MOSL: MOrning India (6/September/19): 1. EcoScope (Economic activity strengthens in Jul’19); 2. Bulls & Bears (India Valuations Handbook); 3. Oberoi Realty; 4. MCX
MOrning India (6/September/19): 1. EcoScope (Economic activity strengthens in Jul’19); 2. Bulls & Bears (India Valuations Handbook); 3. Oberoi Realty; 4. MCX
Today’s top research theme
EcoScope: Economic activity strengthens in Jul'19; GDP growth estimated at ~6% YoY for 2QFY20
- Our in-house Economic Activity Index (EAI) for India's real GDP (called EAI-GDP) suggests six-month highest growth of 7.5% YoY in Jul'19, supported by seven-month-high growth in investments and three-month-high growth in consumption. We note that higher fiscal spending, better construction activity, faster growth in cargo traffic and expected growth in IIP for capital goods offset the record decline in auto sales.
- EAI-GVA index also grew at 6.2% YoY in the month, better than 4.4% in Jun'19. Non-farm economy led by five-month highest growth in the services sector (driven by banking activities, fiscal spending and freight traffic) and better industrial growth (driven by construction activity) were the key drivers of the acceleration in Jul'19.
- Accordingly, we expect real GDP growth to improve from 5% in 1QFY20 to ~6% in 2QFY20.
Piping hot news
NCLT approves JSW Steel’s Rs 19,700 crore bid for Bhushan Power & Steel
The National Company Law Tribunal (NCLT) on Thursday approved the JSW Steel’s Rs 19,700 crore resolution plan for debt-ridden Bhushan Power & Steel Ltd (BPSL). A two-member principal bench of the NCLT headed by President Justice M M Kumar has also said the criminal cases against the promoters of BPSL for siphoning of the funds from the company will not to impact JSW Steel as its new promoter. The tribunal has also said the profits made by BPSL during insolvency period will be distributed between creditors of Bhushan Power, in accordance with the ruling by the National Company Law Appellate Tribunal (NCLAT) in the ArcelorMittal case.
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