Spending growth in 2HFY20 could be less than half of the target
* Based on the monthly finances data available for 18 major states (accounting for ~90% of all states&r..
Power demand declines in Oct’19
PAF at NTPC’s Talcher improves but below normative levels
Conventional generation down 13% YoY
* Conventional elect..
Rail profitability improves, DFC commissioning key trigger for growth
* Gateway Distriparks’ (GDPL) YoY numbers are not comparable due to the consolidation of G..
Miss led by lower volumes
* Volume miss led by poor demand…: 2QFY20 volumes declined 27% YoY to 0.45mt (v/s est. 0.51mt) due to demand pressure in Gujarat. Whi..
Bleak macro-economic environment a drag
* 2QFY20 results were dismal led by slower economic growth and slumping consumer demand. Revenue/comparable EBITDA was down 7%..
Loan growth largely stable; asset quality under pressure
* REPCO’s PAT was up 51% YoY at INR1.01b (37% beat), driven by low credit costs and a 1% tax rate (INR15..
Below expectations; cotton growth strong but maize disappoints
* Miss on all fronts: KSCL’s revenue grew 3% YoY to INR744m (our estimate: INR1,220m) in 2QFY20. ..
S/A gen. muted; Noida up on carrying cost recovery
FCF generation increasing; Reiterate Buy
S/A PAT grew ~2% YoY to INR2.8b (in-line). Sales were up just ~2% YoY to..
Order inflow strong but inadequate to fuel revenue growth
* Operating performance in line: 2QFY20 sales grew 12.5% YoY to INR16b (inline). EBIDTA was up 18.4% YoY to ..
Well prepared for the next leg of growth…
… through differentiated BS6 solution, modular platform, LCVs, exports
We attended Ashok Leyland’s (A..
Miss on margins led by weak VSF and Chemical profitability
* 2QFY20 standalone revenue declined 6% YoY to INR48b (in-line). EBITDA declined 38% YoY to INR6.6b (v/s es..
Slight miss led by Aluminum and Steel
Cutting estimates for Aluminum business
* Vedanta’s (VEDL) EBITDA of INR44b (-15% QoQ) was below our estimate of INR47..
Accelya Solutions In Q4 net profit up 32.35% at Rs 24.71 cr
US dollar rises after Fed policy meeting
Rupee rises by 12 paise to Rs 69.05 against dollar
BSNL to offer more data, validity under select prepaid plans
Infosys signs agreement with U.S. IRS; sees lower tax rate
Quantum Mutual Fund Presents JIMMY`S VISION CLUB
Cabinet approves Industrial Relations Code Bill
Niti Aayog asks India Inc to assess CSR impact
5-phase Jharkhand polls on MHA report: CEC
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