Motilal Oswal - MOSL: MOrning India (10/October/22): 1. India Strategy - 2QFY23 Preview (Braving the storm!); 2. Tata Motors; 3. Hero MotoCorp; 4. Bandhan Bank; 5. Insurance Monthly

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Motilal Oswal

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MOSL: MOrning India (10/October/22): 1. India Strategy - 2QFY23 Preview (Braving the storm!); 2. Tata Motors; 3. Hero MotoCorp; 4. Bandhan Bank; 5. Insurance Monthly

MOrning India (10/October/22): 1. India Strategy - 2QFY23 Preview (Braving the storm!); 2. Tata Motors; 3. Hero MotoCorp; 4. Bandhan Bank; 5. Insurance Monthly

Today’s top research theme

India Strategy - 2QFY23 Preview: Braving the storm!

India has emerged as a shining star in CY22 with healthy outperformance amid varied global headwinds on macros, inflation, rates, currency and geopolitics. While most global equity markets are down 20-25% in YTD'CY22, India is flat and steady (in local currency).
This outperformance is driven by several key factors such as: a) strong corporate earnings growth over the last two years (Nifty profits up 70% during FY20-22) and expectations of a healthy performance over FY22-24; b) resilient domestic equities inflow (YTD DII equity inflow of USD29b) and c) deft macroeconomic management by the RBI and the government that has helped India stand out in an otherwise volatile and panic-stricken world.
The 2QFY23E corporate earnings will be reported amid this volatile environment. We expect MOFSL earnings to decline 17% while Nifty earnings to remain flat YoY in 2QFY23. The aggregate performance is adversely impacted by a sharp drag from global commodities. Excluding Metals and O&G, we expect MOFSL and Nifty to post a solid 30% earnings growth each, fueled by BFSI and Autos. Apart from Metals & O&G, the earnings will be dragged by Cement and Healthcare.
We maintain our OW stance on BFSI, AUTO, Consumer & IT and UW stance on Energy, Pharma and Utilities.
Piping hot news

RBI unveils features of digital rupee, plans to launch pilot soon

The Reserve Bank of India (RBI) is exploring the possibility to launch its own digital currency or digital rupee (eRe) with minimal disruption to the financial system. It is working on a phased implementation of central bank digital currencies (CBDCs) through various stages of pilots, followed by the final launch.

10/10/2022 22 EN

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Motilal Oswal

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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.

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MOSL: MOrning India (10/October/22): 1. India Strategy - 2QFY23 Preview (Braving the storm!); 2. Tata Motors; 3. Hero MotoCorp; 4. Bandhan Bank; 5. Insurance Monthly

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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