MOSL: Morning India (2/June/17)-1. EcoScope (GDP)-2. Automobile (Vol. nos)-3. Telecom; 4. Voltas; 5. Castrol-6. V-Guard
​MOrning India (2/June/17): 1. EcoScope (GDP); 2. Automobile (Vol. nos); 3. Telecom; 4. Voltas; 5. Castrol; 6. V-Guard
Today’s top research theme
EcoScope: Economic activity growth in Apr-17 at 5-month high
India’s economic activity index (EAI) grew 4.1% YoY in April 2017, marking its highest growth in the past five months, but still lower than in the pre-demonetization period
Further details show that consumption activities grew strongly at 9.6% YoY in April 2017, primarily supported by ~55% YoY growth in government consumption. Investments, on the other hand, grew mildly at 1.2%, due to lower contraction in construction activities.
Although there is no one-to-one correlation due to inherent differences, our EAI tends to move in sync with official GDP (excluding discrepancies). With private sector remaining weak and fiscal policy likely reaching limits, we would be very carefully looking at how long the government can support economic activity.
Piping hot news
Manufacturing PMI slips to 3-month low in May
Manufacturing sector activity cooled to a three-month low in May despite an upturn in factory orders, according to a monthly survey.
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