Motilal Oswal - MOSL: Morning India (17/November/17): 1. India Strategy (2QFY18 Earnings Review)- 2. Aditya Birla Capital (Perfect blend of growth and quality)- 3. Staffing (SU)- 4. Solar Industries

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Motilal Oswal

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MOSL: Morning India (17/November/17): 1. India Strategy (2QFY18 Earnings Review)- 2. Aditya Birla Capital (Perfect blend of growth and quality)- 3. Staffing (SU)- 4. Solar Industries

â€‹MOrning India (17/November/17): 1. India Strategy (2QFY18 Earnings Review); 2. Aditya Birla Capital (Perfect blend of growth and quality); 3. Staffing (SU); 4. Solar Industries

Todayâ€™s top research theme

India Strategy - 2QFY18 Earnings Review: A breath of fresh air

2QFY18 exhibited improving internals in the broader earnings mix, with more hits than misses. Re-stocking post GST rollout, retention of input tax credits and the early onset of the festive season this year v/s CY16 supported a few B2C sectors, while many corporates sounded optimistic about rural consumption revival, going ahead.
Nifty earnings grew in double-digits for the first time after six quarters. For Nifty (Ex-OMCs), earnings growth of 10.5% was the highest in 13 quarters.
Global Cyclicals drove the quarterly performance, led by Metals and Tata Motors. Defensives posted the fourth consecutive quarter of earnings decline, dragged by Healthcare.
Within Domestic Cyclicals, Autos, Cement and Capital Goods posted better-than-expected EBITDA and PAT growth.
Earnings downgrade/upgrade ratio improved significantly QoQ, but remained skewed marginally in favor of downgrades. The upgrade/downgrade ratio improved from 0.46x to 0.84x.
We marginally cut Nifty EPS by 1.2% for FY18E (INR481), but raise by 1% for FY19E (INR609).

17/11/2017 30 EN

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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.

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MOSL: Morning India (17/November/17): 1. India Strategy (2QFY18 Earnings Review)- 2. Aditya Birla Capital (Perfect blend of growth and quality)- 3. Staffing (SU)- 4. Solar Industries

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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