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MOSL: Morning India (26/August/19): 1. India Strategy (A booster from the FM's desk; More to follow!); 2. ICICI Bank; 3. Financials; 4. Future Retail; 5. Power & Coal Monthly

MOrning India (26/August/19): 1. India Strategy (A booster from the FM's desk; More to follow!); 2. ICICI Bank; 3. Financials; 4. Future Retail; 5. Power & Coal Monthly

 

Today’s top research theme

Indian Strategy: A booster from the FM's desk; More to follow! Unveils comprehensive package to lift growth and sentiment

FM's announcements to boost growth will serve well to improve sentiments. More importantly, the government's intention and willingness to take feedback and act promptly may offset the pessimistic market narrative, in our view. Timing-wise, it has come just ahead of the beginning of a long festival season and may boost consumer sentiment. Expectations of more measures over the next two weeks will likely drive a short-term bounce after the sharp correction post budget. Sticking to fiscal prudence will ensure that the recent hardening of 10-year G-sec yields may see some easing now. That said, we believe that a durable pick-up may have to wait until earnings recover. Corporate Banks, NBFCs (mainly HFCs, vehicle financiers) and Autos are the key beneficiaries of the measures unveiled.

Piping hot news

US President Donald Trump raises tariffs on Chinese goods as trade war escalates

Escalating his trade fight with China, President Donald Trump has raised retaliatory tariffs and ordered American companies to consider alternatives to doing business there. He also blamed his appointed head of the U.S. central bank, Federal Reserve Chairman Jerome Powell, for the state of the domestic economy and wondered who was a “bigger enemy” of the US — Powell or Chinese President Xi Jinping.