Motilal Oswal - MOSL: Morning India (05/March/19): 1. Automobile (Wholesales in line across segments); 2. ABB (Superior execution/mix/cost control in continued business); 3. EcoScope (GST collections below required rate in Feb

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MOSL: Morning India (05/March/19): 1. Automobile (Wholesales in line across segments); 2. ABB (Superior execution/mix/cost control in continued business); 3. EcoScope (GST collections below required rate in Feb

MOrning India (05/March/19): 1. Automobile (Wholesales in line across segments); 2. ABB (Superior execution/mix/cost control in continued business); 3. EcoScope (GST collections below required rate in Feb’19)

Today’s top research idea

Automobile: Wholesales in line across segments; Outperformance by HMCL, but a big miss by RE

PV volumes were weak for the eighth consecutive month in Feb'19, but nevertheless showed signs of a recovery after being hit by negative sentiment. We note that new product launch in UVs helped MM (PV) wholesales grow 16.6% YoY, while MSIL's dispatches declined 0.8% YoY.
M&HCV volumes declined 11.1% YoY (-1.6% MoM), while LCV volumes grew 3.3% YoY (+7.2% MoM). However, for YTD FY19, both the segment grew in the range of 16-21% YoY.
Tractors volume growth slowed down to 3.3% YoY (-7% MoM) owing to a high base and muted farm sentiment in key markets.
We prefer PVs over CVs/2Ws due to their stronger volume growth and a stable competitive environment. Our top picks in autos are MSIL and MSS among large caps, and ENDU and EXID among midcaps.

Piping hot news

Trump says he plans to end India's preferential trade treatment

S. President Donald Trump said on Monday he intends to end India's preferential trade treatment under a program that allows $5.6 billion worth of Indian exports to enter the United States duty free. "I am providing notice of my intent to terminate the designation of India as a beneficiary developing country under the Generalized System of Preferences (GSP) program," Trump said in a letter to congressional leaders.

05/03/2019 18 EN

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MOSL: Morning India (05/March/19): 1. Automobile (Wholesales in line across segments); 2. ABB (Superior execution/mix/cost control in continued business); 3. EcoScope (GST collections below required rate in Feb

MOSL : HOME FIRST FINANCE COMPANY: Earnings in-line with sustained improvement in asset quality

MOSL : SHOPPERS STOP: Ticking the right boxes

MOSL : ERIS LIFESCIENCES: Enhanced efforts toward product launch-related activities

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