MOSL: Morning India (26/November/19): 1. Voices (2QFY20 | India INC on Call): Reverberation of caution in tepid but in-line quarter; 2. EcoScope (Credit growth weakens to 5-year low); 3. Interglobe Aviation
MOrning India (26/November/19): 1. Voices (2QFY20 | India INC on Call): Reverberation of caution in tepid but in-line quarter; 2. EcoScope (Credit growth weakens to 5-year low); 3. Interglobe Aviation
Today’s top research theme
Voices (2QFY20 | India INC on Call): Reverberation of caution in tepid but in-line quarter
- Nifty and MOFSL Universe earnings were in line with our expectations. Financials drove 90% of incremental earnings.
- Corporate commentaries remain cautious around both consumption demand and investment revival.
- In BFSI, Banks reported a slowdown in corporate loan growth amidst the weak economic environment. Commentaries broadly reflected caution toward wholesale lending, but comfort on retail loan growth.
- Consumer companies across the board appeared cynical from the near-term perspective, given the rural scenario. Demand slowdown was led by subdued consumer sentiment, liquidity crunch in channels, and disruptions in supply chain due to floods.
- In Autos, OEMs are hoping for a revival in Nov'19 on the back of strong/extended monsoon.
- In IT, despite uncertain macros, most companies highlighted a robust deal environment - TCS, INFY and TECHM particularly announced strong deal wins.
Piping hot news
More flights may be grounded, DGCA warns IndiGo
India’s aviation regulator on Monday warned IndiGo that the airline’s efforts to modify the glitch-prone older Pratt & Whitney (PW) engines installed on Airbus A320Neo aircraft were not satisfactory. This means a significant portion of IndiGo’s fleet could be grounded if the carrier fails to meet 31 January, 2020, deadline. “We may find ourselves in a situation in which we remain saddled with a large number of aircraft with unmodified engines and operating on a schedule approved by us," the Directorate General of Civil Aviation (DGCA) said.
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