MOSL: Morning India (6/November/17): 1. India Strategy (2Q interim earnings review)- 2. Power Grid- 3. Hindalco- 4. Titan Cos.- 5. Punjab Nat. Bank- 6. Tata Power- 7. Torrent Pharma- 8. Glenmark Pharma
​MOrning India (6/November/17): 1. India Strategy (2Q interim earnings review); 2. Power Grid; 3. Hindalco; 4. Titan Cos.; 5. Punjab Nat. Bank; 6. Tata Power; 7. Torrent Pharma; 8. Glenmark Pharma
Today’s top research theme
- India Strategy: 2QFY18 interim earnings review; Ex-OMCs, headline numbers in-line; Nifty EPS est. cut by 1.6% to INR 479
- MOSL Universe (exc. OMCs) headline numbers in line: Sales, EBITDA and PAT have grown 11.3%, 11.6% and 6.9% versus expectations of 12.7%, 10.9% and 9.2%, respectively.
- Sales, EBITDA and PAT for the 34 Nifty companies have grown 10.8%, 10.8% and 6.3% versus expectations of 16.3%, 15.1% and 18.8%, respectively. The divergence is owing to disappointing numbers from IOC and Axis Bank.
- GST-related hiccups (de-stocking) have waned in Staples, but have persisted for Durables and Electricals
- Auto companies posted in-line results, with operating leverage benefits and lower than expected RM costs driving margin expansion. MSIL's margin was close to its all-time high.
- Commentary from Consumer and Auto companies was positive on rural demand.
- We have cut our FY18 Nifty EPS estimate is cut by1.6% to INR479 (13% growth) and marginally increased FY19 EPS estimate by 0.8% to INR607.
Piping hot news
GST could soon be in for the most comprehensive tweak since its launch
The goods and services tax could be in for a revamp that’s more comprehensive than the tweaks that have been made thus far to iron out kinks to make compliance less onerous. The GST Council has set up a new advisory group that includes industry representatives to look into such changes. Experts said these may apply to input credit apart from place of supply and valuation provisions.
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