According to the sectoral deployment of credit, sector loans have grown 10.4% yoy , 4.3% qoq and declined 1.4% mom as at end April. Non-food credit grew 10.7% yoy compared to 8.4% yoy in Mar-18. While the yoy growth has picked up on a low base, m-o-m, loans have declined. The monthly drop is because of a strong growth in March led by loans to NBFCs that grew 27% mom, large corporate loans that grew 3% and priority MSME at 9%. As April has traditionally been a lean month, demand from all these segments fell. Except for retail loans and trade, there is no definitive trend of growth for other segments since demonetisation. This is a monthly reporting and does not change our view on the sector. Prefer retail banks and NBFCs over corporate banks.
Key highlights
· Nothing big to report in the industry wise corporate credit breakdown with all key industries including metals, power, roads, engineering showing a mom decline.
Ashoka Buildcon Ltd.. Ashoka Buildcon Limited is an India-based infrastructure development company. The Company is engaged in construction and maintenance of roads, and supporting services to land support-operation of toll roads and others. The Company operates through three segments: Construction and Contract related activities; BOT Projects, and Sales of Goods. Its Construction and Contract related activities segment consists of execution of engineering and construction projects to provide solutions in civil and electrical engineering (on turnkey basis or otherwise) to core/infrastructure sectors. The Company's BOT Activity relates to execution of projects on long-term basis comprising developing, operating and maintaining the infrastructure facility. The Sales of Goods segment includes the activity of selling of ready mix concrete (RMC), plain cement concrete (PCC) poles, software and bitumen. The Company has projects under construction in the States of Tamil Nadu, Karnataka, Odisha and West Bengal.
IDFC Securities Ltd., a subsidiary of the Infrastructure Development Finance Company (IDFC) wherein the Government of India holds a 20% interest, is India's leading equities broker catering to most of the prominent financial institutions, both foreign and domestic investing in Indian equities. A research team of experienced and dedicated experts ensures the flow of critically investigated stock ideas and portfolio strategies for our clients. Our coverage spans across various growth sectors such as agriculture, automobiles, Consumer Goods, Technology, Healthcare, Infrastructure, Media, Power, Real Estate, Telecom, Capital Goods, Logistics, Cement amongst other sectors. Our clients value us for our strong research-led investment ideas, superior client servicing track record and exceptional execution skills.
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