MOSL: MOrning India (29/August/19): 1. Voices | India Inc on Call (Another miss; earnings downgrade intensity increases); 2. L&T Finance Holdings - Ground Reality (Analyzing trends in rural lending); 3. Real Es
MOrning India (29/August/19): 1. Voices | India Inc on Call (Another miss; earnings downgrade intensity increases); 2. L&T Finance Holdings - Ground Reality (Analyzing trends in rural lending); 3. Real Estate
Today’s top research theme
Voices (1QFY20 | India INC on Call): Another miss; earnings downgrade intensity increases; Commentaries reflect underlying economic slowdown
- Nifty and MOFSL Universe earnings were below our expectations. Domestic Cyclicals continued driving earnings growth for the third consecutive quarter, led by Financials, which contributed almost the entire earnings delta but still fell short of expectations.
- Corporate commentaries have weakened, especially on Consumption front, as the impact of economic slowdown and muted sentiment is reflected in demand.
- In BFSI, the asset quality situation has worsened sequentially with several banks witnessing higher slippages and guiding for new stress accounts.
- Consumer companies indicated the likelihood of a slowdown in the near term, mostly led by rural. Most companies guided for a revival only in 2HFY20.
- In Autos, most OEMs slashed their growth guidance for FY20, despite expecting a recovery in 2HFY20 led by normal monsoon, festival season demand and pre-buying ahead of BS6.
Piping hot news
Govt makes fresh growth push with big-ticket FDI reforms
The Union cabinet cleared a raft of changes in foreign direct investment (FDI) regulations, including easing rules for overseas single-brand stores and permitting FDI through the automatic route in contract manufacturing and all areas of coal mining. “The changes in FDI policy will result in making India a more attractive destination, leading to benefits of increased investments, employment and growth," a cabinet statement said on Wednesday.
Motilal Oswal Financial Services Ltd. is a reputed name in Financial Services and Online Trading with group companies providing services such as Private Wealth Management, Retail Broking and Distribution, Institutional Broking, Asset Management, Investment Banking, Private Equity, Commodity Broking, Currency Broking, Principal Strategies & Home Finance.
Motilal Oswal Securities is a group company of Motilal Oswal Financial Service Limited which started as a stock trading company and has blossomed into well diversified firm offering a range of financial products and services. Motilal Oswal has built a reputation as the source for best stock trading company and this has taken a wealth of experience, knowledge and expertise, constantly working in tandem, over the years.
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