Motilal Oswal - MOSL: Morning India (19/September/18): 1. Bajaj Finance (Annual Report); 2. Exchanges (SEBI approves interoperability of clearing corporations); 3. Utilities; 4. Telecom

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Motilal Oswal

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MOSL: Morning India (19/September/18): 1. Bajaj Finance (Annual Report); 2. Exchanges (SEBI approves interoperability of clearing corporations); 3. Utilities; 4. Telecom

MOrning India (19/September/18): 1. Bajaj Finance (Annual report update); 2. Exchanges (SEBI approves interoperability of clearing corporations); 3. Utilities; 4. Telecom

Today’s top research idea

Bajaj Finance - Annual Report Update: Superior execution; New products showing healthy traction

Superior execution across products, focus to increase new growth/profit avenues (rural lending, housing finance companies (HFCs), cross-selling, etc.) and strong focus on asset quality are the key highlights of FY18 Annual Report (AR).
With the strong treasury management (move towards capital market linked borrowings/deposits), positive assets liability management (ALM) gap and with pricing power on the focused segments, BAF spreads are likely to be stable.
However, margins may moderate with the leverage on the balance sheet coming into play. Asset quality performance remains impeccable with GNPA of 1.48% and PCR of 75% (as of FY18).
On back of rich valuation, we reiterate Neutral with target price of INR2,400 - 6x PBV-Unchanged.

Piping hot news

Rupee closes at all-time low of 72.97 a dollar

The Indian rupee on Tuesday hit a fresh record low against the US dollar and closed near the 73-mark, tracking losses in the local equity markets after US said it will impose fresh tariffs on China. The rupee ended at an all-time low of 72.97 a dollar, down 0.63% from its Monday’s close of 72.51. The home currency opened at 72.60 per dollar and touched a low of 72.97.

19/09/2018 28 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.

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 (19/September/18): 1. Bajaj Finance (Annual Report); 2. Exchanges (SEBI approves interoperability of clearing corporations); 3. Utilities; 4. Telecom

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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