Time to remain in the market. but cautiously

Size: px
Start display at page:

Download "Time to remain in the market. but cautiously"

Transcription

1 Time to remain in the market. but cautiously Sunil Jain Head Equity Research (Retail) Date: Nov 2014

2 Indian equity outperformed all other markets in 2014 Country Index YTD % India NIFTY 32.97% US S&P % Germany DAX -0.62% France CAC -0.60% UK FTSE -0.78% Japan NIKKEI 6.12% Hong Kong HANG SENG 0.29% China Shanghai 15.83% Brazil IBOVESPA 1.08% Indonessia Jakarta 19.97% Currency Index YTD% INR NIFTY 32.97% US Dollar NIFTY 32.72% Yen NIFTY 48.19% Euro NIFTY 45.58% Nifty in other currencies - USD, Yen and Euro, has even given higher returns. Like, FII from Japan invested in NIFTY at start of year has gained more than domestic investors

3 Apr-99 Apr-00 Apr-01 Apr-02 Apr-03 Apr-04 Apr-05 Apr-06 Apr-07 Apr-08 Apr-09 Apr-10 Apr-11 Apr-12 Apr-13 Apr-14 Nov 2014 Valuations post Nifty s excellent performance 30 S&P CNX Nifty Trailing P/E Current PE Year Average PE Liquidity Driven Area Nifty P/E Scope for re-rating is limited and corporate performance will drive the equity market now

4 Macro factors driving earnings for corporate Decline in commodity prices Across the board, commodity prices have seen decline, be it Oil, metal, plastic, chemical and even some agro commodities, driven by international market Company consuming these commodities are likely to benefit especially in improving demand environment Some companies may be negatively impacted but Weightage of commodity companies in NIFTY is only 17% So overall decline in commodity prices is earning accretive

5 Macro factors driving earnings for corporate Decline in commodity prices 16.0% 14.0% 12.0% 14.3% 15.2% EBIT Margin 14.5% 13.3% 13.3% 12.9% 12.2% 12.8% 12.9% 10.0% 8.0% 6.0% 4.0% 2.0% 0.0% FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14 H1FY15 EBIT margin has scope to grow and decline in commodity prices is likely to support the same

6 Macro factors driving earnings for corporate Better capacity utilization Assets turnover ratio shows scope for improvement This will lead to higher earnings without much investment - resulting into improvement of ROCE Assets Turnover FY03 FY04 FY05 FY06 FY07 FY08 FY09 FY10 FY11 FY12 FY13 FY14

7 Jan-12 Mar-12 May-12 Jul-12 Sep-12 Nov-12 Jan-13 Mar-13 May-13 Jul-13 Sep-13 Nov-13 Jan-14 Mar-14 May-14 Jul-14 Sep-14 Nov-14 Jan-15 Mar-15 May-15 Jul-15 Sep-15 Nov-15 Nov 2014 Macro factors driving earnings for corporate Decline in Interest rate Inflation may bounce back in Jan on account of lower base CPI 12.00% 10.00% 8.00% 8.24% 6.00% 4.00% 5.52% 4.77% 5.70% 2.00% 0.00% Though Interest rate cut cycle may still be 6 months away but direction is on the down side

8 Macro factors driving earnings for corporate Decline in Interest rate 12 months from now, we may see short term interest rates down by 100 bps The decline in interest rate will have direct and indirect positive impact on corporates

9 Macro factors driving earnings for corporate Government pro-business policy to drive growth Faster decision making Building investor confidence Activating Bureaucracy

10 Earnings Growth will drive market in the long term % % % % % 13.79% 19.80% 20.00% 15.00% 15.00% 10.00% % % FY11 FY12 FY13 FY14 FY15 FY16 FY % EPS Growth

11 NIFTY may see 10,000 by March 2016 At 1 year forward Year EPS Growth NIFTY PE FY % FY % FY % FY % FY % FY % FY % PE multiple of 16x and with the earnings improvement of NIFTY stocks, it can see 10,000 mark by March 2016 So Use every major dip to BUY.

12 Sep-00 Jul-01 May-02 Mar-03 Jan-04 Nov-04 Sep-05 Jul-06 May-07 Mar-08 Jan-09 Nov-09 Sep-10 Jul-11 May-12 Mar-13 Jan-14 Nov 2014 Dec-99 Nov-00 Oct-01 Sep-02 Aug-03 Jul-04 Jun-05 May-06 Apr-07 Mar-08 Feb-09 Jan-10 Dec-10 Nov-11 Oct-12 Sep-13 Oct-08 Mar-09 Aug-09 Jan-10 Jun-10 Nov-10 Apr-11 Sep-11 Feb-12 Jul-12 Dec-12 May-13 Oct-13 Mar-14 Aug-14 The ride may not be smooth - we may see volatility Global uncertainty persist GDP Euro Area 25 China IIP Japan GDP Euro Area is expected to again enter Deflation China Growth rate has slowed down considerably. Japan has already entered deflation again

13 The ride may not be smooth we may see volatility Rupee appreciated agent various currencies Variation since Currency Cross Currancy 1st Aug 2014 American Dollar USDINR -1.37% Chinese Yuan CNYINR -2.22% South Korean won KRWINR 6.02% Euro EURINR 5.22% British Pound sterling GBPINR 5.58% Swiss francs CHFINR 4.07% Australian Dollar AUDINR 6.08% Brazilian Real BRLINR 10.80% Japanese yen JPYINR 13.89% Russian Ruble RUBINR 28.33% Though INR has not varied much in last 4 months against USD and CNY but appreciation against other currencies is making India export uncompetitive in their market

14 The ride may not be smooth we may see volatility Global commodity prices are moving in deferent direction than equity Down 15% Equity Index 6 M Var % S&P US 9.39% NIKKEI - Japan 22.92% Shanghai - China 22.14% NIFTY - India 15.48% DAX - Germany -2.26%

15 Conclusion Indian equity outperformed all other markets in 2014 Limited scope for re-rating Earnings growth will drive market from here March 2016 target for NIFTY is Going forward, ride may not be smooth

16 Stocks May be purchased on decline Large Cap Aurobindo Pharma State Bank of India Axis Bank Larsen & Tubro Mahindra & Mahindra Small Cap PI Industries Ltd Astral Poly Finolex Ind Asian Paints Dewan Housing Everest Industries Dolphin offshore

17 Disclaimer: This Document has been prepared by Nirmal Bang Research (A Division of Nirmal Bang Securities PVT LTD). The information, analysis and estimates contained herein are based on Nirmal Bang Research assessment and have been obtained from sources believed to be reliable. This document is meant for the use of the intended recipient only. This document, at best, represents Nirmal Bang Research opinion and is meant for general information only. Nirmal Bang Research, its directors, officers or employees shall not in anyway be responsible for the contents stated herein. Nirmal Bang Research expressly disclaims any and all liabilities that may arise from information, errors or omissions in this connection. This document is not to be considered as an offer to sell or a solicitation to buy any securities. Nirmal Bang Research, its affiliates and their employees may from time to time hold positions in securities referred to herein. Nirmal Bang Research or its affiliates may from time to time solicit from or perform investment banking or other services for any company mentioned in this document. Nirmal Bang Research (Division of Nirmal Bang Securities Pvt. Ltd.) B-2, 301/302, Marathon Innova, Opp. Peninsula Corporate Park Off. Ganpatrao Kadam Marg Lower Parel (W), Mumbai Board No. : /8001 Fax. :

18

TECHNICAL RESEARCH DESK. Bank Nifty to make a new High! Manav Chopra, CMT : Technical Analyst

TECHNICAL RESEARCH DESK. Bank Nifty to make a new High! Manav Chopra, CMT : Technical Analyst TECHNICAL RESEARCH DESK Bank Nifty to make a new High! Manav Chopra, CMT : Technical Analyst CNX BANK NIFTY 15,230 (DAILY CHART) :- The index after the election result has been consolidating its gains

More information

KPIT Cummins Infosystems Ltd

KPIT Cummins Infosystems Ltd 4 Recommendation HOLD Q1FY13 results above expectations; onsite volume growth of 7%, pricing stable. CMP Target Price Sector Stock Details Rs.126 Rs.137 IT Software products BSE Code 532400 NSE Code Bloomberg

More information

Consolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE

Consolidated Sales (Cr) Growth EBITDA (Cr) Margin PAT Margin EPS (Rs) P/E RoE Aug-17 Sep-17 Oct-17 Nov-17 Dec-17 Jan-18 Feb-18 Mar-18 Apr-18 May-18 Jun-18 Jul-18 Aug-18 2904 Recommendation CMP Target Price BUY Rs. 312 Rs. 443 Better times ahead! reported a good set of numbers in

More information

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014

Economic Outlook: Global and India. Ajit Ranade IEEMA T & D Conclave December 12, 2014 Economic Outlook: Global and India Ajit Ranade IEEMA T & D Conclave December 12, 2014 Global scenario US expected to drive global growth in 2015 Difference from % YoY Growth October Actual October Projections

More information

Advanced and Emerging Economies Two speed Recovery

Advanced and Emerging Economies Two speed Recovery Advanced and Emerging Economies Two speed Recovery 23 November 2 Bauhinia Foundation Research Centre Masaaki Shirakawa Governor of the Bank of Japan Slide 1 Japan s Silver Yen and Hong Kong s Silver Yuan

More information

Bajaj Electricals Ltd.

Bajaj Electricals Ltd. 4 Recommendation CMP Target Price Sector Stock Details Book Profit Rs. 197 Rs. 178 Consumer Durable Quarterly Analysis Bajaj Electricals has reported a dismal performance where the EBIDTA margin was down

More information

DAILY MARKET COMMENTARY. 14 th October, 2014

DAILY MARKET COMMENTARY. 14 th October, 2014 DAILY MARKET COMMENTARY 14 th October, 2014 Domestic and International Highlights Indian rupee opened at 60.93 after closing the previous session at 61.10 levels. The intra-day range is seen between 60.85-61.25

More information

Honeywell Automation India Ltd

Honeywell Automation India Ltd 4 Recommendation SUBSCRIBE SUBSCRIBE FROM A LONG TERM VIEW CMP (14/12/2012) Rs. 2,335 Target Price Sector Stock Details N/A Automation BSE Code 500033 NSE Code Bloomberg Code HONAUT HWA IN Market Cap (Rs

More information

Pennar Industries Ltd.

Pennar Industries Ltd. 4 Recommendation CMP Target Price Sector Stock Details BUY Rs. 25 Rs.31 Metals Moderate Quarter Pennar Industries has reported a moderate consolidated quarter due to lower demand in the auto, engineering,

More information

Phillips Carbon Black Ltd

Phillips Carbon Black Ltd 4 Recommendation BUY Snail Pace Recovery CMP (06/02/2013) Rs. 85 Target Price Rs. 110 Sector Stock Details Carbon Black BSE Code 506590 NSE Code Bloomberg Code PHILIPCARB PHCB IN Market Cap (Rs crs) 293

More information

APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES

APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES QUARTERLY INVESTMENT STRATEGY Third Quarter 15 19 APPENDIX ECONOMIC INDICATORS DEVELOPED ECONOMIES Purchasing Managers EMERGING ECONOMIES Purchasing Managers US Eurozone Japan Brazil Russia India China

More information

Currency Daily

Currency Daily Currency Daily 3-11-217 Market commentary Indian rupee has continued to trade firm for the third-straight session, gaining another 1paise to close at a fresh 2-month high of 64.31 against the U.S. dollar

More information

DAILY MARKET COMMENTARY. 08 th December, 2014

DAILY MARKET COMMENTARY. 08 th December, 2014 DAILY MARKET COMMENTARY 08 th December, 2014 Domestic and International Highlights Indian rupee opened at 61.97 after closing the previous session at 61.77 levels. The intra-day range is seen between 61.80-62.10

More information

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005

More information

A Global Economic and Market Outlook

A Global Economic and Market Outlook A Global Economic and Market Outlook Presented by Dr Chris Caton December 2008 US Housing starts and Permits 2.3 (Millions) Permits Starts 2.1 1.9 1.7 1.5 1.3 1.1 0.9 0.7 96 97 98 99 00 01 02 03 04 05

More information

Phillips Carbon Black Ltd

Phillips Carbon Black Ltd 4 Recommendation BOOK PROFITS Pain not yet over CMP (09/02/2015)* Rs. 131 Phillips Carbon Black (PCB) reported results in line with expectations; with EBITDA margins at 10.0% vs 9.3% in Q2FY15. The company

More information

Morning Report 15th March,2018

Morning Report 15th March,2018 Morning Report 15th March,2018 Major Cur Pair Emerging Currencies Asian Equity Currrency Last % Change Currency Last % Change Index Last % Change EURUSD 1.238 0.12 KRW FALSE 0.1 Sensex 33856.7 0.06 GBPUSD

More information

Institutional Equities

Institutional Equities Economy Update March CPI Inflation/February IIP 15 April 2019 CPI Inflation Inches Up To 2.86%; IIP Growth Plunges To 0.1% Consumer Price Index or CPI inflation in March 2019 stood at 2.86%, slightly above

More information

Navigating the storm Investing in ideas to aid diversification

Navigating the storm Investing in ideas to aid diversification Navigating the storm Investing in ideas to aid diversification April 2017 Richard Batty Fund Manager, Multi Asset This presentation is for Professional Clients only and is not for consumer use. Please

More information

LIC Housing Finance Ltd

LIC Housing Finance Ltd 4 Recommendation BUY In line results; asset quality improves CMP (27/4/215) Rs. 421 Target Price Rs. 518 Sector Stock Details Housing Finance BSE Code 5253 NSE Code Bloomberg Code LICHSGFIN LICF IN Market

More information

DCB Bank Ltd. 1 P a g e

DCB Bank Ltd. 1 P a g e 4 Recommendation HOLD Another strong quarter CMP (16/04/2015) Rs. 120 Target Price Rs. 140 Sector Stock Details Banking BSE Code 532772 NSE Code Bloomberg Code DCB DEVB IN Market Cap (Rs cr) 3383 Free

More information

Grindwell Norton Ltd

Grindwell Norton Ltd Grindwell Norton Ltd 4 Recommendation BUY Company Overview Grindwell Norton Ltd (GNO) is India s leading manufacturer of Abrasives (Bonded, CMP (11/07/2012) Rs. 258 Coated, Non-Woven, Superabrasives and

More information

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri

Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri Summit Strategies Group 8182 Maryland Avenue, 6th Floor St. Louis, Missouri 63105 314.727.7211 Quarterly Review Global Equity Market Update GLOBAL EQUITY MARKETS CALENDAR YEAR RETURNS 2002 2003 2004 2005

More information

PRESS CONFERENCE 2 November 2012

PRESS CONFERENCE 2 November 2012 PRESS CONFERENCE 2 November 212 3Q 212 Fund s market value Quarterly numbers, 3 September 212. Billions of kroner 4 3 5 Asset class Value Percentage fund Equities 2 247 6.3% 3 723 4 3 5 3 Fixed Income

More information

Equity Monthly Report

Equity Monthly Report 31st July 2018 In the month of Jul-18, the S&P BSE Sensex rose by 6.16% and the CNX Nifty by 5.99%.Indian equity benchmarks clocked their second-best monthly gain of 2018, as Indian companies continue

More information

Morning Report 2nd February,2018

Morning Report 2nd February,2018 Morning Report 2nd February,2018 Major Cur Pair Emerging Currencies Asian Equity Currrency Last % Change Currency Last % Change Index Last % Change EURUSD 1.2495-0.1 KRW FALSE 0.93 Sensex 35415.8-1.37

More information

Institutional Equities

Institutional Equities Company Update Institutional Equities Dr. Reddy s Laboratories 5 September 2017 Reuters: REDY.BO; Bloomberg: DRRD IN Suboxone Generic Opportunity To Be Lucrative, Can Sustain For Longer Time The district

More information

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy

Power Mech Projects. Institutional Equities. 2QFY18 Result Update BUY. Strong Business Scalability Likely; Retain Buy 2QFY18 Result Update Power Mech Projects 23 November 217 Reuters: POMP.BO; Bloomberg: POWM IN Strong Business Scalability Likely; Retain Buy Power Mech Projects (PMPL) posted 2QFY18 consolidated revenues

More information

Investment Rationale. Strong Parentage. Renewed focus of Ricoh Japan in India. Margin (%) Adj PAT

Investment Rationale. Strong Parentage. Renewed focus of Ricoh Japan in India. Margin (%) Adj PAT 0 4 Recommendation BUY Delisting Offer Price - Still a long way CMP Rs. 73 Target Price Rs. 89 Sector Stock Details Comm. Trading & Distribution BSE Code 517496 NSE Code Bloomberg Code NA RPGR IN Market

More information

Germany 10 Year Benchmark

Germany 10 Year Benchmark INR: THE DOMESTIC CURRENCY COULD REMAIN RANGE BOUND. July 12 th, 2016 MARKET OUTLOOK The Indian Rupee could remain range bound on Tuesday. However, most Asian currencies fell against the greenback. However,

More information

Jamna Auto Industries

Jamna Auto Industries 2QFY19 Result Update Institutional Equities Jamna Auto Industries Reuters: JMNA.NS; Bloomberg: JMNA IN Performance Below Expectations; Retain Buy Due To Strong Outlook Jamna Auto s 2QFY19 earnings were

More information

Gillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance

Gillette India. Institutional Equities. 2QFY19 Result Update BUY. Marketing Investments Mask Improved Top-line Performance 2QFY19 Result Update Gillette India 13 February 2019 Reuters: GILE.NS; Bloomberg: GILL IN Marketing Investments Mask Improved Top-line Performance Gillette India s (GILL) 2QFY19 operating and net earnings

More information

Margin (%) PAT (Rs cr)

Margin (%) PAT (Rs cr) 4 Recommendation HOLD Reiterating positive outlook CMP (27/7/2015) Rs. 115 Target Price Rs. 125 Sector Stock Details Pharmaceuticals BSE Code 532482 NSE Code Bloomberg Code GRANULES GRAN IN Market Cap

More information

Currency Daily

Currency Daily Currency Daily 15-12-217 Market commentary Indian rupee rebounded sharply in early trades, but pared some gains before closing higher by 1paise at 64.34 per dollar amid expectations that the ruling BJP

More information

CURRENCIES DAILY TECHNICAL REPORT USDINR MONTH S3 S2 S1 R1 R2 R3 NOVEMBER

CURRENCIES DAILY TECHNICAL REPORT USDINR MONTH S3 S2 S1 R1 R2 R3 NOVEMBER AUGUST November 20, 30, 2018 USDINR NOVEMBER 69.6000 69.7500 69.8500 70.2500 70.5000 70.6500 USDINR opened with a gap down and traded in bearish zone throughout the session The pair made a 3 month low

More information

Institutional Equities

Institutional Equities Economy Update August CPI Inflation/ July IIP 14 September 2018 CPI Inflation Moderates To 3.69% YoY; IIP Growth Slows To 6.6% YoY Consumer Price Index or CPI inflation stood at 3.69% in August 2018, below

More information

Markets at a Glance. India Q2 CY For Distributors use only

Markets at a Glance. India Q2 CY For Distributors use only Markets at a Glance India Q CY 17 For Distributors use only India Macro Economy Trade Inflation Monetary Sector Valuations Liquidity Macro Economy GDP Emerging vs Developed (In % YoY) Credit Growth vs

More information

Currency Research Desk

Currency Research Desk Currency weekly 10 June 2013 Global economic review Last week, the global market ended on a negative note. A similar INDICES LAST 1 week ago % Change NIFTY 5881.00 5985.95-1.75 trend witnessed in the US

More information

January Economic Report. Month ending January 31, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved.

January Economic Report. Month ending January 31, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved. January Economic Report Month ending January 31, 2015 MARKET DASHBOARD Last Price Change % Chg. YTD % Last Price Change % Chg. YTD % S&P 500 2,055.47 67.53 3.38% 0.2% Russell Global EM 3,051.86 55.85 1.86%

More information

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE

Swaraj Engines. Institutional Equities. 2QFY18 Result Update ACCUMULATE 2QFY18 Result Update Institutional Equities Swaraj Engines 13 November 2017 Reuters: SWAR.BO; Bloomberg: SWE IN Strong Realisation Drives Earnings Growth Swaraj Engines (SEL) 2QFY18 earnings were 5% above

More information

Gratuity Fund Performance

Gratuity Fund Performance Gratuity Fund Performance Monthly Fund Update, May 13 IN THIS POLICY, THE INVESTMENT RISK IN INVESTMENT PORTFOLIO IS BORNE BY THE POLICYHOLDER ECONOMY ECONOMY S.No. Indicators Mar-13 Apr-13 M-o-M Variation

More information

Morning Report 25th January,2018

Morning Report 25th January,2018 Morning Report 25th January,2018 Major Cur Pair Emerging Currencies Asian Equity Currrency Last % Change Currency Last % Change Index Last % Change EURUSD 1.2433 0.22 KRW FALSE -0.48 Sensex 36118.9-0.12

More information

2017 Future Expiration

2017 Future Expiration Tradable 03-12-2018 04-03-2018 03-06-2018 09-09-2018 E-Mini Nasdaq 100 CME Equity NSDQ-Date Tradable 03-12-2018 04-03-2018 03-06-2018 09-09-2018 Mini-Size Dow CME Equity DOW-Date Tradable 03-12-2018 04-03-2018

More information

Global Market Overview

Global Market Overview Tuesday 5 th Dec 2017 Global Market Overview Asian market trading mixed after NASDAQ hit a five-week low, with optimism about a Republican plan to slash corporate taxes fuelling gains in banks stocks.

More information

INDIA ENHANCED EQUITY FUND

INDIA ENHANCED EQUITY FUND DSP BlackRock INDIA ENHANCED EQUITY FUND Alternative Investment Fund Quarterly Report uly-september 201 ALTERNATIVE INVESTMENT FUND Investment Commentary We maintained a cautious view on the overall market

More information

Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018

Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018 March, 2018 Commodity Overview Bloomberg Commodity Index - 15 Year Performance to Mar 31, 2018 250 200 150 100 50 0 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016 2017 2018 2 1/1/2003

More information

ANALYST CERTIFICATIONS AND REQUIRED DISCLOSURES BEGIN ON PAGE 21

ANALYST CERTIFICATIONS AND REQUIRED DISCLOSURES BEGIN ON PAGE 21 July 2017 FC Research ANALYST CERTIFICATIONS AND REQUIRED DISCLOSURES BEGIN ON PAGE 21 Monetary Policy Review..... 3 Rating Outlook: Moody s... 4 Inflation... 5 M2B & Sector Credit... 7 Reserves & Liquidity...

More information

Snapshot of SA Economy

Snapshot of SA Economy Snapshot of SA Economy Kgotso Radira 1 September 29 Economic Outlook Global share indices 2 Indices 18 16 14 12 1 8 6 4 25 26 27 28 29 S&P 5 FTSE 1 DAX Nikkei 3 Global interest rates 7 % 6 5 4 3 2 1 1999

More information

Equity Monthly Report

Equity Monthly Report 31st August 2017 In the month of August 2017, the S&P BSE Sensex and CNX Nifty fell 2.4% and 1.6% respectively. Indian shares suffered their steepest monthly loss since November, weighed down by geopolitical

More information

Supporting sentiment on the dollar was easing fears over a U.S.-China trade war after Larry Kudlow, director of the White House

Supporting sentiment on the dollar was easing fears over a U.S.-China trade war after Larry Kudlow, director of the White House CURRENCY DAILY 6-4-218 Market \` commentary Indian rupee recovered from previous session s losses and closed higher by 18paise at 64.97 against the U.S. dollar, after the RBI lowered its inflation forecast

More information

Financial & Business Highlights For the Year Ended June 30, 2017

Financial & Business Highlights For the Year Ended June 30, 2017 Financial & Business Highlights For the Year Ended June, 17 17 16 15 14 13 12 Profit and Loss Account Operating Revenue 858 590 648 415 172 174 Investment gains net 5 162 909 825 322 516 Other 262 146

More information

Sanofi India. Institutional Equities. 3QCY18 Result Update. Robust Performance BUY

Sanofi India. Institutional Equities. 3QCY18 Result Update. Robust Performance BUY 3QCY18 Result Update Institutional Equities Sanofi India Reuters: SANO.BO; Bloomberg: SANL IN Robust Performance Sanofi India s revenues in 3QCY18 stood at Rs7,438mn which were above our/consensus estimate

More information

Initiating Coverage. Uflex Ltd.

Initiating Coverage. Uflex Ltd. 2904 Recommendation CMP Target Price BUY Rs. 283 Rs. 444 Better times ahead! reported a good set of numbers for the year FY18 and for Q4. Sales for the quarter increase by 11.8% YoY to Rs 1809.8 Cr and

More information

Monthly Economic and Financial Developments January 2013

Monthly Economic and Financial Developments January 2013 Release Date: 8 March 2013 Monthly Economic and Financial Developments January 2013 In an effort to provide the public with more frequent information on its economic surveillance activities, the Central

More information

Power of Travel Promotion Evolution

Power of Travel Promotion Evolution Power of Travel Promotion Evolution Promotion More Important than Ever Power of Promotion $7 million Median state = marketing budget FY 2014-15 OR 45 seconds worth of Super Bowl ads $100 million = Presidential

More information

ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH

ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH ECONOMIC OUTLOOK FINALLY, SYNCHRONIZED GLOBAL GROWTH Augustine Faucher Chief Economist November 13, 2017 Senior Economic Advisor Chief Economist BETTER GROWTH THIS YEAR, AND AN UPGRADE TO 2018 World output,

More information

USDKZT volatility hit a two-year low

USDKZT volatility hit a two-year low RESEARCH AND KNOWLEDGE MANAGEMENT 22 November 2017 USDKZT volatility hit a two-year low USDKZT traded in the range of 330-334/USD in the past two weeks with a 30-day historical volatility touching a 2-year

More information

Monthly Market Outlook August. Equity to remain range bound.. Fixed income is reasonably valued

Monthly Market Outlook August. Equity to remain range bound.. Fixed income is reasonably valued Monthly Market Outlook August Equity to remain range bound.. Fixed income is reasonably valued Returns' (%) Source: MFI; Date ending on July 31, 2015; *as on July 24, 2015 Global Performance 1 Month Returns

More information

How does Hong Kong Monetary Authority use statistics in financial market surveillance? by Tom Fong. Market Research Division Research Department

How does Hong Kong Monetary Authority use statistics in financial market surveillance? by Tom Fong. Market Research Division Research Department How does Hong Kong Monetary Authority use statistics in financial market surveillance? by Tom Fong Market Research Division Research Department The views expressed in this presentation do not necessarily

More information

Market Outlook Presentation September

Market Outlook Presentation September Market Outlook Presentation September - 2014 1 KEY HIGHLIGHTS Equity Market Overview Macro indicators, Sentiments and Valuations Debt Market Overview Outlook Recommendations 2 EQUITY MARKET OVERVIEW Sensex

More information

2018 The year of promise

2018 The year of promise 2018 The year of promise January 2018 Tushar Pradhan, Chief Investment Officer We have come a long way in 2017 Source: Kotak Institutional Equities Dec 2017 Key events and performance of the Indian market

More information

CARE Ratings. Institutional Equities. 2QFY18 Result Update BUY

CARE Ratings. Institutional Equities. 2QFY18 Result Update BUY 2QFY18 Result Update Institutional Equities CARE Ratings 17 November 217 Reuters: CREI.BO; Bloomberg: CARE IN Mixed Performance CARE Ratings (CARE) reported an increase of 12.3% in revenues for 2QFY18

More information

Timken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy

Timken India. Institutional Equities. 4QFY16 Result Update BUY. Margin Expansion Leads To Huge Growth In Profit; Retain Buy 4QFY16 Result Update Institutional Equities Timken India 23 May 2016 Reuters: TMKN.BO; Bloomberg: TIMK IN Margin Expansion Leads To Huge Growth In Profit; Retain Buy Timken India (TIL), the leading manufacturer

More information

Institutional Equities

Institutional Equities Economy Update Institutional Equities May Inflation/April Index of Industrial Production 13 June 2018 CPI Inflation At 4.9%; IIP Growth Also At 4.9% Consumer Price Index or CPI inflation in India stood

More information

Monthly Market Outlook December Equities Invest in Equities for the long-run Fixed Income The appeal remains intact

Monthly Market Outlook December Equities Invest in Equities for the long-run Fixed Income The appeal remains intact Monthly Market Outlook December 2015 Equities Invest in Equities for the long-run Fixed Income The appeal remains intact Returns' (%) Source: MFI; Date ending on November 30, 2015 Global Performance Countries

More information

Equity Monthly Report

Equity Monthly Report 31st January 2018 In the month of January 2018, the S&P 11120 BSE Sensex and CNX Nifty rose 5.6% 11020 and 4.7% respectively. The indices have posted their best one-month pre-budget 10920 gain in 13 years.

More information

Market Outlook Presentation October

Market Outlook Presentation October Market Outlook Presentation October - 2014 1 KEY HIGHLIGHTS Equity Market Overview Macro indicators, Sentiments and Valuations Debt Market Overview Outlook Recommendations 2 EQUITY MARKET OVERVIEW In September

More information

Global Market Overview

Global Market Overview At least 800 people are confirmed to have died in Indonesia and the death toll is expected to rise sharply after the magnitude of 7.5 earthquake hit the country on Friday. Brent Crude oil prices are trading

More information

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution

Power Mech Projects. Institutional Equities. 2QFY19 Result Update BUY. Strong Order Book Drives Robust Execution 2QFY19 Result Update Power Mech Projects 21 November 218 Reuters: POMP.BO; Bloomberg: POWM IN Strong Order Book Drives Robust Execution Power Mech Projects (PMPL) posted 2QFY19 consolidated revenues of

More information

Nomura Investors Day 2010

Nomura Investors Day 2010 Nomura Investors Day 2010 May 10, 2010 Kenichi Watanabe President and CEO Nomura Holdings, Inc. 1. This document is produced by Nomura Holdings, Inc. ("Nomura"). Copyright 2010 Nomura Holdings, Inc. All

More information

Global Market Overview

Global Market Overview ASIA E.U U.S.A Wednesday 6 th Dec 2017 Global Market Overview Tech rally burns out pushing Wall Street lower. The year's top-performing sector was still down nearly 4 percent over the past week, with investors

More information

4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar

4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar 4.1 Foreign Exchange Average Rates Pak Rupees per US Dollar PERIOD Jul. Aug. Sep. Oct. Nov. Dec. Jan. Feb. 1990-91 21.7944 21.8083 21.7944 21.8440 21.9107 21.9099 22.1296 22.2054 1991-92 24.6281 24.7185

More information

Equity: Buy on dips. Build portfolio for long term wealth creation Fixed Income: Invest in short to medium duration funds

Equity: Buy on dips. Build portfolio for long term wealth creation Fixed Income: Invest in short to medium duration funds Equity: Buy on dips. Build portfolio for long term wealth creation Fixed Income: Invest in short to medium duration funds 1 Month Returns' (%) Global Indices Among the emerging countries India outperformed

More information

Global Market Overview

Global Market Overview ASIA E.U U.S.A Global Market Overview Friday 29 June 2018 Indian Rupee hit hard by Oil prices that are currently at a three-and-half year high. BoJ reduced purchases of Japanese Government Bonds (JGBs)

More information

Colgate-Palmolive (India)

Colgate-Palmolive (India) Result Update Colgate-Palmolive (India) 27 July 218 Reuters: COLG.BO; Bloomberg: CLGT IN Tough Times Continue Colgate-Palmolive (India) or CLGT reported a mixed earnings performance in. Volume and revenue

More information

Institutional Equities

Institutional Equities 4QFY18 Result Update Institutional Equities Atul Auto 30 May 2018 Reuters: ATUL.BO; Bloomberg: ATUL IN Higher Expenses Mar Profitability Atul Auto s (AAL) 4QFY18 earnings missed our expectations on account

More information

Institutional Equities

Institutional Equities 1QFY19 Result Update Institutional Equities Aurobindo Pharma 13 August 2018 Reuters: ARBP.NS; Bloomberg: ARBP IN One-offs Impact Margin Aurobindo Pharma (APL) reported 1QFY19 revenues of Rs42,503mn which

More information

Global Market Overview

Global Market Overview ASIA E.U U.S.A Global Market Overview Wednesday 27 June 2018 RBI said that PSU banks account for over 85% of total frauds in banking system in 2017-18 and show and increasing trend both in terms of number

More information

Market Outlook. Nifty % Sensex %

Market Outlook. Nifty % Sensex % Market Outlook 22000 BSE NSE 6500 Key Indices 30-Apr-13 31-Mar-13 % Change 21000 20000 19000 18000 17000 16000 15000 6000 5500 5000 4500 4000 3500 Nifty 5930.20 5682.55 4.36% Sensex 19504.18 18835.77 3.55%

More information

April Economic Report. Month ending April 30, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved.

April Economic Report. Month ending April 30, McGladrey LLP. All Rights Reserved McGladrey LLP. All Rights Reserved. April Economic Report Month ending April 30, 2015 MARKET DASHBOARD Last Price Change % Chg. YTD % Last Price Change % Chg. YTD % S&P 500 2,108.29-19.85-0.94% 1.9% Russell Global EM 3,262.92-30.73-0.93%

More information

Key highlights for the year

Key highlights for the year Recommendation Not Rated Snapshot CMP (26/04/2010) Rs. 693 Sector IT & Software Stock Details BSE Code NSE Code Bloomberg Code Market Cap (Rs. Crs) Free Float (%) 52- wk HI/Lo Avg. volume BSE (Quarterly)

More information

Market and Economic Charts. Retail Fund Management Team Investec Asset Management

Market and Economic Charts. Retail Fund Management Team Investec Asset Management Market and Economic Charts Retail Fund Management Team Investec Asset Management 30 April 2010 Looking at Markets Global SA Economics Major Index Performance Major Index Performance Market Drivers Inflation

More information

LEGAL DISCLAIMER TERMS OF USE

LEGAL DISCLAIMER TERMS OF USE LEGAL DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye Risk Management is not a broker dealer and does not provide investment advice

More information

Equity Market Outlook. May, 2016

Equity Market Outlook. May, 2016 Equity Market Outlook May, 2016 Global Economy Update Jan-15 Feb-15 Mar-15 Apr-15 May-15 Jun-15 Jul-15 Aug-15 Sep-15 Oct-15 Nov-15 Dec-15 Jan-16 Feb-16 Mar-16 Apr-16 Global Central Bank Monetary Policies

More information

B-GUIDE: Economic Outlook

B-GUIDE: Economic Outlook Aug-12 Apr-13 Dec-13 Aug-14 Apr-15 Dec-15 Aug-16 Apr-17 Jul-15 Nov-15 Mar-16 Jul-16 Nov-16 Mar-17 Jul-17 Quarterly Economic Outlook: Quarter 4 2017 4 January 2018 B-GUIDE: Economic Outlook The economy

More information

Modi Sarkar Where to invest

Modi Sarkar Where to invest Markets on a roll Irrational price rise seen, stay with quality May 19, 2014 Nifty look set to go to 9000 levels in the next 18 24 months R Sreesankar rsreesankar@plindia.com +91 22 66322214 Potential

More information

Please scroll to find the 2018 and 2019 global fund holiday calendars.

Please scroll to find the 2018 and 2019 global fund holiday calendars. Please scroll to find the 2018 and 2019 global fund holiday calendars. 2018 Exchange-Traded fund holiday Vanguard Ireland-domiciled ETFs Jan Feb Mar Apr May Jun 1 2 5 12 15 25 9 12 14 15 16 19 28 20 29

More information

UNION BUDGET 2016 ORGANIZED BY BFSI AND CAPITAL MARKET STUDY GROUP OF WIRC OF ICAI PRESENTATION BY : CA MANISH CHOKSHI

UNION BUDGET 2016 ORGANIZED BY BFSI AND CAPITAL MARKET STUDY GROUP OF WIRC OF ICAI PRESENTATION BY : CA MANISH CHOKSHI UNION BUDGET 2016 ORGANIZED BY BFSI AND CAPITAL MARKET STUDY GROUP OF WIRC OF ICAI PRESENTATION BY : CA MANISH CHOKSHI Trends in GDP Growth Rate (%) GDP CALCULATION CHANGED WEF FROM SEPT 2014 GDP Growth

More information

LKP SECURITIES LIMITED 13th Floor Raheja Center, Free Press Marg, Nariman Point, Mumbai

LKP SECURITIES LIMITED 13th Floor Raheja Center, Free Press Marg, Nariman Point, Mumbai Free Press Marg, Nariman Point, Mumbai-400021 Currency USD-INR EUR-INR GBP-INR JPY-INR Market Update Exp. Date Open High Low Close Change O.Int % Cng OI Volume ATP RBI Rate Oct 2018 72.92 73.21 72.83 73.15

More information

Global Themes and Risks

Global Themes and Risks The Goldman Sachs Group, Inc. Goldman Sachs Research Global Themes and Risks April 2013 Abby Joseph Cohen, CFA Goldman, Sachs & Co. 1-212-902-4095 abby.cohen@gs.com Rachel Siu Goldman, Sachs & Co. 1-212-357-0493

More information

Equity Perspective. May 2018

Equity Perspective. May 2018 Equity Perspective May 2018 Equity Markets - Review Equity Roundup Movement in April U.S Closing Price 1-Month Return (%) Year To Date Returns (%) S&P 500 2648.05 0.27-0.96 Nasdaq 7066.27 0.04 2.36 Dow

More information

ShroffConnect Weekly Report 15 th September, 2018

ShroffConnect Weekly Report 15 th September, 2018 ShroffConnect Weekly Report 15 th September, 2018 Aditya Shroff Stock Broking Services Shroff Securities Pvt. Ltd. Portfolio Management Services Kolkata: 033 40662165/22627829 Bangalore: 080 25588305/25588306

More information

MORNING COFFEE 8-JUNE-2017 FROM CEO'S DESK CURRENCY USDINR

MORNING COFFEE 8-JUNE-2017 FROM CEO'S DESK CURRENCY USDINR 8-JUNE-2017 FROM CEO'S DESK The MPC left the repo rate unchanged as expected. It cut SLR by 50bps to 20% to give more flexibility to banks to comply with LCR requirements from Jan'19. The HTM requirements

More information

Equity Monthly Report

Equity Monthly Report October 2018 The Indian share market recorded its second consecutive monthly fall in Octo- 11000 Nifty-50 movement in Oct'18 ber18 amidst increasing foreign fund 10800 outflows, and concerns regarding

More information

Weekly Review September 28, 2018

Weekly Review September 28, 2018 Weekly Review September 28, 2018 Key Economic News International Domestic The U.S. Federal Reserve (Fed) in its monetary policy review increased interest rates by 25 bps as it decided to raise the target

More information

U.S. ECONOMIC UPDATE. MACRO February 5, 2014

U.S. ECONOMIC UPDATE. MACRO February 5, 2014 U.S. ECONOMIC UPDATE MACRO February 5, 2014 LEGAL DISCLAIMER Hedgeye Risk Management is a registered investment advisor, registered with the State of Connecticut. Hedgeye Risk Management is not a broker

More information

India Strategy Adding currency play to consumption

India Strategy Adding currency play to consumption INSTITUTIONAL EQUITY RESEARCH India Strategy Adding currency play to consumption INDIA STRATEGY 2 August 218 Rupee has weakened past 7 led by dollar strength. While Indian economic fundamentals remain

More information

The FCO Cockpit Global Bubble Status Report. Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk. November 1st, 2015

The FCO Cockpit Global Bubble Status Report. Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk. November 1st, 2015 Global Bubble Status Report Peter Cauwels & Didier Sornette Chair of Entrepreneurial Risk November 1st, 2015 Main conclusion of this report: Last month, assets related to materials, industrials, commodities,

More information

7. Foreign Investments in India

7. Foreign Investments in India 81 7. 7.1 Introduction Since 1992, Foreign Institutional Investors (FIIs) have been allowed to invest in all traded securities on the primary and secondary markets, including shares, debentures and warrants

More information

DAILY MARKET COMMENTARY. 20 th November, 2014

DAILY MARKET COMMENTARY. 20 th November, 2014 DAILY MARKET COMMENTARY 20 th November, 2014 Domestic and International Highlights Indian rupee opened at 62.03 after closing the previous session at 61.96 levels. The intra-day range is seen between 61.90-61.40

More information