MOSL: Morning India (14/August/17)-1. EcoScope 2. Tata Motors (ART) 3. SBI 4. Sun Pharma 5. BPCL 6. Bosh 7. Hindalco Inds. 8. Cadila Healthcare 9. Cipla 10. Bank of Baroda
​MOrning India (14/August/17): 1. EcoScope; 2. Tata Motors (ART); 3. SBI; 4. Sun Pharma; 5. BPCL; 6. Bosh; 7. Hindalco Inds.; 8. Cadila Healthcare; 9. Cipla; 10. Bank of Baroda
Today’s top research idea
- SBI: High slippages and sharp drop in margins weigh on earnings
- SBI's 1QFY18 performance was marked by sharp rise in slippages from non-corporate book, leading to weak NII performance (on high interest reversals) and high credit costs doubling up to weigh down on earnings.
- However, corporate slippages do not cause concern as 95% of it came from the existing watch list. The bank expects to recover INR60b from non-corporate accounts, led by INR30b recoveries in agri book from farm loan waiver related delinquencies. In our view, the larger part of asset quality clean-up is behind us.
- However, in view of elevated provisioning pressure we have cut our FY18 earnings estimates by 37% and recommend Buy with an SOTP based TP of INR341 vs our earlier TP of INR375.
Piping hot news
IUC recommendations likely by month end, says telecom regulator RS Sharma
Telecom regulator RS Sharma said recommendations on contentious interconnect usage charge should be finalised by August end, with sources stating the calculation of costs for arriving at the fee is still on.
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