Union Bank of India’s (UNBK) Q2FY19 results are characterised by an improving asset quality trend even as business momentum continues to be soft. Key highlights: (a) Slippages were restricted to `26.7 bn (3.6% versus >6% ov
Wipro’s Q2FY19 IT services’ revenue at $2,041 million (up 0.7% Q-o-Q) surpassed Street’s 0.3% decline estimate. Adjusting for divestment of the data centre business, revenue grew 1.9% in dollar terms and 2.8% in cc.
Karnataka Bank (KBL) reported a mixed Q2FY19 performance. PAT at Rs 1.1 billion (up 20% Y-o-Y) was supported by lower credit cost and controlled opex (down >2% YoY), even while core profitability was muted.
While these stocks have corrected 25–32% in the past three months, we reiterate that organised business services remain under-penetrated in India and, hence, a headcount CAGR expectation of 9–10% over the next six–seven
The acquisition of Aleris at an attractive valuation is an important milestone in HNDL’s journey —overseas downstream operations’ foothold in the aerospace segment would complement its global leadership in the auto segm
APSEZ remains vulnerable to forex risk and up-fronting of losses would hit P&L in the near term, but the exposure is positive up to 100USD/INR considering cost savings in absence of hedging, making forex risk manageable.
Our consumer durables coverage universe has jumped 34% YoY over the past 12 months (64% outperformance to the Sensex) and we reiterate our rising consolidation and accelerating cash flows/returns thesis — 33% CAGR over FY18