EUR 120.00 For Business Accounts Only

MOSL: Morning India (23/June/21): 1. India Strategy (4QFY21 results review: A strong close to FY21); 2. NMDC; 3. Bharat Electronics; 4. Oil India; 5. Ashoka Buildcon

Morning India (23/June/21): Morning India (23/June/21): 
Today’s top research theme4QFY21 results review: A strong close to FY21- Corporate earnings in the last quarter of FY21 continued the momentum of the preceding two quarters and ended the year on a good note, aided by the deflated base in 4QFY20 and healthy demand recovery for a large part of 4QFY21. However, 1QFY22 has seen a familiar disruption, with the second COVID wave engulfing India and several states imposing lockdowns in Apr'21 and May'21. The trend of earnings revision has changed in favor of downgrades again in 4QFY21 after two consecutive quarters (2Q and 3QFY21) of upgrades. The downgrade-to-upgrade ratio stood at 1.6:1. - Nifty sales were in line (16% YoY; est. 18%), while EBITDA/PBT/PAT growth stood at 32%/85%/76% YoY (est. 27%/75%/63%). - MOFSL's Universe reported sales/EBITDA/PBT/PAT growth of 16%/37%/98%/76% YoY (est. 19%/35%/91%/72%). On a two-year CAGR basis, MOFSL's Universe reported an EBITDA/PBT/PAT growth of 14%/17%/18%. Around 11 sectors posted double-digit, or a higher two-year profit CAGR. The prominent ones being Metals (60%), Private Banks (26%), Healthcare (25%), Cement (24%) and Consumer Durables (21%). - FY22E/FY23E Nifty EPS estimate has been revised upward by 2.6%/1.4% to INR746/INR872 (earlier: INR726/INR861). Nifty EPS grew 14.2% YoY to INR539 in FY21 - the highest since FY11.
Piping hot newsGovt mulling measures to bolster governance & HR practices in public sector banksThe government is considering measures to further strengthen corporate governance and human resource practices in nationalised banks through a diversified board structure, strengthening of board-level committees and a robust performance management system for employees. “The merger process is complete and now its high time to revamp the corporate governance and HR practices on the lines followed by banks such as State Bank of India” said an executive aware of the developments.