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MOSL: Morning India (30/April/20): 1. Oil & Gas (Strong as an oak: maintain robust marketing margins); 2. Hexaware Technologies (Underwhelming outlook!); 3. Indian QSR sector (Systems sales decline for Pizza Hu

MOrning India (30/April/20):

Today’s top research idea
Oil & Gas: Strong as an oak: maintain robust marketing margins
** Battling poor fiscal, two states, Assam and Nagaland, have raised duties on auto fuels. This comes after the center increased excise duty on auto fuels by INR3/liter on 14th March 2020.

** Oil marketing companies (OMCs) have not cut retail prices of auto fuels since mid-March 2020, thereby retaining most of the benefits of the crude oil decline; marketing margins are hovering at INR18-20/liter.

** Although HPCL would be the biggest beneficiary in the short term due to the highest leverage to marketing margins, we continue to prefer IOCL owing to better free cash flow generation.

Piping hot news
Number of COVID-19 hotspot districts decreases to 129 from 170
The number of COVID-19 hotspot districts in India as on Wednesday morning has come down to 129 from 170 a fortnight ago, but in the same period the number of infection-free districts or green zones too decreased from 325 to 307, according to official sources. During this time, the number of non-hotspot districts, also known as orange zones, increased from 207 to 297, they said.