Motilal Oswal - MOSL: Morning India (1/June/17)-1. India Strategy (Taking stock of MODIfied regime)-2. EcoScope; 3. United Spirits; 4. Castrol India; 5. Thermax; 6. Bharat Electronics

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Motilal Oswal

Team Research

MOSL: Morning India (1/June/17)-1. India Strategy (Taking stock of MODIfied regime)-2. EcoScope; 3. United Spirits; 4. Castrol India; 5. Thermax; 6. Bharat Electronics

â€‹MOrning India (1/June/17): 1. India Strategy (Taking stock of MODIfied regime); 2. EcoScope; 3. United Spirits; 4. Castrol India; 5. Thermax; 6. Bharat Electronics; 7. Va Tech Wabag; 8. Den Networks; 9. Eveready

Todayâ€™s top research theme

India Strategy: Taking stock of three years of MODIfied regime

As the NDA government led by Mr Narendra Modi completes three years in office, we take stock of the economy and markets. Key highlights:
The defining feature of the Indian economy has been the achievement of macroeconomic stability.
The government has implemented several important reforms, including formalization of the economy led by Goods & Services Tax, Direct Benefit Transfer, and relaxation of FDI limits in several sectors.
Markets are at all-time highs, but earnings flat over past three years. Institutional capital flows totaled USD40b in last 36 months, with DII flows outpacing FII by 2.5x in last 24 months.
Revival of private capex cycle and asset quality of PSU banks are the key triggers, going forward.

01/06/2017 30 EN

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Motilal Oswal

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MOSL: Morning India (1/June/17)-1. India Strategy (Taking stock of MODIfied regime)-2. EcoScope; 3. United Spirits; 4. Castrol India; 5. Thermax; 6. Bharat Electronics

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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