Motilal Oswal

​Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance. 

Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.

Team Research
  • Team Research

MOSL: Morning India (01/July/22): 1. Mutual Funds (Channel checks); 2....

Morning India (01/July/22):  Today’s top research ideaMutual Funds Channel checks: Equity flows muted; Debt outlook positiveWe interacted with a few large Mutual Fund distributors (having AUM in excess of INR10b) and institutional sales representatives to sense the pulse of customer behavior in the current environment. -    Correction in equity markets and a sharp increase in the 10-year G-Sec yield play a meaningful role in gauging customer interest for investing in Mutual Funds. -    Over the...

Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE: 2QCY22 – India’s quarterly economic outlook; Terminal ...

The economic situation has changed dramatically since our last Quarterly Economic Outlook (QEO) published in Mar'22. The continuation of hostilities between Russia and Ukraine has led to an entrenched episode of higher inflation across the globe. Accordingly, many central banks have significantly hiked their policy interest rates in 2QCY22, in contrast to marginal monetary tightening seen until 1QCY22. This led to sharp reactions across global financial markets (equity, bonds and currency) and m...

Sanjeev Kumar Singh
  • Sanjeev Kumar Singh

MOSL:ULTRATECH CEMENT: Earnings woes continue; stock correction factor...

Higher costs will impact earnings in 1HFY23 Earnings for UTCEM as well as the Cement sector is expected to remain under pressure in 1HFY23 and lower than our earlier estimate due to: 1) sustained cost pressures (we expect a INR300-350/t increase in energy costs in 1HFY23), 2) recent decline in Cement prices, which came under pressure in Jun'22, 3) lower than our estimated growth in Cement demand in 1QFY23, and 4) tendency to increase capacities by different players (UTCEM and SRCM recently an...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy

MOSL: ITC (Annual report): Steadily progressing on a sustainable path ...

In this report, we present the key takeaways from ITC’s FY22 Annual Report: Refreshed post-pandemic strategy: ITC’s refreshed strategy across business divisions places digital prowess and sustainability at its center, as it focuses on remaining nimble to address the fast-evolving trends and consumer preferences. Management will also explore growth opportunities through the M&A route and will undertake higher investments to drive exports. Infrastructure and ICMLs: ITC has 10 operational integ...

Team Research
  • Team Research

MOSL: MOrning India (29/June/22): 1. Bharti Airtel (Huge FCF opportuni...

Today’s top research idea Bharti Airtel: Huge FCF opportunity calls Over the last couple of years, though Bharti's operational performance has been strong, it has lagged in FCF generation and deleveraging that has posed a key concern for the stock. FCF is a key factor in telecom business as technology upgradation continually keeps capex intensity high. However, we believe despite the upcoming investments in 5G, Bharti is witnessing a decadal shift in its FCF generation capability that could...

Team Research
  • Team Research

MOSL: Morning India (01/July/22): 1. Mutual Funds (Channel checks); 2....

Morning India (01/July/22):  Today’s top research ideaMutual Funds Channel checks: Equity flows muted; Debt outlook positiveWe interacted with a few large Mutual Fund distributors (having AUM in excess of INR10b) and institutional sales representatives to sense the pulse of customer behavior in the current environment. -    Correction in equity markets and a sharp increase in the 10-year G-Sec yield play a meaningful role in gauging customer interest for investing in Mutual Funds. -    Over the...

Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE: 2QCY22 – India’s quarterly economic outlook; Terminal ...

The economic situation has changed dramatically since our last Quarterly Economic Outlook (QEO) published in Mar'22. The continuation of hostilities between Russia and Ukraine has led to an entrenched episode of higher inflation across the globe. Accordingly, many central banks have significantly hiked their policy interest rates in 2QCY22, in contrast to marginal monetary tightening seen until 1QCY22. This led to sharp reactions across global financial markets (equity, bonds and currency) and m...

Sanjeev Kumar Singh
  • Sanjeev Kumar Singh

MOSL:ULTRATECH CEMENT: Earnings woes continue; stock correction factor...

Higher costs will impact earnings in 1HFY23 Earnings for UTCEM as well as the Cement sector is expected to remain under pressure in 1HFY23 and lower than our earlier estimate due to: 1) sustained cost pressures (we expect a INR300-350/t increase in energy costs in 1HFY23), 2) recent decline in Cement prices, which came under pressure in Jun'22, 3) lower than our estimated growth in Cement demand in 1QFY23, and 4) tendency to increase capacities by different players (UTCEM and SRCM recently an...

Krishnan Sambamoorthy
  • Krishnan Sambamoorthy

MOSL: ITC (Annual report): Steadily progressing on a sustainable path ...

In this report, we present the key takeaways from ITC’s FY22 Annual Report: Refreshed post-pandemic strategy: ITC’s refreshed strategy across business divisions places digital prowess and sustainability at its center, as it focuses on remaining nimble to address the fast-evolving trends and consumer preferences. Management will also explore growth opportunities through the M&A route and will undertake higher investments to drive exports. Infrastructure and ICMLs: ITC has 10 operational integ...

Team Research
  • Team Research

MOSL: MOrning India (29/June/22): 1. Bharti Airtel (Huge FCF opportuni...

Today’s top research idea Bharti Airtel: Huge FCF opportunity calls Over the last couple of years, though Bharti's operational performance has been strong, it has lagged in FCF generation and deleveraging that has posed a key concern for the stock. FCF is a key factor in telecom business as technology upgradation continually keeps capex intensity high. However, we believe despite the upcoming investments in 5G, Bharti is witnessing a decadal shift in its FCF generation capability that could...

Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE-States remain frugal; Immense potential to support 4QFY...

ECOSCOPE: States remain frugal; Immense potential to support 4QFY18 GDP growth   Based on data for 20 states, we find that state governments continue to be cautious in their total spending, which grew only 6.9% YoY during April-November 2017 against an average growth of ~16% in the past five years. Slower growth was primarily due to continued decline in capex - down ~14% against budget estimate (BE) of a decline of ~1% in FY18. Slower spending growth up to November 2017 implies that if stat...

Nikhil Gupta
  • Nikhil Gupta

MOSL: ECONOMY (THEMATIC) | Employment-Broken Link or...?-A study of th...

​ECONOMY (THEMATIC) | Employment: Broken Link Or...?; A study of the relevance of employment in India’s economic growthThe conventional view serves to protect us from the painful job of thinking.- John Kenneth GalbraithThe theory of virtuous/vicious cycle of employment is given God-like status in economic literature and is rarely questioned. However, when we looked at the Indian economy from this perspective, we found a Ghost lurking – contrary to the widely-held view, employment and GDP g...

Nikhil Gupta
  • Nikhil Gupta

MOSL: Fuel or Engines (Economy)-What does RBI’s consumer confidence ...

​Fuel or Engines (Economy): What does RBI’s consumer confidence survey suggest?; Adjustments to widening divergences key to future growth“Fuel or Engines” is our new monthly product, in which we intend to expand our consumption v/s investment theme. This is an extension to our ‘India 2020’ report released in June 2016.Inflationary expectations, as reflected by the households survey conducted by Reserve Bank of India (RBI), has always been an important variable taken into consideratio...

Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE-Employment grew 2.03% in FY17-Notwithstanding demonetiz...

​A. ECOSCOPE: - Employment grew 2.03% in FY17; Notwithstanding demonetization, employment gains quickened during 2HFY17As against a total addition of 231,000 jobs in three first three quarters of FY17, eight selected sectors that constitute ~81% of the total employment of units with 10 or more workers, added 185,000 jobs in 4QFY17. In total, employment increased from 20.52m at FY16-end to 20.94m at FY17-end, implying a growth of 2%.With real non-farm GVA growth (excluding public administration...

Nikhil Gupta
  • Nikhil Gupta

MOSL: ECOSCOPE - Strong all-round economic recovery in November 2017-3...

​MOSL: ECOSCOPE - Strong all-round economic recovery in November 2017-3QFY18 GDP growth projections face upside potentialIndia's monthly economic activity index (EAI) grew at a strong 10% YoY in November 2017, marking the highest growth in 17 months. Favorable base and very high growth in fiscal spending supported the acceleration in November.While the acceleration was broad-based, a 21-month high growth of 9.5% in investments - driven by construction activities, commercial auto sales and firs...

Team Research
  • Team Research

MOSL: Morning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); ...

​MOrning India (22/Mar/17): 1. Delta Corp (Initiating Coverage); 2. Dr. Reddy’s; 3. Divi’s Lab; 4. Marico; 5. Oil & Gas; 6. Aviation MonthlyToday’s top research ideaDelta Corp: Favorable odds; Dominating in ‘brick world’, entering ‘click world’Delta Corp is the leading player in India's underpenetrated gaming market. Gaming is an emerging industry in India; given its paltry size of ~USD150m (Global size of USD183b), the growth potential is huge. Approval of its casino in Daman is...

Nitin Aggarwal
  • Nitin Aggarwal

MOSL: DCB BANK (Neutral)-Income beat offset by elevated opex; advances...

DCB Bank: Income beat offset by elevated opex; advances growth picks up (DCBB IN, Mkt Cap USD0.9b, CMP INR184, TP INR188, 2% Upside, Neutral)  DCB Bank (DCBB) reported PPoP growth of 12% YoY (1% above estimate), as 8% beat on total income was offset by 23% growth in opex. NII growth of 20% YoY was led by 17bp expansion in reported NIM, while other income grew 17% YoY (core fee income increased 41% YoY). However, total income growth trailed opex growth (+20% YoY adjusted for INR50m of bond i...

Team Research
  • Team Research

MOSL: Morning India (18/January/18): 1. Hindustan Unilever 2. Larsen &...

MOrning India (18/January/18): 1. Hindustan Unilever; 2. Larsen & Toubro; 3. Bharti Infratel; 4. Zee Entertainment; 5. Jubilant Life; 6. Mindtree; 7. Delta Corp; 8. Jyothy Labs; 9. DCB Bank; 10. S H Kelkar; 11. Healthcare Today’s top research idea Hindustan Unilever: Impressive volumes; Strong margin expansion despite high adspend HUVR’s 3QFY18 net sales rose 11.5% YoY to INR85.9b. Domestic consumer business grew 17% YoY, with 11% underlying volume growth. EBITDA increased by 23.9% YoY to I...

Team Research
  • Team Research

MOSL: Morning India (11/January/18)-1. Economy (Thematic | Employment:...

MOrning India (11/January/18): 1. Economy (Thematic | Employment: Broken Link Or...?); 2. Financials; 3. Capital Goods; 4. Tata Motors; 6. South Indian BankToday’s top research themeEconomy | Thematic: Employment: Broken Link Or...? A study of the relevance of employment in India’s economic growthWe study the relevance of employment in India's economic growth and its political landscape. Our key findings are:In stark contrast to established economic literature, we found an inverse, non-posit...

Team Research
  • Team Research

MOSL: Morning India (10/January/18)-1. Emami- 2 Infosys- 3 Metal - 4 M...

​MOrning India (10/January/18): 1. Emami; 2. Infosys; 3. Metal; 4. Motherson Sumi; 5. Results Flash: South India BankToday’s top research ideaEMAMI: Rural recovery just the beginning of growth revival; Valuations attractive; maintain BuyWe maintain our BUY rating on Emami, as: It is a great play on rural demand growth and wholesale recovery.Before the slowdown caused by extraordinary factors like demonetization, Emami had the best track record among peers on consistency of earnings growth, w...

Team Research
  • Team Research

MOSL: Morning India (9/January/18): 1. Jubilant Life Sciences (Pharma ...

​MOrning India (9/January/18): 1. Jubilant Life Sciences (Pharma segment doing well); 2. Telecom; 3. Metals WeeklyToday’s top research ideaJubilant Life Sciences: Pharma segment doing well; Life Science Ingredient segment to catch-up soonThe outlook for JLS remains promising. While specialty pharma (28% of total revenue) remains the key growth driver for JLS, the outlook for the Life Science Ingredient (LSI) segment (45% of total revenue) has also improved. This bodes well for overall revenu...

Team Research
  • Team Research

MOSL: FUND FOLIO (August 2017)-Indian Mutual Fund Tracker — AUM touc...

FUND FOLIO (August 2017): Indian Mutual Fund Tracker — AUM touched new high of INR6.3t; quickest INR1t jump; Net inflows in July at INR127b – highest since Jan 2008 Equity AUM witnesses quickest INR1t jumpEquity AUM of the MF industry grew 6.4% MoM to INR6.3t in July to a new high, also marking the quickest INR1t jump. The increase in equity AUM was led by a rise in market indices (Nifty up 5.8% MoM). While gross inflows remained steady (INR280b, up 6% MoM), redemptions fell 16% MoM to INR153b....

Deven Mistry
  • Deven Mistry

MOSL: FUND FOLIO (April 2017)-Indian Mutual Fund Tracker— AUM increa...

​FUND FOLIO (April 2017): Indian Mutual Fund Tracker— AUM increases for fifth straight year to scale new highs; cyclicals preferred in FY17MF’s average AUM increased for the fifth straight yearDomestic mutual fund (MF) industry average AUM increased (by 35% YoY or INR4.8t in FY17) for the fifth straight year to touch an all-time high of INR18.3t.The rise can be primarily attributed to inflows in income, equities, liquid and balanced categories, as domestic investors preferred SIPs and inco...

Jinesh Gandhi
  • Jinesh Gandhi

MOSL: TATA MOTORS (Buy)-JLR Jul-17 volumes in-line at 51,425 units (+1...

​Tata Motors: JLR Jul-17 volumes in-line at 51,425 units (+17% YoY); JLR volumes up 25% led by Discovery and RR Velar; Jaguar volumes flat(TTMT IN, Mkt Cap USD23.0b, CMP INR430, TP INR666, 55% Upside, Buy)JLR Jul-17 wholesale volumes grew ~17% YoY (+4% MoM) to 51,425 units (including China JV volumes of 6,805 units; +87% YoY), in line with our estimate of 51,591 units.Jaguar volumes remained flat at 14,452 units (est. of 15,343 units), led by lower sales of XE.Land Rover (LR) volumes were up b...

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