MOSL: Morning India (1/November/17): 1. Roads (Thematic) - Time to speed up- 2. Auto (SU)- 3. Bharti Airtel- 4. Bharti Infratel- 5. JSW Steel- 6. Dabur India- 7. Interglobe Aviation- 8. Bharat Electronics
​MOrning India (1/November/17): 1. Roads (Thematic) - Time to speed up; 2. Auto (SU); 3. Bharti Airtel; 4. Bharti Infratel; 5. JSW Steel; 6. Dabur India; 7. Interglobe Aviation; 8. Bharat Electronics
Today’s top research theme
- Roads: Time to speed up
- Roads sector has been identified as one of the top-3 capex themes by the current NDA government. Major issues hampering growth of road sector has been ironed out and framework required for speedy award/execution of projects is in place.
- Early signs of revival in the sector have been evident with project awards at 16,270km (up 56%) and construction at 8,230km (up 37%) in FY17. Expect awarding activity to stabilize at 15,000km per year, and execution activity to pick up – 9,300km in FY19 and 10,000km in FY20.
- Predefined programs are now in place, entailing an investment of INR7t (construction opportunity). Bharatmala to be flagship program under which multiple project themes would be executed.
- Preferred way to play the sector at current juncture is through asset-light E&C firms and select asset-owners with good B/S and strong operational BoT assets
- Top picks: Sadbhav Engineering (Buy; TP: INR385) Ashoka buildcon (Buy; TP: INR260) and KNR Construction (Buy; TP: INR295).
Piping hot news
India jumps 30 spots to 100 in World Bank's ease of doing business rankings
- India has for the first time broken into the club of the 100 nations easiest to conduct business in, driven by ease of paying taxes, resolving the insolvency problem, access to credit, and protection of minority investors. The World Bank’s ‘Doing Business 2018: Reforming to Create Jobs’ report, released on Tuesday, showed India's rank in ease of doing business jumped 30 places to 100 among 190 countries.
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