MOSL: Morning India (9/July/18)-1. 1QFY19 Financials Preview: a. Banks b. NBFCs; 2. EcoScope (3Q 2018: India’s Quarterly Economic Outlook); 3. Sadbhav Engg.; 4. EcoScope (Monsoon)
MOrning India (9/July/18): 1. 1QFY19 Financials Preview: a. Banks b. NBFCs; 2. EcoScope (3Q 2018: India’s Quarterly Economic Outlook); 3. Sadbhav Engg.; 4. EcoScope (Monsoon)
Today’s top research theme
EcoScope: 3Q 2018: India’s Quarterly Economic Outlook; Macros appear to have deteriorated
- India’s macros seem to have deteriorated following a series of events during the past quarter. With higher crude oil prices and significant withdrawal of foreign capital, India’s balance of payments (BoP) has weakened substantially, exerting serious pressure on the Indian Rupee (INR).
- Further, with the government approving MSPs hikes for Kharif crops to equate them to 1.5x of the cost of production, inflationary pressures have risen, pushing year-end CPI inflation higher by up to 50bp. This, in our view, might translate into another rate hike on 1st August 2018.
- We, however, have kept our FY19 real GDP growth forecasts unchanged.
Piping hot news
IHH Healthcare likely to seal Fortis deal with ₹ 4,700-5,400 crore bid
- Malaysia’s IHH Healthcare Bhd is likely to acquire control of Fortis Healthcare Ltd with a binding offer to buy at least 51% in the troubled Indian hospital operator for ₹ 4,700-5,400 crore, two people aware of the bid details said. IHH Healthcare outbid TPG-backed Manipal Health Enterprises Ltd, the only other contender for Fortis, by placing a higher per share offer for the promoters and also offering to buy out Fortis’s non-promoter shareholders at a 10-15% premium to the agreed purchase price.
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