EUR 120.00 For Business Accounts Only

MOSL: Morning India (2/July/19): 1. Automobiles (Jun’19 Wholesales – Weakness persists across segments); 2. Financials; 3.Expert Speak; 4. Real Estate; 5. EcoScope; 6. Sadbhav Engineering; 7. Metals Weekly

MOrning India (2/July/19): 1. Automobiles (Jun’19 Wholesales – Weakness persists across segments); 2. Financials; 3.Expert Speak; 4. Real Estate; 5. EcoScope; 6. Sadbhav Engineering; 7. Metals Weekly

 

Today’s top research theme

Automobiles:  Jun’19 Wholesales – Weakness persists across segments; Ashok Leyland and Eicher miss estimates; Tata Motors beats estimates

• Though weak across segments, Jun'19 wholesales were largely in line as OEMs continued their inventory reduction drive in a tepid retail environment.
• 2W volumes declined just ~8% YoY, as weak domestic sales were diluted by ~9% growth in exports. Domestic volumes for BJAUT declined ~1%, TVS by ~8% and HMCL (total) by ~12.5%.
• PV volumes remained weak for the 12th consecutive month with currently no signs of recovery from the impact of negative sentiments. However, new product launches helped MM (PV) wholesales, which grew 8% YoY while MSIL dispatches declined 14% YoY.
• CV wholesales were ahead of estimates driven by TTMT. M&HCV volume declined 22% YoY while LCV volumes declined 8% YoY. TTMT CV volumes declined (~12% v/s est. 26% decline), whereas both AL (19% decline) and VECV (29% decline) disappointed.
• Tractor volumes declined 17% YoY led by high base and muted farm sentiments. ESC's volume declined 10% YoY and continues to outperform MM in the tractor segment (decline of 18% YoY).

Piping hot news

GST collection dips below Rs one lakh crore in June

• GST Collection dipped below the Rs one lakh crore mark in June for the first time this fiscal. The total GST mop up stood at Rs 99, 939 crore in June. Gross GST collection stood at Rs 1,00,289 crore in May and Rs 1,13,865 crore in April.