MOSL: Morning India (15/May/19): 1. Financials (The rising significance of liability franchise); 2. Fund Folio (AUM up for second consecutive month); 3. Nestle India (Miss on top line); 4. Pidilite Industries;
MOrning India (15/May/19): 1. Financials (The rising significance of liability franchise); 2. Fund Folio (AUM up for second consecutive month); 3. Nestle India (Miss on top line); 4. Pidilite Industries; 5. Vodafone Idea; 6. Siemens; 7. Endurance Tech
Today’s top research theme
Financials: The rising significance of liability franchise (Version 2.0)
- We dig deeper to understand the trends in deposits build-up across geographical regions, population types and the branch expansion strategy being followed by different lenders.
- Key takeaways: (a) Over the past decade, the western region's market share in total deposits has declined by 532bp to 25.6%, but south (200bp), central (210bp) and east (200bp) regions have seen gains. (b) In SA deposits, the south and central regions have been witnessing strong traction (~43% of incremental SA over the last decade). (c) Among states, Tamil Nadu, Haryana and Rajasthan are gaining SA market share and emerging as the new bastions of incremental SA growth. (d) Private Banks aggressively expanded their branch presence in SA-rich states; since FY15, almost 58- 75% incremental branch expansion of the top-6, large private banks has happened in the top-10 SA states.
Piping hot news
India extends retaliatory tariff deadline on US products till June 16
- The government on Tuesday extended the deadline to impose retaliatory import tariffs on 29 US products till June 16. A Finance Ministry notification said the duties, which were to come into effect from May 16, have been postponed by a month. The move comes as New Delhi hopes to sort out trade issues with Washington after the general elections are over and a new government is in place. The duties, which were to come into effect from May 16, are now likely to be applicable from mid-June.
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