Results Analysis – Automobile Industry..

Automobile sector had an impressive show during the quarter with sales growth of 16% and profits of 13% as per data available with BSE. The results have been dragged down by Tata Motors which declared its results yesterday. Profit margin for the sector stood at 8%, significantly better than 6.9% for March’16 quarter and average … Continue reading Results Analysis – Automobile Industry..
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Boosting Corporate Bond Market..

The man is in a hurry..! Dr Rajan wants to complete the agenda before he leaves RBI Governor’s office in little over a week. Guidelines released by RBI yesterday to deepen corporate bond market, government securities market, develop currency market and to help banks shore up their capital brings him closer to that goal. These measures are expected … Continue reading Boosting Corporate Bond Market..
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India Exports – Changing Composition..

International trade as a tool of growth was recognized little late by the country with concrete efforts to boost merchandise exports taking place only over last about two decades. As a result, there was a strong exports growth since about 2000, resulting in growth of almost 20% CAGR during FY00-FY12 period. Exports crossed $ 300 … Continue reading India Exports – Changing Composition..
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Results Analysis – Cement Industry..

It has turned out to be a bumper quarter for Cement Industry with near doubling of net profit even though sales grew at barely 8%. The result has come about with all round improvement in performance – lower operating and interest cost and an increase in other income. Results are based on top ten market … Continue reading Results Analysis – Cement Industry..
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Results Analysis – Power Sector..

Declaration of results by NTPC yesterday for June’16 quarter was the last of big ticket results from Power Generation & Distribution sector. NTPC has provided a support to the sector’s performance with growth of 11% in terms of both revenue and profits. Yet, sales growth remained at barely 3% with profits decline by same rate largely … Continue reading Results Analysis – Power Sector..
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Understanding IIP's Growth…

Index of Industrial Production (IIP) has recorded an increase of 2.1% for the month of June as per data released last week, best in last eight months. All the components of IIP except capital goods have shown significant change in growth. However, as in case of inflation, it would be more insightful to analyse the trend over a … Continue reading Understanding IIP's Growth…
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Untangling Corporate Bond Market..

The report on development of Corporate Bond Market in India submitted by RBI’s working group yesterday doesn’t seem to have the potential to cut much ice. For one, the recommendations of the committee, chaired by Mr H.R. Khan, are quite similar to proposals made by the chairman in his earlier speeches which have not covered much ground … Continue reading Untangling Corporate Bond Market..
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Public Sector Banks – Performance revisited..

SBI and a number of other Public Sector Banks (PSBs) declared their results for June’16 quarter last Friday. The results was a big sigh of relief as it provided much needed succor after heavy losses in March’16 quarter. A sample of PSBs including the top three, reported profit of Rs 3,100 crore, a sharp reversal from … Continue reading Public Sector Banks – Performance revisited..
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CPI, WPI Inflation – Tracking the performance..

Monthly data on WPI inflation was released today and CPI inflation was released last week. WPI inflation increased to 3.55% in July’16 whereas CPI stood at 6.1%,, marginally above the target set by the government. However, the monthly reading of Inflation appear quite monotonous and doesn’t help understand the longer term trend. Further, it has a … Continue reading CPI, WPI Inflation – Tracking the performance..
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Grasim – A B Nuvo Merger – Towards Group Consolidation..

The reorganization being undertaken by Aditya Birla Group involving two group companies is an exercise to reduce some of the complexity around its business structure. While the market is confused about the purpose and gain/loss arising out of this, the exercise must be looked at from the perspective of the group and not just these … Continue reading Grasim – A B Nuvo Merger – Towards Group Consolidation..
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