% YoY over the base of 64%registered in...

Mid-sized continue to lead growth: From last few months mid-sized players have been seeing strong growth especially from TATA AIA/Birla MF scoring Source: Life Insurance Council, PL from Banca, while Max and Bajaj Life improving its proprietary channel sourcing. Mid-sized have also seen higher growth on back continuous addition to product line in both individual & group segments trying to reach in-line with larger player offerings. ABSLI continued its industry leading growth at 84% YoY, Max Life grew at strong 35% YoY over the base of 64%registered in...

Gujarat State Petronet | Target: Rs 200 | +20% | BUY Margin blip but tariffs and volumes buoyant Gujarat Gas | Target: Rs 170 | +37% | BUY...

Asian markets were trading mixed as investors focus on developments on the U.S.-China trade talks which are set to continue in Beijing later this week. Nikkei is trading lower by 2.01% while Hangseng is trading higher by 0.18% and Shanghai is trading higher by 0.46%. Indian indices are expected to o